Tearsheet

Royalty Pharma (RPRX)

Market Price (11/18/2025): $39.17 | Market Cap: $16.9 Bil
Sector: Health Care | Industry: Biotechnology

Royalty Pharma (RPRX)

Market Price (11/18/2025): $39.17
Market Cap: $16.9 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.8%, Dividend Yield is 2.2%, FCF Yield is 14%	Trading close to highs Dist 52W High is -3.4%, Dist 3Y High is -3.6%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 65%	Weak multi-year price returns 3Y Excs Rtn is -72%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 102%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 102%, CFO LTM is 2.4 Bil, FCF LTM is 2.4 Bil
3	Low stock price volatility Vol 12M is 26%
4	Megatrend and thematic drivers Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, and Oncology Treatments.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.8%, Dividend Yield is 2.2%, FCF Yield is 14%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 65%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 102%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 102%, CFO LTM is 2.4 Bil, FCF LTM is 2.4 Bil
3	Low stock price volatility Vol 12M is 26%
4	Megatrend and thematic drivers Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, and Oncology Treatments.
5	Trading close to highs Dist 52W High is -3.4%, Dist 3Y High is -3.6%
6	Weak multi-year price returns 3Y Excs Rtn is -72%

Market Valuation & Key Metrics

	11/18/25	2024	2023	2022	2021
Share Price CYE	$39.17	$24.88	$26.57	$36.44	$36.09
Market Cap CYE ($ Bil)	16.9	11.1	11.8	16.1	15.6
Total Debt ($ Bil)	8.9	7.6	6.1	7.1	7.1
Total Cash ($ Bil)	1.8	1.8	1.2	2.4	2.8
Enterprise Value ($ Bil)	24.0	18.7	17.9	23.2	22.7
Valuation Ratios
P/S TTM	7.2	5.0	5.3	7.7	7.2
P/EBIT TTM	10.7	7.3	6.7	41.4	11.8
P/E TTM	22.1	13.3	11.1	404.1	26.7
Sector Ratios
P/S TTM (Sector)	4.0	3.5	4.0	4.6	7.3
P/EBIT TTM (Sector)	-1.4	-1.3	-1.3	-1.3	-2.7
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3	-2.8

	11/18/25	2024	2023
Share Price CYE	$39.17	$24.88	$26.57
Market Cap CYE ($ Bil)	16.9	11.1	11.8
Total Debt ($ Bil)	8.9	7.6	6.1
Total Cash ($ Bil)	1.8	1.8	1.2
Enterprise Value ($ Bil)	24.0	18.7	17.9
Valuation Ratios
P/S TTM	7.2	5.0	5.3
P/EBIT TTM	10.7	7.3	6.7
P/E TTM	22.1	13.3	11.1
Sector Ratios
P/S TTM (Sector)	4.0	3.5	4.0
P/EBIT TTM (Sector)	-1.4	-1.3	-1.3
P/E TTM (Sector)	-1.7	-1.5	-1.5

	RPRX	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	2.3
Rev Chg Q	7.9%	7.1%
Rev Chg LTM	3.7%	6.1%
Rev Chg 3Y Avg	1.5%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	1.5
CFO LTM ($ Bil)	2.4
Net Inc LTM ($ Bil)	0.8
Op Mgn LTM	65.2%	18.8%
CFO/Rev LTM	102.4%	20.5%
Net Inc Mgn	32.6%	13.1%
VALUATION	MODERATE
P/S	7.2	3.1
P/CFO	7.0	15.1
P/FCF	7.0	19.7
P/E	22.1	23.1
STABILITY	FAIR
Debt/Equity	0.53	0.21
Cash/Assets	0.09	0.07

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Metric	Value	Date	Source
Portfolio Receipts	$814 million	9302025	Link
Royalty Receipts	$811 million	9302025	Link
Royalty Receipts - Cystic fibrosis franchise	$222 million	9302025	Link
Royalty Receipts - Trelegy	$96 million	9302025	Link
Royalty Receipts - Tysabri	$68 million	9302025	Link
Royalty Receipts - Xtandi	$50 million	9302025	Link
Royalty Receipts - Promacta	$38 million	9302025	Link
Royalty Receipts - Spinraza	$14 million	9302025	Link
Royalty Receipts - Trodelvy	$12 million	9302025	Link
Number of commercial products in portfolio	more than 35	2092024	Link
Number of development-stage product candidates in portfolio	11	2092024	Link
Capital Deployed in Quarter	$1.013 billion	9302025	Link

RPRX Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points for why Royalty Pharma (RPRX) stock moved by 7.7% for the approximate time period from July 31, 2025, to November 15, 2025:

1. Strong Q3 2025 Earnings and Upgraded Full-Year Guidance: Royalty Pharma reported robust financial results for the third quarter of 2025 on November 5, 2025, surpassing analyst estimates for both earnings per share ($1.17 reported vs. $1.11 estimated) and revenue ($814 million reported vs. $754 million estimated). The company also raised its full-year 2025 guidance for Portfolio Receipts, signaling stronger expected growth of 14% to 16%, up from the previous outlook of 9% to 12%. This positive financial performance and optimistic outlook likely boosted investor confidence.

2. Strategic Acquisition of AMVUTTRA Royalty Interest: On November 4, 2025, Royalty Pharma announced a significant strategic move with the acquisition of a royalty interest in Alnylam's AMVUTTRA from Blackstone Life Sciences for $310 million. This expansion of its portfolio with an innovative therapy is a positive indicator for future revenue streams and diversified assets.

3. Significant Share Buyback Program: Royalty Pharma demonstrated a commitment to returning value to shareholders through its substantial share buyback program. The company repurchased approximately four million Class A ordinary shares for $152 million during the third quarter of 2025 alone, and a total of 35 million shares for $1.2 billion for the first nine months of 2025.

4. Positive Analyst Sentiment and Upgrades: Analyst coverage during this period reflected a largely positive sentiment towards Royalty Pharma. On November 15, 2025, Wall Street Zen upgraded RPRX from a "buy" rating to a "strong-buy" rating. Additionally, Citigroup raised its price target from $40.00 to $42.00 on July 22, 2025, and Goldman Sachs initiated coverage with a "buy" rating and a $42.00 price objective on September 30, 2025.

5. Successful Investor Day Highlighting Growth Strategy: Royalty Pharma hosted an Investor Day on September 11, 2025, where senior executives provided updates on the company's strategy to drive shareholder value creation. The event highlighted a strong growth outlook and the company's capabilities in funding biopharma innovation, reinforcing investor confidence in its business model.

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Stock Movement Drivers

Fundamental Drivers

The 9.6% change in RPRX stock from 8/18/2025 to 11/17/2025 was primarily driven by a 49.2% change in the company's P/E Multiple.

