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 and Alyftrek, GSK’s Trelegy, Biogen’s Tysabri and Spinraza, Roche’s Evrysdi, Astellas and Pfizer’s Xtandi, Johnson & Johnson’s Tremfya, AbbVie and Johnson & Johnson’s Imbruvica, Servier’s Voranigo, Gilead’s Trodelvy, Amgen’s Imdelltra and Alnylam’s Amvuttra, among others, and 19 development-stage product candidates.

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, GSK’s Trelegy, Biogen’s Tysabri and Spinraza, Roche’s Evrysdi, Astellas and Pfizer’s Xtandi, Johnson & Johnson’s Tremfya, AbbVie and Johnson & Johnson’s Imbruvica, Servier’s Voranigo, Gilead’s Trodelvy, Amgen’s Imdelltra and Alnylam’s Amvuttra, among others, and 16 development-stage product candidates.

Previous wording

The provision for credit losses on unfunded commitments, a non-cash item, represents the current expected credit losses on the unfunded portions of a two part funding arrangement we entered into with Revolution Medicines, Inc. (“Revolution Medicines”) in the second quarter of 2025. As of June 30, 2026, the unfunded commitments include the potential purchase of additional royalty interests on daraxonrasib, which, if funded, will be accounted for as financial royalty assets, and funding of senior secured term loans. Because we have limited protective rights with respect to each unfunded portion once the committed 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 estimate this allowance 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.

Current wording

The provision for credit losses on unfunded commitments, a non-cash item, represents current expected credit losses on the unfunded portions of a two-part funding arrangement with Revolution Medicines, Inc. (“Revolution Medicines”). As of September 30, 2026, the unfunded commitments consist of the potential purchase of additional royalty interests on Rasonque, formerly known as daraxonrasib, which, if funded, will be accounted for as financial royalty assets, and funding of term loans. Because we have limited protective rights with respect to each unfunded commitment once the funding is provided, we are required to recognize an allowance for current expected credit losses based on our estimate of probability of funding. We estimate these allowances using the probability of default and loss given default method. We are required to reassess our estimates of current expected credit losses as of each reporting date, and any subsequent change to such allowances, 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

Approximately 22.8 million RP Holdings Class E Interests with an aggregate fair value of approximately $755.4 million, which are expensed over vesting periods on a straight-line basis of generally five to nine years. As of June 30, 2026, we had $570.9 million of unrecognized compensation expense related to 17.2 million RP Holdings Class E Interests that are expected to vest over a weighted average period of 5.0 years.

Current wording

Approximately 22.8 million RP Holdings Class E Interests with an aggregate fair value of approximately $755.4 million, which are expensed over vesting periods on a straight-line basis of generally five to nine years. As of September 30, 2026, we had $538.9 million of unrecognized compensation expense related to 16.3 million RP Holdings Class E Interests that are expected to vest over a weighted average period of 4.8 years.

Previous wording

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

Current wording

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

Previous wording

Our historical results of operations for 2025 have been recast to reflect the adoption of ASU 2025-07 by removing the losses previously recognized on derivative. The comparison of our historical results of operations is as follows (in thousands):

Current wording

Our historical results of operations for 2025 have been recast to reflect the adoption of ASU 2025-07 by removing the gains previously recognized on derivative. The comparison of our historical results of operations is as follows (in thousands):

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 2026 (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 2026 (in thousands):

Previous wording

Income from financial royalty assets increased by $87.6 million, or 15.9%, in the second quarter of 2026 as compared to the second quarter of 2025, primarily driven by an increase in interest income from Tremfya and the cystic fibrosis franchise, as well as $27.6 million of interest income from Imdelltra, which was acquired in the third quarter of 2025 and is reflected within other products in the table above. The increase in income from Tremfya was primarily driven by an increase in sell-side equity research analysts’ consensus sales forecasts. The increase in income from the cystic fibrosis franchise was primarily driven by higher interest income following the reversal of the allowance for changes in expected cash flows related to the FDA approval of Alyftrek in the fourth quarter of 2024.

