Royalty Pharma : 2025 Corporate Responsibility Report pdf
RPRX
Published on 04/14/2026 at 04:30 pm EDT
Corporate Responsibility Report
A Message from Our Chairman and Chief Executive Officer
The life sciences sector continues to evolve rapidly, transforming patient
care through scientific breakthroughs and technological advances.
As the largest buyer of biopharmaceutical royalties and a premier capital allocator in life sciences,
Royalty Pharma plays a vital role by meeting the growing capital needs of innovators in creative and responsible ways.
Through our differentiated royalty-based business model and decades of experience, we support the advancement and commercialization of potentially transformative therapies while delivering strong, sustainable returns and long-term value creation for our stakeholders.
Royalty Pharma's platform combines deep scientific insight with flexible capital to support innovation across the biopharmaceutical lifecycle, from development-stage programs to approved therapies. We collaborate with a broad range of partners, including academic and non-profit institutions, emerging biotechnology companies and established global pharmaceutical leaders, investing in therapies that deliver transformative benefits to patients.
Our ability to execute this strategy is underpinned by the talent, engagement and shared sense of purpose of our people. In 2025, our employee engagement survey results exceeded industry benchmarks, reinforcing the strength of our culture and the pride our team takes in Royalty Pharma's role in advancing life-changing innovation. Feedback highlighted that employees feel valued, supported and connected to the impact of their work as well as to our broader commitment to making a positive difference in the communities where we live and work through philanthropy and public service. We will continue to seek annual employee feedback and foster an environment where collaboration, innovation and shared purpose support our long-term success.
We embarked on an exciting new chapter in 2025. Since our founding in 1996, we had operated under an external management model. This year, we took a transformative step in our evolution with the successful acquisition of our external manager. This transaction simplifies our corporate structure and positions us to deliver meaningful economic and strategic benefits to our stakeholders through strengthened shareholder alignment, enhanced governance, significant cash savings and increased economic return on investments. Our internalization received overwhelming support from our shareholders, with 99.9% of votes cast in favor of the transaction.
Following extensive shareholder engagement in 2024, including a targeted investor listening tour, we hosted our 2025 Investor Day in New York City. At the event, senior leadership showcased the strength of Royalty Pharma's differentiated investment platform and introduced its goal to be the premier capital allocator in life sciences with consistent,
compounding growth. Royalty Pharma outlined a clear path to value creation, underpinned by strong execution, our leadership position in a rapidly expanding royalty market and the significant funding needs of the biopharma industry.
This year, Deloitte published a first-of-its-kind report, Role of Royalties in Funding Biopharma Innovation, which drew on the insights of over 110 biopharma leaders. The report highlighted the growing recognition of royalties as a strategic source of flexible, non-dilutive funding, driven by their attractive cost of capital, positive investor perception and ability to support innovation at scale. Additionally, the report underscored strong demand for royalty funding, with 87% of companies willing to consider
it to meet their capital needs over the next three years, representing a compelling tailwind for our business.
Royalty Pharma is well positioned to deliver sustainable value for partners, shareholders and employees alike, and we remain steadfast in our mission to transform patient lives through strategic partnerships and investment in scientific innovation.
Thank you for your continued trust and support as we enter the next phase of our growth journey.
Sincerely,
Pablo Legorreta
Chairman of the Board and Chief Executive Officer
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2025 Corporate Responsibility Report
2025 Corporate Responsibility Report 4
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Our Unique Business Model
Royalty Pharma is the largest buyer of biopharmaceutical royalties and has been a leading funder of innovation in life sciences since its founding in 1996. Over nearly three decades, we have refined and strengthened our business model to become the optimized buyer of royalties and a premier capital allocator in life sciences.
Our unique role as a buyer of biopharmaceutical royalties supports life sciences innovation and partnerships that provide patients with access to innovative medicines. By combining deep scientific expertise with flexible, long-term capital, our tailored funding solutions support the biopharmaceutical industry's capital-intensive requirements while allowing our partners to maintain operational control and product rights. Our strategy is tailored to the needs of our partners through a variety of structures:
Third-party royalties: Existing royalties on approved or late-stage development therapies that are typically acquired from a counterparty other than the marketer or developer. The majority of our current portfolio consists of third-party royalties.
