RPRX 10-Q Quarterly Reports

Royalty Pharma Quarterly Report for Q3 Ended Sep 30, 2026

Royalty Pharma Quarterly Report for Q2 Ended Jun 30, 2026

Royalty Pharma plc (RPRX) reported second-quarter 2026 consolidated net income of $81.5 million, down from $92.6 million a year earlier, while net income attributable to Royalty Pharma plc fell to $17.9 million from $32.2 million. For the first six months of 2026, net income attributable to Royalty Pharma plc rose to $312.6 million from $271.5 million, and diluted EPS was $0.71 versus $0.63. Total income and other revenues grew to $674.1 million in the quarter from $578.7 million, driven by higher income from financial royalty assets, which was $638.0 million versus $550.4 million. Operating income declined to $133.1 million from $209.8 million, mainly because of a $268.2 million provision for changes in expected cash flows, largely tied to Adstiladrin, compared with a $203.9 million provision benefit in the prior-year quarter. Cash generation remained strong. Net cash provided by operating activities for the first six months of 2026 was $1.45 billion, up from $960.1 million, and Portfolio Cash Flow was $1.46 billion. The company invested $876.7 million in royalties, milestones and other contractual receipts in the first half. Cash and cash equivalents were $812.0 million at June 30, 2026. Total debt principal was $9.2 billion, and the company entered a new $1.8 billion unsecured revolving credit facility on May 22, 2026, which matures in 2031. Share-based compensation rose sharply after the May 2025 Internalization, reaching $107.4 million in the quarter. Subsequent to quarter end, the company acquired a royalty interest in AstraZeneca's cliramitug from Neurimmune AG for up to $425 million, including a $125 million upfront payment. The filing also notes an ongoing dispute with Vertex over royalties on Alyftrek, under which the company has not received the full royalty amounts it believes it is contractually entitled to.

Royalty Pharma Quarterly Report for Q1 Ended Mar 31, 2026

Royalty Pharma plc (RPRX) reported first-quarter 2026 consolidated net income of $468.3 million, up from $434.4 million in the prior-year period, and net income attributable to Royalty Pharma plc of $294.7 million versus $239.3 million. Diluted EPS was $0.67 compared with $0.55. Total income and other revenues rose to $630.6 million from $568.2 million, led by income from financial royalty assets of $595.0 million. Results were partly offset by a $69.4 million non-cash financial royalty asset impairment related to Tazverik, following its voluntary withdrawal, and by general and administrative expenses that rose to $159.5 million, driven by share-based compensation of $122.3 million tied to the Internalization. The filing also recorded a $197.5 million provision income from changes in expected cash flows and credit losses. Cash flow from operations was $718.2 million, up from $596.1 million. Portfolio Receipts were $925.4 million versus $839.3 million, and Portfolio Cash Flow was $722.1 million versus $610.8 million (non-GAAP). The company invested $527.9 million in royalties, milestones and other contractual receipts, including acquisitions of financial royalty assets of $452.4 million in the cash flow statement. It repurchased 1.1 million Class A shares for about $50.1 million, leaving approximately $1.7 billion under the repurchase program, and paid a $0.235 per share quarterly dividend totaling $104.5 million. Total debt principal was $9.2 billion at March 31, 2026, including a $380 million term loan maturing July 31, 2026. Cash and cash equivalents were $586.4 million. The filing notes that Vertex's Alyftrek royalty payments are in a dispute resolution process, and that Revolution Medicines' second $250 million royalty tranche was funded on May 4, 2026, following positive Phase 3 results.

