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Dec 31, 2022
Royalty Pharma Q4 2022 Earnings Report
Reported strong financial and operational results, driven by strategic transactions and robust growth in key royalty assets.
Key Takeaways
Royalty Pharma reported a strong Q4 2022, marked by a 96% increase in Adjusted Cash Receipts to $1,064 million and a 99% increase in Adjusted EBITDA to $983 million. The company executed nine deals for potentially transformative therapies and provided full year 2023 guidance, excluding new transactions.
Net cash from operating activities increased 16% to $570 million.
Adjusted Cash Receipts increased 96% to $1,064 million, driven by a $458 million payment from Pfizer's acquisition of Biohaven and strong portfolio performance.
Adjusted EBITDA increased 99% to $983 million.
Adjusted Cash Flow grew 146% to $946 million.
Revenue by Segment
Forward Guidance
Royalty Pharma expects 2023 Adjusted Cash Receipts to be between $2,375 million and $2,475 million, excluding a potential $475 million milestone related to FDA approval of intranasal zavegepant and transactions announced subsequent to the date of this release.
Positive Outlook
- Adjusted Cash Receipts (non-GAAP) of $2,375 million to $2,475 million
- Payments for operating and professional costs 8% to 9% of Adjusted Cash Receipts
- Interest paid $170 million
- Development-stage funding payments - upfront and milestone $50 million
- This Adjusted Cash Receipts(1) guidance for 2023 represents underlying growth of 4% to 9% prior to payments related to the Biohaven Preferred Shares in 2022
Challenges Ahead
- Guidance excludes a potential $475 million milestone related to FDA approval of intranasal zavegepant for migraine.
- Guidance excludes contributions from transactions announced after the date of this release.
- Guidance may be amended in the event of new royalty transactions with a material near-term financial impact.
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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