Royalty Pharma (RPRX) Company Report

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.

Jan 11, 2026, 10:15 PM

Press Release

Royalty Pharma Acquires Remaining Royalty Interest in Roche’s Evrysdi

RPRX

M&A

New Projects/Investments

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.