Royalty Pharma Quarterly Report for Q3 Ended Sep 30, 2025

Royalty Pharma plc (RPRX) reported third-quarter 2025 consolidated net income of $444.2 million, compared with $806.4 million in the third quarter of 2024, and net income attributable to Royalty Pharma plc of $288.2 million versus $544.0 million. Basic EPS was $0.67 versus $1.22. The decline was driven mainly by a swing in the provision for changes in expected cash flows (a $12.1 million expense in Q3 2025 versus $227.6 million of income in Q3 2024), higher share-based compensation of $73.4 million following the May 16, 2025 Internalization, and R&D funding expense of $50.5 million. Income from financial royalty assets rose 8.6% to $578.8 million, and Portfolio Receipts rose 10.8% to $813.6 million for the quarter. For the first nine months, total income and other revenues were $1.76 billion and net income attributable to Royalty Pharma plc was $556.7 million. The company completed the Internalization of its former external manager, recording goodwill of $924.6 million and a $379.9 million... [note: term loan of $380 million assumed]. Share-based compensation now includes $76.5 million related to RP Holdings Class E Interests and $84.7 million related to Employee EPAs for the nine months, with approximately $678.9 million and $71.5 million of unrecognized expense, respectively. Total debt principal was $9.18 billion at September 30, 2025, up from $7.8 billion at year-end 2024, after issuing $2.0 billion of senior unsecured notes in September 2025 and repaying $1.0 billion of notes. Capital deployment remained active: the company invested $1.7 billion in royalties, milestones and other contractual receipts in the first nine months of 2025, including the $885 million BeOne Imdelltra royalty and up to $2 billion of Revolution Medicines funding. Repurchases totaled 35.4 million Class A shares for about $1.2 billion in the first nine months, with approximately $1.9 billion remaining under the authorization. A subsequent event was the November 2025 acquisition of an Amvuttra royalty from Blackstone for $310 million. The company also disclosed that Vertex has not paid the full amount of Alyftrek royalties the company believes it is contractually owed, and that it has begun dispute resolution procedures.

Royalty Pharma Quarterly Report for Q2 Ended Jun 30, 2025

Royalty Pharma plc (RPRX) reported a second quarter 2025 10-Q covering the period ended June 30, 2025. Consolidated net income was $90.6 million for the quarter, compared with $194.4 million in the second quarter of 2024, and net income attributable to Royalty Pharma plc was $30.2 million, versus $102.0 million a year earlier. Results were driven by a $300.5 million R&D funding expense (primarily an upfront $250.0 million payment for daraxonrasib royalties), a $92.5 million provision for credit losses on the Revolution Medicines funding commitments, and $45.7 million... more precisely, $91.0 million of quarterly share-based compensation tied largely to the Internalization. Total income and other revenues rose to $578.7 million from $537.3 million, and the company recorded a $203.9 million provision benefit from changes in expected cash flows. The company completed the Internalization on May 16, 2025, acquiring its former external manager, RP Management, LLC. The filing reports goodwill of $924.6 million, a $380 million term loan assumed, and a total purchase price of $565.2 million. Going forward, the company no longer pays Operating and Personnel Payments to the legacy manager, but G&A expenses rose sharply, and share-based compensation for 22.8 million unvested RP Holdings Class E Interests is expected to be recognized over five to nine years. Capital deployment was heavy: the company repurchased 31.2 million Class A shares for about $1.0 billion in the first six months of 2025, leaving roughly $2.0 billion under its authorization. Cash and cash equivalents fell to $631.9 million from $929.0 million at year-end 2024, and total borrowings reached $8.2 billion in principal. Portfolio Receipts rose 19.7% to $727.5 million in the quarter, and Vertex's cystic fibrosis franchise remained the largest revenue contributor at 35% of total income and other revenues. The company also disclosed that Vertex did not remit the full amount of royalties on Alyftrek net sales in the second quarter, and it has started dispute resolution procedures.

Royalty Pharma Quarterly Report for Q1 Ended Mar 31, 2025

Royalty Pharma plc's first-quarter 2025 results show consolidated net income of $433.4 million, compared with a net loss of $4.3 million in the first quarter of 2024, driven mainly by a $127.1 million provision for changes in expected cash flows from financial royalty assets (provision income) versus $583.6 million of provision expense a year earlier. Net income attributable to Royalty Pharma plc was $238.3 million, or $0.55 per diluted Class A share, compared with $4.8 million, or $0.01, in the prior-year quarter. Total income and other revenues were essentially flat at $568.2 million, and Portfolio Receipts rose 17.1% to $839.3 million, with Royalty Receipts up 11.9% to $788.3 million. Management notes that the GAAP results are volatile because of non-cash provision accounting and emphasizes Portfolio Receipts and Portfolio Cash Flow as the primary operating measures. Capital deployment and shareholder returns were significant this quarter. The company repurchased 22.7 million Class A shares for about $723.1 million, paid $95.4 million in dividends ($0.22 per share), and sold the MorphoSys Development Funding Bonds in January 2025 for approximately $511 million. Cash and cash equivalents rose to $1.09 billion, and total shareholders' equity fell to $9.79 billion from $10.34 billion. Long-term debt, including current portion, totaled about $7.6 billion, against $7.8 billion of senior unsecured notes principal. Operating and personnel payments to the Manager were $89.8 million for the quarter. The pending Internalization, in which the company agreed in January 2025 to acquire its Manager for approximately $1.1 billion, is expected to close in the second quarter of 2025 subject to shareholder approval. The filing also notes that in May 2025 the company paid a $200 million regulatory milestone tied to the FDA approval of a new manufacturing hub for Adstiladrin, and that the Cytokinetics tranche four funding of $75 million was completed in April 2025.

