Track market-moving stories before they get noisy

Posted by Defense World Staff on Jul 23rd, 2026

Bank of New York Mellon Corp decreased its position in Royalty Pharma PLC (NASDAQ:RPRX – Free Report) by 2.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,302,043 shares of the biopharmaceutical company’s stock after selling 37,662 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.23% of Royalty Pharma worth $62,459,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Phillips Wealth Planners LLC grew its stake in shares of Royalty Pharma by 1.9% in the fourth quarter. Phillips Wealth Planners LLC now owns 13,113 shares of the biopharmaceutical company’s stock worth $521,000 after purchasing an additional 242 shares during the last quarter. Strs Ohio raised its position in Royalty Pharma by 2.8% during the 4th quarter. Strs Ohio now owns 9,318 shares of the biopharmaceutical company’s stock valued at $360,000 after purchasing an additional 252 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Royalty Pharma by 0.6% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 43,287 shares of the biopharmaceutical company’s stock valued at $1,673,000 after purchasing an additional 255 shares during the last quarter. Cary Street Partners Financial LLC lifted its holdings in Royalty Pharma by 1.1% in the 4th quarter. Cary Street Partners Financial LLC now owns 24,405 shares of the biopharmaceutical company’s stock worth $943,000 after buying an additional 260 shares during the period. Finally, Private Trust Co. NA lifted its holdings in Royalty Pharma by 52.9% in the 4th quarter. Private Trust Co. NA now owns 832 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 288 shares during the period. Hedge funds and other institutional investors own 54.35% of the company’s stock.

Insider Buying and Selling at Royalty Pharma In related news, Director Gregory Norden sold 3,045 shares of Royalty Pharma stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $53.00, for a total transaction of $161,385.00. Following the completion of the transaction, the director directly owned 191,803 shares of the company’s stock, valued at $10,165,559. This trade represents a 1.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Terrance P. Coyne sold 64,399 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $53.98, for a total transaction of $3,476,258.02. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 427,800 shares of company stock valued at $23,333,723 in the last quarter. 18.84% of the stock is owned by insiders.

Royalty Pharma Trading Up 0.5% NASDAQ RPRX opened at $58.72 on Thursday. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 0.86. Royalty Pharma PLC has a twelve month low of $34.08 and a twelve month high of $59.44. The firm has a market capitalization of $33.81 billion, a PE ratio of 39.95, a P/E/G ratio of 10.35 and a beta of 0.43. The stock’s 50 day moving average is $55.37 and its 200 day moving average is $49.00.

Royalty Pharma (NASDAQ:RPRX – Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.08. The company had revenue of $630.58 million for the quarter, compared to analysts’ expectations of $881.69 million. Royalty Pharma had a return on equity of 29.25% and a net margin of 33.88%. Research analysts forecast that Royalty Pharma PLC will post 5.18 earnings per share for the current fiscal year.

Royalty Pharma Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Friday, August 14th will be paid a $0.235 dividend. This represents a $0.94 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, August 14th. Royalty Pharma’s dividend payout ratio (DPR) is presently 63.95%.

Wall Street Analysts Forecast Growth Several research firms have recently issued reports on RPRX. Weiss Ratings cut Royalty Pharma from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, May 15th. Wall Street Zen raised Royalty Pharma from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. JPMorgan Chase & Co. lifted their price target on shares of Royalty Pharma from $50.00 to $58.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Citigroup boosted their price objective on shares of Royalty Pharma from $50.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Morgan Stanley upped their price objective on shares of Royalty Pharma from $61.00 to $63.00 and gave the stock an “overweight” rating in a report on Friday, April 10th. Seven analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Royalty Pharma has an average rating of “Buy” and an average target price of $56.57.

