Royalty Pharma (RPRX) Company Report

Royalty Pharma plc (RPRX) has acquired the final portion of PTC Therapeutics’ remaining royalty on Roche’s Evrysdi for $240 million upfront and up to $60 million in sales-based milestones.
Following this transaction, Royalty Pharma will own 100% of the tiered 8% to 16% royalty paid by Roche on worldwide net sales of Evrysdi.
Royalty Pharma will receive the increased royalty starting in the first quarter of 2026, based on Evrysdi product sales in the fourth quarter of 2025.
Evrysdi generated sales of approximately CHF 1.6 billion ($1.9 billion) in 2024, representing 18% year-over-year growth, and is projected to reach CHF 2.3 billion ($2.9 billion) of sales by 2030.

Dec 29, 2025, 9:40 PM

Press Release

Royalty Pharma plc Details Financial Impact of MYQORZO FDA Approval

RPRX

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

On December 19, 2025, the U.S. Food and Drug Administration (FDA) approved MYQORZO (aficamten), a cardiac myosin inhibitor, for the treatment of adult patients with symptomatic obstructive hypertrophic cardiomyopathy (oHCM).
Royalty Pharma plc is entitled to a royalty of 4.5% on MYQORZO sales up to $5 billion, decreasing to 1% on sales above $5 billion.
Royalty Pharma provided Cytokinetics with up to $225 million in 2022 and up to $225 million in 2024 (of which $50 million has been drawn) in funding related to MYQORZO.
Based on the amounts drawn to date, Royalty Pharma expects to receive $523 million in quarterly repayments over 10 years, with $20 million repaid through September 30, 2025.
Following the MYQORZO approval, Cytokinetics is eligible to draw an additional $175 million within the next 12 months, for which Royalty Pharma will receive 1.9x the total amount drawn payable over 10 years in quarterly installments.

Dec 22, 2025, 4:37 PM

8-K

Royalty Pharma acquires royalty interest in Nuvalent's therapies

RPRX

M&A

New Projects/Investments

Royalty Pharma acquired a pre-existing royalty interest in Nuvalent’s neladalkib and zidesamtinib from an undisclosed third party for up to $315 million.
Neladalkib and zidesamtinib are next-generation tyrosine kinase inhibitors (TKIs) in development for ALK mutation-positive and ROS1 mutation-positive non-small cell lung cancer (NSCLC), respectively.
Neladalkib reported positive pivotal results in November 2025, and zidesamtinib is currently undergoing FDA review with an action date of September 18, 2026.
Analyst consensus projects neladalkib sales of approximately $3.5 billion and zidesamtinib sales of approximately $1.9 billion by 2035, with the expected royalty duration extending through approximately 2041 to 2042.

Dec 16, 2025, 12:15 PM

Press Release

Royalty Pharma Provides Business Update and Strategic Outlook

RPRX

Guidance Update

New Projects/Investments

Royalty Pharma experienced a transformational 2025, marked by the internalization of its external manager, returning a record amount of capital to shareholders, and strong financial performance.
The company maintains a leverage of approximately three times total debt to EBITDA, with the flexibility to increase it to four times for new deals while preserving its investment-grade credit rating.
Royalty Pharma projects portfolio receipt growth to $4.7 billion plus by 2030, representing a 9% annual CAGR, with half of this growth anticipated from existing products and the other half from new investments, based on an assumption of $2.5 billion in annual capital deployment.
Key pipeline assets expected to contribute include Sanofi's Frexalimab (MS product with $5 billion+ peak sales potential, Phase 3 readout in 2027), Novartis's Pelacarsen and Amgen's Olpasiran (Lp(a) products with readouts expected next year and 2027+ respectively), and Revolution Medicines' pan-RAS inhibitors, where the second tranche of the deal is mandatory upon positive Phase 3 data.
The company is actively exploring the Chinese market for royalty monetization and is considering establishing local operations to capitalize on this significant market.

Dec 3, 2025, 8:50 PM

Transcript

Royalty Pharma discusses 2025 performance, 2030 growth targets, and pipeline updates

RPRX

Guidance Update

New Projects/Investments

Royalty Pharma reported a transformational year in 2025, driven by the internalization of its external manager and successful deals, leading to strong financial performance and positive momentum.
The company targets $4.7 billion+ in portfolio receipts by 2030, reflecting a 9% annual CAGR, assuming $2.5 billion in annual capital deployment. This growth is expected to come equally from existing products and new investments.
Current leverage stands at approximately three times total debt to EBITDA, which is considered low and conservative, providing financial flexibility to increase it up to four times for new opportunities.
Key upcoming events include RevMed Phase 3 data next year (2026), Pelacarsen (Lp(a)) data next year (2026), Amgen's Olpasiran (Lp(a)) data in 2027+, and Frexalimab Phase 3 readout in 2027. The Vertex resolution is anticipated by the end of 2026.
The Revolution Medicines deal is highlighted as a creative and unique structure that could establish a new precedent for synthetic royalty funding, offering an alternative to traditional pharma partnerships.

