01—Abstract
Summary
Summary of the 8-K filed December 22, 2025. Cited figures are marked; the original filing is the authoritative source.
Royalty Pharma plc reported in a Form 8-K filed December 22, 2025 (Item 7.01, Regulation FD Disclosure) that the U.S. Food and Drug Administration approved a New Drug Application for MYQORZO (aficamten), announced by Cytokinetics, Incorporated on December 19, 2025.
MYQORZO is a cardiac myosin inhibitor for adult patients with symptomatic obstructive hypertrophic cardiomyopathy (oHCM), intended to improve functional capacity and symptoms. Under funding agreements with Cytokinetics dated January 2022 and May 2024, Royalty Pharma is entitled to a royalty of 4.5% on MYQORZO sales up to $5 billiona, decreasing to 1% on sales above $5 billion. The company also provided Cytokinetics long-term capital of up to $225 million in 2022, all of which has been drawn, and additional launch capital of up to $225 million in 2024, of which $50 million has been drawn.
Based on amounts drawn to date, Royalty Pharma will receive $523 millionb in quarterly repayments over 10 years (1.9x the total amount drawn), of which $20 million had been repaid through September 30, 2025. Following the approval, Cytokinetics is eligible to draw an additional $175 million within the next 12 months, which would also be repaid at 1.9x the amount drawn over 10 years in quarterly installments.
02—Key points
Key Highlights
- FDA approved Cytokinetics' New Drug Application for MYQORZO (aficamten) for symptomatic obstructive hypertrophic cardiomyopathy, announced December 19, 2025.
- Royalty Pharma is entitled to a 4.5% royalty on MYQORZO sales up to $5 billion, decreasing to 1% on sales above $5 billion.
- Royalty Pharma provided up to $225 million of long-term capital in 2022 related to MYQORZO, all of which has been drawn.
- Royalty Pharma provided up to $225 million of additional launch capital in 2024, of which $50 million has been drawn.
- Based on amounts drawn to date, Royalty Pharma will receive $523 million in quarterly repayments over 10 years, equal to 1.9x the total amount drawn.
- $20 million had been repaid to Royalty Pharma through September 30, 2025.
- Cytokinetics is eligible to draw an additional $175 million within the next 12 months, with repayment at 1.9x the amount drawn over 10 years.
03—Questions
Frequently Asked Questions
What did the FDA approve and what is the indication?
The FDA approved a New Drug Application for MYQORZO (aficamten), a cardiac myosin inhibitor, for adult patients with symptomatic obstructive hypertrophic cardiomyopathy (oHCM) to improve functional capacity and symptoms. The approval was announced by Cytokinetics on December 19, 2025.
How much royalty does Royalty Pharma receive on MYQORZO sales?
Royalty Pharma is entitled to a royalty of 4.5% on MYQORZO sales up to $5 billion, decreasing to 1% on sales above $5 billion, under funding agreements with Cytokinetics from January 2022 and May 2024.
How much capital has Royalty Pharma provided to Cytokinetics for MYQORZO?
Royalty Pharma provided up to $225 million of long-term capital in 2022, all of which has been drawn, and up to $225 million of launch capital in 2024, of which $50 million has been drawn. Cytokinetics is also eligible to draw an additional $175 million within the next 12 months following approval.
How will Royalty Pharma be repaid for its capital?
Based on amounts drawn to date, Royalty Pharma will receive $523 million in quarterly repayments over 10 years, equal to 1.9x the total amount drawn. Of this, $20 million had been repaid through September 30, 2025. Any further draws are to be repaid at 1.9x the total amount drawn over 10 years in quarterly installments.
Does this filing disclose financial results or guidance?
No. The filing is a Regulation FD disclosure covering the FDA approval and the terms of Royalty Pharma's funding arrangements. It does not present Royalty Pharma's financial results or guidance, and it includes standard forward-looking statement cautions.
04—Continue