Royalty Pharma plc

Previous wording

We are the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry. Since our founding in 1996, we have been pioneers in the royalty market, collaborating with innovators from academic institutions, research hospitals and not-for-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. We have assembled a portfolio of royalties which entitles us to payments based directly on the top-line sales of many of the industry’s leading therapies, which includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, Servier’s Voranigo, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Pfizer’s Nurtec ODT, Gilead’s Trodelvy, among others, and 16 development-stage product candidates. We fund innovation in the biopharmaceutical industry both directly and indirectly - directly when we partner with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when we acquire existing royalties from the original innovators.

Current wording

We are the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry. Since our founding in 1996, we have been pioneers in the royalty market, collaborating with innovators from academic institutions, research hospitals and not-for-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. We have assembled a portfolio of royalties which entitles us to payments based directly on the top-line sales of many of the industry’s leading therapies, which includes royalties on more than 35 commercial products, including Vertex’s Trikafta and Alyftrek, Johnson & Johnson’s Tremfya, GSK’s Trelegy, Roche’s Evrysdi, Servier’s Voranigo, Biogen’s Tysabri and Spinraza, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Pfizer’s Nurtec ODT, and Gilead’s Trodelvy, among others, and 17 development-stage product candidates. We fund innovation in the biopharmaceutical industry both directly and indirectly - directly when we partner with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when we acquire existing royalties from the original innovators.

Previous wording

Equity Performance Awards (“EPAs”) represent 20% of the Net Economic Profit (defined below) generated from investments made during each two-year investment period (each, a “Portfolio”). Net Economic Profit is defined as the aggregate cash receipts for all new portfolio investments in a Portfolio less Total Expenses, which is defined as interest expense, operating expense, and recovery of acquisition cost related to that Portfolio. Distributions of EPAs occur only upon the satisfaction of specified performance and return thresholds. EPAs are generally settled in RP Holdings’ Class B Interests, which are immediately exchanged upon issuance for Class A ordinary shares. A portion of the EPAs may be paid in cash as a tax advance to cover income tax obligations incurred by the beneficial owners of the RP Holdings Class C Special Interest.

Current wording

Equity Performance Awards (“EPAs”) represent 20% of the Net Economic Profit (as defined below) generated from investments made during each two-year investment period (each, a “Portfolio”). Net Economic Profit is defined as the aggregate cash receipts for all new portfolio investments in a Portfolio less Total Expenses, which is defined as interest expense, operating expense, and recovery of acquisition cost related to that Portfolio. Distributions of EPAs occur only upon the satisfaction of specified performance and return thresholds. EPAs are generally settled in RP Holdings’ Class B Interests, which are immediately exchanged upon issuance for Class A ordinary shares. A portion of the EPAs may be paid in cash as a tax advance to cover income tax obligations incurred by the beneficial owners of the RP Holdings Class C Special Interest.

Previous wording

Mr. Legorreta granted ownership units in the entities that hold the RP Holdings Class C Special Interest to certain employees of RPM. These grants allow such employees to participate on a pro rata basis in the economic returns of the EPAs for a specific Portfolio (the “Employee EPAs”). Prior to the Internalization, Founder’s Equity, which included the Employee EPAs, was accounted for as an equity transaction and recorded as non-controlling interest. Following the Internalization, Founder’s Equity continues to be accounted as non-controlling interest.

Current wording

Mr. Legorreta granted ownership units in the entities that hold the RP Holdings Class C Special Interest to certain employees of RPM, who became employees of Royalty Pharma, LLC, a wholly-owned subsidiary of RP Holdings, in connection with the Internalization. These grants allow such employees to participate on a pro rata basis in the economic returns of the EPAs for a specific Portfolio (the “Employee EPAs”). Prior to the Internalization, Founder’s Equity, which included the Employee EPAs, was accounted for as an equity transaction and recorded as non-controlling interest. Following the Internalization, Founder’s Equity continues to be accounted as non-controlling interest.

