J.P. Morgan Healthcare Conference January 2025 2 Forward Looking Statements This presentation has been prepared by Royalty Pharma plc (the "Company"), is made for informational purposes only and does not constitute an of

J.P. Morgan Healthcare Conference January 2025 2

Forward Looking Statements This presentation has been prepared by

Royalty Pharma plc (the "Company"), is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities. The information set forth herein does not purport to be complete or to

contain all of the information you may desire. Statements contained herein are made as of the date of this presentation unless stated otherwise, and neither the delivery of this presentation at any time, nor any sale of securities, shall under any

circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after

the date hereof. This presentation contains statements that constitute "forward-looking statements" as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the

Company's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of our strategies,

financing plans, growth opportunities and market growth, plus the benefits of the internalization transaction, including cash savings, enhanced alignment with shareholders, increased investment returns, expectations regarding management continuity,

transparency and governance, and the benefits of simplification to its structure. In some cases, you can identify such forward- looking statements by terminology such as "may," "might," "will,"

"should," "expects," "plans," "anticipates," "believes," "estimates," "target," "forecast," "guidance," "goal,"

"predicts," "project," "potential" or "continue," the negative of these terms or similar expressions. Forward-looking statements are based on management's current beliefs and assumptions and on

information currently available to the Company. However, these forward-looking statements are not a guarantee of the Company's performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to

many risks, uncertainties and other variable circumstances, and other factors. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are

outside of the Company's control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this presentation are made only as of the date hereof. The Company does not

undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments, except as required by law. Certain information

contained in this presentation relates to or is based on studies, publications, surveys and other data obtained from third-party sources and the Company's own internal estimates and research. While the Company believes these third-party sources to

be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the

market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the Company believes its own internal research is

reliable, such research has not been verified by any independent source. For further information, please see the Company's reports and documents filed with the U.S. Securities and Exchange Commission ("SEC") by visiting EDGAR on

the SEC's website at www.sec.gov. 3

Achievements Internalization Capital Deployment Returns Capital

Allocation Key achievements reflect strong business momentum (1) 2024 Portfolio Receipts expected to be ~$2.8bn, at high end of previous guidance range Financial 2024 Royalty Receipts growth expected to be ~13% Added

royalties on eight new therapies in 2024, including four development-stage royalties Portfolio (2) Positive portfolio updates; development-stage peak royalty potential of >$1.2bn Announced value of transactions of ~$2.8bn across

eight deals (~$2.8bn of Capital Deployment) Capital (3) Allocation New $3 billion share repurchase program and intent to repurchase $2 billion in 2025 Royalty Pharma to acquire its external manager (RP Management) and become an

integrated company Internalization Cumulative 10-year cash savings of >$1.6bn; strengthens shareholder alignment, improves governance 1. Previous Portfolio Receipts guidance was between $2.75 billion to $2.8 billion and provided with

Royalty Pharma's third quarter 2024 financial results. 2. Based on analyst research estimates and marketer guidance for late-stage therapies in Royalty Pharma's development-stage pipeline. 4 3. Subject to market conditions; total value

repurchased will depend on share's discount to intrinsic value.

Achievements Internalization Capital Deployment Returns Capital

Allocation Internalizing the Manager is the next step in our evolution Royalty Pharma evolution (1996 to present) Integrated public Externally company managed public Expanded investment company Ongoing scope business Internalizing management company

Fund structure 1996 to 2003 2004 to 2011 2012 to 2020 2020 to 2025 2025 and beyond Our predecessor was founded in 1996 and we were incorporated under the laws of England and Wales on February 6, 2020. 5

Achievements Internalization Capital Deployment Returns Capital

Allocation Internalization expected to result in significant cash savings Acquiring the Manager for ~$1.1bn total consideration Benefits include significant savings expected to grow over time >$1.6bn and Cumulative cash savings growing