Royalty Pharma Quarterly Report for Q3 Ended Sep 30, 2024

Royalty Pharma plc (RPRX) reported third-quarter 2024 net income attributable to Royalty Pharma plc of $543,987 thousand ($1.22 basic EPS), compared with $72,114 thousand ($0.16) in the third quarter of 2023. Consolidated net income before tax was $806,358 thousand versus $122,077 thousand a year earlier. The quarter's results were lifted by a $227.6 million provision for changes in expected cash flows (income, versus $277.1 million of expense in Q3 2023) and by $127.4 million of other income, primarily gains on available-for-sale debt securities and equity securities. Total income and other revenues rose 5.3% to $564.7 million in the quarter, while income from financial royalty assets was $533.2 million for the quarter and $1.59 billion for the first nine months, down from $1.67 billion a year earlier, largely because of a non-recurring $475.0 million Zavzpret milestone in the first quarter of 2023. Portfolio Receipts were $734.6 million in the third quarter, up 15.3%, and $2.06 billion for the first nine months, down 10.9% from $2.31 billion, reflecting the prior-year milestone. Cash from operating activities for the first nine months was $2.03 billion. The company invested $2.2 billion in royalties, milestones and other contractual receipts in the first nine months, and in November 2024 it acquired a Niktimvo royalty for a $350 million upfront payment. Total debt principal was $7.8 billion at September 30, 2024, after the June 2024 issuance of $1.5 billion of senior unsecured notes, and cash and cash equivalents were $950.1 million. Shareholders received $282.8 million in dividends ($0.21 per Class A share in each of three quarterly payments) during the first nine months, and the company repurchased 6.6 million Class A shares for about $179.7 million, with $515.6 million remaining under the $1.0 billion authorization. Vertex accounted for 36% of total income and other revenues in the third quarter of 2024 (41% in the prior-year quarter).

Royalty Pharma Quarterly Report for Q2 Ended Jun 30, 2024

Royalty Pharma plc (RPRX) reported second-quarter 2024 results for the three months ended June 30, 2024, with total income and other revenues of $537.3 million, roughly flat versus $538.2 million a year earlier. Net income attributable to Royalty Pharma plc was $102.0 million, or $0.23 per diluted Class A share, compared with $227.6 million, or $0.50, in the second quarter of 2023. The decline was driven mainly by a $212.4 million provision for changes in expected cash flows and credit losses, and by a $47.1 million loss on equity securities. For the first six months, net income attributable to Royalty Pharma plc was $106.8 million, down from $568.4 million, largely because the prior-year period included a $475.0 million Zavzpret milestone payment and non-recurring interest income. Cash position and funding strengthened during the period. Cash and cash equivalents rose to $1.76 billion at June 30, 2024, from $477.0 million at year-end 2023, after the company issued $1.5 billion of senior unsecured notes in June 2024 and generated $1.32 billion of operating cash flow in the first half. Total long-term debt was $7.60 billion carrying value against $7.8 billion of principal. The company spent $814.7 million on acquisitions of financial royalty assets in the first six months and expanded its Cytokinetics funding collaboration, with up to $575 million in commitments. The filing also highlights Portfolio Receipts of $608.0 million in the quarter, up 11.6% from $544.6 million, and Vertex's cystic fibrosis franchise as the largest royalty source, at 36% of second-quarter total income and other revenues. Subsequent to quarter end, the filing notes FDA approval of Voranigo, for which the company agreed to pay $905 million upfront.

