Michael Nedelcovych

Ashwani Verma

Geoffrey Meacham

Jason Gerberry

Terence Flynn

Chris Shibutani

Hardik Parikh

Chris Schott

Christopher Schott

Geoff Meacham

Michael DiFiore

Umer Raffat

- Kailera Therapeutics announced a **$600 million Series B financing** round, led by **Bain Capital Private Equity**.  **[1802768_693e84549d1544fdb73ee27805443a03_0]** 
- The funding will advance Kailera's obesity treatment pipeline, including initiating a global Phase 3 clinical program for its lead candidate, **KAI-9531**, by year-end, and advancing **KAI-7535** to global clinical trials.  **[1802768_693e84549d1544fdb73ee27805443a03_0]** **[1802768_693e84549d1544fdb73ee27805443a03_1]** 
- New investors in the round include Adage Capital Management LP, Canada Pension Plan Investment Board (CPP Investments), Invus, Janus Henderson Investors, Perseverance Capital, Qatar Investment Authority (QIA), **Royalty Pharma**, Surveyor Capital (a Citadel company), and accounts advised by T. Rowe Price Associates, Inc..  **[1802768_693e84549d1544fdb73ee27805443a03_0]**

Kailera Therapeutics Secures $600 Million Series B Financing

- Royalty Pharma is the **largest buyer of biopharmaceutical royalties** globally, guiding to **$3.1 billion in portfolio receipts** and **$2.5 billion in cash flow** this year.  **[1802768_2154487_1]**  The company has a market cap of **over $20 billion** and manages a portfolio of **over 50 products**.  **[1802768_2154487_1]** 
- Since its IPO in summer 2020, Royalty Pharma has delivered a **12% CAGR of royalty receipts** and consistent **mid-teens unlevered IRRs**.  **[1802768_2154487_1]**  It has deployed **$14 billion** and returned **over $4 billion** to shareholders through buybacks and repurchases.  **[1802768_2154487_1]** 
- The company maintains a highly selective investment approach, reviewing **over 440 opportunities in 2024** but executing only **eight deals**, focusing on high-quality products across approximately **60 different therapeutic areas**.  **[1802768_2154487_2]** 
- Royalty Pharma's unique **evergreen business model** provides a competitive advantage by lowering its cost of capital and enabling long-term investments.  **[1802768_2154487_6]**  This is exemplified by its innovative **$2 billion staged partnership with Revolution Medicines**, which includes an initial **$250 million upfront** and access to **$750 million in senior secured debt**.  **[1802768_2154487_7]**

Royalty Pharma Discusses Market Leadership, Financial Performance, and Strategic Investments

- **Royalty Pharma** is the **largest buyer of biopharmaceutical royalties globally**, with over **50 products** in its portfolio, guiding to **$3.1 billion** in portfolio receipts and **$2.5 billion** in cash flow for the current year.  **[1802768_2154534_1]** 
- The company has delivered a **12% CAGR** of royalty receipts annually and consistently achieved **mid-teen unlevered IRRs** since its IPO five years ago.  **[1802768_2154534_1]**  It is tracking above its **10%** portfolio receipt CAGR target for 2020-2030 and well towards its **$10-12 billion** five-year capital deployment target set in 2022.  **[1802768_2154534_3]** 
- Royalty Pharma maintains a highly selective investment approach, reviewing over **440 opportunities** in 2024 and executing **eight deals**, focusing on important products across approximately **60 therapeutic areas**.  **[1802768_2154534_2]** **[1802768_2154534_4]**  Since its IPO, it has deployed **$14 billion** in capital and returned over **$4 billion** through buybacks and repurchases.  **[1802768_2154534_1]** 
- The company recently executed a **$2 billion** partnership with Revolution Medicines, a novel, staged funding structure designed to provide significant capital while allowing the partner to maintain independence, exemplifying Royalty Pharma's innovation in deal structuring.  **[1802768_2154534_7]** **[1802768_2154534_11]**