Previous wording

The Sellers’ indirect ownership in RP Holdings through their indirect ownership of RP Holdings’ Class E ordinary shares (the “RP Holdings Class E Interests”). In connection with the Internalization, we issued 24.5 million RP Holdings Class E Interests, which are subject to vesting conditions, to Sellers (the “Holders of RP Holdings Class E Interests”) as part of the transaction considerations. Upon vesting, the RP Holdings Class E Interests are exchangeable on a one-for-one basis for Class A ordinary shares. Once exchanged, the value of this non-controlling interest decreases.

Current wording

The Sellers’ indirect ownership in RP Holdings through their indirect ownership of RP Holdings’ Class E ordinary shares (the “RP Holdings Class E Interests”). In connection with the Internalization, we issued 24.5 million RP Holdings Class E Interests, subject to vesting conditions, to the Sellers (the “Holders of RP Holdings Class E Interests”) as part of the transaction considerations. Upon vesting, the RP Holdings Class E Interests are exchangeable on a one-for-one basis for Class A ordinary shares. Once exchanged, the value of this non-controlling interest decreases.

Previous wording

The Continuing Investors Partnerships, Founder’s Equity and Holders of RP Holdings Class E Interests, collectively are referred to as the “continuing non-controlling interests.”

Current wording

The Continuing Investors Partnerships, the Founder’s Equity and the Holders of RP Holdings Class E Interests, collectively, are referred to as the “continuing non-controlling interests.”

Previous wording

The provision for credit losses on unfunded commitments, a non-cash item, represents the current expected credit losses on our unfunded tranches of the funding arrangement we entered into with Revolution Medicines, Inc in June 2025. Because we have limited protective rights with respect to each portion once the funding is provided, we are required to recognize an allowance for current expected credit losses based on our estimate of probability of future funding. We estimated the allowance for credit losses using the probability of default and loss given default method. We are required to reassess our estimate as of each reporting date and any subsequent change to such allowance, which can be income or expense, is reflected within Provision for credit losses on unfunded commitments in the condensed consolidated statements of operations.

Current wording

The provision for credit losses on unfunded commitments, a non-cash item, represents the current expected credit losses on the unfunded portions of our funding arrangements primarily with Revolution Medicines. Because we have limited protective rights with respect to each unfunded portion once the funding is provided, we are required to recognize an allowance for current expected credit losses based on our estimate of probability of future funding. We estimated the allowance for credit losses using the probability of default and loss given default method. We are required to reassess our estimate of current expected credit losses as of each reporting date and any subsequent change to such allowance, which can be income or expense, is reflected within Provision for credit losses on unfunded commitments in the condensed consolidated statements of operations.

Previous wording

Other expense/(income), net primarily includes the changes in fair market value of our equity securities, derivative instruments and available for sale debt securities, including related forwards and funding commitments, and interest income.

Current wording

Other (income)/expense, net primarily includes the changes in fair value of our equity securities, derivative instruments and available for sale debt securities, including related forwards and funding commitments, and interest income.

Previous wording

Income from financial royalty assets by top products is as follows, in order of contribution to income for the first six months of 2025 (in thousands):

Current wording

Income from financial royalty assets by top products is as follows, in order of contribution to income for the first nine months of 2025 (in thousands):

Previous wording

Income from financial royalty assets increased by $37.6 million, or 7.3%, in the second quarter of 2025 as compared to the second quarter of 2024. Income from financial royalty asset increased primarily due to the Voranigo royalty that we acquired in the third quarter of 2024 upon approval.

Current wording

Income from financial royalty assets increased by $45.6 million, or 8.6%, in the third quarter of 2025 as compared to the third quarter of 2024, primarily due to the Voranigo royalty that we acquired in August of 2024 upon FDA approval.

Previous wording

Equity in earnings of equity method investees was relatively flat in the second quarter of 2025 as compared to the second quarter of 2024.

Current wording

Other royalty income and revenues were relatively flat in the third quarter of 2025 as compared to the third quarter of 2024.

Previous wording

Other royalty income and revenues increased by $6.2 million, or 12.1%, in the first six months of 2025 as compared to the first six months of 2024, primarily related to the sales growth of Nurtec ODT.

Current wording

Other royalty income and revenues increased by $5.1 million, or 6.2%, in the first nine months of 2025 as compared to the first nine months of 2024, primarily related to the sales growth of Nurtec ODT.