	8182025	11172025	Change
Stock Price ($)	35.72	39.16	9.63%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2305.24	2349.84	1.93%
Net Income Margin (%)	44.28%	32.55%	-26.48%
P/E Multiple	14.82	22.11	49.17%
Shares Outstanding (Mil)	423.51	431.89	-1.98%
Cumulative Contribution			9.58%

LTM = Last Twelve Months as of date shown

Market Drivers

8/18/2025 to 11/17/2025

	Return	Correlation
RPRX	9.6%
Market (SPY)	3.5%	-0.3%
Sector (XLV)	11.6%	38.2%

Fundamental Drivers

The 15.7% change in RPRX stock from 5/19/2025 to 11/17/2025 was primarily driven by a 63.8% change in the company's P/E Multiple.

	5192025	11172025	Change
Stock Price ($)	33.85	39.16	15.67%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2263.84	2349.84	3.80%
Net Income Margin (%)	48.26%	32.55%	-32.55%
P/E Multiple	13.49	22.11	63.84%
Shares Outstanding (Mil)	435.48	431.89	0.83%
Cumulative Contribution			15.66%

LTM = Last Twelve Months as of date shown

Market Drivers

5/19/2025 to 11/17/2025

	Return	Correlation
RPRX	15.7%
Market (SPY)	12.2%	11.7%
Sector (XLV)	13.4%	33.1%

Fundamental Drivers

The 56.2% change in RPRX stock from 11/17/2024 to 11/17/2025 was primarily driven by a 125.6% change in the company's P/E Multiple.

	11172024	11172025	Change
Stock Price ($)	25.07	39.16	56.21%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2266.00	2349.84	3.70%
Net Income Margin (%)	50.53%	32.55%	-35.58%
P/E Multiple	9.80	22.11	125.62%
Shares Outstanding (Mil)	447.63	431.89	3.52%
Cumulative Contribution			56.02%

LTM = Last Twelve Months as of date shown

Market Drivers

11/17/2024 to 11/17/2025

	Return	Correlation
RPRX	56.2%
Market (SPY)	14.7%	21.4%
Sector (XLV)	8.4%	37.4%

Fundamental Drivers

The -0.9% change in RPRX stock from 11/18/2022 to 11/17/2025 was primarily driven by a -35.5% change in the company's P/E Multiple.

	11182022	11172025	Change
Stock Price ($)	39.53	39.16	-0.94%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2247.17	2349.84	4.57%
Net Income Margin (%)	22.55%	32.55%	44.34%
P/E Multiple	34.27	22.11	-35.48%
Shares Outstanding (Mil)	439.29	431.89	1.69%
Cumulative Contribution			-0.97%

LTM = Last Twelve Months as of date shown

Market Drivers

11/18/2023 to 11/17/2025

	Return	Correlation
RPRX	55.6%
Market (SPY)	51.1%	16.9%
Sector (XLV)	21.7%	36.0%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
RPRX Return	-	-19%	1%	-27%	-6%	57%	-12%
Peers Return	-17%	-15%	-5%	-11%	2%	-9%	-44%
S&P 500 Return	16%	27%	-19%	24%	23%	13%	107%
Monthly Win Rates [3]
RPRX Win Rate	50%	50%	50%	33%	42%	70%
Peers Win Rate	23%	32%	47%	40%	32%	58%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
RPRX Max Drawdown	-	-29%	-6%	-32%	-11%	0%
Peers Max Drawdown	-31%	-17%	-19%	-26%	-25%	-29%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: JAZZ, ACT, PRGO, APM, BBOT. See RPRX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/17/2025 (YTD)

How Low Can It Go

Unique Key	Event	RPRX	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-50.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	101.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-30.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	44.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	90 days	148 days

Compare to JAZZ, ACT, PRGO, APM, BBOT

In The Past

Royalty Pharma's stock fell -50.4% during the 2022 Inflation Shock from a high on 1/26/2021. A -50.4% loss requires a 101.5% gain to breakeven.

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About Royalty Pharma (RPRX)

Royalty Pharma plc operates as a buyer of biopharmaceutical royalties and a funder of innovations in the biopharmaceutical industry in the United States. It is also involved in the identification, evaluation, and acquisition of royalties on various biopharmaceutical therapies. In addition, the company collaborates with innovators from academic institutions, research hospitals and not-for-profits, small and mid-cap biotechnology companies, and pharmaceutical companies. Its portfolio consists of royalties on approximately 35 marketed therapies and 10 development-stage product candidates that address various therapeutic areas, such as rare disease, cancer, neurology, infectious disease, hematology, and diabetes. The company was founded in 1996 and is based in New York, New York.

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Like a Hipgnosis Songs Fund, but for pharmaceutical royalties instead of music catalogs.
Similar to a Real Estate Investment Trust (REIT) like Prologis or Simon Property Group, but it owns a portfolio of income-generating drug royalty streams instead of buildings.

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Acquired Pharmaceutical Royalties: Royalty Pharma purchases existing royalty interests in approved biopharmaceutical products and late-stage product candidates.
Drug Development Funding: It provides financing to biopharmaceutical companies and research institutions in exchange for future royalties on their drug development programs.

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Royalty Pharma (RPRX) operates a unique business model focused on acquiring biopharmaceutical royalties. Therefore, its "customers" are the pharmaceutical companies that market the underlying drugs and pay royalties to Royalty Pharma. Royalty Pharma sells primarily to other companies. Here are some of Royalty Pharma's major customers (i.e., the companies responsible for paying significant royalties on marketed products):

GSK PLC (Symbol: GSK) - Responsible for royalties on products like Trelegy Ellipta.
Pfizer Inc. (Symbol: PFE) and Astellas Pharma Inc. (not directly listed on a US exchange, but a major global pharmaceutical company) - Jointly responsible for royalties on Xtandi.
Biogen Inc. (Symbol: BIIB) - Responsible for royalties on products like Spinraza and Tysabri.
Novartis AG (Symbol: NVS) - Responsible for royalties on products like Promacta/Revolade.
F. Hoffmann-La Roche Ltd (a private Swiss multinational healthcare company, often through its US subsidiary Genentech) - Responsible for royalties on products like Evrysdi.
argenx SE (Symbol: ARGX) - Responsible for royalties on products like Vyvgart.

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Vertex Pharmaceuticals Incorporated (Symbol: VRTX)
AbbVie Inc. (Symbol: ABBV)
Johnson & Johnson (Symbol: JNJ)
Neurocrine Biosciences, Inc. (Symbol: NBIX)
BioCryst Pharmaceuticals, Inc. (Symbol: BCRX)

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Pablo Legorreta Founder & Chief Executive Officer

Pablo Legorreta is the founder, CEO, and Chairman of Royalty Pharma plc, having established the company in 1996 and pioneering the royalty funding of life science innovation. Under his leadership, Royalty Pharma has deployed over $25 billion of capital to advance innovation in the biopharmaceutical industry. Legorreta is also a co-founder of Pharmakon Advisors, a leading provider of debt capital to the life sciences industry, and ProKidney, LLC, a biotech company. Prior to founding Royalty Pharma, he worked as an investment banker at Lazard Frères in Paris and New York. He led Royalty Pharma through a successful IPO in 2020.

