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Sep 30, 2023
Royalty Pharma Q3 2023 Earnings Report
Royalty Pharma reported solid Q3 2023 results, driven by growth in key royalties and strategic acquisitions.
Key Takeaways
Royalty Pharma reported a 7% increase in Adjusted Cash Receipts to $637 million, driven by strong performances of the CF franchise and Trelegy, and the addition of Spinraza. The company also announced transactions of up to $3.8 billion year-to-date, including $2.1 billion in upfront payments and raised its 2023 guidance for Adjusted Cash Receipts to $2,950 to $3,000 million.
Adjusted Cash Receipts increased by 7% to $637 million, driven by strong performance of the CF franchise and Trelegy, and the addition of Spinraza.
Net cash provided by operating activities grew 6% to $574 million.
The company announced transactions of up to $3.8 billion year-to-date, including $2.1 billion in upfront payments.
Royalty Pharma is raising 2023 guidance: Adjusted Cash Receipts expected to be $2,950 to $3,000 million.
Revenue by Segment
Forward Guidance
Royalty Pharma provided its guidance for full-year 2023, excluding transactions announced after the date of this release.
Positive Outlook
- Adjusted Cash Receipts(1) (non-GAAP) $2,950 million to $3,000 million
- Payments for operating and professional costs 8% to 8.5% of Adjusted Cash Receipts(1)
- Interest paid $170 million
- Development-stage funding payments - upfront and milestone $50 million
- This Adjusted Cash Receipts(1) guidance represents underlying growth of 9%(4) to 11%(4) prior to the Zavzpret milestone payment in the first quarter of 2023 and the payments related to the Biohaven Preferred Shares received in 2022.
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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