Royalty Pharma Quarterly Report for Q1 Ended Mar 31, 2024

Royalty Pharma plc's first-quarter 2024 results show a sharp drop in profitability driven by a non-cash provision for changes in expected cash flows from financial royalty assets. Total income and other revenues were $567,978 thousand (about $568.0 million) versus $683,971 thousand in the first quarter of 2023, a decrease of $115,993 thousand (17.0%). The company recorded a provision for changes in expected cash flows of $583,600 thousand, against $118,804 thousand a year earlier, primarily related to the cystic fibrosis franchise and Crysvita. As a result, the company reported an operating loss of $73,774 thousand and net income attributable to Royalty Pharma plc of $4,778 thousand, or $0.01 per diluted Class A share, compared with $340,755 thousand, or $0.76 per share, in the prior-year quarter. The prior-year quarter included a non-recurring $475.0 million Zavzpret milestone payment. Cash generation remained substantial even as GAAP earnings fell. Net cash provided by operating activities was $664,638 thousand, compared with $1,033,837 thousand in the first quarter of 2023. Portfolio Receipts were $716,997 thousand versus $1,131,033 thousand, and Adjusted EBITDA (non-GAAP) was $656,476 thousand. Cash and cash equivalents rose to $843,000 thousand at March 31, 2024, from $477,010 thousand at December 31, 2023. The company paid a quarterly dividend of $0.21 per Class A share totaling $93.8 million, invested $93 million in royalties, milestones and other contractual receipts during the quarter, and did not repurchase any shares. Senior unsecured notes totaled $6.3 billion in par value, and the company had $1.8 billion of revolving commitments available. Subsequent to quarter end, the company announced it would acquire royalties and milestones on frexalimab from ImmuNext, Inc. for approximately $525 million including estimated transaction costs. The filing also notes that the company's accounting model for financial royalty assets can produce volatile and unpredictable GAAP results, and that the company will consider Portfolio Receipts as its key operating performance measure.

Royalty Pharma Quarterly Report for Q3 Ended Sep 30, 2023

Royalty Pharma plc's third-quarter 2023 Form 10-Q shows consolidated net income of $122.1 million for the quarter, down from $220.4 million a year earlier, while net income attributable to Royalty Pharma plc fell to $72.1 million from $142.7 million. For the first nine months of 2023, net income attributable to Royalty Pharma plc rose to $640.5 million from $498.9 million, and diluted earnings per Class A share were $1.43 versus $1.14. The nine-month results were lifted by a $475.0 million milestone payment received after FDA approval of Zavzpret and $153.6 million of related interest income, while quarterly income from financial royalty assets declined to $508.7 million from $551.7 million, driven by lower sell-side consensus sales forecasts for Imbruvica and Tysabri. Cash generation was strong. Net cash provided by operating activities was $2.22 billion for the first nine months of 2023 versus $1.57 billion a year earlier, and Adjusted Cash Receipts (non-GAAP) were $2.31 billion. The company repaid $1.0 billion of senior unsecured notes at maturity in September 2023, repurchased 8,889 thousand Class A shares for about $278.6 million under a $1.0 billion authorization, and paid $269.0 million in dividends ($0.20 per quarter). Cash and cash equivalents declined to $936.4 million from $1.71 billion at year-end 2022. Subsequent to quarter-end, the company acquired additional royalties on Roche's Evrysdi from PTC Therapeutics for a $1.0 billion upfront payment and drew $350 million on its revolving credit facility to help fund the deal, leaving $1.15 billion of remaining borrowing capacity. Other 2023 royalty acquisitions included Adstiladrin, Skytrofa, KarXT, Spinraza and pelacarsen, and Erleada, with total investment in royalties of $1.2 billion in the first nine months.

