Compelling Revenue And EPS Outlook Driven By Differentiated Business Model

Research evidence excerpt

Compelling Revenue And EPS Outlook Driven By Differentiated Business Model

TD Cowen Pharmaceuticals/Major

Global Research

Royalty Pharma

TD SECURITIES (USA) LLC

July 14, 2026

Price: $55.67 (07/14/2026) Compelling Revenue And EPS Outlook Driven

Price Target: $65.00 By Differentiated Business Model

BUY (1)

Michael Nedelcovych, Ph.D. THE TD COWEN INSIGHT

617 946 3744

Royalty Pharma is poised to benefit from many of the positive dynamics of biopharma with

michael.nedelcovych@tdsecurities.com

fewer risks. It is, by far, the market leader in biopharma royalty acquisition. And RPRX's scale

Steve Scala, R.Ph., CFA and long track record lend confidence to its sustainability. Future growth should be driven by

617 946 3923 biopharmaceutical innovation and corporate funding needs.

stephen.scala@tdsecurities.com

Chris LoBianco Royalty Pharma Dominates Biopharma Royalty Acquisitions

617 946 3734

RPRX holds over 50% share of biopharmaceutical royalty acquisitions and has led the fieldchris.lobianco@tdsecurities.com

in novel funding strategies. Since its founding in 1996, the company has been a pioneer in

Paul Kuhn, Ph.D. the royalty market, collaborating with innovators from academic institutions, non-profits,

646 562 1328

small- and mid-cap biotechnology companies, and leading global pharmaceutical companies.

paul.kuhn@tdsecurities.com

The portfolio is diverse with exposure to multiple blockbusters, and interests in various

Key Data development-stage assets add significant upside potential.

Symbol NASDAQ: RPRX

Now Even Better Suited To Meet Strong Demand

Beta: 0.42

52-Week Range: $58.37-$34.90 Pipeline development is the lifeblood to biotech and pharma company growth. Royalties

Market Cap: $24.7B provide a means of funding this development as well as the related commercialization