View Our Latest Stock Analysis on RPRX

Royalty Pharma Profile (Free Report)

Royalty Pharma plc is a specialty finance company that acquires biopharmaceutical royalty interests and provides non-dilutive financing to drug developers and rights holders. The firm purchases future royalty streams, milestone-contingent payments and other revenue rights linked to approved and late-stage pharmaceutical and biotechnology products. By paying upfront consideration for these rights, Royalty Pharma seeks to generate long-term cash flows tied to the commercial performance of a diversified portfolio of medicines.

The company’s transaction structures include outright royalty purchases, structured financings and milestone arrangements tailored to the needs of innovator companies, academic institutions and investors.

Featured Articles Five stocks we like better than Royalty Pharma Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding RPRX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Royalty Pharma PLC (NASDAQ:RPRX – Free Report).

Receive News & Ratings for Royalty Pharma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Royalty Pharma and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEFifth Third Bancorp Buys 19,655 Shares of ONE Gas, Inc. $OGS

NEXT HEADLINE »Streaming Stocks To Watch Now – July 21st

Posted by Defense World Staff on Jul 21st, 2026

AlTi Global Inc. trimmed its position in Royalty Pharma PLC (NASDAQ:RPRX – Free Report) by 50.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,073 shares of the biopharmaceutical company’s stock after selling 25,554 shares during the period. AlTi Global Inc.’s holdings in Royalty Pharma were worth $1,203,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. LM Advisors LLC bought a new stake in Royalty Pharma during the fourth quarter worth approximately $26,000. Lloyd Advisory Services LLC. acquired a new stake in shares of Royalty Pharma during the 4th quarter valued at $30,000. Private Trust Co. NA boosted its stake in shares of Royalty Pharma by 52.9% during the 4th quarter. Private Trust Co. NA now owns 832 shares of the biopharmaceutical company’s stock worth $32,000 after acquiring an additional 288 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Royalty Pharma by 173.4% during the 1st quarter. Blue Trust Inc. now owns 689 shares of the biopharmaceutical company’s stock worth $33,000 after acquiring an additional 437 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its holdings in shares of Royalty Pharma by 66.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,118 shares of the biopharmaceutical company’s stock worth $43,000 after acquiring an additional 446 shares during the last quarter. 54.35% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades Several equities research analysts have recently commented on RPRX shares. Wall Street Zen raised Royalty Pharma from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. UBS Group lifted their price target on Royalty Pharma from $51.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Weiss Ratings downgraded Royalty Pharma from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, May 15th. Morgan Stanley upped their price objective on shares of Royalty Pharma from $61.00 to $63.00 and gave the company an “overweight” rating in a research note on Friday, April 10th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Royalty Pharma from $50.00 to $58.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Seven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $56.57.

View Our Latest Stock Analysis on Royalty Pharma

Royalty Pharma Stock Down 1.5% Shares of Royalty Pharma stock opened at $57.29 on Tuesday. The stock has a 50-day moving average price of $55.12 and a 200 day moving average price of $48.72. The company has a market cap of $32.99 billion, a P/E ratio of 38.97, a P/E/G ratio of 10.30 and a beta of 0.43. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.86. Royalty Pharma PLC has a 1 year low of $34.08 and a 1 year high of $59.44.

Royalty Pharma (NASDAQ:RPRX – Get Free Report) last released its earnings results on Wednesday, May 6th. The biopharmaceutical company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.08. The company had revenue of $630.58 million for the quarter, compared to analysts’ expectations of $881.69 million. Royalty Pharma had a return on equity of 29.25% and a net margin of 33.88%. As a group, analysts expect that Royalty Pharma PLC will post 5.18 EPS for the current fiscal year.

Royalty Pharma Dividend Announcement The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 14th will be paid a $0.235 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.6%. Royalty Pharma’s dividend payout ratio is 63.95%.

Insider Transactions at Royalty Pharma In related news, EVP Christopher Hite sold 100,000 shares of Royalty Pharma stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $56.52, for a total transaction of $5,652,000.00. Following the completion of the sale, the executive vice president owned 459,399 shares of the company’s stock, valued at approximately $25,965,231.48. This trade represents a 17.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Gregory Norden sold 3,045 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $53.00, for a total value of $161,385.00. Following the completion of the transaction, the director owned 191,803 shares in the company, valued at $10,165,559. This trade represents a 1.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 427,800 shares of company stock valued at $23,333,723 in the last three months. 18.84% of the stock is currently owned by insiders.