Royalty Pharma Quarterly Report for Q2 Ended Jun 30, 2023

Royalty Pharma plc's second-quarter 2023 Form 10-Q reports consolidated net income of $351.3 million for the three months ended June 30, 2023, versus $491.6 million a year earlier, and $860.4 million for the six months, versus $619.7 million. Net income attributable to Royalty Pharma plc was $227.6 million in the quarter (basic EPS $0.51) and $568.4 million for the six months (basic EPS $1.27). Total income and other revenues were $538.2 million in the quarter and $1.22 billion for the first six months, up from $1.10 billion. The six-month results were driven by a $475.0 million milestone payment received after the FDA approval of Zavzpret in March 2023, which also produced $153.6 million of interest income. Total royalty receipts were $1.86 billion for the first six months of 2023 versus $1.34 billion a year earlier, and Adjusted Cash Flow (non-GAAP) was $1.49 billion versus $848.6 million. The balance sheet shows cash and cash equivalents of $2.17 billion at June 30, 2023, and total senior unsecured notes of $7.3 billion, with $1.0 billion scheduled to mature in September 2023. The company repurchased 4,027 thousand Class A ordinary shares for approximately $134.5 million in the second quarter under a $1.0 billion authorization approved in March 2023. Dividends of $0.20 per Class A share were declared in each of the first two quarters of 2023, totaling $179.2 million for the six months. The provision for changes in expected cash flows was $241.2 million of expense in the quarter, driven mainly by Trelegy, Tremfya and Xtandi, compared with $105.7 million in the second quarter of 2022. During the period the company acquired royalty interests in Spinraza and pelacarsen, KarXT and Erleada, and it reported $682.1 million invested in royalties, milestones and related assets in the first six months of 2023. The filing notes that the company's GAAP results are volatile because of the effective interest method applied to its financial royalty assets, and it reports that the largest marketer, Vertex, accounted for 34% of total income and other revenues for the six months.

Royalty Pharma Quarterly Report for Q1 Ended Mar 31, 2023

Royalty Pharma plc (RPRX) reported a strong first quarter of 2023, with consolidated net income of $509.1 million versus $128.1 million a year earlier, and net income attributable to Royalty Pharma plc of $340.8 million, or $0.76 per diluted Class A share, compared with $51.8 million, or $0.12, in the first quarter of 2022. Total income and other revenues rose to $684.0 million from $562.0 million. The results were lifted by a $475.0 million milestone payment from Pfizer following FDA approval of Zavzpret in March 2023, which also drove $153.6 million of income from financial royalty assets. Operating income was $479.0 million, and G&A expenses rose to $85.7 million, reflecting higher Operating and Personnel Payments tied to cash receipts. On a cash basis, net cash provided by operating activities was $1.03 billion versus $460.3 million a year earlier. Total royalty receipts were $1.22 billion, and the company reported Adjusted Cash Receipts of $1.13 billion, Adjusted EBITDA of $1.04 billion and Adjusted Cash Flow of $973.4 million, all non-GAAP measures. Cash and cash equivalents rose to $2.0 billion at March 31, 2023. The company invested $618.2 million in royalties, milestones and related assets during the quarter, including a $500 million upfront payment for Spinraza and pelacarsen royalties and a $100 million upfront payment for a KarXT royalty. Total borrowings had a par value of $7.3 billion, with $1.0 billion of senior notes maturing in September 2023, and the company's $1.5 billion revolving credit facility remained undrawn. The company paid a $0.20 per share quarterly dividend totaling $88.6 million and authorized a share repurchase program of up to $1.0 billion in March 2023, though it made no repurchases in the quarter. The filing also notes that royalty income is volatile because of the effective interest method, with provision expense of $118.8 million recorded in the quarter.

Royalty Pharma Quarterly Report for Q3 Ended Sep 30, 2022

Royalty Pharma plc's Form 10-Q for the quarter ended September 30, 2022 shows consolidated net income of $220.4 million for the three months and $840.1 million for the nine months, with net income attributable to Royalty Pharma plc of $142.7 million and $498.9 million, respectively. Diluted EPS was $0.32 for the quarter and $1.14 for the nine months. Total income and other revenues were $573.5 million for the quarter, down from $585.8 million, and $1.67 billion for the nine months, down from $1.71 billion. The provision for changes in expected cash flows from financial royalty assets rose sharply to $305.1 million in the quarter and $595.4 million for the nine months, a non-cash item that the filing says drives volatility in reported income. Royalty receipts, which management uses as its primary operating measure, totaled $703.9 million for the quarter and $2.05 billion for the nine months, compared with $712.2 million and $1.95 billion a year earlier. Net cash provided by operating activities was $1.57 billion for the nine months, and Adjusted Cash Flow (non-GAAP) was $1.29 billion. Cash and cash equivalents fell to $991.6 million from $1.54 billion at year-end 2021, and total debt principal was $7.3 billion, with $1.0 billion classified as current. The company acquired royalties totaling $2.1 billion in the nine months, including the Trelegy royalty acquired in July 2022 for an upfront payment of $1.31 billion. Subsequent events include an October 2022 R&D funding agreement with Merck for MK-8189, with $50 million funded at closing and up to $375 million more available, and the write-off of the otilimab financial royalty asset, carried at $160.1 million, after GSK decided not to pursue regulatory submissions. The filing also reports the Pfizer acquisition of Biohaven, which accelerated redemption of the Series A and Series B Biohaven preferred shares.

