Overview

• Biopharma royalty buyer's Q1 Portfolio Receipts rose 10% yr/yr, Royalty Receipts up 13%

• Adjusted EBITDA for Q1 missed analyst expectations

• Company raised full-year 2026 Portfolio Receipts guidance

Outlook

• Royalty Pharma raises 2026 Portfolio Receipts guidance to $3,325 mln-$3,450 mln

• Company expects 2026 Royalty Receipts growth of 4% to 8%

• Payments for operating and professional costs in 2026 seen at 5.5%-6.5% of Portfolio Receipts

Result Drivers

• PRODUCT DRIVERS - Growth in Royalty Receipts was primarily driven by Tremfya, Voranigo and Evrysdi, with Evrysdi benefiting from additional royalties acquired in December 2025

• ROYALTY TRANSACTIONS - Co announced up to $1.25 bln in new royalty transactions, including R&D co-funding agreements with Johnson & Johnson and Teva

• CLINICAL AND REGULATORY UPDATES - Positive clinical and regulatory developments across the portfolio, notably for daraxonrasib and Myqorzo, contributed to results

Company press release: ID:nGNX8CPYp1

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Adjusted EBITDA	Miss	$889 mln	$1.30 bln (4 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for Royalty Pharma PLC is $51.95, about 3% above its May 5 closing price of $50.44

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 8 three months ago

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