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Royalty Pharma (RPRX) investor relations material
Royalty Pharma Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 11% year-over-year growth in both Portfolio and Royalty Receipts for Q3 2025, driven by key products like Voranigo, Tremfya, and the cystic fibrosis franchise.
Raised full-year 2025 Portfolio Receipts guidance to $3,200–$3,250 million, reflecting 14–16% expected growth.
Deployed $1 billion in Q3 and $1.7–$2.0 billion in the first nine months of 2025 on major royalty transactions and development-stage therapies.
Repurchased 35 million shares for $1.15–$1.2 billion in the first nine months of 2025, with 4 million shares repurchased for $152 million in Q3.
Completed internalization of management in May 2025, incurring one-time costs and transitioning to an integrated operating model.
Financial highlights
Portfolio Receipts and Royalty Receipts both grew 11% year-over-year in Q3 2025, reaching $814 million and $811 million, respectively.
Adjusted EBITDA for Q3 2025 was $779 million, with Portfolio Cash Flow at $657 million and a margin of 81%.
Net income attributable to shareholders for Q3 2025 was $288 million, down from $544 million in Q3 2024.
Cash and cash equivalents stood at $939 million as of September 30, 2025; total debt was $9.2 billion with a weighted average cost of 3.75%.
Weighted average share count declined to 560 million, down from 593 million in Q3 2024.
Outlook and guidance
Full-year 2025 Portfolio Receipts guidance raised to $3,200–$3,250 million, up from $3,050–$3,150 million, reflecting 14–16% growth.
Milestones and other contractual receipts expected to be $125 million for 2025.
Operating and professional costs projected at 9–9.5% of Portfolio Receipts; interest paid expected to be $275 million in 2025 and $350–$360 million in 2026.
Guidance assumes no major adverse events or significant FX changes and excludes contributions from transactions announced after the press release date.
Minimal royalties expected from Promacta in 2026 due to generic launches.
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