Terrance Coyne Chief Financial Officer

Terrance Coyne joined Royalty Pharma in 2010. Before his tenure at Royalty Pharma, he served as a biotechnology analyst at JP Morgan and Rodman & Renshaw. He began his career at Wyeth Pharmaceuticals.

Marshall Urist, MD, PhD Head of Research & Investments

Dr. Marshall Urist joined Royalty Pharma in 2013. Prior to this, he was an executive director and the senior biotechnology analyst at Morgan Stanley. He holds a BA from Johns Hopkins University, and both a PhD and an MD from Columbia University.

George Lloyd Chief Legal Officer & Investments

George Lloyd joined Royalty Pharma in 2011, having previously represented the company on all transactional work since 2006. He is responsible for leading the legal and compliance functions, as well as focusing on transaction structuring and execution. Before joining Royalty Pharma, Lloyd was a partner in Goodwin Procter's Private Equity group and an associate at Davis, Polk & Wardwell. From 2002 to 2003, he served as the chief financial officer and general counsel for the Asian operations of one of his clients. His legal practice encompassed public and private mergers and acquisitions, leveraged buyouts, venture capital financing, and general corporate representation for private equity firms, corporations, entrepreneurs, and investment banks.

Christopher Hite Vice Chairman

Christopher Hite joined Royalty Pharma in 2020. He brings over 25 years of experience in advising biopharmaceutical companies on mergers and acquisitions and capital formation. Before Royalty Pharma, Hite was an investment banker at Citi for nearly 12 years, where he was the Global Head of Healthcare and later a Vice Chairman of Banking, Capital Markets and Advisory. Prior to Citi, he held the position of Global Head of Healthcare Investment Banking at Lehman Brothers. He advised on major healthcare M&A transactions, including the sale of Celgene to Bristol-Myers Squibb for $90 billion and Shire to Takeda Pharmaceuticals for $82 billion. Hite also served on the Board of Directors of Acceleron Pharma Inc. until its $11.5 billion acquisition by Merck.

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The Inflation Reduction Act (IRA) in the U.S. and its provisions for drug price negotiation represent a clear emerging threat to Royalty Pharma's business model. The IRA empowers Medicare to negotiate drug prices for certain high-cost, long-marketed drugs, with the list of negotiable drugs expanding over time. Since Royalty Pharma's core business involves acquiring royalties based on the sales revenue of approved pharmaceutical products, any government-mandated reduction in drug prices directly impacts the revenue streams from which these royalties are paid. This ongoing regulatory shift reduces the potential value of future royalty acquisitions and could diminish the future income generated from its existing portfolio, fundamentally altering the economics of the pharmaceutical market that underpins Royalty Pharma's assets.

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Royalty Pharma (RPRX) holds royalty interests in a diverse portfolio of therapies across several major disease areas. The addressable markets for their main products or services are sized as follows:

HIV Drugs Market:
- The global HIV drugs market was valued at approximately USD 34.8 billion in 2024 and is projected to reach USD 53.5 billion by 2034. Other estimates for the global market include USD 36.22 billion in 2024, rising to USD 66.16 billion by 2034, and USD 32.85 billion in 2024, anticipated to reach USD 45.07 billion by 2033. Another forecast estimates the global market at USD 34.75 billion in 2024, growing to USD 52.95 billion by 2034. The global human immunodeficiency virus (HIV) market size was valued at USD 36.87 billion in 2024 and is projected to reach USD 59.66 billion by 2032.
- In the U.S., the HIV drugs market is estimated at USD 13.27 billion in 2025 and is projected to reach USD 23.23 billion by 2034.
- North America dominated the HIV drugs market in 2024, holding a significant share of over 45%.
Cystic Fibrosis (CF) Therapeutics Market:
- The global cystic fibrosis therapeutics market is estimated at USD 12.05 billion in 2025 and is expected to reach USD 21.11 billion by 2030. Other estimations place the global market size at USD 10.34 billion in 2024, growing to USD 11.81 billion in 2025, and projected to reach USD 39.15 billion by 2034. Another source anticipates the global market to reach $28.1 billion by 2033. The market for cystic fibrosis was estimated at USD 6.84 billion in 2024 and is projected to grow from USD 7.726 billion in 2025 to USD 26.12 billion by 2035. The cystic fibrosis therapeutics market was valued at $12.9 billion in 2024 and is estimated to reach $32.3 billion by 2034.
- North America dominated the global cystic fibrosis therapeutics market in 2024. It is considered the largest market, accounting for approximately 45% of the global market share.
Oncology/Cancer Drugs Market:
- The global oncology/cancer drugs market was valued at $167.0 billion in 2023 and is projected to reach $335.2 billion by 2033. Another report indicates the global oncology market size was calculated at US$ 225.05 billion in 2024, grew to US$ 251.01 billion in 2025, and is projected to reach around US$ 600.97 billion by 2034. The global oncology drugs market size was valued at USD 201.75 billion in 2023 and is projected to grow from USD 220.80 billion in 2024 to USD 518.25 billion by 2032. Global spending on cancer medicine increased to $223 billion in 2023 and is projected to reach $409 billion by 2028.
- North America held approximately a 43% share in the global oncology market in 2024. It dominated the oncology/cancer drugs market share in 2023.
- The U.S. oncology market is valued at US$ 81.34 billion in 2025 and is projected to reach US$ 211.78 billion by 2034. The U.S. cancer/oncology drugs market size was estimated at USD 48.66 billion in 2023 and is expected to be worth around USD 161.29 billion by 2034.
Multiple Sclerosis (MS) Drugs Market:
- The global multiple sclerosis drugs market accounted for USD 21.26 billion in 2024 and is predicted to increase from USD 22.96 billion in 2025 to approximately USD 45.90 billion by 2034. Other estimates for the global market include USD 25.0 billion in 2024, growing to USD 5.0% from 2025 to 2034, and USD 28.28 billion in 2024, projected to grow to USD 39.39 billion by 2033. The global multiple sclerosis therapeutic market size was estimated at USD 27.39 billion in 2024 and is projected to reach USD 38.62 billion by 2030. The global multiple sclerosis drugs market size was valued at USD 21.33 billion in 2023 and is projected to grow from USD 21.16 billion in 2024 to USD 38.94 billion by 2032.
- North America dominated the global multiple sclerosis drugs market with the largest share of 49% in 2024. It held the largest market share in 2024. North America dominated the multiple sclerosis drugs market with a market share of 48.2% in 2023.
- The U.S. multiple sclerosis drugs market size was exhibited at USD 7.81 billion in 2024 and is projected to be worth around USD 17.15 billion by 2034.
Neuroscience/Neurology Drugs Market:
- The global neuroscience market (which includes diagnostics and other therapies, not just drugs) was valued at $612 billion in 2022 and is forecast to grow to $721 billion by 2026. Pharmacological interventions for neurological conditions specifically accounted for $60 billion in 2022 globally. The global neuroscience market size was estimated at USD 44.65 billion in 2023 and is projected to reach USD 65.22 billion by 2030. The global neurology drugs market size was valued at USD 82.47 billion in 2024 and is projected to grow from USD 87.26 billion in 2025 to USD 134.15 billion by 2032. The global neurological disorder drugs market size was valued at USD 94.30 billion in 2024 and is projected to reach USD 149.17 billion by 2032. The global Neurology Drug Market size was valued at USD 130 billion in 2024 and is projected to expand to USD 220 billion by 2032.
- North America accounted for the largest market share of 31.42% in the neuroscience market in 2022. It dominated the neurology drugs market with a market share of 50.96% in 2024. North America dominates the neurological disorder drugs market.