Synthetic royalties: Newly-created royalties on approved or late-stage development therapies with strong proof of concept that are typically acquired directly from the marketer or developer.
Other funding modalities: We may provide other forms of capital to our partners as a component within a royalty transaction to
increase the scale of our capital. This may include debt, direct equity investments, and launch and development capital in exchange for fixed long-term payments.
Our portfolio of royalties entitles us to payments based directly on top-line sales of more than 35 commercial products and 19 development-stage product candidates.* In 2025, our diversified portfolio generated approximately $3.3 billion in Portfolio Receipts (our top line), reflecting the scale and breadth of our platform. Since 2012, when we began acquiring royalties on development-stage therapies, we have entered into agreements to acquire biopharmaceutical royalties with an announced transaction value of over $33 billion. This represents approximately 53% of all royalty transactions by value announced during this period, underscoring both the rapid expansion of the royalty market and our position as the partner of choice for funding innovation.
IN ANNOUNCED TRANSACTION VALUE SINCE 2012
$33bn
MARKET SHARE BY ANNOUNCED TRANSACTION VALUE SINCE 2012
53%
Our investment approach is agnostic to therapeutic area and treatment modality, which enables us to direct funding toward the most promising innovations and transformative medicines.
The royalty market is supported by several long-term structural megatrends. Global life sciences innovation is advancing at a rapid pace, driven by significant advances in science and technology, and reflected in the record number of FDA approvals in recent years.
Innovation remains strong in the United States and continues to expand across other geographies, such as China, broadening the global opportunity set for new medicines. These scientific advances are increasing the number of opportunities for biopharmaceutical royalty funding.
*As of the date of this publication
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At the same time, the biopharmaceutical research and development (RCD) ecosystem is increasingly fragmented and capital intensive. Innovation is driven by a diverse and decentralized network of academic institutions, biotechnology companies and pharmaceutical partners, resulting in a high volume of licensing and partnering activity that creates royalty opportunities. Capital requirements across the sector are large and growing, with royalty funding transactions reaching
a record high of approximately $10 billion in 2025, representing an approximately 40% increase over the average annual transaction value of the past five years. Industry-wide RCD spending is expected to exceed $1 trillion over the next decade. These dynamics underscore the importance of flexible, long-term capital solutions and support the continued expansion of the biopharmaceutical royalty market.
We operate at the intersection of science, medicine and investing, searching for innovative medicines in underserved markets and therapeutic areas. 2025 highlights include:
$4.7bn
$2.6bn
ANNOUNCED TRANSACTIONS
DEPLOYED CAPITAL
PORTFOLIO RECEIPTS
$3.3bn
$2.7bn
PORTFOLIO CASH FLOW
PORTFOLIO RECEIPTS GROWTH
16%
COMPLETED INTERNALIZATION
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Royalty Pharma embarked on a new chapter in 2025. Since our founding in 1996, we had operated under an external management model. In 2025, Royalty Pharma successfully acquired its external manager, representing a transformative step in our evolution.
Our new corporate structure will enable Royalty Pharma to deliver financial and strategic benefits to our shareholders, including significant cost
savings, strengthened shareholder alignment, improved governance practices and increased returns for shareholders.
Importantly, this transaction combines our royalty portfolio with the intellectual capital that has been the foundation of Royalty Pharma's success for nearly 30 years. During that time, we built a leading investment team in life sciences, developed a proprietary investment process refined over decades and cultivated deep expertise and an extensive
network of relationships. Following our internalization, all employees became part of an integrated company, ensuring the long-term continuity of personnel
and operations.
This decision was informed by our ongoing commitment to strong governance and shareholder alignment. In recent years, we received feedback that our external management structure was an impediment to investing in Royalty Pharma for some investors. In response, we undertook a thoughtful
evaluation of alternatives to further align management and shareholder interests, resulting in the internalization of the external manager. This process was overseen by our Board of Directors, which acted
independently on behalf of shareholders and led negotiations with management to ensure a fair and transparent outcome. The transaction was supported by an overwhelming 99.9% of votes cast, underscoring broad shareholder support and reinforcing our
long-term focus on alignment, accountability and value creation.
99.9%
Following our internalization, Royalty Pharma continues to own its industry-leading royalty portfolio of more than 35 approved products and 19 development-stage therapies, including 16 blockbuster products.* This evolution ensures management continuity, enhances governance and positions Royalty Pharma for greater flexibility and broader investor appeal.