Previous wording

In the second quarter of 2024, we recorded provision expense of $212.4 million, comprised of $181.5 million in provision expense for changes in expected cash flows and $30.9 million in provision expense for current expected credit losses. We recorded provision expense for changes in expected cash flows primarily related to Evrysdi, Trelegy, Promacta and Xtandi due to declines in sell-side equity research analysts’ consensus sales forecasts. This was partially offset by provision income for changes in expected cash flows primarily from the cystic fibrosis franchise due to increases in sales forecasts. The provision expense for credit losses was primarily driven by our contingent obligation to fund the acquisition of Voranigo, which closed in the third quarter of 2024.

Current wording

In the third quarter of 2025, we recorded provision expense of $12.1 million, comprised of $8.2 million in provision expense for changes in expected cash flows and $4.0 million in provision expense for current expected credit losses. We recorded provision expense for changes in expected cash flows primarily related to Evrysdi due to declines in sell-side equity research analysts’ consensus sales forecasts, partially offset by provision income related to Tremfya due to increase in sell-side equity research analysts’ consensus sales forecasts.

Previous wording

In the second quarter of 2025, we recorded provision income of $203.9 million, comprised of $196.0 million in provision income for changes in expected cash flows and $7.9 million in provision income for current expected credit losses. We recorded provision income for changes in expected cash flows primarily related to Evrysdi and Xtandi due to increases in sell-side equity research analysts’ consensus sales forecasts.

Current wording

In the third quarter of 2024, we recorded provision income of $227.6 million, comprised of $261.3 million in provision income for changes in expected cash flows and $33.7 million in provision expense for current expected credit losses. We recorded provision income for changes in expected cash flows primarily related to Tysabri, Xtandi, the cystic fibrosis franchise, and Evrysdi due to increases in sell-side equity research analysts’ consensus sales forecasts. The provision expense for credit losses was primarily driven by the addition of Yorvipath to our portfolio.

Previous wording

In the first six months of 2025, we recorded provision income of $331.1 million, comprised of $309.7 million in provision income for changes in expected cash flows and $21.4 million in provision income for current expected credit losses. We recorded provision income for changes in expected cash flows primarily related to the cystic fibrosis franchise and Trelegy due to increases in sell-side equity research analysts’ consensus sales forecasts. The provision income for changes in expected cash flows was partially offset by provision expense related to Tysabri due to declines in sell-side equity research analysts’ consensus sales forecasts.

Current wording

In the first nine months of 2025, we recorded provision income of $318.9 million, comprised of $301.5 million in provision income for changes in expected cash flows and $17.4 million in provision income for current expected credit losses. We recorded provision income for changes in expected cash flows primarily related to the cystic fibrosis franchise, Xtandi and Trelegy due to increases in sell-side equity research analysts’ consensus sales forecasts, partially offset by provision expense related to Evrysdi due to declines in sell-side equity research analysts’ consensus sales forecasts.

Previous wording

In the first six months of 2024, we recorded provision expense of $796.0 million, comprised of $765.8 million in provision expense for changes in expected cash flows and $30.2 million in provision expense for current expected credit losses. We recorded provision expense for changes in expected cash flows primarily related to Evrysdi due to declines in sell-side equity research analysts’ consensus sales forecasts. We recorded provision expense for changes in expected cash flows related to the cystic fibrosis franchise, primarily due to the inclusion of consensus estimates in 2024 for Vertex’s Alyftrek and the conservative assumption that royalties will only be collected on the tezacaftor component of Alyftrek and not on the deuterated ivacaftor component. Although we believe that the deuterated ivacaftor component of Alyftrek is the same as ivacaftor and is therefore royalty-bearing, Vertex has made public statements that it believes the deuterated ivacaftor component is not royalty-bearing. If deuterated ivacaftor is determined to be royalty-bearing, we may recognize provision income in our results of operations at that time. Additionally, we recorded provision expense for Crysvita due to declines in sales forecasts. The provision expense for credit losses was primarily driven by our contingent obligation to fund the acquisition of Voranigo.