Dec 3, 2025, 8:50 PM

Transcript

Royalty Pharma Discusses Capital Allocation, Performance Metrics, and Market Outlook

RPRX

Share Buyback

New Projects/Investments

M&A

Royalty Pharma announced a $3 billion share repurchase authorization at the beginning of FY 2025, buying back approximately $1 billion of stock in the first half of the year, with repurchases slowing in Q3 due to increased deal flow.
In September, the company introduced Return on Invested Capital (ROIC), which has consistently been in the mid-teens, and Return on Equity (ROE), consistently in the low 20% over the last five years, with confidence in maintaining these levels without taking on more risk.
The company's baseline annual capital deployment is $2 billion to $2.5 billion, but it expects this to be higher in the next five years due to momentum from synthetic deals and pharma partnerships, while emphasizing a disciplined investment approach.
Royalty Pharma anticipates continued growth in pharma R&D partnership deals and views increased competition as beneficial for market depth, confident in its ability to secure attractive assets due to its low cost of capital and proven track record.

Dec 2, 2025, 8:15 PM

Transcript

Royalty Pharma Discusses Capital Allocation, New Metrics, and Growth Outlook at Citi Global Healthcare Conference

RPRX

Share Buyback

New Projects/Investments

M&A

Royalty Pharma completed the internalization of its external manager at the beginning of FY 2025, which was a significant strategic and financial transaction.
The company authorized a $3 billion share repurchase program and bought back approximately $1 billion of stock in the first half of FY 2025, slowing down in the third quarter due to increased deal flow.
In September FY 2025, Royalty Pharma introduced Return on Invested Capital (ROIC) and Return on Equity (ROE) as new key metrics, noting that historical ROIC has been consistently in the mid-teens and ROE in the low 20% over the last five years.
Management anticipates annual capital deployment to be a baseline of $2 billion to $2.5 billion, with a high likelihood of this increasing over the next five years due to market momentum and innovation.
The company expects continued evolution and growth in pharma R&D partnership deals and views increased competition as a positive for the overall royalty market, confident in its competitive advantages.

Dec 2, 2025, 8:15 PM

Transcript

Royalty Pharma Discusses Capital Allocation, Investment Strategy, and Market Outlook at Citi Conference

RPRX

Share Buyback

New Projects/Investments

M&A

Royalty Pharma completed the internalization of its external manager and authorized a $3 billion share repurchase, executing $1 billion in buybacks in the first half of 2025.
The company introduced Return on Invested Capital (ROIC) and Return on Equity (ROE) in September 2025, reporting consistent mid-teens ROIC and low 20% ROE over the past five years, which they aim to maintain.
Capital deployment is projected at a baseline of $2 billion-$2.5 billion annually, with expectations for higher levels driven by increased deal flow and strategic partnerships, including pharma R&D co-funding deals.
The company views increased competition in the royalty market as a positive, expanding the total addressable market (TAM), and believes its low cost of capital and track record provide a competitive advantage.

Dec 2, 2025, 8:15 PM

Transcript

Revolution Medicines Reports Q3 2025 Financial Results and Provides Corporate Update

RPRX

Earnings

Guidance Update

Management Change

Revolution Medicines reported a net loss of $305.2 million for the third quarter ended September 30, 2025, and held $1.93 billion in cash, cash equivalents, and marketable securities as of that date.
The company reiterated its full year 2025 GAAP net loss guidance of between $1.03 billion and $1.09 billion.
The RASolute 302 clinical trial for daraxonrasib in previously treated PDAC is winding down enrollment with data expected in 2026, and daraxonrasib has received FDA Breakthrough Therapy Designation, Orphan Drug Designation, and a Commissioner’s National Priority Voucher. The company also initiated RASolute 304 and plans to initiate RASolute 303 this year for PDAC.
Revolution Medicines appointed Alan Sandler, M.D. as chief development officer, Alicia Gardner as senior vice president and general manager for the U.S. region, and Gerwin Winter as senior vice president and general manager of the European region.

Nov 5, 2025, 9:02 PM

Press Release

Royalty Pharma Reports Strong Q3 2025 Results and Raises Full-Year Guidance

RPRX

Earnings

Guidance Update

New Projects/Investments

Royalty Pharma reported 11% growth in both portfolio receipts and royalty receipts for Q3 2025, with portfolio receipts reaching $814 million. The company also maintained strong returns, with return on invested capital at 15.7% and return on invested equity at 22.9% for the last 12 months ending September 30th.
The company raised its full-year 2025 portfolio receipts guidance for the third time this year to between $3.2 billion and $3.25 billion, representing 14-16% growth. Milestones and other contractual receipts are now expected to be around $125 million.
Capital deployment in Q3 2025 was $1 billion, contributing to a total of $1.7 billion in the first nine months of 2025 for value-creating royalty transactions. This included acquiring a royalty interest on Amgen's Imdelltra for up to $950 million and entering a funding agreement for Zenas BioPharma's Obexelimab for up to $300 million.
Royalty Pharma repurchased 4 million shares in Q3 2025, bringing the total value of share repurchases to $1.15 billion in the first nine months of 2025.