Current wording

Income from financial royalty assets increased by $68.8 million, or 11.9%, in the third quarter of 2026 as compared to the third quarter of 2025, primarily driven by an increase in interest income from Tremfya as well as $29.9 million of interest income from Imdelltra, which was acquired in the third quarter of 2025 and is reflected within other products in the table above. The increase in income from Tremfya was primarily driven by an increase in sell-side equity research analysts’ consensus sales forecasts.

Previous wording

Income from financial royalty assets increased by $143.1 million, or 13.1%, in the first six months of 2026 as compared to the first six months of 2025, primarily driven by $46.9 million of interest income from Imdelltra, which was acquired in the third quarter of 2025 and is reflected within other products in the table above, as well as increases in interest income from Tremfya and the cystic fibrosis franchise. The increase in income from Tremfya was primarily driven by an increase in sell-side equity research analysts’ consensus sales forecasts. The increase in income from the cystic fibrosis franchise was primarily driven by higher interest income following the reversal of the allowance for changes in expected cash flows related to the FDA approval of Alyftrek in the fourth quarter of 2024.

Current wording

Income from financial royalty assets increased by $211.9 million, or 12.7%, in the first nine months of 2026 as compared to the first nine months of 2025, primarily driven by increases in interest income from Tremfya and the cystic fibrosis franchise, as well as $76.9 million of interest income from Imdelltra, which was acquired in the third quarter of 2025 and is reflected within other products in the table above. The increase in income from Tremfya was primarily driven by an increase in sell-side equity research analysts’ consensus sales forecasts. The increase in income from the cystic fibrosis franchise was primarily driven by higher interest income following the reversal of the allowance for changes in expected cash flows related to the FDA approval of Alyftrek in the fourth quarter of 2024.

Previous wording

Other royalty income and revenues increased by $7.9 million or 27.9% in the second quarter of 2026 as compared to the second quarter of 2025, primarily driven by the growth in Trodelvy sales.

Current wording

Other royalty income and revenues increased by $12.0 million, or 39.4%, in the third quarter of 2026 as compared to the third quarter of 2025, primarily driven by the growth in Trodelvy sales.

Previous wording

Other royalty income and revenues increased by $14.7 million, or 25.8%, in the first six months of 2026 as compared to the first six months of 2025, primarily driven by the growth in Trodelvy sales.

Current wording

Other royalty income and revenues increased by $26.7 million, or 30.5%, in the first nine months of 2026 as compared to the first nine months of 2025, primarily driven by the growth in Trodelvy sales.

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

Provision for credit losses on unfunded commitments decreased by $83.2 million, or 89.9% in the first six months of 2026 as compared to the first six months of 2025. In the first six months of 2025, we entered into a funding arrangement with Revolution Medicines and recognized provision expense for credit losses of $92.5 million related to the unfunded portions of the arrangement. In the first six months of 2026, we did not enter into any new funding arrangement that required a provision for credit losses on the unfunded portions.

Current wording

Provision for credit losses on unfunded commitments decreased by $80.0 million, or 85.7%, in the first nine months of 2026 as compared to the first nine months of 2025. In the first nine months of 2025, we recognized provision expense for credit losses of $93.3 million primarily related to the unfunded portions of our arrangement with Revolution Medicines, which we entered into in the second quarter of 2025. In the first nine months of 2026, we did not enter into any new funding arrangement that required a provision for credit losses on unfunded portions.

Previous wording

In the second quarter of 2026, we recognized $123.3 million of employee compensation expense, which included $106.5 million of share-based compensation expense and $16.7 million of cash-based compensation expense. In the second quarter of 2025, prior to the Internalization, we recognized $23.8 million of cash-based Management Fees, and following the Internalization, we recognized $108.5 million of employee compensation expense, which included $90.1 million of share-based compensation expense and $18.3 million of cash-based compensation expense. See Note 4–Share-Based Compensation for additional information.

Current wording

In the third quarter of 2026, we recognized $121.9 million of employee compensation expense, which included $104.3 million of share-based compensation expense and $17.5 million of cash-based compensation expense. In the third quarter of 2025, we recognized $88.4 million of employee compensation expense, which included $72.2 million of share-based compensation expense and $16.2 million of cash-based compensation expense. See Note 4–Share-Based Compensation for additional information.