VOTES CAST IN FAVOR OF INTERNALIZATION
"This milestone strengthens our alignment with shareholders and positions Royalty Pharma
for an exciting next phase of long-term value creation."
Arthur McGivern
EVP, General Counsel C Investments
*As of the date of this publication
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Royalty Pharma's goal is to be the premier capital allocator in life sciences with consistent, compounding growth. Anchored by a clear vision and mission, our partnership-led model funds innovation across the life sciences ecosystem. We provide flexible, long-duration capital
to help innovators accelerate the development and delivery of therapies that matter to patients. We seek to combine strategic vision, operational flexibility and strong values to deliver lasting impact and sustainable value for our stakeholders.
To be the leading partner funding innovation in life sciences
By collaborating to accelerate innovation, we enable our partners to transform patient lives
We pursue this mission through a distinctive set of operating principles. TEAMWORK
Our interdisciplinary teams, comprised of individuals with a wide range of experience and educational and professional backgrounds, contribute to an environment that fosters trust and respect.
TRUSTED PARTNER
Our reputation as a dependable partner is essential. We seek to create lasting relationships with partners who will return for repeat transactions.
CRITICAL THINKING
We encourage debate and critical thinking and insist that colleagues challenge assumptions to achieve better outcomes.
INNOVATION
We approach each new investment with a blank sheet of paper and intellectual curiosity to create funding solutions for our partners.
PURSUIT OF EXCELLENCE
We apply high ethical standards and rigorous scientific analysis to deliver superior results for our partners and stakeholders.
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$3.3bn
PORTFOLIO RECEIPTS
16%
PORTFOLIO RECEIPTS GROWTH
ACHIEVED PORTFOLIO RECEIPTS GROWTH TARGET OF 11-14%
(2020-2025)
$2.7bn
PORTFOLIO CASH FLOW
15.8%
RETURN ON INVESTED CAPITAL
8
NEW ROYALTIES ACǪUIRED
$2.6bn
CAPITAL DEPLOYED
ACHIEVED CAPITAL DEPLOYMENT TARGET OF $10 BILLION
TO $12 BILLION (2022-2026)
$1.7bn
CAPITAL RETURNED TO SHAREHOLDERS
22.8%
RETURN ON INVESTED EǪUITY
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Our Corporate Responsibility Approach and Priorities
As a leading funder of innovation that transforms patient lives, we recognize the importance of embedding corporate responsibility and sustainability-related principles into the ways we invest and operate our business. This year, the acquisition of our external manager simplified our corporate structure while enhancing governance and strengthening shareholder alignment. Risk management, compliance and high ethical standards are foundational to our culture and enable us to uphold our commitments to our partners and other stakeholders.
In 2025, we reviewed the material topics identified in our 2022 materiality assessment, which continues to form the foundation of our corporate responsibility priorities. The review confirmed that the identified topics remain relevant to our business and stakeholders.
Our original process included a series of surveys, interviews and workshops with internal and external stakeholders to understand which sustainability matters are important to them. Beyond our materiality assessment and in the spirit of dynamic materiality, we review our priority areas each year to ensure they remain relevant and aligned
with our business model and stakeholder interests. Through focused stakeholder engagement, initiatives and partnerships, we can best advance our sustainability value proposition while delivering our mission of transforming patient lives.
Strong corporate governance and responsible investment practices are particularly important areas for our business, where the related
risks and opportunities extend beyond our immediate operations to our partners' businesses. Our Responsible Investment Policy formalizes our robust due diligence process. For more information, please refer
to page 20.
Our Board oversees all responsible business-related initiatives, our leadership team manages these initiatives and our workforce actively integrates them into our operational policies and practices.
CORPORATE GOVERNANCE
Maintaining robust oversight and
risk management practices
RESPONSIBLE INVESTMENT
Integrating sustainability considerations into investment decisions
ACCESS TO HEALTHCARE
Supporting initiatives that expand treatment availability
HUMAN CAPITAL DEVELOPMENT
Fostering an engaging workplace
ENVIRONMENTAL STEWARDSHIP
Managing our operational impact responsibly
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Our sustainability initiatives align strategically with four United Nations Sustainable Development Goals (SDG), where our business model, expertise and partnerships can create meaningful impact.
