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Sep 30, 2024
Royalty Pharma Q3 2024 Earnings Report
Royalty Pharma reported strong Q3 2024 results with a 15% increase in Portfolio Receipts and raised full-year guidance.
Key Takeaways
Royalty Pharma reported a strong third quarter with a 15% increase in Portfolio Receipts to $735 million. The company also increased its capital deployment to $1.2 billion and raised its full-year guidance for Portfolio Receipts to $2.75 to $2.8 billion.
Portfolio Receipts grew by 15% to $735 million.
Royalty Receipts increased by 15%, driven by Trelegy, Evrysdi, the cystic fibrosis franchise, and Tremfya.
Capital Deployment reached approximately $1.2 billion.
Full year 2024 guidance for Portfolio Receipts was raised to $2,750 to $2,800 million.
Forward Guidance
Royalty Pharma expects 2024 Portfolio Receipts to be between $2,750 million and $2,800 million, which includes expected Royalty Receipts growth of 11% to 13%.
Positive Outlook
- Portfolio Receipts are expected to be between $2,750 million and $2,800 million.
- Royalty Receipts are expected to grow 11% to 13%.
- Guidance excludes new transactions and borrowings announced after the date of the release.
- Guidance reflects a negligible estimated foreign exchange impact to Portfolio Receipts.
- Interest paid is anticipated to be a de minimis amount in the fourth quarter of 2024.
Challenges Ahead
- Guidance excludes new transactions and borrowings announced after the date of the release.
- Guidance assumes no major unforeseen adverse events.
- Guidance assumes no changes in foreign exchange rates.
- Total interest paid is based on the semi-annual interest payment schedule of Royalty Pharma’s existing notes.
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