<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><Version>2.4.0.8</Version><ReportLongName>111 - Disclosure - Royalties</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode /><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol /><contextRef><ContextID>P01_01_2013To06_30_2013</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000948320</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2013-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2013-06-30T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS /><CurrencyCode /><OriginalCurrencyCode /></MCU><CurrencySymbol /><Labels><Label Key="CalendarSupplement" Id="0" Label="6 Months Ended" /><Label Key="Calendar" Id="1" Label="Jun. 30, 2013" /></Labels></Column></Columns><Rows><Row FlagID="0"><Id>1</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>1</Level><ElementName>immd_RoyaltiesDisclosureAbstract</ElementName><ElementPrefix>immd_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Royalties Disclosure [Abstract]</Label></Row><Row FlagID="0"><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>immd_RoyaltiesDisclosureTextBlock</ElementName><ElementPrefix>immd_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="P01_01_2013To06_30_2013" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>              &lt;table border="0" style="clear:both;width:100%; table-layout:fixed;"&gt;  &lt;tr&gt;  &lt;td&gt;&lt;/td&gt;  &lt;/tr&gt;  &lt;/table&gt;    &lt;div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt;  &lt;div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;  &lt;table style="clear:both;MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px"   cellspacing="0" cellpadding="0"&gt;  &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt;  &lt;td style="WIDTH: 0in"&gt;&lt;/td&gt;  &lt;td style="TEXT-ALIGN: left; WIDTH: 0.38in"&gt;  &lt;div&gt;&lt;strong&gt;5.&lt;/strong&gt;&lt;/div&gt;  &lt;/td&gt;  &lt;td style="TEXT-ALIGN: justify"&gt;  &lt;div&gt;&lt;strong&gt;Royalties&lt;/strong&gt;&lt;/div&gt;  &lt;/td&gt;  &lt;/tr&gt;  &lt;/table&gt;  &lt;/div&gt;    &lt;div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 27pt; FONT: 10pt Times New Roman, Times, Serif"&gt;  &amp;#160;&lt;/div&gt;    &lt;div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 27pt; FONT: 10pt Times New Roman, Times, Serif"&gt;  The Company is subject to a royalty agreement based upon sales of  certain skin care products. The agreement requires the Company to  pay a royalty based upon 8% of such sales, up to $&lt;font style=" FONT-SIZE: 10pt"&gt;227,175&lt;/font&gt;. Royalty expense approximated  $&lt;font style=" FONT-SIZE: 10pt"&gt;21,000&lt;/font&gt; and $&lt;font style=" FONT-SIZE: 10pt"&gt;19,000&lt;/font&gt; for the three month periods ended  June 30, 2013 and 2012, respectively. Royalty expense approximated  $&lt;font style=" FONT-SIZE: 10pt"&gt;35,000&lt;/font&gt; and $&lt;font style=" FONT-SIZE: 10pt"&gt;25,000&lt;/font&gt; for the six month periods ended  June 30, 2013 and 2012, respectively. The remaining commitment at  June 30, 2013, is approximately $&lt;font style=" FONT-SIZE: 10pt"&gt;80,000&lt;/font&gt;. The Company&amp;#8217;s President has  a &lt;font style=" FONT-SIZE: 10pt"&gt;60&lt;/font&gt;% interest in the  royalties.&lt;font style=" FONT-SIZE: 10pt"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;    &lt;div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 27pt; FONT: 10pt Times New Roman, Times, Serif"&gt;  &amp;#160;&lt;/div&gt;    &lt;div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 27pt; FONT: 10pt Times New Roman, Times, Serif"&gt;  At June 30, 2013 and December 31, 2012, included in accounts  payable and accrued expenses was $&lt;font style=" FONT-SIZE: 10pt"&gt;131,000&lt;/font&gt; and $&lt;font style=" FONT-SIZE: 10pt"&gt;96,000&lt;/font&gt;, respectively, in regards to this  agreement.&lt;/div&gt;    &lt;div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 27pt; FONT: 10pt Times New Roman, Times, Serif"&gt;  &amp;#160;&lt;/div&gt;    &lt;div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 27pt; FONT: 10pt Times New Roman, Times, Serif"&gt;  &lt;div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"&gt;&lt;/div&gt;    &lt;div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"&gt;  &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;In  addition, in June 2013 the Company entered into a royalty agreement  with a consultant which provides for a fee of 2% of sales as  defined. At June 30, 2013 no amounts have been earned under this  agreement.&lt;/font&gt;&lt;font style="FONT-SIZE: 10pt"&gt;&lt;/font&gt;&lt;/div&gt;  &lt;/div&gt;  &lt;/div&gt;        </NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The entire disclosure for royalty agreement during the reporting period.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Royalties Disclosure [Text Block]</Label></Row></Rows><Footnotes /><IsEquityReport>false</IsEquityReport><ReportName>Royalties</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>true</HasCustomUnits><IsEmbedReport>false</IsEmbedReport><IsMultiCurrency>false</IsMultiCurrency><ReportType>Sheet</ReportType><RoleURI>http://www.immudyne.com/role/Royalties</RoleURI><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows></InstanceReport>