Current wording

In the first nine months of 2024, we recorded provision expense of $568.4 million, comprised of $504.5 million in provision expense for changes in expected cash flows and $64.0 million in provision expense for current expected credit losses. We recorded provision expense for changes in expected cash flows primarily related to Evrysdi due to declines in sell-side equity research analysts’ consensus sales forecasts. We recorded provision expense for changes in expected cash flows related to the cystic fibrosis franchise, primarily due to the inclusion of consensus estimates in 2024 for Vertex’s Alyftrek and the conservative assumption that royalties will only be collected on the tezacaftor component of Alyftrek and not on the deuterated ivacaftor component. Although we believe that the deuterated ivacaftor component of Alyftrek is the same as ivacaftor and is therefore royalty-bearing, Vertex has made public statements that it believes the deuterated ivacaftor component is not royalty-bearing. If deuterated ivacaftor is determined to be royalty-bearing, we may recognize provision income in our results of operations at that time. Additionally, we recorded provision expense for Crysvita due to declines in sales forecasts. The provision expense for credit losses was primarily driven by the additions of Yorvipath, Voranigo and ecopipam to our portfolio.

Previous wording

Provision for credit losses on unfunded commitments was $92.5 million in the second quarter of 2025, related to our funding arrangement with Revolution Medicines entered into in June 2025.

Current wording

Provision for credit losses on unfunded commitments was $0.8 million in the third quarter of 2025, primarily related to our funding arrangement with BeOne entered into in August 2025.

Previous wording

Provision for credit losses on unfunded commitments was $92.5 million in the first six months of 2025, related to our funding arrangement with Revolution Medicines entered into in June 2025.

Current wording

Provision for credit losses on unfunded commitments was $93.3 million in the first nine months of 2025, primarily related to our funding arrangement with Revolution Medicines entered into in June 2025.

Previous wording

R&D funding expense increased by $300.0 million in the second quarter of 2025 as compared to second quarter of 2024, primarily driven by the R&D funding related to daraxonrasib of $250.0 million and the R&D funding arrangement with Biogen for litifilimab of $50.0 million.

Current wording

R&D funding expense increased by $50.0 million in the third quarter of 2025 as compared to third quarter of 2024, primarily driven by the R&D funding arrangement with Biogen for litifilimab of $50.0 million.

Previous wording

R&D funding expense increased by $350.0 million in the first six months of 2025 as compared to the first six months of 2024, primarily due by the R&D funding related to daraxonrasib of $250.0 million and the R&D funding arrangement with Biogen for litifilimab of $100.0 million.

Current wording

R&D funding expense increased by $400.0 million in the first nine months of 2025 as compared to the first nine months of 2024 due to R&D funding arrangements entered into in 2025 related to daraxonrasib and litifilimab of $250.0 million and $150.0 million, respectively.

Previous wording

G&A expenses increased by $125.1 million, or 228.6%, in the second quarter of 2025 as compared to the second quarter of 2024, primarily driven by higher share-based compensation of $90.1 million that we began to recognize following the Internalization and the acquisition-related costs of $15.0 million incurred for the Internalization. The increase in G&A expenses was partially offset by lower Operating and Personnel Payments as the second quarter of 2025 only reflected a partial period of expense as we no longer pay Operating and Personnel Payments subsequent to the Internalization.

Current wording

G&A expenses increased by $62.0 million, or 109.3%, in the third quarter of 2025 as compared to the third quarter of 2024, primarily driven by higher share-based compensation expense of $72.2 million that we began to recognize following the Internalization. The increase in G&A expenses was partially offset by the discontinuation of Operating and Personnel Payments, which we no longer pay subsequent to the Internalization.

Previous wording

G&A expenses increased by $178.1 million, or 158.5%, in the first six months of 2025 as compared to the first six months of 2024, primarily driven by higher employee compensation expenses recognized following the Internalization and the acquisition-related costs of $28.7 million incurred for the Internalization. The increase in G&A expenses was also partially attributable to higher Operating and Personnel Payments of $33.0 million as a result of the January 2025 sale of the MorphoSys Development Funding Bonds.

Current wording

G&A expenses increased by $240.1 million, or 142.0%, in the first nine months of 2025 as compared to the first nine months of 2024, primarily driven by higher employee compensation expenses recognized following the Internalization and acquisition-related costs of $29.6 million incurred for the Internalization. The increase in G&A expenses was also partially attributable to higher Operating and Personnel Payments of $33.0 million pre-Internalization as a result of the January 2025 sale of the MorphoSys Development Funding Bonds.

