Royalty Pharma plc

Listed Company

RPRXCIK 0001802768NasdaqLarge AcceleratedPharmaceutical PreparationsX0FY ends Dec 31

Period

FY 2025

Revenue

$2.38B

Net Income

$770.95M

Total Assets

$19.62B

Equity

$9.71B

Shares Out

388.13M

Op. Cash Flow

$2.49B

Business

Royalty Pharma plc is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry. It assembles and acquires royalty interests that entitle it to payments based on top-line product sales, and provides third-party and synthetic royalties, launch and development capital, co-funding of late-stage trials and M&A-related royalty acquisitions. Its business is organized around a portfolio of royalties on approved marketed therapies and development-stage product candidates, together with structured funding arrangements. It operates globally by partnering with academic institutions, research hospitals, biotechnology companies and major pharmaceutical marketers to receive royalty-based cash flows tied to worldwide sales.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total income and other revenues	2,378	2,264	2,355	2,237	2,289
Provision for changes in expected cash flows from financial royalty assets	−296	732	561	904	453
Provision for credit losses on unfunded commitments	89	0	0	—	—
Research and development funding expense	452	2	52	177	200
General and administrative expenses (includes $290,890, $3,224, and $3,302 of share-based compensation expense for the years ended December 31, 2025, 2024 and 2023, respectively; see Note 4)	573	237	250	227	183
Total operating expense, net	819	971	862	1,930	859
Operating income	1,560	1,292	1,492	307	1,431
Equity in earnings of equity method investees	−29	−30	−29	9	19
Interest expense	308	226	187	188	—
Losses on derivative financial instruments	0	6	2	−97	22
Losses/(gains) on equity securities	22	−40	−87	33	48
Gains on available for sale debt securities	−46	−155	−231	7	−18
Interest income	−34	−47	−72	−78	—
Other non-operating expenses, net	14	2	22	15	6
Total other expense/(income), net	235	−38	−208	77	190
Consolidated net income before tax	1,324	1,331	1,700	230	1,241
Income tax expense	0	0	0	0	0
Consolidated net income	1,324	1,331	1,700	230	1,241
Net income attributable to non-controlling interests	553	472	565	187	621
Net income attributable to Royalty Pharma plc	771	859	1,135	43	620
Basic (in dollars per share)	1.79	1.92	2.54	0.1	1.49
Diluted (in dollars per share)	1.78	1.91	2.53	0.1	1.49
Basic (in shares)	430	448	448	438	415
Diluted (in shares)	564	594	603	438	415

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	619	929	477	1,711	1,541
Financial royalty assets	854	784	738	691	614
Available for sale debt securities	19	58	18	1	66
Other royalty income receivable	29	27	22	20	15
Other current assets	7	4	18	91	7
Total current assets	1,528	1,802	1,274	2,555	2,878
Financial royalty assets, net	16,208	15,127	14,089	13,493	13,718
Equity securities	171	187	199	112	270
Available for sale debt securities	419	694	437	226	204
Equity method investments	290	379	376	397	435
Goodwill	925	0	—	—	—
Other assets	79	34	7	30	4
Total assets	19,621	18,223	16,382	16,813	17,516
Distributions payable to legacy non-controlling interests	73	76	—	—	—
Accounts payable and accrued expenses	19	13	15	8	6
Interest payable	111	98	52	54	58
Current portion of long-term debt	380	998	0	998	0
Other current liabilities	53	69	11	12	0
Total current liabilities	636	1,254	161	1,167	171
Long-term debt	8,571	6,615	6,135	6,119	7,096
Accrued compensation liabilities	578	0	—	—	—
Other liabilities	121	12	900,000	3	0
Total liabilities	9,906	7,880	6,298	7,288	7,267
Commitments and contingencies	—	—	—	—	—
Deferred shares, $0.000001 par value; issued and outstanding: 2025411,475 and 2024392,255	0	0	0	0	0
Additional paid-in capital	4,123	4,103	4,011	3,666	3,508
Retained earnings	2,356	2,846	2,518	1,965	2,255
Non-controlling interests	3,238	3,396	3,558	3,897	4,472
Treasury interests	−3	−3	—	—	—
Total shareholders equity	9,715	10,342	10,084	9,525	10,249
Total liabilities and shareholders equity	19,621	18,223	16,382	16,813	17,516

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash collections from financial royalty assets	3,355	2,983	3,201	2,507	2,316
Cash collections from intangible royalty assets	720,000	15	1	73	151
Other royalty cash collections	114	109	159	70	44
Distributions from equity method investees	13	13	19	39	34
Interest received	34	46	72	25	3
Development-stage funding payments	−452	−2	−52	—	—
Payments for operating and professional costs	−288	−236	−243	−223	−185
Payments for Employee EPAs	−11	0	0	—	—
Interest paid	−276	−160	−169	−170	−130
Net cash provided by operating activities	2,490	2,769	2,988	2,144	2,018
Acquisition of businesses, net of cash acquired	−74	0	0	—	—
Distributions from equity method investees	105	24	44	0	523,000
Investments in equity method investees	0	−11	−13	−10	−35
Purchases of equity securities	−58	−63	0	−88	−135
Proceeds from equity securities	35	99	0	—	—
Purchases of available for sale debt securities	−175	−150	0	−480	−70
Proceeds from available for sale debt securities	21	20	1	542	63
Proceeds from sales of available for sale debt securities	511	0	0	—	—
Proceeds from sales and maturities of marketable securities	0	0	24	792	1,598
Acquisitions of financial royalty assets	−1,698	−2,506	−2,116	−1,742	−2,192
Acquisitions of other financial assets	0	−18	0	−21	0
Milestone payments	−271	−75	−12	0	−19
Other	−9	2	−2	0	0
Net cash used in investing activities	−1,614	−2,678	−2,073	−1,029	−1,870
Distributions to legacy non-controlling interests - Portfolio Receipts	−355	−362	−377	—	—
Distributions to continuing non-controlling interests	−167	−125	−120	−144	−133
Dividends to shareholders	−378	−376	−358	−333	−285
Repurchases of Class A ordinary shares	−1,227	−230	−305	0	0
Contributions from legacy non-controlling interests - R&D	220,000	747,000	543,000	1	7
Contributions from non-controlling interests - other	6	4	7	6	37
Cash acquired in connection with purchase of non-controlling interest	0	0	5	0	0
Proceeds from revolving credit facility	1,275	0	350	0	0
Repayment of revolving credit facility	−1,275	0	−350	—	—
Repayment of long-term debt	−1,000	0	−1,000	0	0
Proceeds from issuance of long-term debt, net of discount	1,954	1,471	0	0	1,273
Debt issuance costs and other	−17	−13	−2	−1	−13
Other	−2	−9	0	0	—
Net cash (used in)/provided by financing activities	−1,186	361	−2,149	−945	385
Net change in cash and cash equivalents	−310	452	−1,234	170	532

Filings

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