Royalty Pharma Quarterly Report for Q2 Ended Jun 30, 2022

Royalty Pharma plc's second-quarter 2022 Form 10-Q reports consolidated net income of $491.6 million for the three months ended June 30, 2022, compared with $806.8 million a year earlier, and net income attributable to Royalty Pharma plc of $304.5 million versus $440.8 million. Total income and other revenues were $536.0 million versus $555.0 million. The filing attributes the change partly to a $105.7 million provision expense for changes in expected cash flows from financial royalty assets, compared with $243.8 million of provision income in the prior-year quarter. Basic and diluted EPS were $0.70 for the quarter versus $1.08 a year earlier, and six-month basic EPS was $0.82 versus $1.28. On a non-GAAP basis, the company reports six-month Adjusted Cash Receipts of $1.13 billion, up from $999.0 million, Adjusted EBITDA of $1.04 billion, and Adjusted Cash Flow of $848.6 million. Royalty receipts totaled $1.34 billion for the six months, up 8.7% from $1.24 billion, led by the cystic fibrosis franchise, with Tysabri, Imbruvica and Xtandi also contributing. Net cash provided by operating activities was $1.04 billion for the six months. Cash and cash equivalents rose to $2.11 billion at June 30, 2022, and long-term debt was $7.11 billion against $7.30 billion of senior unsecured notes principal. The filing also discloses significant post-quarter activity: in July 2022 the company acquired Theravance Respiratory Company, LLC, which entitles it to royalties on Trelegy, for a $1.31 billion upfront payment plus up to $300 million in sales-based milestones. It also notes that MorphoSys has notified the company of its intention to draw $300 million under the Development Funding Bonds in September 2022.

Royalty Pharma Quarterly Report for Q1 Ended Mar 31, 2022

Royalty Pharma plc's first-quarter 2022 Form 10-Q reports consolidated net income of $128.1 million, down from $159.0 million in the prior-year quarter, and net income attributable to Royalty Pharma plc of $51.8 million versus $69.1 million. Total income and other revenues were $562.0 million, compared with $573.0 million a year earlier. The filing attributes the lower income mainly to a $100.5 million R&D funding expense, which primarily reflects a $100.0 million upfront development-stage payment to Cytokinetics, and to lower income from financial royalty assets of $511.5 million. The provision for changes in expected cash flows fell to $184.6 million from $292.3 million, partly offsetting these pressures. Cash metrics were steadier. Net cash provided by operating activities was $460.3 million versus $526.1 million, while Adjusted Cash Receipts (a non-GAAP measure) rose to $604.6 million from $523.8 million and Adjusted EBITDA rose to $555.7 million from $481.6 million. Adjusted Cash Flow declined to $367.1 million from $409.3 million, reflecting the Cytokinetics payment and higher net interest paid following the first interest payment on the 2021 Notes. Total royalty receipts were $711.0 million, up from $649.5 million. Cash and cash equivalents rose to $1.79 billion, and long-term debt was $7.10 billion, against $7.30 billion of principal outstanding. The company also declared a quarterly dividend of $0.19 per Class A ordinary share, totaling $82.3 million, and reported that its $1.5 billion revolving credit facility remained undrawn. The filing notes that Vertex accounted for 32% of the current portion of financial royalty assets, net, and that management does not expect COVID-19 to have a material effect on results.