Previous wording

G&A expenses increased by $30.9 million, or 10.6%, in the first six months of 2026 as compared to the first six months of 2025, primarily driven by higher share-based compensation expense recognized following the Internalization, which was completed in May 2025. The increase in period-over-period G&A expenses was partially offset by the absence of $28.7 million of acquisition-related costs for the Internalization in the prior period and the elimination of Management Fees following the Internalization.

Current wording

G&A expenses increased by $62.3 million, or 15.2%, in the first nine months of 2026 as compared to the first nine months of 2025, primarily driven by higher share-based compensation expense recognized following the Internalization, which was completed in May 2025. The increase in period-over-period G&A expenses was partially offset by the absence of $29.6 million of acquisition-related costs for the Internalization in the prior period and the elimination of Management Fees following the Internalization.

Previous wording

In the first six months of 2026, we recognized $261.4 million of employee compensation expense, which included $227.9 million of share-based compensation expense and $33.6 million of cash-based compensation expense. In the first six months of 2025, prior to the Internalization, we recognized $113.6 million of cash-based Management Fees, and following the Internalization, we recognized $108.5 million of employee compensation expense, which included $90.1 million of share-based compensation expense and $18.3 million of cash-based compensation expense. See Note 4–Share-Based Compensation for additional information.

Current wording

In the first nine months of 2026, we recognized $383.3 million of employee compensation expense, which included $332.2 million of share-based compensation expense and $51.1 million of cash-based compensation expense. In the first nine months of 2025, prior to the Internalization, we recognized $114.7 million of cash-based Management Fees, and following the Internalization, we recognized $196.9 million of employee compensation expense, which included $162.3 million of share-based compensation expense and $34.5 million of cash-based compensation expense. See Note 4–Share-Based Compensation for additional information.

Previous wording

We did not recognize impairment charges in the second quarter of 2026 or 2025.

Current wording

We recognized a financial royalty asset impairment charge of $150.4 million in the third quarter of 2026 related to pelacarsen following Novartis’ announcement in September 2026 that the Phase 3 trial did not meet its primary endpoint. We did not recognize impairment charges in the third quarter of 2025.

Previous wording

We recognized a financial royalty asset impairment charge of $69.4 million in the first six months of 2026 related to Tazverik following announcements by Ipsen and Eisai in March 2026 of the voluntary withdrawal of Tazverik across all indications and markets. We did not recognize impairment charges in the first six months of 2025.

Current wording

We recognized financial royalty asset impairment charges of $219.8 million in the first nine months of 2026. These charges consisted of $69.4 million related to Tazverik following announcements by Ipsen and Eisai in March 2026 of the voluntary withdrawal of Tazverik across all indications and markets, and $150.4 million related to pelacarsen following Novartis’ announcement in September 2026 that the Phase 3 trial did not meet its primary endpoint. We did not recognize impairment charges in the first nine months of 2025.

Previous wording

Equity in earnings of equity method investees increased by $16.7 million, or 182.8%, in the first six months of 2026 as compared to the first six months of 2025. Equity in earnings of equity method investees in the first six months of 2026 was primarily driven by a $15.2 million gain related to our portion of the Airsupra sales-based milestone that the Avillion Entities received from AstraZeneca. Equity in earnings of equity method investees in the first six months of 2025 was primarily driven by an income allocation from the Legacy SLP Interest of $10.6 million.

Current wording

Equity in earnings of equity method investees increased by $10.0 million, or 39.8%, in the first nine months of 2026 as compared to the first nine months of 2025. Equity in earnings of equity method investees in the first nine months of 2026 was primarily driven by an income allocation from the Legacy SLP Interest of $16.9 million and the $15.2 million gain related to our portion of the Airsupra sales-based milestone that the Avillion Entities received from AstraZeneca. Equity in earnings of equity method investees in the first nine months of 2025 was primarily driven by an income allocation from the Legacy SLP Interest of $13.8 million and the $11.1 million gain related to the milestone payable from AstraZeneca to the Avillion Entities.

Previous wording

Interest expense increased by $24.9 million, or 36.3%, in the second quarter of 2026 as compared to the second quarter of 2025, primarily driven by the issuance of $2.0 billion of senior unsecured notes in September 2025.