Royalty Pharma Discusses Business Model, Financial Performance, and Strategic Investments

- Royalty Pharma is the **largest buyer of biopharmaceutical royalties globally**, guiding to **$3.1 billion in portfolio receipts** and **$2.5 billion in cash flow** for this year (2025), with a market cap exceeding **$20 billion**.  **[1802768_2154476_1]** 
- Since its 2020 IPO, the company has delivered a **12% CAGR of royalty receipts** and consistently achieved **mid-teens unlevered IRRs**.  **[1802768_2154476_1]**  They have deployed **$14 billion** and returned **over $4 billion** through buybacks and repurchases.  **[1802768_2154476_1]** 
- The company is tracking above its **10% or more portfolio receipt CAGR target** for the decade 2020-2030 and is well on track to meet its **$10-12 billion five-year capital deployment target**.  **[1802768_2154476_3]** 
- Royalty Pharma is highly selective, completing **8 deals out of over 440 opportunities** reviewed in 2024  **[1802768_2154476_2]** , and is innovating deal structures, exemplified by a **$2 billion partnership with Revolution Medicines**.  **[1802768_2154476_8]**  The market for synthetic royalties, where they directly invest to create royalties, exceeded **$3 billion in 2024** and is a significant growth driver.  **[1802768_2154476_2]**

Royalty Pharma Outlines Market Position and Future Growth

- Royalty Pharma is the **largest buyer of biopharmaceutical royalties globally**, guiding to **$3.1 billion** in portfolio receipts and **$2.5 billion** in cash flow this year, with a market cap exceeding **$20 billion**.  **[1802768_2154510_1]** 
- Since its **summer 2020** IPO, the company has achieved a **12% CAGR** in royalty receipts and **mid-teens unlevered IRRs**, while deploying **$14 billion** in capital and returning over **$4 billion** through buybacks and repurchases.  **[1802768_2154510_1]** 
- The company is tracking above its **10%+ portfolio receipt CAGR** target for 2020-2030 and is on track for its **$10-$12 billion** five-year capital deployment target set in 2022.  **[1802768_2154510_3]** 
- Royalty Pharma maintains a highly selective investment approach, closing **eight deals** out of over **440 opportunities** in 2024, and recently executed a **$2 billion** innovative staged partnership with Revolution Medicines to fund its oncology pipeline.  **[1802768_2154510_2]** **[1802768_2154510_7]**

Royalty Pharma Discusses Market Leadership, Financial Performance, and Innovative Deal Structures

- Royalty Pharma plc closed an offering of **$2,000,000,000** aggregate principal amount of Senior Notes on **September 16, 2025**.  **[1802768_0001193125-25-204983_d58607d8k.htm:1]** 
- The offering consisted of **$600,000,000** of **4.450% Senior Notes due 2031**, **$900,000,000** of **5.200% Senior Notes due 2035**, and **$500,000,000** of **5.950% Senior Notes due 2055**.  **[1802768_0001193125-25-204983_d58607d8k.htm:1]** 
- These notes are guaranteed on a senior unsecured basis by **Royalty Pharma Holdings Ltd** and **Royalty Pharma Manager, LLC**.  **[1802768_0001193125-25-204983_d58607d8k.htm:1]** 
- The notes received expected ratings of **Baa2** from Moody's, **BBB-** from S&P, and **BBB-** from Fitch.  **[1802768_0001193125-25-204983_d58607dex11.htm:42]** **[1802768_0001193125-25-204983_d58607dex11.htm:43]** **[1802768_0001193125-25-204983_d58607dex11.htm:44]**