Consideration Amount Details (1) Cash ~$100m - Annual savings of >$175m Assumption of existing Manager debt is Debt $380m leverage neutral to Royalty Pharma Annual savings Shares ~24.5m Equity vests over 5 to 9 years of >$100m Majority of

total consideration paid in Total ~$1.1bn Royalty Pharma equity over time 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Cumulative Additional Shares 1.1 4.2 8.3 12.4 16.4 19.8 21.7 22.8 24.0 24.5 (2) from Vesting 1. Royalty Pharma will pay the

RP Management, LLC (the "Manager") $200 million in cash less any management fee paid to the Manager from January 1, 2025 through the closing of the transaction. The transaction is estimated to close during the second quarter of 2025 and

the management fees paid through the closing is expected to be approximately $100 million. 6 2. Reflects estimated impact of equity consideration on weighted average diluted share count for each year. Figures based on $26.20 share price (RPRX

closing price as of 1/8/2025); actual vesting schedule may vary as purchase price allocation to 5- and 9-year vesting portions will be based on share price at transaction close. Assumes transaction close in Q2 2025.

Achievements Internalization Capital Deployment Returns Capital

Allocation Multiple benefits from internalizing the Manager Benefits Cash savings are expected to be >$100m in 2026 and >$175m in 2030, compared to status quo, with cumulative savings of Savings >$1.6bn over ten years Extinguishment of the

management fee enhances returns to shareholders on investments Returns Responsive to investor feedback that the externally managed structure is an impediment to investing in Royalty Pharma; Valuation Internalizing the Manager could expand Royalty

Pharma's shareholder base and enhance valuation over time Majority of total consideration consists of equity vesting over 5 to 9 years, replacing cash bonuses to senior management Alignment through 2033; extinguishing the management fee

largely for equity further strengthens alignment Employees of RP Management become part of integrated company, ensuring long-term continuity of personnel and Continuity operations; 5 to 9 year vesting of equity consideration maximizes retention

Greater Board oversight on executive compensation and succession furthers commitment to robust governance Governance New integrated structure will reduce complexity, ease comparability with other companies and enhance transparency Simplification 7

Achievements Internalization Capital Deployment Returns Capital

Allocation Announced $2.8 billion of royalty transactions in 2024 2024 Royalty Pharma investment activity >440 initial reviews 153 CDAs signed 99 in-depth reviews 42 proposals submitted Executed 8 transactions for $2.8bn Maintained strong

financial discipline: ~2% of initial reviews resulted in an acquired royalty 8

Achievements Internalization Capital Deployment Returns Capital

Allocation (1) Strong early performance of recent transactions (2) Percent change in 2025 consensus sales since acquisition Development-stage therapies (Transactions since 2020; approved therapies) (Transactions since 2020; select events) Therapy

Indication Event Status 86% aficamten oHCM Phase 3 results 35% seltorexant depression Phase 3 results (3) 34% pelabresib myelofibrosis Phase 3 results (4) Tremfya Crohn's disease Phase 3 results 33% (8) TEV- 749 schizophrenia Phase 3

results 30% BCX10013 PNH Phase 1 results 28% otilimab rheumatoid arthritis Phase 3 results 11% gantenerumab Alzheimer's disease Phase 3 results CF franchise trontinemab 7% Alzheimer's disease Phase 1b/2a data (gantenerumab brain shuttle)

7% (9) schizophrenia Phase 2b data MK-8189 (5) -1% Voranigo glioma FDA approval -18% Cobenfy schizophrenia FDA approval (6) -20% Tremfya ulcerative colitis FDA approval Zavzpret migraine FDA approval -37% Airsupra asthma FDA approval (7)

Discontinued development and marketing excluding U.S. & China Evrysdi SMA FDA approval oHCM: obstructive hypertrophic cardiomyopathy; UC: ulcerative colitis; PNH: paroxysmal nocturnal hemoglobinuria; SMA: Spinal muscular atrophy; NDA: New Drug

Application 1. Recent transactions include transactions since 2020. 2. Consensus sales sourced from Visible Alpha as of January 2025 and includes therapies with consensus available at the time of the deal and now. 3. Change in Evrysdi consensus

sales is from date of initial PTC transaction (July 20, 2020). 4. Change in Orladeyo consensus sales is from date of initial BioCryst transaction (December 7, 2020). 5. Change in Erleada consensus sales is from date of second Erleada transaction

