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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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