Royalty Pharma Company Profile (Free Report)

Royalty Pharma plc is a specialty finance company that acquires biopharmaceutical royalty interests and provides non-dilutive financing to drug developers and rights holders. The firm purchases future royalty streams, milestone-contingent payments and other revenue rights linked to approved and late-stage pharmaceutical and biotechnology products. By paying upfront consideration for these rights, Royalty Pharma seeks to generate long-term cash flows tied to the commercial performance of a diversified portfolio of medicines.

The company’s transaction structures include outright royalty purchases, structured financings and milestone arrangements tailored to the needs of innovator companies, academic institutions and investors.

Featured Articles Five stocks we like better than Royalty Pharma The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence Is Domino’s Stock Serving Up a Buying Opportunity? A $1T Black Hole: SpaceX Eyes Pentagon AI to Break Free Why Gold Miners Could Be the Market’s Biggest Comeback Story

Receive News & Ratings for Royalty Pharma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Royalty Pharma and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEAmova Asset Management Americas Inc. Sells 4,933 Shares of MercadoLibre, Inc. $MELI

NEXT HEADLINE »Amova Asset Management Americas Inc. Sells 1,092,615 Shares of Roku, Inc. $ROKU

July 17, 2026 16:15 ET  | Source: Royalty Pharma plc

NEW YORK, July 17, 2026 (GLOBE NEWSWIRE) -- The board of directors of Royalty Pharma plc (Nasdaq: RPRX) has approved the payment of a dividend for the third quarter of 2026 of $0.235 per Class A ordinary share.

The dividend will be paid on September 10, 2026, to shareholders of record at the close of business on August 14, 2026.

About Royalty Pharma plc
Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta and Alyftrek, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, Servier’s Voranigo, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Pfizer’s Nurtec ODT, and Gilead’s Trodelvy, and 19 development-stage product candidates. For more information, visit www.royaltypharma.com.

Royalty Pharma Investor Relations and Communications
+1 (212) 883-6772
[email protected]

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Royalty Pharma (RPRX - Free Report) , which currently has a Momentum Style Score of A. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Royalty Pharma currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market? In order to see if RPRX is a promising momentum pick, let's examine some Momentum Style elements to see if this company holds up.

Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

For RPRX, shares are up 2.74% over the past week while the Zacks Medical - Biomedical and Genetics industry is up 2.25% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 4.83% compares favorably with the industry's 8.13% performance as well.

While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics -- such as performance over the past three months or year -- can be useful as well. Over the past quarter, shares of Royalty Pharma have risen 19.55%, and are up 60.47% in the last year. In comparison, the S&P 500 has only moved 10.84% and 21.72%, respectively.

Investors should also take note of RPRX's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now RPRX is averaging 3,280,736 shares for the last 20 days..

Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with RPRX.

Over the past two months, 1 earnings estimate moved higher compared to none lower for the full year. This revision helped boost RPRX's consensus estimate, increasing from $5.05 to $5.06 in the past 60 days. Looking at the next fiscal year, 1 estimate has moved upwards while there have been no downward revisions in the same time period.

Bottom LineGiven these factors, it shouldn't be surprising that RPRX is a #2 (Buy) stock and boasts a Momentum Score of A. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Royalty Pharma on your short list.

A strong stock as of late has been Royalty Pharma (RPRX - Free Report) . Shares have been marching higher, with the stock up 4.8% over the past month. The stock hit a new 52-week high of $58.84 in the previous session. Royalty Pharma has gained 50% since the start of the year compared to the 1.7% move for the Zacks Medical sector and the 5.8% return for the Zacks Medical - Biomedical and Genetics industry.

