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Royalty PharmaRPRX

Legal name
Royalty Pharma plc
Sector
Healthcare
Industry
Pharmaceutical Preparations
Exchange
Nasdaq

Stock Price $RPRX

Latest filings

You are here#35 of 52 in Healthcare by market cap

Filing record · 2020–202610-K610-Q208-K80

RPRX filed 6 annual reports (10-K), 20 quarterly reports (10-Q) and 80 current reports (8-K) between 2020 and 2026.

  1. Material agreement8-K · Jul ’21Jul ’21
  2. Impairment8-K · Dec ’22Dec ’22
  3. FY2025 annual report10-K · Feb ’26Feb ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  8. $2.38B
YoY changeLargest recent move+17.0%in FY20Latest +5.1%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All RPRX Financial Metrics50 metrics

Income Statement13

Balance Sheet22

Cash Flow10

Per Share5

02—Overview

Royalty Pharma Financial Overview 2021–2025

Updated Nov 4, 2026

Royalty Pharma's GAAP profit swung from $1.13 billion in FY2023 to $770.9 milliona in FY2025, yet cash receipts climbed 16.2% to $3.25 billion in the same stretch. That gap is the story. The earnings line is noisy because of non-cash accounting on financial royalty assets, while the cash engine keeps compounding. Investors should anchor on receipts, not net income.

The long-term arc shows it. Total royalty receipts grew from $2.61 billion in FY2021 to $3.23 billionb in FY2022, and Portfolio Receipts reached $3.25 billion in FY2025. Meanwhile, net income attributable to shareholders bounced from $619.7 million in FY2021 to just $42.8 million in FY2022, after a $615.8 million impairment and a $904.2 million provision. FY2025 carried its own distortions: a $295.8 million provision benefit, $573.5 million of G&A (up 142.3%) after the May 2025 Internalization, and $450.0 million of R&D funding expense. Diluted EPS was $1.78.

The balance sheet is getting heavier. Debt principal rose to $9.2 billionc at year-end FY2025, with interest expense up 36.4% to $307.7 million, while cash fell to $618.7 million. Management repurchased $1.2 billion of shares in FY2025 and deployed $2.6 billion into new royalties. The market priced the stock at $38.64, or 21.7x earnings, at the close of FY2025. Vertex still supplied 35% of total income and other revenues, so concentration remains a live risk.

Recent Developments (Q1 and Q2 2026)

Royalty Pharma raised 2026 Portfolio Receipts guidance twice, to $3.40 billiond–$3.50 billion by Q2 2026. Q1 2026 receipts rose 10.3% to $925.4 million. Q2 2026 Royalty Receipts rose 14% to $768 million, led by Tremfya, Voranigo and Imdelltra. Operating cash flow doubled to $728 million from $364 million. GAAP earnings lagged: Q2 2026 net income attributable fell to $17.9 million after a $268.2 million provision, largely tied to Adstiladrin. A $69.4 million Tazverik impairment hit Q1 2026. The company also replaced its revolver with a $1.8 billion facility maturing in 2031, and added the AstraZeneca cliramitug royalty for up to $425 million.

The bull case: receipts and guidance keep rising, and new deals total up to $1.7 billione. The bear case: the stock closed at $58.17, or 32.7x earnings as of the Q2 2026 report date (August 4, 2026, not today), and the Vertex Alyftrek royalty dispute remains unresolved.

What to watch: Resolution of the Vertex Alyftrek royalty dispute; further Adstiladrin cash flow revisions