Royalty Pharma plc Closes $2 Billion Senior Notes Offering

- Royalty Pharma reaffirmed its financial targets, expecting to achieve a top line of at least **$4.7 billion** and portfolio cash flow per share of at least **$7.5** by **2030**, both more than **10%** above current analyst consensus.  **[1802768_2138878_3]** **[1802768_2138878_8]** **[1802768_2138878_43]** 
- The company anticipates delivering at least a **mid-teens shareholder return** over the next five years, having deployed approximately **$14 billion** in capital on new royalty transactions since its IPO and generating a **15% return on invested capital**.  **[1802768_2138878_3]** 
- Royalty Pharma projects its adjusted EBITDA margin to increase from **90% in 2020 to around 95% next year**, partly due to the recent internalization of its manager, which is expected to drive significant value for shareholders.  **[1802768_2138878_7]** **[1802768_2138878_8]** 
- The biopharma royalty market has more than **doubled in size** since **2020**, with announced royalty transactions averaging **$6.2 billion** per year over the past five years, and Royalty Pharma holds over **70% share** of transactions greater than **$5 billion**.  **[1802768_2138878_2]** **[1802768_2138878_4]** **[1802768_2138878_19]**

Royalty Pharma Outlines Strong Growth Trajectory and Reaffirms 2030 Financial Targets

- Royalty Pharma is on track to deliver **$4.7 billion+** in top-line (Portfolio Receipts) by **2030** and **>$7.50 per share** in bottom-line (Portfolio Cash Flow) by **2030**, with these outlooks being **>10% above consensus**.  **[1802768_2138100:6]** **[1802768_2138100:7]** **[1802768_2138100:44]** **[1802768_2138100:54]** **[1802768_2138100:67]** **[1802768_2138100:68]** 
- The company aims for at least **mid-teens Total Shareholder Return (TSR)** over the next five years and has consistently delivered **mid-teens Return on Invested Capital (ROIC)**.  **[1802768_2138100:7]** **[1802768_2138100:44]** **[1802768_2138100:68]** 
- Since 2020, Royalty Pharma has deployed approximately **$14 billion** in new royalty transactions and returned approximately **$4 billion** to shareholders through dividends and share repurchases.  **[1802768_2138100:7]**  In **2024**, the company announced **$2.8 billion** in royalty transactions.  **[1802768_2138100:31]** 
- The internalization transaction, which integrated the company's diversified royalty portfolio and platform, was completed in **May 2025**.  **[1802768_2138100:19]** 
- The biopharma royalty market has experienced rapid growth, with an average annual market size of **$6 billion** from **2020-2024**, representing approximately **130% growth** compared to the prior five-year period.  **[1802768_2138100:6]** **[1802768_2138100:68]**

Royalty Pharma Investor Day 2025: Financial Outlook and Strategic Execution

- Royalty Pharma, a leader in the biopharma royalty market, held its Investor Day on **September 11, 2025**, emphasizing its strategic evolution and market leadership since its 1996 founding and 2020 IPO.  **[1802768_2139251_2]** 
- The company projects significant financial growth, targeting **$4.7 billion or more in top-line revenue by 2030** and **at least $7.5 of portfolio cash flow per share by 2030**, both exceeding current analyst consensus by **more than 10%**.  **[1802768_2139251_8]** **[1802768_2139251_38]** 
- Royalty Pharma has demonstrated strong capital deployment and returns, having invested **$13.8 billion since 2020** and consistently achieving **15% return on invested capital** and **low 20% return on invested equity**.  **[1802768_2139251_29]** **[1802768_2139251_38]** **[1802768_2139251_40]** **[1802768_2139251_42]** **[1802768_2139251_43]** 
- Key competitive advantages include market-leading scale with a **70% share in transactions over $500 million**, a highly diversified portfolio, and a track record of **over 90% of deals since 2020 exceeding its cost of capital**.  **[1802768_2139251_29]** **[1802768_2139251_40]** **[1802768_2139251_42]** 
- The company plans to deploy **around $30 billion by 2030**, primarily into new royalties, and is committed to returning capital to shareholders, including a dividend with a **2.5% yield** and planned mid-single digit annual growth.  **[1802768_2139251_44]**

Royalty Pharma (RPRX)