Royalty Pharma Quarterly Report for Q3 Ended Sep 30, 2021

Royalty Pharma plc's Form 10-Q for the quarter ended September 30, 2021 reports consolidated net income of $221.8 million for the three months and $1.19 billion for the nine months, with net income attributable to controlling interest of $101.9 million and $611.8 million, respectively. Total income and other revenues were $585.8 million for the quarter and $1.71 billion for the nine months, up from $538.4 million and $1.55 billion a year earlier. The company reports Adjusted Cash Receipts (non-GAAP) of $586.8 million for the quarter and $1.59 billion for the nine months, and Adjusted Cash Flow (non-GAAP) of $1.28 billion for the nine months, up from $1.06 billion. Management states that royalty receipts are its primary operating performance measure because the accounting for financial royalty assets makes reported income volatile. Quarterly results were weighed down by a $137.8 million provision for changes in expected cash flows, mainly tied to Tazverik and Xtandi, and by $90.5 million of R&D funding expense, which includes a $90.0 million upfront payment related to the MorphoSys partnership. Net cash provided by operating activities was $1.53 billion for the nine months. Cash and cash equivalents rose to $1.80 billion at September 30, 2021, and long-term debt increased to $7.09 billion following the July 2021 issuance of $1.3 billion of senior unsecured notes. The company also disclosed $2.2 billion invested in royalties and related assets during the nine months across four transactions. The filing describes a diversified royalty portfolio in which Vertex's cystic fibrosis franchise represented 33% of total income and other revenues for the quarter. Investors should note that a $110.0 million final Tazverik tranche was accrued at quarter end and funded on November 4, 2021, and that the company has a $1.5 billion undrawn revolving credit facility extended to September 2026.

Royalty Pharma Quarterly Report for Q2 Ended Jun 30, 2021

Royalty Pharma plc (RPRX) reported its second-quarter 2021 results in this Form 10-Q. Total income and other revenues rose to $554.96 million for the three months ended June 30, 2021, up from $510.93 million, and to $1.13 billion for the six months, up from $1.01 billion. Net income attributable to the controlling interest was $440.8 million for the quarter ($1.08 diluted EPS) versus $442.1 million a year earlier, while consolidated net income rose to $806.8 million from $602.0 million. Results were affected by a $243.8 million provision benefit for changes in expected cash flows in the quarter, driven mainly by higher consensus forecasts for Tysabri, Xtandi and the cystic fibrosis franchise, which the filing notes is non-cash and volatile. The company stresses that management uses royalty receipts and non-GAAP measures such as Adjusted Cash Receipts ($999.0 million for the six months) and Adjusted Cash Flow ($838.0 million) as its primary operating measures. Liquidity remained substantial, with cash and cash equivalents of $1.14 billion and marketable securities of $842.7 million at June 30, 2021, against long-term debt of $5.83 billion carrying value ($6.0 billion principal). The company paid $138.6 million in dividends ($0.17 per share in each of two quarterly payments) in the six months. Subsequent to quarter end, the company funded its MorphoSys partnership (upfront payment of $1.425 billion plus a $100 million share purchase) and issued $1.3 billion of 2031 and 2051 senior unsecured notes on July 26, 2021. In the first half of 2021 the company invested $706.9 million in royalties and related assets, including acquisitions of Oxlumo, Cabometyx/Cometriq and seltorexant royalties, and it committed up to $2.025 billion to MorphoSys. The filing states there have been no material changes to risk factors from the 2020 Form 10-K.

Royalty Pharma Quarterly Report for Q1 Ended Mar 31, 2021

Royalty Pharma plc's first quarter 2021 Form 10-Q reports consolidated net income of $159.0 million, compared with $109.1 million in the prior-year quarter, and net income attributable to the controlling interest of $69.1 million versus $71.2 million. Total income and other revenues rose to $573.0 million from $500.9 million, driven by income from financial royalty assets of $529.6 million. Results were offset by a $292.3 million provision for changes in expected cash flows from financial royalty assets, up from $88.0 million, and a $54.2 million loss on equity securities. Management emphasizes royalty receipts and non-GAAP measures: Adjusted Cash Receipts were $523.8 million and Adjusted Cash Flow was $409.3 million, versus $382.3 million and $297.8 million a year earlier. Net cash provided by operating activities was $526.1 million. The balance sheet shows cash and cash equivalents of $708.8 million, marketable securities of $1.07 billion, and long-term debt of $5.82 billion against $6.0 billion of senior unsecured notes issued in September 2020. Total shareholders' equity was $9.84 billion. The Revolving Credit Facility of $1.5 billion remained undrawn. The company paid a quarterly dividend of $66.0 million, or $0.17 per Class A share, and made $503.1 million of royalty acquisitions during the quarter, including a $100 million zavegepant funding payment to Biohaven. Subsequent to quarter end, in April 2021, the company acquired a royalty interest in Oxlumo for an upfront payment of $180 million. The filing attributes the provision increase primarily to declines in sell-side consensus forecasts for Imbruvica, the cystic fibrosis franchise, Tazverik, Xtandi and Emgality, along with a $35.9 million provision for current expected credit losses tied to portfolio growth. Management states that investors should not treat income from royalties and the associated provision as a measure of near-term financial performance.

