Royalty Pharma (RPRX) Company Report

Royalty Pharma achieved double-digit growth in 2025, with Royalty Receipts increasing by 13% and Portfolio Receipts by 16%.
The company reported a Return on Invested Capital of 15.8% and a Return on Invested Equity of 22.8% in 2025.
For 2026, Royalty Pharma provided Portfolio Receipts guidance of $3,275 million to $3,425 million, representing 3% to 8% Royalty Receipts growth.
In 2025, Royalty Pharma deployed $2.6 billion in capital, repurchased 37 million shares for $1.2 billion, and increased its dividend by 7% in Q1 2026.
The company announced $4.7 billion of transactions on 9 therapies in 2025, including the acquisition of the remaining royalty on Roche's Evrysdi for $240 million upfront.

Feb 11, 2026, 1:00 PM

Presentation

Royalty Pharma Reports Strong 2025 Results and Provides 2026 Guidance

RPRX

Earnings

Guidance Update

New Projects/Investments

Royalty Pharma reported strong 2025 financial results, with portfolio receipts growing 16% and royalty receipts growing 13%, alongside a 15.8% return on invested capital and 22.8% return on invested equity.
For 2026, the company projects 3%-8% growth in royalty receipts and anticipates portfolio receipts between $3.275 billion and $3.425 billion. Operating and professional costs are expected to significantly decrease to 5.5%-6.5% of portfolio receipts due to the internalization of the manager.
In 2025, Royalty Pharma deployed $2.6 billion in capital for new transactions and returned a record $1.7 billion to shareholders, including $1.2 billion in share repurchases and over $500 million in dividends.
The company completed the internalization of its external manager in 2025, which is expected to yield significant cost savings. It also achieved its strongest year for synthetic royalty transactions, totaling over $2 billion.

Feb 11, 2026, 1:00 PM

Transcript

Royalty Pharma Reports Strong 2025 Results and Provides 2026 Guidance

RPRX

Earnings

Guidance Update

New Projects/Investments

Royalty Pharma reported strong financial results for 2025, with portfolio receipts growing 16% and royalty receipts growing 13%. The company also provided 2026 guidance, expecting portfolio receipts between $3.275 billion-$3.425 billion, reflecting 3%-8% growth in royalty receipts.
In 2025, Royalty Pharma deployed $2.6 billion in capital and returned a record $1.7 billion to shareholders, including $1.2 billion in share repurchases and over $500 million in dividends, with a 7% dividend increase in Q1 2026.
The company completed the internalization of its external manager in 2025, which is expected to result in significant cost reductions. Additionally, synthetic royalty transactions reached a record $4.7 billion in market value in 2025, surpassing existing royalties in committed capital for the first time.

Feb 11, 2026, 1:00 PM

Transcript

Royalty Pharma Delivers Strong 2025 Performance and Positive 2026 Outlook

RPRX

Earnings

Guidance Update

Share Buyback

Royalty Pharma reported strong financial results for 2025, with portfolio receipts growing 16% and royalty receipts growing 13%, achieving a return on invested capital of 15.8% and return on invested equity of 22.8%.
The company deployed $2.6 billion in new transactions and returned a record $1.7 billion to shareholders in 2025, including $1.2 billion in share repurchases and over $500 million in dividends.
For 2026, Royalty Pharma provided guidance for portfolio receipts between $3.275 billion and $3.425 billion, reflecting 3%-8% growth in royalty receipts, and anticipates a significant reduction in operating and professional costs to 5.5%-6.5% of portfolio receipts due to the internalization of its manager.
2025 was a landmark year, marked by the internalization of its external manager and a record $4.7 billion in synthetic royalty transactions, underscoring the company's leadership in the biopharma royalty market.

Feb 11, 2026, 1:00 PM

Transcript

Royalty Pharma Reports Q4 and Full Year 2025 Results and Introduces 2026 Guidance

RPRX

Earnings

Guidance Update

Share Buyback

Royalty Pharma reported Portfolio Receipts of $874 million in Q4 2025, an 18% increase compared to Q4 2024, and $3,254 million for the full year 2025, a 16% increase compared to FY 2024.
Net cash provided by operating activities was $827 million in Q4 2025 and $2,490 million for the full year 2025.
For full year 2026, the company expects Portfolio Receipts to be between $3,275 million and $3,425 million.
In 2025, Royalty Pharma deployed $2.6 billion on royalty transactions, repurchased $1.2 billion of Class A ordinary shares, and increased its quarterly dividend by 7% in Q1 2026.