SDG 3:
GOOD HEALTH AND WELL-BEING
Through strategic funding partnerships and philanthropic initiatives, we accelerate the development of innovative therapies while supporting programs that broaden access to quality healthcare.
SDG G:
INDUSTRY, INNOVATION AND INFRASTRUCTURE
Our business model drives biopharmaceutical innovation by delivering flexible funding solutions across every stage of the development cycle. By allocating capital
to cutting-edge research, we reinforce the infrastructure that enables scientific progress and accelerates the discovery of transformative medical breakthroughs.
SDG 10:
REDUCED INEǪUALITIES
We are dedicated to reducing healthcare disparities through strategic collaborations with organizations such as Mount Sinai's Institute for Health Equity Research and Blood Cancer United. These partnerships support research and initiatives that improve access and outcomes for underserved populations.
SDG 17:
PARTNERSHIPS FOR THE GOALS
Our collaborative approach brings together multiple stakeholders - from academic institutions and research
hospitals to biotechnology firms and global pharmaceutical companies - to accelerate innovation. By combining financial resources with scientific expertise, these partnerships amplify our impact and advance shared goals for a healthier, more sustainable future.
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Stakeholder Engagement
At Royalty Pharma, understanding and responding to stakeholder perspectives is central to how we grow a successful business and create sustainable value. Through ongoing dialogue with employees, investors and partners, we gain insights that strengthen our decision-making and reinforce our ability to deliver on our mission. This commitment was reflected in the successful internalization of our external manager, an action that was responsive to feedback from investors and supported by 99.9% of votes cast, demonstrating strong alignment with stakeholders.
>400
INVESTOR INTERACTIONS
INVESTOR DAY
CORPORATE GOVERNANCE ROADSHOW
13
ROADSHOWS
16
EXTERNALLY HOSTED INVESTOR CONFERENCES AND EVENTS
Since publishing our inaugural corporate responsibility report in 2022, we have remained committed to advancing responsible business practices and providing a clear, consistent account of our progress each year. We use stakeholder input to continuously refine our corporate policies and promote transparency. For details on our governance and responsibility practices, please visit our corporate governance website and responsibility resource center.
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Royalty Pharma conducts comprehensive annual employee engagement surveys across the organization to assess engagement levels and gather meaningful insights into the employee experience.
These surveys explore a wide range of topics, including work-life balance, team dynamics, leadership effectiveness and overall workplace culture.
In 2025, we conducted an employee engagement survey and were energized by the results. We had a strong response rate, with 90% of colleagues participating. Our overall engagement score of 86% significantly exceeded industry benchmarking. Key highlights include the following:
95%
of respondents agree their team prioritizes quality and improvement
"Having spent over a decade at Royalty Pharma, what stands out is how well the culture has scaled
alongside the business. Even as the team has grown, we have maintained a strong emphasis on collaboration, intellectual curiosity and a commitment to high-quality work."
Brienne Kugler
94%
93%
of respondents are proud to work for Royalty Pharma
of respondents believe members of their team are encouraged to be innovative where possible and appropriate
SVP, Research C Investments
"I can't think of a better environment to build a career. The team is supportive, thoughtful and incredibly capable, creating a culture that's both collaborative and driven to achieve exceptional results."
We are committed to conducting the engagement surveys on an annual basis to monitor trends, track progress and identify areas to further enhance the employee experience across the organization.
Gaurie Tilak
VP, Research C Investments
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Following extensive shareholder engagement, including an investor listening tour in 2024, Royalty Pharma identified key areas of focus for investors, which include the company's competitive advantages, longterm outlook and positioning to benefit from major industry trends.
These perspectives helped inform the agenda and themes of Royalty Pharma's September 2025 Investor Day in New York City.
At the Investor Day, senior leadership outlined a clear strategy to drive shareholder value creation through Royalty Pharma's differentiated business model and leadership position in the large and growing market for funding biopharma innovation with royalties. Management introduced the company's goal to be the premier capital allocator in life sciences with consistent, compounding growth, targeting at least $4.7 billion in Portfolio Receipts by 2030 and mid-teens total shareholder returns over the next five years.