03—Filings

Recent SEC Filings

  1. 8-KRoyalty Pharma 8-K Report, Financial Results (Nov 4, 2026)
  2. 8-KRoyalty Pharma 8-K Report, Financial Results (Aug 5, 2026)Royalty Pharma plc (Nasdaq: RPRX) reported second quarter 2026 results on August 5, 2026, via a press release furnished as Exhibit 99.1. Royalty Receipts grew 14% to $768 million, driven by Tremfya, Voranigo, Imdelltra and Evrysdi, partly offset by declines from Promacta (U.S. generic competition) and Imbruvica. Portfolio Receipts rose 6% to $773 million, though milestones and other contractual receipts fell to $5 million from $56 million, reflecting a one-time distribution in the prior-year period. Net cash provided by operating activities was $728 million versus $364 million a year earlier, and Adjusted EBITDA (non-GAAP) was $736 million, up 16%. Management raised full-year 2026 Portfolio Receipts guidance to $3,400 million to $3,500 million from $3,325 million to $3,450 million, implying expected Royalty Receipts growth of 7% to 10%. Guidance excludes transactions announced after the release date. Interest paid is expected to be $350 million to $360 million, and the $380 million term loan was repaid in July 2026. As of June 30, 2026, the company held cash and cash equivalents of $812 million and total debt with principal value of $9.2 billion. Capital Deployment was $349 million in the quarter, and the company disclosed new transactions of up to $1.7 billion as of August 4, 2026, including a July 2026 acquisition of a portion of the royalty on AstraZeneca's cliramitug for up to $425 million ($125 million upfront).
  3. 8-KRoyalty Pharma 8-K Report, Shareholder Vote Results (Jun 4, 2026)Royalty Pharma plc held its 2026 Annual General Meeting of Shareholders on June 4, 2026. Shareholders present or represented by proxy held 508,180,103 Class A and Class B ordinary shares, voting as a single class, which the filing states represented 88.08% of the combined voting power entitled to vote and constituted a quorum. The filing reports the results of ten proposals, each described in the company's definitive proxy statement filed April 10, 2026. All nine director nominees were elected to serve until the 2027 Annual General Meeting. Each received more votes For than Against, though the against votes ranged from 128,998 for Elizabeth Weatherman to 54,472,087 for Vlad Coric, M.D. Shareholders also approved the non-binding advisory say-on-pay proposal (476,044,602 For, 11,067,486 Against, 747,086 Abstain), the U.K. Annual Report and Accounts, the U.K. directors' remuneration report, and the re-appointment of Ernst & Young as U.K. statutory auditor. Ernst & Young LLP was also ratified as the independent registered public accounting firm, with 506,307,829 votes For and 832,217 Against. Shareholders approved the terms of share repurchase agreements and counterparties (474,475,427 For, 12,499,628 Against), and authorized the Board to allot shares (469,111,384 For, 18,568,396 Against). The authority to allot shares without pre-emption rights drew the most opposition of the non-director items, at 445,653,078 For and 42,016,406 Against. The filing was signed by Arthur McGivern, EVP, General Counsel & Investments.
  4. 8-KRoyalty Pharma 8-K Report, Material Agreement (May 28, 2026)On May 22, 2026, Royalty Pharma plc, Royalty Pharma Holdings Ltd (RPH), and Royalty Pharma Manager, LLC (RPM) entered into a new Revolving Credit Agreement with Bank of America, N.A., as Administrative Agent, and the other lenders party to it. The Company is the borrower, and RPH and RPM are guarantors. The agreement refinanced and replaced in its entirety the Revolving Credit Agreement dated September 15, 2021. All obligations under that existing facility were repaid and its commitments were terminated at the effective date of the new agreement. The new facility is an unsecured revolving credit line of $1.8 billion. Borrowings bear interest at either a base rate or a SOFR-based or alternative currency rate, in each case plus an applicable margin, and the unused portion carries a commitment fee set by a pricing grid. The facility matures on May 22, 2031. The Credit Agreement includes financial covenants requiring a consolidated leverage ratio of funded debt to Adjusted EBITDA at or below 4.00 to 1.00 (or 4.50 to 1.00 following a qualifying material acquisition), a consolidated portfolio cash flow ratio at or below 5.00 to 1.00 (or 5.50 to 1.00 following a qualifying material acquisition), and a consolidated coverage ratio of Adjusted EBITDA to consolidated interest expense at or above 2.50 to 1.00. It also includes customary restrictions on non-obligor indebtedness, liens, and certain merger or fundamental change transactions. The filing is a refinancing and replacement of an existing facility rather than a new source of capital described in the filing itself. The full terms are set out in Exhibit 10.1, the Revolving Credit Agreement, which is incorporated by reference.
  5. 8-KRoyalty Pharma 8-K Report, Financial Results (May 6, 2026)Royalty Pharma plc (Nasdaq: RPRX) reported first quarter 2026 results on May 6, 2026, furnishing a press release as Exhibit 99.1 under Item 2.02. Portfolio Receipts rose 10% to $925 million, driven by Royalty Receipts, which grew 13% to $887 million on strength from Tremfya, Voranigo and Evrysdi, partly offset by a decline from Promacta due to U.S. generic competition. Net cash provided by operating activities was $718 million, and Adjusted EBITDA (non-GAAP) was $889 million, up from $738 million. Portfolio Cash Flow (non-GAAP) was $722 million. The company raised its full-year 2026 Portfolio Receipts guidance to $3,325 million to $3,450 million, from $3,275 million to $3,425 million previously, excluding future transactions. The guidance implies expected Royalty Receipts growth of 4% to 8%. Interest paid is projected at $350 million to $360 million for 2026, with approximately $175 million expected in the third quarter. Deployment activity included three royalty acquisitions announced for $1.25 billion, including a Ziihera royalty bought from Zymeworks for $250 million, and R&D co-funding agreements with Johnson & Johnson (JNJ-4804, $500 million over two years) and Teva (TEV-'408, up to $500 million). Capital Deployment was $528 million in the quarter. The company also recorded $69 million of non-cash impairment charges related to Tazverik. As of March 31, 2026, cash was $586 million and total debt principal was $9.2 billion.
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View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

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