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Royalty Pharma (RPRX) is expected to drive future revenue growth over the next 2-3 years through several key factors:

Continued Strong Performance of Diversified Royalty Portfolio: Royalty Pharma's existing portfolio, including key products like Voranigo, Tremfya, and the Cystic Fibrosis Franchise, continues to demonstrate robust performance and is a significant driver of revenue growth. These products contributed to an 11% increase in portfolio receipts in Q3 2025.
Strategic Acquisition of New Royalty Interests: The company actively deploys capital to acquire new royalty interests, a core component of its growth strategy. In the first nine months of 2025, Royalty Pharma deployed $1.7 billion in attractive royalty deals, including recent acquisitions of royalties on Amgen's Imdelltra, a funding agreement for Zenas BioPharma's obexelimab, and Alnylam's Amvuttra.
Progression and Commercialization of Development-Stage Pipeline Therapies: Royalty Pharma has expanded its development-stage pipeline to 17 therapies, with multiple pivotal readouts anticipated in the near future. Successful advancement and eventual commercialization of these therapies are expected to contribute to future revenue streams.
Overall Growth of the Biopharma Royalty Market: The biopharma royalty market is experiencing rapid expansion, doubling over the past five years since Royalty Pharma's 2020 IPO. This growing market provides a favorable environment for Royalty Pharma to continue funding life sciences innovation and acquiring new royalty assets.

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Share Repurchases

Royalty Pharma's Board of Directors approved a new $3.0 billion share repurchase program in January 2025, replacing the unused portion of a previous program, with the intention to repurchase $2.0 billion of shares in 2025.
The company repurchased approximately $1.2 billion in shares during the first nine months of 2025.
In 2023, Royalty Pharma repurchased approximately 10 million shares for $305 million under its then-active $1.0 billion share repurchase program.

Share Issuance

In January 2025, Royalty Pharma's acquisition of its external manager, RP Management, LLC, involved the issuance of approximately 24.5 million shares of Royalty Pharma equity, vesting over 5 to 9 years, as part of the approximately $1.1 billion total transaction value.
The company reported no material share-based compensation expense related to equity incentive plans in 2021, 2022, and 2023, indicating minimal share issuance for these purposes.

Outbound Investments

Royalty Pharma deployed approximately $2.8 billion in royalty transactions during 2024, contributing to a total of roughly $15.5 billion in announced transactions since 2020.
In 2023, the company invested $2.2 billion in royalties, milestones, and other contractual receipts, with new announced transactions totaling up to $4.0 billion.
During 2025, Royalty Pharma announced new transactions of up to $3.8 billion, including significant investments such as a royalty interest in Amgen's Imdelltra for up to $950 million, a funding agreement on obexelimab with Zenas BioPharma for up to $300 million, and a royalty interest in Alnylam's Amvuttra for $310 million.

Capital Expenditures

Royalty Pharma consistently reports a lack of material capital expenditures, attributing this to its business model which contributes to a strong financial profile, high operating leverage, and strong cash flow conversion.
Financial reports indicate negligible capital expenditures, with $0.00 reported across several annual and quarterly statements within the last 3-5 years.

Better Bets than Royalty Pharma (RPRX)

	RPRX	Better Performance than RPRX
Metric	Value	Industry (Biotechnology)
Rev Chg LTM	3.7%	ABBV (7.4%), AMGN (10.6%), VRTX (10.3%), ALNY (53.2%), INSM (30.3%)
Rev Chg 3Y Avg	1.5%	AMGN (11.2%), GILD (2.3%), VRTX (10.5%), ALNY (51.4%), INSM (22.8%)
Op Mgn LTM	65.2%	XOMA (74.7%)
CFO/Rev LTM	102.4%	TBPH (317.4%), TVRD (133.3%)
FCF/Rev LTM	102.4%	TBPH (317.1%), TVRD (133.3%)
Total Yield	6.8%	GILD (7.8%), HALO (7.2%), PTCT (12.7%), TGTX (10.0%), CPRX (7.9%)

	RPRX	Better Performance than RPRX
Metric	Value	Sector (Health Care)
Rev Chg LTM	3.7%	LLY (36.8%), JNJ (5.1%), ABBV (7.4%), UNH (10.5%), ABT (6.4%)
Rev Chg 3Y Avg	1.5%	LLY (23.4%), JNJ (6.1%), UNH (11.4%), MRK (2.9%), ISRG (16.3%)
Op Mgn LTM	65.2%	XOMA (74.7%)
CFO/Rev LTM	102.4%	TBPH (317.4%), TVRD (133.3%)
FCF/Rev LTM	102.4%	TBPH (317.1%), TVRD (133.3%)
Total Yield	6.8%	JNJ (7.8%), UNH (8.8%), MRK (11.7%), ABT (8.0%), GILD (7.8%)

	RPRX	Better Performance than RPRX
Metric	Value	All Other Sectors
Rev Chg LTM	3.7%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	1.5%	NVDA (92.0%), AAPL (1.8%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%)
Op Mgn LTM	65.2%	V (66.4%), FNV (69.1%), VICI (92.6%), IBKR (85.5%), VRSN (67.6%)
CFO/Rev LTM	102.4%	RY (135.4%), IBKR (162.0%), NLY (167.8%), XP (145.7%), FRHC (109.8%)
FCF/Rev LTM	102.4%	RY (131.7%), IBKR (161.3%), NLY (114.7%), XP (140.4%), CTRE (103.2%)
Total Yield	6.8%	JPM (7.0%), XOM (9.5%), BAC (7.7%), BABA (40.0%), KO (7.1%)