Current wording

Interest expense increased by $10.9 million, or 13.7%, in the third quarter of 2026 as compared to the third quarter of 2025, primarily driven by the issuance of $2.0 billion of senior unsecured notes in September 2025. The increase was partially offset by the July 2026 repayment of the $380 million term loan assumed in the Internalization.

Previous wording

Interest expense increased by $53.4 million, or 39.9%, in the first six months of 2026 as compared to the first six months of 2025, primarily driven by the issuance of $2.0 billion of senior unsecured notes in September 2025 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, 2026 and 2025 was 3.75% and 3.06%, respectively.

Current wording

Interest expense increased by $64.3 million, or 30.1%, in the first nine months of 2026 as compared to the first nine months of 2025, primarily driven by the issuance of $2.0 billion of senior unsecured notes in September 2025, partially offset by the repayment of $1.0 billion of senior unsecured notes in September 2025. The weighted average coupon rate on our senior unsecured notes outstanding as of September 30, 2026 and 2025 was 3.75%, respectively.

Previous wording

Other income, net of $37.9 million in the second quarter of 2026 was primarily comprised of $69.2 million of gains on equity securities and $5.1 million of interest income earned on cash and cash equivalents, partially offset by $34.9 million of losses on available for sale debt securities due to changes in fair value of the Cytokinetics Funding Arrangements.

Current wording

Other income, net of $76.7 million in the third quarter of 2025 was primarily comprised of $52.5 million of gains on available for sale debt securities due to changes in fair value of the Cytokinetics Funding Arrangements, $18.9 million of gains on equity securities and $6.9 million of interest income earned on cash and cash equivalents.

Previous wording

Other expense, net of $51.2 million in the second quarter of 2025 was primarily comprised of $30.6 million of losses on equity securities and $27.4 million of losses on available for sale debt securities due to changes in fair value of the Cytokinetics Funding Arrangements, partially offset by $8.3 million of interest income earned on cash and cash equivalents.

Current wording

Other expense, net of $47.8 million in the first nine months of 2026 was primarily comprised of $62.3 million of losses on available for sale debt securities due to changes in fair value of the Cytokinetics Funding Arrangements, partially offset by $16.7 million of interest income earned on cash and cash equivalents.

Previous wording

Other expense, net of $92.1 million in the first six months of 2025 was primarily comprised of $76.4 million of losses on equity securities and $30.7 million of losses on available for sale debt securities primarily driven by the changes in the fair value of the Cytokinetics Funding Arrangements, partially offset by $19.6 million of interest income on cash and cash equivalents.

Current wording

Other expense, net of $15.4 million in the first nine months of 2025 was primarily comprised of $57.6 million of losses on equity securities, partially offset by $26.5 million of interest income earned on cash and cash equivalents and $21.8 million of gains on available for sale debt securities primarily driven by the changes in the fair value of the Cytokinetics Funding Arrangements.

Previous wording

Net income attributable to Continuing Investors Partnerships decreased by $5.5 million, or 56.4% in the second quarter of 2026 as compared to the second quarter of 2025, primarily driven by lower net income attributable to RP Holdings as a result of provision expense recognized in 2026 as compared to provision income recognized in 2025.

Current wording

Net income attributable to Legacy Investors Partnerships increased by $20.7 million or 38.3%, in the third quarter of 2026 as compared to the third quarter of 2025, primarily driven by higher net income attributable to Old RPI as a result of higher provision income recognized in 2026 as compared to 2025.

Previous wording

Net income attributable to Legacy Investors Partnerships decreased by $12.1 million, or 9.6% in the first six months of 2026 as compared to the first six months of 2025, primarily driven by lower net income attributable to Old RPI as a result of impairment charges related to Tazverik.

Current wording

Net income attributable to Legacy Investors Partnerships increased by $8.6 million, or 4.8%, in the first nine months of 2026 as compared to the first nine months of 2025, primarily driven by higher net income attributable to Old RPI as a result of higher provision income recognized in 2026 as compared to 2025.

Previous wording

Net income attributable to Continuing Investors Partnerships decreased by $4.2 million, or 4.8% in the first six months of 2026 as compared to the first six months of 2025, primarily driven by a decline in the Continuing Investors Partnerships’ ownership of RP Holding due to the ongoing exchanges by investors in the Continuing Investors Partnerships who indirectly own RP Holdings Class B Interests for our Class A ordinary shares.