(June 5, 2023). 6. Reflects U.S. sales of Skytrofa. 7. Blueprint Medicines press release, January 8, 2024. 8. Teva reported positive Phase 3 9 efficacy results on May 8, 2024. Long-term safety data is expected in H1 2025. 9. In October 2024, Merck

updated its public disclosures to remove MK-8189 from its pipeline chart and Royalty Pharma does not anticipate making a further investment in this program. Regulatory Clinical

Achievements Internalization Capital Deployment Returns Capital

Allocation Significant growth and diversity of development-stage pipeline Annual Capital Deployment Pipeline evolution since IPO Strong diversity of pipeline (1) (~$25bn in cumulative Capital Deployment) (by number of therapies) (by number of

therapies) ~5x 0 Immunology 100% 64% Rare disease Cardiology 14 Cancer 9 36% 3 Neurology Psychiatry 0% 2012 20 21 22 23 24 June 2020 December 2021 Current Approved Development-stage 1. As of January 2025.

Achievements Internalization Capital Deployment Returns Capital

Allocation Big products with world class marketers and large royalties Potential first- or Potential peak sales Potential peak Expected Therapy Lead indication Marketer (1) (2) best-in-class (non risk adjusted) royalties launch year frexalimab

multiple sclerosis Sanofi >$5bn >$400m 2028 olpasiran cardiovascular disease Amgen ~$3bn >$250m 2027 aficamten hypertrophic cardiomyopathy Cytokinetics ~$4bn >$175m 2025 pelacarsen cardiovascular disease Novartis >$3bn ~$150m 2026

seltorexant depression Johnson & Johnson >$3bn >$150m 2025 hereditary angioedema deucrictibant Pharvaris >$1bn >$55m 2027 TEV-'749 schizophrenia Teva ~$1bn ~$35m 2026 pelabresib myelofibrosis Novartis ~$1bn ~$30m 2026 Total

(select late-stage therapies in development): >$21bn >$1.2bn Excludes trontinemab (Alzheimer's) Note: the midpoint is used where ranges are shown. 1. Potential peak sales for frexalimab, pelacarsen, and seltorexant based on marketer

guidance; potential peak sales for olpasiran, deucrictibant, aficamten, TEV-'749 and pelabresib based on analyst research estimates. 2. Expected launch year for frexalimab, pelacarsen, aficamten, and TEV-'749 based on marketer guidance;

expected launch year for olpasiran, deucrictibant, seltorexant and pelabresib 11 based on analyst research estimates.

Achievements Internalization Capital Deployment Returns Capital

Allocation New funding paradigm emerging for biopharma Company % capital raised Total Significant benefits of diversified capital (1) Financial flexibility tailored to company's needs ~$3.8bn 30% Scale of capital needed may only be available

through diversified sources (2) 20% ~$1.6bn Optionality during all market environments (3) 26% Proprietary insights potentially shared on development ~$3.2bn program and/or commercial market Long-term partner that can support company's needs

(4) 13% ~$1.9bn throughout their growth journey Debt RP partnership Equity Other / Pharma partnership Royalties are a growing part of successful biotech's diversified capital structure Note: estimates based on publicly available information as

of date of announced transaction. Royalty Pharma partnerships assume fully drawn facilities and maximum transaction value. Other primarily includes upfront payments. 12 1. Capital raised since Cytokinetics expanded license agreement with Amgen, June

12, 2013. 2. Capital raised since BioCryst's December 2012 corporate restructuring to focus strategy on advancing hereditary angioedema program. 3. Capital raised since Biohaven's May 2017 IPO. Only includes upfront payment from Pfizer

partnership. 4. Capital raised since January 1, 2013.