		Best Bets In Health Care Sector
	RPRX	RPRX	HALO	DOCS	CPRX	BMY	MEDP	MRK	PBH	NBIX	ISRG
What You Pay
P/E	22.1	22.1	13.9	34.9	12.7	15.8	38.1	12.2	14.4	33.3	71.0
P/EBIT	10.7	10.7	10.8	35.8	10.7	9.5	32.5	10.0	8.8	24.5	69.2
What You Get
Rev Chg Q	7.9%	7.9%	22.1%	23.2%	15.3%	2.8%	23.7%	3.7%	-3.4%	27.8%	22.9%
Rev Chg LTM	3.7%	3.7%	31.2%	20.2%	25.6%	1.3%	13.9%	1.7%	-0.0%	19.6%	22.2%
Rev Chg 3Y Avg	1.5%	1.5%	29.0%	17.4%	46.5%	1.0%	19.9%	2.9%	0.1%	24.6%	16.3%
FCF/Rev 3Y Avg	115.2%	115.2%	45.0%	42.7%	34.2%	29.0%	25.3%	22.0%	21.7%	21.1%	16.5%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Royalty Pharma Earnings Notes
2	Royalty Pharma Stock Jump Looks Great, But How Secure Is That Gain?	Return
3	Royalty Pharma vs Interactive Brokers: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	Better Bet Than RPRX Stock: Pay Less Than Royalty Pharma To Get More From EIX, PPC
5	Better Bet Than RPRX Stock: Pay Less Than Royalty Pharma To Get More From PTCT
6	Better Bet Than RPRX Stock: Pay Less Than Royalty Pharma To Get More From PTCT
7	Why Royalty Pharma Stock Moved: RPRX Stock Has Gained 57% Since 2024 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
8	Royalty Pharma Total Shareholder Return (TSR): -4.1% in 2024 and -8.8% 3-yr compounded annual returns (below peer average)
9	Royalty Pharma (RPRX) Operating Cash Flow Comparison	Financials
10	Royalty Pharma (RPRX) Net Income Comparison	Financials
11	ARTICLES
12	Big Move for BIIB, but Do RPRX’s Margins and Growth Give It the Edge?		September 12th, 2025

	Title
0	DASHBOARDS
1	Royalty Pharma Earnings Notes
2	Royalty Pharma Stock Jump Looks Great, But How Secure Is That Gain?
3	Royalty Pharma vs Interactive Brokers: Which Is A Better Investment?
4	Better Bet Than RPRX Stock: Pay Less Than Royalty Pharma To Get More From EIX, PPC
5	Better Bet Than RPRX Stock: Pay Less Than Royalty Pharma To Get More From PTCT
6	Better Bet Than RPRX Stock: Pay Less Than Royalty Pharma To Get More From PTCT
7	Why Royalty Pharma Stock Moved: RPRX Stock Has Gained 57% Since 2024 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
8	Royalty Pharma Total Shareholder Return (TSR): -4.1% in 2024 and -8.8% 3-yr compounded annual returns (below peer average)
9	Royalty Pharma (RPRX) Operating Cash Flow Comparison
10	Royalty Pharma (RPRX) Net Income Comparison
11	ARTICLES
12	Big Move for BIIB, but Do RPRX’s Margins and Growth Give It the Edge?

Trade Ideas

Select past ideas related to RPRX. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
GDRX_10312025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	10312025	GDRX	GoodRx	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-15.4%	-15.4%	-15.4%
DXCM_10312025_Monopoly_xInd_xCD_Getting_Cheaper	10312025	DXCM	DexCom	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.5%	0.5%	-5.8%
ACHC_10242025_Dip_Buyer_ValueBuy	10242025	ACHC	Acadia Healthcare	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-33.1%	-33.1%	-33.1%
PBH_10102025_Dip_Buyer_ValueBuy	10102025	PBH	Prestige Consumer Healthcare	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-3.3%	-3.3%	-3.3%
REGN_10032025_Dip_Buyer_ValueBuy	10032025	REGN	Regeneron Pharmaceuticals	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	17.4%	17.4%	-7.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
GDRX_10312025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	10312025	GDRX	GoodRx	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-15.4%	-15.4%	-15.4%
DXCM_10312025_Monopoly_xInd_xCD_Getting_Cheaper	10312025	DXCM	DexCom	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.5%	0.5%	-5.8%
ACHC_10242025_Dip_Buyer_ValueBuy	10242025	ACHC	Acadia Healthcare	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-33.1%	-33.1%	-33.1%
PBH_10102025_Dip_Buyer_ValueBuy	10102025	PBH	Prestige Consumer Healthcare	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-3.3%	-3.3%	-3.3%
REGN_10032025_Dip_Buyer_ValueBuy	10032025	REGN	Regeneron Pharmaceuticals	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	17.4%	17.4%	-7.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
SGML	Sigma Lithium	0.9	32.3%	-28.5%
ZYME	Zymeworks	1.8	29.0%	63.3%
VSTM	Verastem	0.6	21.1%	77.0%
JAZZ	Jazz Pharmaceuticals	10.4	20.6%	38.1%
EYPT	EyePoint Pharmaceuticals	0.9	13.4%	76.3%
PRME	Prime Medicine	0.5	13.4%	30.8%
TERN	Terns Pharmaceuticals	2.3	13.3%	361.4%
TMQ	Trilogy Metals	0.7	13.1%	243.1%
NUVL	Nuvalent	7.8	11.9%	38.0%
FULC	Fulcrum Therapeutics	0.6	11.6%	105.3%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.2	-23.8%	-19.7%
VENU	Venu	0.3	-21.4%	-5.1%
ROCK	Gibraltar Industries	1.4	-20.3%	-20.0%
LB	LandBridge	1.5	-17.0%	-3.8%
ECX	ECARX	0.6	-16.0%	-15.2%
CSIQ	Canadian Solar	1.9	-15.2%	156.0%
FLY	Firefly Aerospace	2.7	-15.1%
DEFT	DeFi Technologies	0.3	-14.6%
UP	Wheels Up Experience	0.7	-13.9%	-43.6%
STUB	Stubhub	4.2	-13.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LXP	LXP Industrial Trust	13.4	383.2%	18.4%
CDTX	Cidara Therapeutics	3.4	110.0%	710.7%
MH	McGraw Hill	2.9	38.2%
KALV	KalVista Pharmaceuticals	0.8	36.5%	75.4%
TERN	Terns Pharmaceuticals	2.3	33.7%	361.4%
SGML	Sigma Lithium	0.9	33.2%	-28.5%
ZYME	Zymeworks	1.8	32.4%	63.3%
JAZZ	Jazz Pharmaceuticals	10.4	27.7%	38.1%
REAL	RealReal	1.6	26.5%	29.7%
FULC	Fulcrum Therapeutics	0.6	25.8%	105.3%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVXL	Anavex Life Sciences	0.3	-44.8%	-66.7%
DEFT	DeFi Technologies	0.3	-40.3%
BTDR	Bitdeer Technologies	2.1	-39.8%	-50.9%
ARDT	Ardent Health	1.2	-39.4%	-51.5%
WYFI	Whitefiber	0.7	-37.2%
NKLR	Terra Innovatum Global	0.3	-35.0%
AIRS	AirSculpt Technologies	0.2	-34.2%	-19.7%
CTEV	Claritev	0.6	-34.1%
PSFE	Paysafe	0.4	-33.7%	-60.5%
STUB	Stubhub	4.2	-33.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	2.3	203.9%	361.4%
VTYX	Ventyx Biosciences	0.7	142.3%	333.8%
CDTX	Cidara Therapeutics	3.4	114.6%	710.7%
INBX	Inhibrx Biosciences	1.2	107.7%	402.3%
COGT	Cogent Biosciences	3.9	105.9%	332.7%
CSIQ	Canadian Solar	1.9	95.1%	156.0%
REPL	Replimune	0.8	94.9%	-27.6%
MBX	MBX Biosciences	0.9	93.7%	39.0%
SNDK	SanDisk	38.6	89.7%
CELC	Celcuity	4.0	77.5%	604.6%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NKLR	Terra Innovatum Global	0.3	-69.1%
NTLA	Intellia Therapeutics	0.9	-65.7%	-27.3%
SOC	Sable Offshore	0.4	-63.0%	-80.9%
ASPN	Aspen Aerogels	0.3	-61.5%	-74.2%
AVXL	Anavex Life Sciences	0.3	-60.1%	-66.7%
CCOI	Cogent Communications	0.9	-57.4%	-74.4%
LRN	Stride	2.7	-56.7%	-39.6%
FMC	FMC	1.6	-56.0%	-72.1%
BTDR	Bitdeer Technologies	2.1	-55.7%	-50.9%
METC	Ramaco Resources	1.1	-54.7%	105.2%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
SGML	Sigma Lithium	0.9	32.3%	-28.5%
ZYME	Zymeworks	1.8	29.0%	63.3%
VSTM	Verastem	0.6	21.1%	77.0%
JAZZ	Jazz Pharmaceuticals	10.4	20.6%	38.1%
EYPT	EyePoint Pharmaceuticals	0.9	13.4%	76.3%
PRME	Prime Medicine	0.5	13.4%	30.8%
TERN	Terns Pharmaceuticals	2.3	13.3%	361.4%
TMQ	Trilogy Metals	0.7	13.1%	243.1%
NUVL	Nuvalent	7.8	11.9%	38.0%
FULC	Fulcrum Therapeutics	0.6	11.6%	105.3%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.2	-23.8%	-19.7%
VENU	Venu	0.3	-21.4%	-5.1%
ROCK	Gibraltar Industries	1.4	-20.3%	-20.0%
LB	LandBridge	1.5	-17.0%	-3.8%
ECX	ECARX	0.6	-16.0%	-15.2%
CSIQ	Canadian Solar	1.9	-15.2%	156.0%
FLY	Firefly Aerospace	2.7	-15.1%
DEFT	DeFi Technologies	0.3	-14.6%
UP	Wheels Up Experience	0.7	-13.9%	-43.6%
STUB	Stubhub	4.2	-13.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LXP	LXP Industrial Trust	13.4	383.2%	18.4%
CDTX	Cidara Therapeutics	3.4	110.0%	710.7%
MH	McGraw Hill	2.9	38.2%
KALV	KalVista Pharmaceuticals	0.8	36.5%	75.4%
TERN	Terns Pharmaceuticals	2.3	33.7%	361.4%
SGML	Sigma Lithium	0.9	33.2%	-28.5%
ZYME	Zymeworks	1.8	32.4%	63.3%
JAZZ	Jazz Pharmaceuticals	10.4	27.7%	38.1%
REAL	RealReal	1.6	26.5%	29.7%
FULC	Fulcrum Therapeutics	0.6	25.8%	105.3%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVXL	Anavex Life Sciences	0.3	-44.8%	-66.7%
DEFT	DeFi Technologies	0.3	-40.3%
BTDR	Bitdeer Technologies	2.1	-39.8%	-50.9%
ARDT	Ardent Health	1.2	-39.4%	-51.5%
WYFI	Whitefiber	0.7	-37.2%
NKLR	Terra Innovatum Global	0.3	-35.0%
AIRS	AirSculpt Technologies	0.2	-34.2%	-19.7%
CTEV	Claritev	0.6	-34.1%
PSFE	Paysafe	0.4	-33.7%	-60.5%
STUB	Stubhub	4.2	-33.1%