Current wording

Net income attributable to Continuing Investors Partnerships decreased by $53.2 million, or 31.4%, in the first nine months of 2026 as compared to the first nine months of 2025, primarily driven by a decline in the Continuing Investors Partnerships’ ownership of RP Holdings due to the ongoing exchanges by investors in the Continuing Investors Partnerships who indirectly own RP Holdings Class B Interests for our Class A ordinary shares.

Previous wording

Net income attributable to Founder’s Equity decreased by $18.6 million, or 43.9%, in the first six months of 2026 as compared to the first six months of 2025, primarily driven by the Internalization completed in May 2025. Prior to the Internalization, net income attributable to Founder’s Equity included both Mr. Legorreta’s retained EPAs and employee participation in the EPAs. In the first six months of 2026, Founder’s Equity includes only Mr. Legorreta’s retained EPAs.

Current wording

Net income attributable to Founder’s Equity decreased by $15.7 million, or 34.6%, in the first nine months of 2026 as compared to the first nine months of 2025, primarily driven by the Internalization completed in May 2025. Prior to the Internalization, net income attributable to Founder’s Equity included both Mr. Legorreta’s retained EPAs and employee participation in the EPAs. In the first nine months of 2026, Founder’s Equity includes only Mr. Legorreta’s retained EPAs.

Previous wording

Net income attributable to RP Holdings Class E Interests increased by $16.5 million in the first six months of 2026 as compared to the first six months 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 increased by $7.9 million, or 46.6%, in the first nine months of 2026 as compared to the first nine months 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

Portfolio Receipts is calculated as the sum of the following line items from our GAAP condensed consolidated statements of cash flows: Cash collections from financial royalty assets, Cash collections from intangible royalty assets, Other royalty cash collections, Proceeds from available for sale debt securities and Distributions from equity method investees less Distributions to legacy non-controlling interests - Portfolio Receipts, which represent contractual distributions of Royalty Receipts, milestones and other contractual receipts to the Legacy Investors Partnerships.

Current wording

Portfolio Receipts is calculated as the sum of the following line items from our GAAP condensed consolidated statements of cash flows: Cash collections from financial royalty assets, Cash collections from intangible royalty assets, Other royalty cash collections, Proceeds from available for sale debt securitiesand Distributions from equity method investees less Distributions to legacy non-controlling interests - Portfolio Receipts, which represent contractual distributions of Royalty Receipts, milestones and other contractual receipts to the Legacy Investors Partnerships.

Previous wording

Our portfolio consists of royalties on more than 35 marketed therapies and 19 development-stage product candidates. The therapies in our portfolio address therapeutic areas such as rare diseases, neuroscience, oncology, hematology, immunology, respiratory 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 2026 (in thousands):

Current 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 diseases, neuroscience, oncology, hematology, immunology, respiratory 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 2026 (in thousands):

Previous wording

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

Current wording

(2)Other products primarily include Royalty Receipts on the following products: Crysvita, Erleada, Farxiga/Onglyza, IDHIFA, Niktimvo, Nurtec ODT, Orladeyo, Prevymis, Skytrofa, Soliqua, Yorvipath and distributions from the Legacy SLP Interest, which are presented as Distributions from equity method investeeson 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 $3.6 million in the first six months of 2026 as compared to the first six months of 2025. Performance was relatively consistent versus the prior year period, as growth in overall cystic fibrosis franchise sales reflected a mix shift toward Alyftrek, resulting in a lower blended royalty rate.

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 $6.7 million in the first nine months of 2026 as compared to the first nine months of 2025. Performance was relatively consistent versus the prior year period, as growth in overall cystic fibrosis franchise sales reflected a mix shift toward Alyftrek, resulting in a lower blended royalty rate.

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 $14.1 million in the first six months of 2026 as compared to the first six months of 2025, primarily driven by continued volume 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 $7.9 million in the first nine months of 2026 as compared to the first nine months of 2025, benefiting from strong volume growth in Europe and international markets, driven by patient demand, single inhaler triple therapy class growth and increased market share, partially offset by Medicare benefit design changes and pricing unfavorability from channel mix pressures and adjustments in the United States.