Previous wording

Equity in earnings of equity method investees was $9.1 million in the first six months of 2025 as compared to equity in losses of equity method investees of $12.4 million in the first six months of 2024. Equity in earnings of equity method investees was primarily driven by an income allocation from the Legacy SLP Interest of $10.6 million in the first six months of 2025. Equity in losses of equity method investees was primarily driven by a loss allocation from the Avillion Entities of $7.8 million in the first six months of 2024.

Current wording

Equity in earnings of equity method investees was $25.1 million in the first nine months of 2025 as compared to equity in losses of equity method investees of $2.0 million in the first nine months of 2024. Equity in earnings of equity method investees in the first nine months of 2025 was primarily driven by the $11.1 million gain related to the milestone payable from AstraZeneca to the Avillion Entities noted above and an income allocation from the Legacy SLP Interest of $13.8 million. Equity in losses of equity method investees in the first nine months of 2024 was primarily driven by a loss allocation from the Avillion Entities of $7.6 million.

Previous wording

Interest expense increased by $19.7 million, or 40.1%, in the second quarter of 2025 as compared to second quarter of 2024, primarily driven by the issuance of the $1.5 billion of senior unsecured notes in June 2024 and the $380 million term loan that we assumed as part of the Internalization.

Current wording

Interest expense increased by $13.1 million, or 19.6%, in the third quarter of 2025 as compared to third quarter of 2024, primarily driven by the $380 million term loan that we assumed as part of the Internalization, interest on the Revolving Credit Facility that was drawn down and repaid during the period, and the issuance of $2.0 billion of senior unsecured notes in September 2025.

Previous wording

Interest expense increased by $40.7 million, or 43.6%, in the first six months of 2025 as compared to the first six months of 2024, primarily driven by the issuance of the $1.5 billion of senior unsecured notes in June 2024 and the $380 million term loan that we assumed as part of the Internalization. The weighted average coupon rate on our senior unsecured notes outstanding as of June 30, 2025 and 2024 was 3.06%.

Current wording

Interest expense increased by $53.7 million, or 33.6%, in the first nine months of 2025 as compared to the first nine months of 2024, primarily driven by the issuance of the $1.5 billion of senior unsecured notes in June 2024 and the $380 million term loan that we assumed as part of the Internalization. The weighted average coupon rate on our senior unsecured notes outstanding as of September 30, 2025 and 2024 was 3.75% and 3.06%, respectively.

Previous wording

Other income, net of $99.9 million in the first six months of 2024 was primarily comprised of $46.2 million of gains on available for sale debt securities, $30.6 million of gains on equity securities and $20.8 million of interest income on cash and cash equivalents. The gains on available for sale debt securities were primarily driven by the changes in fair value of the MorphoSys Development Funding Bonds.

Current wording

Other income, net of $227.3 million in the first nine months of 2024 was primarily comprised of $103.9 million of gains on available for sale debt securities, $81.5 million of gains on equity securities and $38.3 million of interest income on cash and cash equivalents. The gains on available for sale debt securities were primarily driven by the changes in fair value of the MorphoSys Development Funding Bonds.

Previous wording

Net income attributable to Legacy Investors Partnerships decreased by $10.5 million in the second quarter of 2025 as compared to the second quarter of 2024, primarily driven by lower net income attributable to Old RPI as a result of provision expense recognized in 2025 as compared to provision income recognized in 2024.

Current wording

Net income attributable to Legacy Investors Partnerships decreased by $33.1 million in the third quarter of 2025 as compared to the third quarter of 2024, primarily driven by lower net income attributable to Old RPI as a result of lower provision income recognized in 2025 as compared to 2024.

Previous wording

Net income attributable to Founder’s Equity was $1.0 million in the second quarter of 2025. We began recognizing EPAs in the first quarter of 2025 as certain conditions were met during the period.

Current wording

Net income attributable to Founder’s Equity was $2.9 million in the third quarter of 2025. We began recognizing EPAs in the first quarter of 2025 as certain conditions were met during the period.