Peer Comparisons for Royalty Pharma

Financials

	RPRX	JAZZ	ACT	PRGO	APM	BBOT	Median
Name	Royalty .	Jazz Pha.	Enact	Perrigo	Aptorum	BridgeBi.
Mkt Price	39.16	170.09	36.90	13.56	1.35	13.73	25.31
Mkt Cap	16.9	10.3	5.4	1.9	-	-	7.9
Rev LTM	2,350	4,158	1,225	4,282	-	0	2,350
Op Inc LTM	1,533	454	-	393	-	-93	424
FCF LTM	2,405	1,239	704	271	-	-60	704
FCF 3Y Avg	2,663	1,069	672	235	-	-	871
CFO LTM	2,405	1,392	704	376	-	-60	704
CFO 3Y Avg	2,663	1,274	672	339	-	-	973

Growth & Margins

	RPRX	JAZZ	ACT	PRGO	APM	BBOT	Median
Name	Royalty .	Jazz Pha.	Enact	Perrigo	Aptorum	BridgeBi.
Rev Chg LTM	3.7%	4.1%	2.4%	-2.5%	-	-	3.0%
Rev Chg 3Y Avg	1.5%	5.1%	3.9%	-0.8%	-	-	2.7%
Rev Chg Q	7.9%	6.7%	0.6%	-4.1%	-	-	3.7%
QoQ Delta Rev Chg LTM	1.9%	1.7%	0.2%	-1.0%	-	-	0.9%
Op Mgn LTM	65.2%	10.9%	-	9.2%	-	-	10.9%
Op Mgn 3Y Avg	59.0%	14.3%	-	6.5%	-	-	14.3%
QoQ Delta Op Mgn LTM	-14.6%	-4.1%	-	-0.4%	-	-	-4.1%
CFO/Rev LTM	102.4%	33.5%	57.5%	8.8%	-	-	45.5%
CFO/Rev 3Y Avg	115.2%	32.0%	56.6%	7.6%	-	-	44.3%
FCF/Rev LTM	102.4%	29.8%	57.5%	6.3%	-	-	43.7%
FCF/Rev 3Y Avg	115.2%	26.8%	56.6%	5.3%	-	-	41.7%

Valuation

	RPRX	JAZZ	ACT	PRGO	APM	BBOT	Median
Name	Royalty .	Jazz Pha.	Enact	Perrigo	Aptorum	BridgeBi.
Mkt Cap	16.9	10.3	5.4	1.9	-	-	7.9
P/S	7.2	2.5	4.4	0.4	-	-	3.5
P/EBIT	10.7	-20.6	6.1	7.1	-	-	6.6
P/E	22.1	-28.0	8.2	-36.3	-	-	-9.9
P/CFO	7.0	7.4	7.7	5.0	-	-	7.2
Total Yield	6.8%	-3.6%	14.3%	-0.6%	-	-	3.1%
Dividend Yield	2.2%	0.0%	2.2%	2.1%	-	-	2.2%
FCF Yield 3Y Avg	20.3%	14.1%	12.9%	6.5%	-	-	13.5%
D/E	0.5	0.5	0.1	1.9	-	-	0.5
Net D/E	0.4	0.3	-0.3	1.7	-	-	0.4

