Regulation FD Disclosure (Form 8-K)

On April 13, 2026, Revolution Medicines, Inc. ("Revolution Medicines") announced positive Phase 3 results from the RASolute 302 trial for daraxonrasib, an oral RAS(ON) multi-selective inhibitor, in patients with metastatic pancreatic ductal adenocarcinoma (PDAC) who had been previously treated. The trial met all primary and key secondary endpoints, including progression-free survival and overall survival. Based on these results, Revolution Medicines intends to submit these data to global regulatory authorities, including to the U.S. Food and Drug Administration (FDA) as part of a future New Drug Application under a Commissioner's National Priority Voucher.

In June 2025, Royalty Pharma (the "Company") and Revolution Medicines announced a $2 billion funding agreement, consisting of a synthetic royalty of up to $1.25 billion on daraxonrasib and a senior secured loan of up to $750 million.

Royalty Pharma funded $250 million upfront and today's announcement triggered an additional $250 million in funding to Revolution Medicines. With the second tranche, Royalty Pharma is now entitled to total tiered royalties of 4.55% on daraxonrasib sales (and zoldonrasib if approved in an overlapping daraxonrasib indication) between $0 billion to $2 billion, 2.50% on sales between $2 billion to $4 billion and 1.00% on sales between $4 billion to $8 billion.

There is an additional $750 million in synthetic royalty funding available to Revolution Medicines at their option following the achievement of certain regulatory, commercial and clinical milestones related to daraxonrasib, including the next $250 million available on FDA approval in metastatic PDAC. Should Revolution Medicines fully draw on the remaining $750 million in synthetic royalty funding, Royalty Pharma's royalty rate on daraxonrasib would increase to 7.80% on sales between $0 billion to $2 billion, 4.55% on sales between $2 billion to $4 billion and 2.40% on sales between $4 billion to $8 billion.

Furthermore, Royalty Pharma is providing a senior secured term loan of up to $750 million in three tranches, and the first $250 million tranche must be drawn following FDA approval of daraxonrasib for metastatic PDAC. The two additional $250 million tranches are available at Revolution Medicines' option based on the achievement of certain trailing four-quarter net sales milestones for daraxonrasib.