Previous wording

•Tremfya– Royalty Receipts from Tremfya, which is marketed by Johnson & Johnson for the treatment of plaque psoriasis, active psoriatic arthritis and inflammatory bowel disease, increased by $48.0 million in the first six months of 2026 as compared to the first six months of 2025, driven by market share gains and market growth, including strong uptake across recently launched inflammatory bowel disease indications.

Current wording

•Tremfya– Royalty Receipts from Tremfya, which is marketed by Johnson & Johnson for the treatment of plaque psoriasis, active psoriatic arthritis and inflammatory bowel disease, increased by $78.1 million in the first nine months of 2026 as compared to the first nine months of 2025, driven by market share gains and market growth, including strong uptake across recently launched inflammatory bowel disease indications.

Previous wording

•Evrysdi – Royalty Receipts from Evrysdi, which is marketed by Roche for the treatment of spinal muscular atrophy, increased by $40.8 million in the first six months of 2026 as compared to the first six months of 2025, attributable to continued growth in Europe and tender-related buying in international markets. Additionally, Royalty Receipts benefited from the incremental royalties we acquired in the fourth quarter of 2025.

Current wording

•Evrysdi– Royalty Receipts from Evrysdi, which is marketed by Roche for the treatment of spinal muscular atrophy, increased by $60.2 million in the first nine months of 2026 as compared to the first nine months of 2025, attributable to continued growth in Europe and tender-related buying in international markets. Additionally, Royalty Receipts benefited from the incremental royalties we acquired in the fourth quarter of 2025.

Previous wording

•Tysabri – Royalty Receipts from Tysabri, which is marketed by Biogen for the treatment of multiple sclerosis, increased by $9.0 million in the first six months of 2026 as compared to the first six months of 2025, primarily driven by favorable channel dynamics globally and pricing adjustments in the United States, partially offset by increased competition in the rest of world.

Current wording

•Tysabri– Royalty Receipts from Tysabri, which is marketed by Biogen for the treatment of multiple sclerosis, increased by $8.3 million in the first nine months of 2026 as compared to the first nine months of 2025, primarily driven by favorable pricing adjustments in the United States, partially offset by biosimilar competition, particularly in the rest of world.

Previous wording

•Voranigo – Royalty Receipts from Voranigo, which is marketed by Servier for the treatment of low-grade glioma, increased by $46.4 million in the first six months of 2026 as compared to the first six months of 2025, primarily driven by its strong launch in the United States.

Current wording

•Voranigo – Royalty Receipts from Voranigo, which is marketed by Servier for the treatment of low-grade glioma, increased by $68.0 million in the first nine months of 2026 as compared to the first nine months of 2025, driven by its strong launch 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 $1.2 million in the first six months of 2026 as compared to the first six months of 2025, relatively consistent with the prior year period.

Current wording

•Xtandi – Royalty Receipts from Xtandi, which is marketed by Pfizer and Astellas for the treatment of prostate cancer, increased by $2.6 million in the first nine months of 2026 as compared to the first nine months of 2025, relatively consistent with the prior year period.

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 $15.1 million in the first six months of 2026 as compared to the first six months of 2025, primarily driven by continued 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 $25.1 million in the first nine months of 2026 as compared to the first nine months of 2025, due to competitive pressures and unfavorable patient mix.

Previous wording

•Cabometyx/Cometriq – Royalty Receipts from Cabometyx/Cometriq, which is marketed by Exelixis, Ipsen and Takeda, primarily for the treatment of advanced renal cell carcinoma, hepatocellular carcinoma and neuroendocrine tumors, increased by $4.5 million in the first six months of 2026 as compared to the first six months of 2025, primarily driven by continued demand growth from uptake in combination with Opdivo in first-line renal cell carcinoma and previously treated advanced neuroendocrine tumors.

Current wording

•Cabometyx/Cometriq – Royalty Receipts from Cabometyx/Cometriq, which is marketed by Exelixis, Ipsen and Takeda, primarily for the treatment of advanced renal cell carcinoma, hepatocellular carcinoma and neuroendocrine tumors, increased by $7.2 million in the first nine months of 2026 as compared to the first nine months of 2025, primarily driven by continued demand growth from uptake in combination with Opdivo in first-line renal cell carcinoma and previously treated advanced neuroendocrine tumors.