The discussion also highlighted our strong execution against the strategic and financial priorities established at IPO and our 2022 Inaugural Investor Day including our capital deployment and top-line growth targets.
"Our Investor Day served as an important platform to deepen understanding of Royalty Pharma's business and the biopharma royalty funding ecosystem, while offering a comprehensive overview of our strategy and opportunities for disciplined,
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IN-PERSON ATTENDEES
6
POST-INVESTOR DAY ROADSHOWS
value enhancing growth."
George Grofik
SVP, Head of Investor Relations C Communications
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EMPLOYEES
Annual employee engagement survey
Training, learning and development opportunities
Semi-annual performance reviews
Employee Engagement Committee
Town Halls
Fireside chats with Board members
SHAREHOLDERS
Investor conferences and roadshows
Investor Day
Press releases
Ǫuarterly financial results calls
Routine investor meetings
Investor Listening Tour
Special events
Role of Royalties in Funding Biopharma Innovation report
PARTNERS
Flexible and tailored long-term capital
Thorough due diligence processes
Market and data insights that allow partners to better understand the patients they serve
External validation of opportunity
COMMUNITIES
Philanthropic giving
Employee volunteering
Employee gift matching
Strategic research partnerships
PATIENTS
Support patient advocacy groups
Support for health access research
Facilitating access
to healthcare and medicine
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2025 Recognition and Corporate Responsibility Highlights
MAINTAINED MSCI RATING
AA
DONATED TO NON-PROFIT ORGANIZATIONS
>$9m
Royalty Pharma continues to strengthen its commitment to responsible business practices and transparency for stakeholders, receiving notable recognition for our corporate responsibility performance and disclosures.
BENCHMARKING REVEALED NON-PAY BENEFITS SIGNIFICANTLY OUTPACE MARKET STANDARDS
PARTICIPATION RATE IN ANNUAL EMPLOYEE ENGAGEMENT SURVEY
90%
We maintained our MSCI ESG rating of AA, reflecting our steadfast and consistent management of financially relevant environmental, social and governance (ESG) risks and opportunities. This reputation was further validated by receiving the ISS ESG Prime rating once again, which is granted to industry leaders who fulfill demanding performance expectations. These investor-favored ratings highlight our leadership in sustainable investment and corporate ethics.
2025 Corporate Responsibility Report 17
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Our Diversified Portfolio
Royalty Pharma is the largest purchaser of biopharmaceutical royalties and the partner of choice for funding solutions across the sector. This strategic position provides access to a broad pipeline of opportunities, enabling us to build a diversified portfolio of market-leading therapies.
Since our IPO in 2020, we have deployed approximately $15 billion in capital to acquire royalties on 52 distinct therapies, including 28 that
were in the development stage at the time of investment. As of year-end 2025, our portfolio encompasses products addressing more than 60 diseases across six therapeutic areas.
The scale and diversification of our portfolio align closely with many of the world's leading biotechnology companies. Looking ahead,
we remain committed to expanding our portfolio through strategic
investments in both approved and development-stage therapies, with the goal of accelerating scientific progress and transforming patient care globally. For additional information on our portfolio, please visit our website.
2020
$2.2bn
13
11
Total
~$15bn
52
C4
2021
$2.5bn
8
13
2022
$2.4bn
7
10
2023
$2.2bn
7
7
2024
$2.8bn
9
13
2025
$2.Cbn
8
10
Years
Capital Deployed
Unique Products
Unique Diseases
Select examples
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Royalty Pharma's investment strategy focuses on addressing areas of significant unmet medical need. Approximately 60% of the therapies from which we receive royalties address diseases included in the 2024 Access to Medicines Index, reflecting our focus on supporting innovations that have the potential to deliver meaningful health outcomes for patients worldwide.
We design tailored funding solutions that support our partners in advancing their core missions. Our flexible approach enables
Approximately 60% of the therapies from which we receive royalties address diseases included in the 2024 Access to Medicines Index.
long-standing relationships to deepen and evolve across multiple transactions. Since 2020, 31% of our announced transaction value has supported repeat partnerships, showcasing our commitment to building enduring, meaningful relationships with our partners.
Small cell lung cancer (SCLC) is a highly aggressive cancer that affects approximately 312,000-360,000 patients worldwide each year. Patients diagnosed with SCLC have a poor prognosis with an average survival of approximately 12 months following initial therapy, and a five-year survival rate of just 7% for patients with invasive disease. Current treatment options are limited and provide only modest benefits beyond chemotherapy.