What's Driving the Outperformance?The stock has a great record of positive earnings surprises, having beaten the Zacks Consensus Estimate in each of the last four quarters. In its last earnings report on May 6, 2026, Royalty Pharma reported EPS of $1.3 versus consensus estimate of $1.22.

For the current fiscal year, Royalty Pharma is expected to post earnings of $5.06 per share on $3.44 in revenues. This represents a 4.76% change in EPS on a 5.6% change in revenues. For the next fiscal year, the company is expected to earn $5.52 per share on $3.68 in revenues. This represents a year-over-year change of 9.04% and 7.03%, respectively.

Valuation MetricsRoyalty Pharma may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking a look at valuation metrics in order to determine if the company has run ahead of itself.

On this front, we can look at the Zacks Style Scores, as these give investors a variety of ways to comb through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. Investors should consider the style scores a valuable tool that can help you to pick the most appropriate Zacks Rank stocks based on their individual investment style.

Royalty Pharma has a Value Score of B. The stock's Growth and Momentum Scores are C and A, respectively, giving the company a VGM Score of B.

In terms of its value breakdown, the stock currently trades at 11.5X current fiscal year EPS estimates, which is not in-line with the peer industry average of 20.5X. On a trailing cash flow basis, the stock currently trades at 12.1X versus its peer group's average of 14.7X. Additionally, the stock has a PEG ratio of 1.59. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.

Zacks RankWe also need to consider the stock's Zacks Rank, as this is even more important than the company's VGM Score. Fortunately, Royalty Pharma currently has a Zacks Rank of #2 (Buy) thanks to favorable earnings estimate revisions from covering analysts.

Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Royalty Pharma passes the test. Thus, it seems as though Royalty Pharma shares could have potential in the weeks and months to come.

How Does RPRX Stack Up to the Competition?Shares of RPRX have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is Fortrea Holdings Inc. (FTRE - Free Report) . FTRE has a Zacks Rank of #1 (Strong Buy) and a Value Score of A, a Growth Score of A, and a Momentum Score of D.

Earnings were strong last quarter. Fortrea Holdings Inc. beat our consensus estimate by 433.33%, and for the current fiscal year, FTRE is expected to post earnings of $0.80 per share on revenue of $2.61 billion.

Shares of Fortrea Holdings Inc. have gained 4.7% over the past month, and currently trade at a forward P/E of 21.98X and a P/CF of 1.78X.

The Medical - Biomedical and Genetics industry is in the top 44% of all the industries we have in our universe, so it looks like there are some nice tailwinds for RPRX and FTRE, even beyond their own solid fundamental situation.

April 15, 2026 16:15 ET  | Source: Royalty Pharma plc

NEW YORK, April 15, 2026 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) today announced that it will report its first quarter 2026 financial results on Wednesday, May 6, 2026 before the U.S. financial markets open. The company will host a conference call and simultaneous webcast at 8:00 a.m. Eastern Time that day.

Conference Call Information

Please visit the “Investors” page of the company’s website at https://www.royaltypharma.com/investors/events/ to obtain conference call information and to view the live webcast. A replay of the conference call and webcast will be archived on the company's website for at least 30 days.

About Royalty Pharma

Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta and Alyftrek, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, Servier’s Voranigo, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Pfizer’s Nurtec ODT, and Gilead’s Trodelvy, and 19 development-stage product candidates. For more information, visit www.royaltypharma.com.

Royalty Pharma Investor Relations and Communications

+1 (212) 883-6637
[email protected]

April 21, 2026 13:00 ET  | Source: Royalty Pharma plc

NEW YORK, April 21, 2026 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) today announced the launch of the Royalty Pharma Translational Prize, which recognizes exceptional achievements in translational medicine. The Prize will honor scientific breakthroughs that bridge the gap between fundamental discovery and the development of new medicines that improve and extend patients’ lives. It will include a $1 million award distributed among one or more established scientists whose work has translated unique scientific insights into medicines with significant impact, particularly contributions not yet recognized by the field’s most prominent awards.