Achievements Internalization Capital Deployment Returns Capital

Allocation Synthetic royalties are an attractive funding modality Benefits to biopharma partner Debt Equity Royalty Non-dilutive to equity / preserves equity upside Customized and tailored funding solutions Independent validation of therapy's

value to patients Share risk of development and/or commercialization No financial covenants Long-term alignment of interests Value add through proprietary analytics Synthetic royalties - a compelling innovation with significant growth

Achievements Internalization Capital Deployment Returns Capital

Allocation Synthetic royalty opportunity is large and rapidly growing (1,2) Record year for RP synthetic royalty transactions ~$290bn biopharma industry funding (3) (Announced value) (2020-2024) ~2.5x Convertible Debt Existing royalties Synthetic

Royalties $925m (~4%) Licensing deals $775m (upfront) $664m $375m $294m Follow-on equity offerings IPOs 2020 2021 2022 2023 2024 Source: Dealogic, Biomedtracker, internal estimates, Evaluate. 1. Includes capital raised through initial public

offerings (IPOs), follow-on offerings, equity linked issuances and upfronts from licensing deals. 14 2. Royalty funding reflects announced value of transactions and includes associated equity investments. 3. Data reflects announced value of

transactions, including milestones and contingent payments. Amount in 2024 also includes Cytokinetics development funding but excludes commercial launch funding.

Achievements Internalization Capital Deployment Returns Capital

Allocation Deploying substantial capital with repeat partners Multiple benefits to long-term partnerships Capital deployed with repeat partners (~$15.5bn of announced transaction value since 2020) Speed of Information execution edge Ability to

transact Potentially in-depth quickly given strong access to product base of existing information, strategy, New Repeat knowledge management partners partners ~$9.5bn ~$6bn (62%) (38%) Probability of Growth with transacting partner Strong existing

Increases RP success relationships and rate and potential for already established future transactions with roadmap for success partner Note: Announced transaction value excludes equity investments. 15

Achievements Internalization Capital Deployment Returns Capital

Allocation Consistently attractive returns amplified by conservative leverage Leverage benefit to target returns Royalty Pharma target returns 25 High teens to low 20s % 20 Benefit of Low teens conservative Teens % blended % Low teens % leverage 15

(1) average returns High-single to low-double-digit % 10 Roughly ~1/3 of royalty acquisitions funded with low-cost debt Estimated cost of capital 5 0 Approved Unapproved Unlevered Unlevered Levered returns royalties royalties returns returns Expect

to consistently deliver attractive returns above cost of capital regardless of interest rate environment 1. Illustrative returns reflect a combination of actual results and estimated projected returns for investments from 2012 - 2024 based on

analyst consensus sales projections (where applicable). IRR 16 (or returns) are calculated using total cash outflows and total cash inflows, in each case including royalties, milestones and other cash flows.

Achievements Internalization Capital Deployment Returns Capital

Allocation Authorized new $3 billion share repurchase program Royalty Pharma's capital allocation framework Royalty Pharma's capital allocation framework Rigorous framework for capital allocation, weighing More attractive royalty

opportunities the attractiveness of each option Board authorized $3.0bn share repurchase program Balanced approach More capital deployed (1) as part of evolving approach to return of capital between royalties and on royalties share

repurchases Intend to repurchase $2.0bn of shares in 2025 subject to market conditions; value repurchased Discount to intrinsic value Premium to intrinsic value will depend on discount to intrinsic value (share price) (share price) More

share repurchases Build cash on balance sheet, Royalty Pharma retains significant financial capacity pay down debt or increase for royalty transactions dividend distributions Less attractive royalty opportunities 1. The $3 billion share

repurchase program replaces the company's original $1 billion share repurchase program announced in March 2023 (of which $465m remained as of year-end 2024). 17

Achievements Internalization Capital Deployment Returns Capital

Allocation Balancing acquiring royalties and increasing return of capital Capital Deployment Share repurchases Dividend Capital Deployment guidance of $2.0- Board authorized new $3bn share Current dividend of $0.88 annually,

$2.5bn per year repurchase program ~3.4% dividend yield (1) Target returns maintained ; returns Reflects confidence in Royalty Pharma's Commitment to grow dividend mid- have trended higher in recent years strong

fundamental outlook single digits percentage annually Strong commitment to investment grade Intend to repurchase $2.0bn of shares Track-record of consistent annual credit rating in 2025 subject to market conditions; dividend