Royalty Pharma Quarterly Report for Q3 Ended Sep 30, 2020

Royalty Pharma plc (RPRX) filed this Form 10-Q for the quarter ended September 30, 2020. Following its June 2020 IPO, which raised net proceeds of approximately $1.9 billion, and a February 2020 Exchange Offer Transaction that reorganized its predecessor Royalty Pharma Investments, the company reported consolidated net income of $624.3 million for the three months ended September 30, 2020 (versus $440.0 million a year earlier) and $1.34 billion for the nine months. Net income attributable to the controlling interest was $290.6 million for the quarter, down from $409.0 million, because of a larger non-controlling interest share, which rose to $333.6 million for the quarter. Total income and other revenues grew 16.0% to $538.4 million in the quarter, driven by income from financial royalty assets, which rose 15.9% to $498.5 million. The balance sheet strengthened considerably. Cash and cash equivalents rose to $1.55 billion from $246.2 million at December 31, 2019, and total assets reached $15.99 billion. Long-term debt was $5.81 billion after the company issued $6.0 billion of senior unsecured notes on September 2, 2020 and repaid its senior secured credit facilities. A $1.5 billion revolving credit facility, entered into September 18, 2020, was undrawn at quarter end. Royalty receipts from growth products rose 24.7% to $1.66 billion for the nine months, while Adjusted Cash Receipts declined 16.8% to $1.32 billion, mainly because distributions to non-controlling interests increased to $400.9 million. Subsequent events include an October 2020 secondary offering of 17,343,037 Class A shares at $42.00 per share, from which the company received no proceeds, and the acquisition of the residual royalty interest in Vertex's cystic fibrosis franchise from the Cystic Fibrosis Foundation for an upfront payment of $575 million plus a potential $75 million milestone. The filing states that the company's Class A and Class B shares are held roughly 62% and 38% respectively in RP Holdings after the secondary offering.

Royalty Pharma Quarterly Report for Q2 Ended Jun 30, 2020

Royalty Pharma plc (RPRX) filed this Form 10-Q for the quarter ended June 30, 2020, following its June 2020 initial public offering. The company is a holding company whose principal asset is a controlling interest in RP Holdings. For the six months ended June 30, 2020, total income and other revenues were $1.01 billion, up from $892.5 million, and net income attributable to the controlling interest was $513.3 million, versus $519.2 million a year earlier. Net cash provided by operating activities was $960.1 million, compared with $769.8 million in the prior-year period. Management emphasizes royalty receipts and Adjusted Cash Flow, which was $666.5 million for the six months, down from $823.2 million, mainly because of distributions to new non-controlling interests created in the Exchange Offer Transactions. The IPO closed on June 18, 2020 at $28.00 per share, with 89,333,920 Class A shares sold and net proceeds of approximately $1.9 billion. Cash and cash equivalents rose to $2.44 billion at June 30, 2020, from $283.7 million at year-end 2019, while long-term debt, including the current portion, fell to $5.91 billion from $6.24 billion. The company restructured its debt in February 2020 through new credit facilities of $3.20 billion (Tranche A-1) and $2.84 billion (Tranche B-1) at RPI Intermediate FT. The filing also reports a sharp swing in other income, driven by a $193.9 million unrealized gain on equity securities in the quarter. Subsequent events include a $650 million upfront payment for a royalty on risdiplam in July 2020 and an expanded Biohaven agreement of up to $450 million in August 2020. The filing notes that COVID-19's financial impact cannot be reasonably estimated at this time.