Feb 11, 2026, 12:37 PM

8-K

Royalty Pharma Reports Strong 2025 Performance and Outlines Growth Targets

RPRX

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Royalty Pharma reported a strong 2025, expecting 14% to 16% growth in portfolio receipts and deploying $2.6 billion in value-creating royalty transactions, alongside $1.2 billion in share repurchases.
The company achieved 15.7% return on invested capital and 22.9% return on invested equity for the last 12 months as of Q3 2025, reflecting a repeatable investment process.
Royalty Pharma targets 10% or more compounded annual growth in portfolio receipts between 2020 and 2030, aiming for a top line of $4.7 billion or more by 2030, and plans to deploy $10 billion-$12 billion over the next five years.
The company expects to deploy around $30 billion of capital by 2030, with at least $2 billion-$2.5 billion annually for royalties, and sees significant growth opportunities in the biopharma royalty market, including in China.

Jan 13, 2026, 5:45 PM

Transcript

Royalty Pharma Provides 2025 Performance Highlights and 2030 Growth Targets at J.P. Morgan Healthcare Conference

RPRX

Guidance Update

New Projects/Investments

Share Buyback

Royalty Pharma expects to deliver between 14% and 16% growth in portfolio receipts for 2025, deployed $2.6 billion in capital on value-creating royalty transactions, and repurchased $1.2 billion of shares.
The company maintained strong returns in Q3 2025, with a 15.7% return on invested capital and 22.9% return on invested equity for the last 12 months.
Royalty Pharma is targeting 10% or more compounded annual growth in portfolio receipts between 2020 and 2030, aiming for $4.7 billion or more by 2030, and expects this to translate to over $7.50 in portfolio cash flow per share in 2030.
The company plans to deploy approximately $30 billion of capital by 2030, with an average of $2-$2.5 billion annually for royalties, identifying synthetic royalties and the Chinese market as significant growth drivers.

Jan 13, 2026, 5:45 PM

Transcript

Royalty Pharma Highlights Strong 2025 Performance and Positive 2025-2030 Outlook

RPRX

Guidance Update

Share Buyback

New Projects/Investments

Royalty Pharma reported strong 2025 performance with a Portfolio Receipts guidance midpoint of $3,225 million, representing approximately 15% growth, and achieved a Return on Invested Capital of 15.7% and Return on Invested Equity of 22.9% (Q3 2025 LTM).
In 2025, the company added 8 new royalties through $4.7 billion of announced deals and repurchased $1.2 billion of shares.
The company projects ~$30 billion of financial capacity for H2 2025-2030, including an average of $2.0-2.5 billion per year for royalty acquisitions and $1.9 billion remaining in share repurchase authorization as of Q3 2025.
Royalty Pharma anticipates a 2025-2030 outlook of $4.7 billion+ Portfolio Receipts (9%+ CAGR) and >$7.50 Portfolio Cash Flow per share (11%+ CAGR).
The late-stage development pipeline holds significant growth potential, with total potential peak royalties of >$2.1 billion from assets like frexalimab (>$400m) and olpasiran (>$375m).

Jan 13, 2026, 5:45 PM

Presentation

Royalty Pharma Reports Strong 2025 Performance and Outlines Long-Term Growth Strategy

RPRX

Guidance Update

New Projects/Investments

Share Buyback

Royalty Pharma expects to deliver 14% to 16% growth in portfolio receipts for 2025, deploying $2.6 billion in capital for new royalty transactions and repurchasing $1.2 billion of shares. The company reported a 15.7% return on invested capital and 22.9% return on invested equity for the last 12 months in Q3 2025.
The company targets a compounded annual growth in portfolio receipts of 10% or more between 2020 and 2030, aiming for $4.7 billion or more by the end of the decade. It plans to deploy $10-$12 billion over the next five years, with capacity for approximately $30 billion by 2030.
Royalty Pharma highlighted its leadership in the biopharma royalty market, which reached a record $10 billion in transactions in 2025, with synthetic royalties growing 50% to $4.7 billion. The company anticipates several royalty-generating launches in 2026 from its development-stage pipeline.

Jan 13, 2026, 5:45 PM

Transcript

Royalty Pharma and Teva Announce Funding Agreement for TEV-‘408 Development

RPRX

New Projects/Investments

Product Launch

Royalty Pharma and Teva Pharmaceuticals announced a funding agreement of up to $500 million to accelerate the clinical development of Teva’s anti-IL-15 antibody, TEV-‘408.
The initial funding includes $75 million in R&D co-funding for a Phase 2b study in vitiligo, targeted to start in 2026.
Royalty Pharma holds an option to provide an additional $425 million for the Phase 3 development program, contingent on future Phase 2b results.
If TEV-‘408 is approved and launched, Teva will pay Royalty Pharma a milestone and a royalty on worldwide net sales.
TEV-‘408 is currently in Phase 1b for vitiligo and Phase 2a for celiac disease, and received Fast Track designation from the U.S. FDA in May 2025.