Returns

	RPRX	JAZZ	ACT	PRGO	APM	BBOT	Median
Name	Royalty .	Jazz Pha.	Enact	Perrigo	Aptorum	BridgeBi.
1M Rtn	6.4%	25.0%	3.9%	-37.3%	-12.9%	23.1%	5.1%
3M Rtn	9.6%	44.5%	-1.0%	-40.4%	-0.7%	13.7%	4.4%
6M Rtn	15.7%	54.9%	1.6%	-49.0%	46.7%	-	15.7%
12M Rtn	56.2%	39.8%	10.9%	-47.2%	97.9%	-	39.8%
3Y Rtn	-0.9%	15.6%	67.9%	-52.3%	-78.6%	-	-0.9%
1M Excs Rtn	6.3%	24.9%	3.7%	-37.4%	-13.0%	23.0%	5.0%
3M Excs Rtn	5.3%	38.6%	-6.3%	-45.9%	-1.8%	30.5%	1.8%
6M Excs Rtn	3.8%	43.1%	-10.3%	-60.9%	34.8%	-	3.8%
12M Excs Rtn	45.1%	21.8%	-1.5%	-58.7%	1.0%	-	1.0%
3Y Excs Rtn	-71.7%	-55.2%	-6.1%	-122.4%	-148.3%	-	-71.7%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	2/12/2025	2/15/2024	2/15/2023	2/15/2022	2/24/2021	6/17/2020
Key Financials
Total Revenue	2,350	2,264	2,355	2,237	2,289	2,122	1,814
EBITDA	1,583	1,556	1,887	424	1,430	1,882	2,754
Operating Income	1,533	1,292	1,492	923	1,431	1,660	2,623
Net Income	765	859	1,135	43	620	975	2,349
EPS	1.76	1.92	2.54	0.10	1.49	1.32	6.63
Growth Rates
Total Revenue Growth	3.7%	-3.9%	5.2%	-2.3%	7.9%	17.0%	1.1%
EBITDA Growth	-17.6%	-17.5%	345.4%	-70.4%	-24.0%	-31.7%	50.4%
Operating Income Growth	-0.7%	-13.4%	61.7%	-35.5%	-13.8%	-36.7%	92.3%
Net Income Growth	-33.2%	-24.3%	2549.5%	-93.1%	-36.4%	-58.5%	70.5%
Margins
EBITDA Margin	67.4%	68.8%	80.2%	18.9%	62.5%	88.7%	151.8%
Operating Income Margin	65.2%	57.1%	63.4%	41.3%	62.5%	78.2%	144.6%
Net Income Margin	32.6%	37.9%	48.2%	1.9%	27.1%	45.9%	129.4%
Cash & Debt
Total Cash	1,815	1,771	1,234	2,428	2,803	2,649	793
Total Debt	8,946	7,612	6,135	7,116	7,096	5,817	6,238
Net Debt / (Cash)	7,131	5,841	4,902	4,689	4,293	3,167	5,445
Cash Flows
Net Cash from Operations	2,405	2,769	2,988	2,144	2,018	2,035	1,667
Free Cash from Operations	2,405	2,769	2,988	2,144	2,018	2,035	1,667
Returns to Shareholders
Dividends	378	376	358	333	285	398	739
Share Repurchases	1,199	230	305	-0	-0	-0	4

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/6/2025	5/8/2025	2/12/2025	11/6/2024	8/8/2024	5/9/2024	2/15/2024	11/8/2023	8/8/2023	5/9/2023	2/15/2023
Key Financials Quarterly
Total Revenue	609	579	568	594	565	537	568	596	536	538	684	566
Ebitda	525	159	499	400	873	243	40	765	168	398	556	-563
Operating Income	427	210	534	362	735	270	-74	613	151	249	479	133
Net Income	288	30	238	208	544	102	5	494	72	228	341	-456
EPS	0.67	0.07	0.55	0.47	1.22	0.23	0.01	1.11	0.16	0.51	0.76	-1.04
Key Financials TTM
Total Revenue TTM	2,350	2,305	2,264	2,264	2,266	2,238	2,239	2,355	2,324	2,361	2,359	2,237
Ebitda TTM	1,583	1,931	2,015	1,556	1,921	1,216	1,371	1,887	559	659	799	424
Operating Income TTM	1,533	1,841	1,900	1,292	1,544	960	939	1,492	1,012	1,053	1,182	923
Net Income TTM	765	1,021	1,093	859	1,145	673	799	1,135	184	255	332	43
Growth Rates Quarterly
Total Revenue Growth	7.9%	7.7%	0.0%	-0.4%	5.3%	-0.2%	-17.0%	5.4%	-6.5%	0.4%	21.7%	-1.7%
EBITDA Growth	-39.8%	-34.5%	1148.0%	-47.7%	419.2%	-38.9%	-92.8%	235.8%	-37.1%	-26.0%	207.5%	-629.0%
Operating Income Growth	-41.9%	-22.2%	824.1%	-41.0%	385.4%	8.4%	-115.4%	360.2%	-21.2%	-34.1%	118.0%	-13.2%
Net Income Growth	-47.0%	-70.4%	4888.5%	-57.9%	654.3%	-55.2%	-98.6%	208.4%	-49.4%	-25.2%	558.3%	-5870.3%
Margins Quarterly
EBITDA Margin	86.2%	27.5%	87.8%	67.4%	154.6%	45.3%	7.0%	128.3%	31.3%	74.0%	81.3%	-99.5%
Operating Income Margin	70.1%	36.3%	94.0%	60.9%	130.2%	50.2%	-13.0%	102.8%	28.2%	46.2%	70.0%	23.5%
Net Income Margin	47.3%	5.2%	41.9%	35.1%	96.3%	19.0%	0.8%	82.9%	13.4%	42.3%	49.8%	-80.6%
Cash & Debt
Total Cash	1,815	1,488	1,816	1,771	1,764	2,553	1,532	1,234	1,684	2,908	2,588	2,428
Total Debt	8,946	8,002	7,617	7,612	7,607	7,602	6,139	6,135	6,131	7,126	7,121	7,116
Net Debt / (Cash)	7,131	6,514	5,801	5,841	5,843	5,049	4,607	4,902	4,447	4,218	4,533	4,689
Cash Flows Quarterly
FCF from Operations	703	364	596	743	704	658	665	773	574	608	1,034	570
Cash Flows TTM
FCF from Operations TTM	2,405	2,406	2,700	2,769	2,799	2,669	2,619	2,988	2,785	2,750	2,718	2,144
Returns to Shareholders Quarterly
Dividends	95	93	95	94	94	95	94	89	90	91	89	84
Share Repurchases	146	292	709	53	97	80	-0	30	140	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	15.2%	7.9%	21.4%	14.5%	29.6%	11.8%	-3.4%	27.5%	7.2%	12.1%	23.2%	6.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	13.6%	17.3%	19.0%	13.0%	15.5%	10.5%	10.8%	16.8%	12.0%	12.8%	14.3%	11.1%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Cystic fibrosis franchise	852	809	763	612	423
Other products	629	630	508	521	297
Imbruvica	173	311	385	396	349
Tysabri	168	207	211	218	227
Other royalty income and revenues	157	75	53	19	20
Tremfya	150	110	17
Trelegy	128	58
Evrysdi	98
Revenue from intangible royalty assets		37	171	143	146
Zavzpret		0
Promacta			73	53
Xtandi			108	103	100
Tazverik				56
HIV franchise					254
Total	2,355	2,237	2,289	2,122	1,814

