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Mar 31, 2024
Royalty Pharma Q1 2024 Earnings Report
Royalty Pharma reported first quarter results, showing a decrease in Portfolio Receipts due to a high base of comparison in the previous year, but an increase in Royalty Receipts driven by strong portfolio performance.
Key Takeaways
Royalty Pharma's first quarter 2024 saw a 14% increase in Royalty Receipts, driven by royalties on Evrysdi, Trelegy, and the cystic fibrosis franchise. However, Portfolio Receipts decreased due to a significant Biohaven-related milestone payment in Q1 2023. The company confirmed its full-year 2024 guidance for Portfolio Receipts and continues to deploy capital, including acquiring royalties on Sanofi's frexalimab.
Royalty Receipts increased by 14% to $705 million, driven by strong portfolio performance.
Portfolio Receipts decreased to $717 million, impacted by a high base of comparison due to a $475 million Biohaven milestone payment in Q1 2023.
The company deployed approximately $670 million in capital, including acquiring royalties on Sanofi’s frexalimab.
Full year 2024 guidance was confirmed, with Portfolio Receipts expected to be between $2,600 million and $2,700 million.
Royalty Pharma
Royalty Pharma
Royalty Pharma Revenue by Segment
Revenue by Segment
Cystic Fibrosis Franchise Revenue
CapyFin.comTrelegy Revenue
CapyFin.comTysabri Revenue
CapyFin.comEvrysdi Revenue
CapyFin.comXtandi Revenue
CapyFin.comImbruvica Revenue
CapyFin.comPromacta Revenue
CapyFin.comTremfya Revenue
CapyFin.comCabometyx/Cometriq Revenue
CapyFin.comSpinraza Revenue
CapyFin.comTrodelvy Revenue
CapyFin.comErleada Revenue
CapyFin.comOther Products Revenue
CapyFin.com Forward Guidance
Royalty Pharma expects 2024 Portfolio Receipts to be between $2,600 million and $2,700 million, which includes expected Royalty Receipts growth of 5% to 9%.
Positive Outlook
- Portfolio Receipts are expected to be between $2,600 million and $2,700 million.
- Royalty Receipts are expected to grow 5% to 9% in 2024.
- Guidance reflects a negligible estimated foreign exchange impact to Portfolio Receipts.
- Total interest paid is anticipated to be approximately $160 million in 2024.
- The company's guidance assumes no major unforeseen adverse events and excludes contributions from transactions announced after the date of the press release.
Revenue & Expenses
Visualization of income flow from segment revenue to net income