Previous wording

Net income attributable to RP Holdings Class E Interests was $0.9 million in the second quarter of 2025. We issued 24.5 million RP Holdings Class E Interests in connection with the Internalization in the second quarter of 2025.

Current wording

Net income attributable to RP Holdings Class E Interests was $16.2 million in the third quarter of 2025. We issued 24.5 million RP Holdings Class E Interests in connection with the Internalization in the second quarter of 2025.

Previous wording

Net income attributable to Legacy Investors Partnerships increased by $76.9 million in the first six months of 2025 as compared to first six months of 2024, primarily driven by higher net income attributable to Old RPI as a result of provision income recognized in 2025 as compared to provision expense recognized in 2024.

Current wording

Net income attributable to Legacy Investors Partnerships increased by $43.9 million in the first nine months of 2025 as compared to first nine months of 2024, primarily driven by higher net income attributable to Old RPI as a result of provision income recognized in 2025 as compared to provision expense recognized in 2024.

Previous wording

Net income attributable to Continuing Investors Partnerships decreased by $23.2 million in the second quarter of 2025 as compared to the second quarter of 2024, primarily driven by lower net income attributable to RP Holdings. The lower net income is as a result of higher R&D expense, share-based compensation expense and provision for credit losses on unfunded commitments, which were partially offset by the provision income recognized in 2025.

Current wording

Net income attributable to Continuing Investors Partnerships decreased by $40.4 million in the first nine months of 2025 as compared to first nine months of 2024, primarily driven by lower net income attributable to RP Holdings as a result of higher R&D expense and share-based compensation expense recognized in 2025, partially offset by provision income recognized during the same period as compared to provision expense recognized in 2024.

Previous wording

Net income attributable to Founder’s Equity was $42.4 million in the first six months of 2025. We began recognizing EPAs in the first quarter of 2025 as certain conditions were met during the period.

Current wording

Net income attributable to Founder’s Equity was $45.3 million in the first nine months of 2025. We began recognizing EPAs in the first quarter of 2025 as certain conditions were met during the period.

Previous wording

Net income attributable to RP Holdings Class E Interests was $0.9 million in the first six months of 2025. The RP Holdings Class E Interests were issued in connection with the Internalization.

Current wording

Net income attributable to RP Holdings Class E Interests was $17.1 million in the first nine months of 2025. The RP Holdings Class E Interests were issued in connection with the Internalization.

Previous wording

Our portfolio consists of royalties on more than 35 marketed therapies and 16 development-stage product candidates. The therapies in our portfolio address therapeutic areas such as rare disease, cancer, neuroscience, infectious disease, hematology and diabetes, and are delivered to patients across both primary and specialty care settings. The table below shows Portfolio Receipts, including Royalty Receipts by product and milestones and other contractual receipts, in order of contribution to total Royalty Receipts for the first six months of 2025 (in thousands):

Current wording

Our portfolio consists of royalties on more than 35 marketed therapies and 17 development-stage product candidates. The therapies in our portfolio address therapeutic areas such as rare disease, cancer, neuroscience, infectious disease, hematology and diabetes, and are delivered to patients across both primary and specialty care settings. The table below shows Portfolio Receipts, including Royalty Receipts by product and milestones and other contractual receipts, in order of contribution to total Royalty Receipts for the first nine months of 2025 (in thousands):

Previous wording

(2)Other products primarily include Royalty Receipts on the following products: Cimzia, Crysvita, Emgality, Entyvio, Farxiga/Onglyza, IDHIFA, Nurtec ODT, Orladeyo, Prevymis, Rytelo, Skytrofa, Soliqua and distributions from the Legacy SLP Interest, which are presented as Distributions from equity method investeesin the condensed consolidated statements of cash flows.

Current wording

(2)Other products primarily include Royalty Receipts on the following products: Crysvita, Emgality, Entyvio, Farxiga/Onglyza, IDHIFA, Nesina, Nurtec ODT, Orladeyo, Prevymis, Rytelo, Skytrofa, Soliqua and distributions from the Legacy SLP Interest, which are presented as Distributions from equity method investeesin the condensed consolidated statements of cash flows.