Royalty Pharma acquired the Imdelltra royalty from BeOne Medicines, a large-cap global biotechnology company focused on oncology,
for up to $950 million. Imdelltra represents an impactful addition to Royalty Pharma's portfolio, supporting long-term growth and
diversification. The capital provided to BeOne increases operational and strategic flexibility to advance its mission to deliver multiple transformative medicines to more patients worldwide.
Imdelltra, approved in May 2024 and marketed by Amgen, is a first-in-class targeted immunotherapy approved by the FDA for the treatment of SCLC. Imdelltra is reshaping the treatment paradigm, demonstrating impressive durability and efficacy and addressing a significant unmet need for patients.
Royalties on Imdelltra
Up to :350m of funding
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Responsible Investment
Innovation in life sciences continues to accelerate, creating unprecedented opportunities and significant funding requirements. Over the next decade, the biopharmaceutical sector is expected to require over $1 trillion in capital to advance promising research into transformative therapies.
Royalty Pharma plays a critical role in bridging this funding gap. Our investment approach is designed to accelerate innovation that improves patient outcomes while upholding rigorous standards of responsible investment. This commitment informs the evaluation of every opportunity, supported by a data-driven framework that systematically assesses risks and opportunities and incorporates a comprehensive analysis of corporate responsibility factors. This research is guided
by our Responsible Investment Policy, which incorporates formal procedures for evaluating all investment activities and implements a stringent due diligence process.
The scale of this challenge underscores the importance of our mission. The announced value of royalty funding transactions reached a record high of $10 billion in 2025, representing an approximately 40% increase over the average value of $7.1 billion per year over the prior five years (2021 to 2025). The expansion of the royalty funding market reflects growing recognition of its value within the life sciences industry. Rising capital needs, fragmentation and continued scientific innovation have made royalties an increasingly accepted component of biopharma capital structures.
Our responsible investment approach helps us identify opportunities that create sustainable financial returns and positive societal impact. Our Responsible Investment Policy ensures consistent standards across our business practices and includes the following:
Integrating responsibility into investment decisions: Corporate responsibility, regulatory, geopolitical and reputational factors -including access to medicine, human rights, ethical clinical trials, therapeutic focus, conduct and product quality - are incorporated into our investment practices. Risks and opportunities are assessed during due diligence, with engagement on material issues when impact is possible.
Applying expertise: Royalty Pharma's management team, supported by external advisors and subject matter experts, evaluates responsibility-driven risks and identifies opportunities.
Promoting responsible investment principles: We advance consistent, thoughtful practices across the biopharmaceutical industry through collaboration with key stakeholders.
Ensuring accountability: Progress and goals are communicated transparently to the public, investors and stakeholders through regular corporate responsibility reporting and disclosure.
Upholding corporate citizenship: We maintain a strong governance framework and people-minded culture to support communities.
Screening investments: Opportunities are reviewed for exclusionary issues and potential sustainability, business or reputational concerns.
Our Responsible Investment Policy details procedures for evaluating all investment activities. This policy has been fully integrated into our comprehensive due diligence process and addresses deal-specific issues such as evaluating material business risks and opportunities related to potential investments or partners. All findings are reviewed in detail during strategic discussions, and we systematically document key risks and opportunities ahead of making investment decisions.
Our Nominating and Corporate Governance Committee reviews our Responsible Investment Policy at least annually. Please see our
full policy here.
Introduced in 2021, Royalty Pharma's Social Bond Framework provides a strategic mechanism to finance investments that advance human health and foster innovation across the biopharmaceutical industry.
An independent second-party opinion confirmed that the Framework makes a meaningful contribution to UN Sustainable Development Goal 3: Good Health and Well-being.
Royalty Pharma is committed to enabling novel therapies that address unmet patient needs while promoting ethical practices that encourage innovation, competition and patient choice.
Bond proceeds support partnerships that expand access to treatment and accelerate innovation. These collaborations include academic institutions, research hospitals, non-profit foundations and pioneering biopharmaceutical companies.
Disclaimer
Royalty Pharma plc published this content on April 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 14, 2026 at 20:29 UTC.