Price Behavior

Price Behavior

Market Price	$39.16
Market Cap ($ Bil)	16.6
First Trading Date	06/16/2020
Distance from 52W High	-3.4%
	50 Days	200 Days
DMA Price	$36.67	$34.34
DMA Trend	up	up
Distance from DMA	6.8%	14.0%
	3M	1YR
Volatility	26.0%	25.9%
Downside Capture	-2.83	9.11
Upside Capture	45.84	52.52
Correlation (SPY)	-0.1%	21.2%

RPRX Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-0.03	0.08	0.11	0.39	0.27	0.35
Up Beta	-1.24	-0.89	-0.28	0.12	0.30	0.30
Down Beta	0.32	0.10	-0.22	0.25	0.20	0.31
Up Capture	50%	42%	36%	58%	33%	11%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	14	27	38	78	149	379
Down Capture	-36%	24%	43%	55%	18%	73%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	8	16	26	48	99	361

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of RPRX With Other Asset Classes (Last 1Y)
	RPRX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	55.7%	4.4%	12.6%	54.8%	4.2%	-2.7%	7.1%
Annualized Volatility	25.7%	17.1%	19.5%	19.7%	16.0%	17.7%	35.7%
Sharpe Ratio	1.68	0.09	0.48	2.10	0.07	-0.31	0.23
Correlation With Other Assets		36.9%	21.2%	1.2%	2.9%	22.8%	10.7%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of RPRX With Other Asset Classes (Last 5Y)
	RPRX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	1.5%	8.1%	15.0%	16.2%	12.8%	5.2%	43.8%
Annualized Volatility	25.9%	14.4%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.06	0.38	0.71	0.84	0.56	0.19	0.71
Correlation With Other Assets		39.5%	32.2%	5.2%	7.8%	35.5%	15.6%

Based On 10-Year Data

		Comparison of RPRX With Other Asset Classes (Last 10Y)
	RPRX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-0.1%	9.7%	14.2%	13.5%	5.4%	5.5%	73.6%
Annualized Volatility	27.4%	16.7%	18.1%	14.8%	17.7%	20.9%	56.1%
Sharpe Ratio	0.02	0.48	0.68	0.75	0.23	0.24	0.93
Correlation With Other Assets		37.6%	32.2%	5.6%	9.3%	32.9%	15.2%

Short Interest

Short Interest: As Of Date	10312025
Short Interest: Shares Quantity	14,193,421
Short Interest: % Change Since 10152025	4.6%
Average Daily Volume	2,307,997
Days-to-Cover Short Interest	6.15
Basic Shares Quantity	431,887,000
Short % of Basic Shares	3.3%

Returns Analyses

	Title
0	Royalty Pharma Stock Jump Looks Great, But How Secure Is That Gain?
1	Royalty Pharma Stock Return Comparison

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/5/2025	6.8%	3.5%
8/6/2025	-2.1%	-5.4%	-2.1%
5/8/2025	1.1%	-1.4%	3.8%
2/11/2025	1.7%	3.6%	4.3%
11/6/2024	-3.3%	-5.6%	-3.4%
8/8/2024	-4.0%	-2.2%	6.1%
5/9/2024	-0.1%	0.8%	-1.2%
2/15/2024	3.2%	6.6%	3.4%
...
SUMMARY STATS
# Positive	10	10	11
# Negative	12	12	11
Median Positive	1.4%	3.5%	4.3%
Median Negative	-1.0%	-2.0%	-3.3%
Max Positive	6.8%	7.3%	11.7%
Max Negative	-5.6%	-11.3%	-7.9%

	Forward Returns
11/5/2025	6.8%	3.5%
8/6/2025	-2.1%	-5.4%	-2.1%
5/8/2025	1.1%	-1.4%	3.8%
2/11/2025	1.7%	3.6%	4.3%
11/6/2024	-3.3%	-5.6%	-3.4%
8/8/2024	-4.0%	-2.2%	6.1%
5/9/2024	-0.1%	0.8%	-1.2%
2/15/2024	3.2%	6.6%	3.4%
11/8/2023	0.3%	-0.1%	5.2%
8/8/2023	-0.9%	-2.3%	-5.0%
5/9/2023	-4.3%	-3.4%	-4.3%
2/15/2023	-0.3%	-1.7%	-7.9%
11/8/2022	0.8%	0.3%	-0.1%
8/4/2022	-0.8%	2.5%	-1.6%
5/5/2022	-5.6%	-11.3%	-5.8%
2/15/2022	3.1%	-1.0%	0.2%
11/10/2021	5.0%	6.0%	-3.2%
8/11/2021	0.7%	7.3%	5.6%
5/11/2021	0.5%	0.0%	11.3%
2/17/2021	-0.3%	-0.9%	2.7%
11/10/2020	-0.7%	3.9%	11.7%
7/14/2020	-1.2%	-1.0%	3.4%
SUMMARY STATS
# Positive	10	10	11
# Negative	12	12	11
Median Positive	1.4%	3.5%	4.3%
Median Negative	-1.0%	-2.0%	-3.3%
Max Positive	6.8%	7.3%	11.7%
Max Negative	-5.6%	-11.3%	-7.9%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	2122025	10-K 12/31/2024
9302024	11062024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5092024	10-Q 3/31/2024
12312023	2152024	10-K 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	8082023	10-Q 6/30/2023
3312023	5092023	10-Q 3/31/2023
12312022	2152023	10-K 12/31/2022
9302022	11082022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2152022	10-K 12/31/2021

Insider Activity

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Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Royalty Pharma (RPRX)

Market Price (11/18/2025): $39.17 | Market Cap: $16.9 BilSector: Health Care | Industry: Biotechnology

Royalty Pharma (RPRX)

Market Price (11/18/2025): $39.17Market Cap: $16.9 BilSector: Health CareIndustry: Biotechnology

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RPRX Stock

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About Royalty Pharma (RPRX)

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Based On 1-Year Data

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Market Price (11/18/2025): $39.17 | Market Cap: $16.9 Bil
Sector: Health Care | Industry: Biotechnology

Market Price (11/18/2025): $39.17
Market Cap: $16.9 Bil
Sector: Health Care
Industry: Biotechnology