Previous wording

•Cystic fibrosis franchise – Royalty Receipts from the cystic fibrosis franchise, including Kalydeco, Orkambi, Symdeko/Symkevi, Trikafta/Kaftrio and Alyftrek, which is marketed by Vertex for the treatment of cystic fibrosis, increased by $30.3 million in the first six months of 2025 as compared to the first six months of 2024. The increase was primarily due to strong Trikafta/Kaftrio demand globally and higher net realized pricing in the United States, while outside the United States saw strong performance in many established markets, offset by a revenue decline in Russia.

Current wording

•Cystic fibrosis franchise – Royalty Receipts from the cystic fibrosis franchise, including Kalydeco, Orkambi, Symdeko/Symkevi, Trikafta/Kaftrio and Alyftrek, which is marketed by Vertex for the treatment of cystic fibrosis, increased by $45.6 million in the first nine months of 2025 as compared to the first nine months of 2024. The increase was primarily due to strong Trikafta/Kaftrio demand globally and higher net realized pricing in the United States, while outside the United States saw strong performance in many established markets, offset by a revenue decline in Russia.

Previous wording

•Trelegy – Royalty Receipts from Trelegy, which is marketed by GSK for the maintenance treatment of chronic obstructive pulmonary disease and asthma, increased by $22.8 million in the first six months of 2025 as compared to the first six months of 2024, primarily driven by continued growth across all regions, reflecting patient demand, single inhaler triple therapy class growth, and increased market share.

Current wording

•Trelegy – Royalty Receipts from Trelegy, which is marketed by GSK for the maintenance treatment of chronic obstructive pulmonary disease and asthma, increased by $27.9 million in the first nine months of 2025 as compared to the first nine months of 2024, primarily driven by continued volume growth across all regions, reflecting patient demand, single inhaler triple therapy class growth, and increased market share.

Previous wording

•Tysabri – Royalty Receipts from Tysabri, which is marketed by Biogen for the treatment of multiple sclerosis, decreased by $16.0 million in the first six months of 2025 as compared to the first six months of 2024, primarily due to increased competition.

Current wording

•Tysabri – Royalty Receipts from Tysabri, which is marketed by Biogen for the treatment of multiple sclerosis, decreased by $16.3 million in the first nine months of 2025 as compared to the first nine months of 2024, due to increased competition and decreased pricing in rest of world, partially offset by favorable net pricing in the United States.

Previous wording

•Xtandi – Royalty Receipts from Xtandi, which is marketed by Pfizer and Astellas for the treatment of prostate cancer, increased by $14.7 million in the first six months of 2025 as compared to the first six months of 2024, driven primarily by strong sales growth across all regions, particularly in the United States.

Current wording

•Xtandi – Royalty Receipts from Xtandi, which is marketed by Pfizer and Astellas for the treatment of prostate cancer, increased by $21.1 million in the first nine months of 2025 as compared to the first nine months of 2024, attributable to sales growth across all regions, particularly in the United States.

Previous wording

•Evrysdi – Royalty Receipts from Evrysdi, which is marketed by Roche for the treatment of spinal muscular atrophy, increased by $15.7 million in the first six months of 2025 as compared to the first six months of 2024, attributable to the incremental royalties we acquired in the second quarter of 2024 and strong growth globally.

Current wording

•Evrysdi – Royalty Receipts from Evrysdi, which is marketed by Roche for the treatment of spinal muscular atrophy, increased by $19.5 million in the first nine months of 2025 as compared to the first nine months of 2024, attributable to the incremental royalties acquired in the second quarter of 2024 and strong growth globally.

Previous wording

•Imbruvica – Royalty Receipts from Imbruvica, which is marketed by AbbVie and Johnson & Johnson for the treatment of blood cancers and chronic graft versus host disease, decreased by $9.8 million in the first six months of 2025 as compared to the first six months of 2024, reflecting competitive pressures.

Current wording

•Imbruvica – Royalty Receipts from Imbruvica, which is marketed by AbbVie and Johnson & Johnson for the treatment of blood cancers and chronic graft versus host disease, decreased by $14.6 million in the first nine months of 2025 as compared to the first nine months of 2024, reflecting competitive pressures and the impact of Medicare Part D redesign.