These pods aren't missiles or weather radars, but used for electronic warfare. It's difficult to determine what they are exactly made for, externally they look more or less the same.

[![Falcon 20 pod][9]][9]

<sup>Falcon 20 (G-FRAW) pod, in 2012, [source][10]</sup>

[Cobham][1] was acquired by [Draken][2] in 2020. It's a contractor in [operational readiness][3] training for UK MoD and US DoD. The pods may be in-house developed or provided by their customers. The image you included is from the 2021 [Joint Warrior exercise][4] in UK. From [this article][5]:

> Although the Cobham jets are civilian, they work closely with the MOD and play a major role in proceedings. They are equipped with onboard systems and special electronic warfare mission pods for radar and communications jamming, threat simulation and electronic surveillance.

As **Bianfable** mentioned in a now deleted answer, they can also record electronic signals during the exercise for post-exercise debriefing.

Typical use from [this article][6], about an exercise involving UK Navy:

> An example exercise could be to provide general communications jamming before approaching the ship with two Hawk aircraft flying in close formation with a Falcon 20. The Hawks then accelerate away towards the target to simulate air launched, sea-skimming anti-ship missiles. At the same time, the Falcon uses its under wing threat emitter to simulate a specific missile’s seeker.

The aircraft in your picture is part of a fleet of 20 Falcon 20. It frequently participates to this exercise, likely with different pods. This [Youtube video][7] shows aircraft during JW 2017, and G-FRAR starting at 12:12 with a externally similar pod:

[![Falcon 20 at Glasgow Prestwick for Join Warrior 2017][8]][8]  

<sup>Falcon 20 at Glasgow Prestwick for Join Warrior 2017, [source][7]</sup>

The gray material is for antenna radome. Example for AN/ALQ-167 radar jammer:

[![AN/ALQ-167 radar jammer][11]][11]  

<sup>AN/ALQ-167 radar jammer, [source][12]</sup>





  [1]: https://www.cobham.com/
  [2]: https://draken.aero/
  [3]: https://ukdefencejournal.org.uk/cobham-to-deliver-operational-readiness-training-for-raf-lakenheath/
  [4]: https://en.wikipedia.org/wiki/Exercise_Joint_Warrior
  [5]: http://clydeside-images.blogspot.com/2014/10/joint-warrior-aircraft-at-prestwick.html?q=joint+warrior
  [6]: https://bs11000.com/wp-content/uploads/files/casestudy_cobham.pdf
  [7]: https://www.youtube.com/watch?v=ngPSGKhdT6U
  [8]: https://i.sstatic.net/e8JG4.jpg
  [9]: https://i.sstatic.net/Fwvbf.jpg
  [10]: https://www.flickr.com/photos/savs_photography/8030795835
  [11]: https://i.sstatic.net/RXBUh.png
  [12]: http://www.rodaleelectronics.com/wp-content/uploads/Rodale_ALQ-167_CD_Band.pdf