Highlights from the RBC Global Healthcare Conference

研报英文原文证据摘录

Highlights from the RBC Global Healthcare Conference

RBC Dominion Securities Inc.

Douglas Miehm (Analyst)

(416) 842-7823,

douglas.miehm@rbccm.com

Sahil Dhingra, CFA (Senior

Associate)

(416) 842-2954,

sahil.dhingra@rbccm.com

May 19, 2026

Highlights from the RBC Global HealthcareRESEARCH Conference

Royalty Pharma plc (NASDAQ: RPRX; Not Covered)

Our view: Marshall Urist, EVP and Head of Research & Investments at Royalty Pharma, presented at

our conference this morning. The discussion primarily focused on: a) the expanding outlook for royalty

financing and RPRX's growing TAM; b) R&D co-funding partnerships with large pharma; c) key portfolio

assets and peak royalty potential; d) capital deployment capacity.EQUITY Expanding TAM for royalty financing. Over the last five years, royalties have represented only ~5%

of total capital raised by biopharma, highlighting significant headroom for growth. RPRX sees its TAM

expanding in several directions: 1) synthetic royalties (where RPRX creates and funds a royalty directly),

which management views as increasingly mainstream; 2) R&D co-funding with large pharma (discussed

below); and 3) geographic expansion into Asia, where management indicated an explosion of licensing

deals has created royalty opportunities. RPRX noted that it is building a local team in China to develop

the Asian royalty ecosystem over the long term. On competition, management noted it is not a defining

concern; rather, competitors help grow the overall market and increase partner confidence in royalty

transactions. RPRX believes it has the lowest cost of capital in the space, a fully dedicated focus, and

best-in-class diligence and execution capabilities.

R&D co-funding with large pharma. Management highlighted this as an area that has reached critical