“Royalty Pharma believes that scientific discovery can transform patient lives when it is successfully translated into medicines,” said Pablo Legorreta, Chief Executive Officer and Chairman of the Board of Royalty Pharma. “With the Royalty Pharma Translational Prize, we aim to recognize and celebrate the scientists whose discoveries have crossed that crucial bridge - from insight to impact - and to highlight the importance of translational research in advancing human health.”

The Prize will be administered by Royalty Pharma and selected by an independent international committee of leading scientists and industry experts. The committee will be chaired by Sir Gregory Winter, Nobel Laureate in Chemistry and pioneer of antibody engineering whose work has led to multiple life‑saving therapies.

“The Royalty Pharma Translational Prize will help create a culture of translation in academia, encourage other people into the area and facilitate the creation of new medicines. By recognizing scientists whose work has demonstrably improved patient care, the Royalty Pharma Translational Prize underscores the essential role that translational research plays in turning promising discoveries into medicines.” said Sir Gregory Winter.

The Prize will be presented annually, with nominations opening in summer 2026. The first laureate will be recognized in spring 2027 at the Accelerating Bio‑Innovation (ABI) conference.

About Royalty Pharma

Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta and Alyftrek, GSK’s Trelegy, Biogen’s Tysabri and Spinraza, Roche’s Evrysdi, Astellas and Pfizer’s Xtandi, Johnson & Johnson’s Tremfya, AbbVie and Johnson & Johnson’s Imbruvica, Servier’s Voranigo, Gilead’s Trodelvy, Amgen’s Imdelltra and Alnylam’s Amvuttra, among others, and 19 development-stage product candidates. For more information, visit www.royaltypharma.com.

About the Royalty Pharma Translational Prize

The Prize honors scientific breakthroughs that bridge the gap between fundamental discovery and the development of new medicines that improve and extend patients’ lives. It is awarded annually to one or more established scientists whose work has translated unique scientific insights into medicines with significant impact, particularly contributions not yet recognized by the field’s most prominent awards. For more information, visit www.rptranslationalprize.com.

About Accelerating Bio-Innovation

The Accelerating Bio-Innovation conference series was created by Royalty Pharma as a forum that bridges the worlds of academia, industry, and finance to gain new insights and inspire collaborations that will lead to new medicines. Alternating between the University of Cambridge UK and the Massachusetts Institute of Technology, the invitation-only ABI conference brings together life-science business leaders, renowned scientists, visionary entrepreneurs, and finance innovators. At the heart of each ABI conference is a curated program featuring world-class speakers, engaging social events, and high-impact networking opportunities, all designed to inspire dialogue, foster connections, and drive innovation in life sciences. For more information, visit www.abiconference.com.

Royalty Pharma Investor Relations and Communications

+1 (212) 883-6772
[email protected]

Portfolio Receipts growth of 10% to $925 million; Royalty Receipts growth of 13%Net cash provided by operating activities of $718 millionRaised full year 2026 guidance: Portfolio Receipts expected to be $3,325 million to $3,450 million NEW YORK, May 06, 2026 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) today reported financial results for the first quarter of 2026 and raised full year 2026 guidance for Portfolio Receipts.

“Royalty Pharma has delivered a strong start to 2026 across multiple dimensions. We grew Royalty Receipts by 13% and announced up to $1.25 billion of royalty transactions in the first quarter,” said Pablo Legorreta, Royalty Pharma’s Chief Executive Officer and Chairman of the Board. “Importantly, we continue to innovate our business and are very excited by the emergence of a significant opportunity in R&D co-funding with global biopharma companies. Our transactions this year included two such agreements - with Johnson & Johnson and Teva - underscoring the growing demand for this novel funding modality. We were also delighted by positive clinical and regulatory developments across our portfolio, notably the unprecedented overall survival benefit for daraxonrasib in pancreatic cancer. Lastly, we took major steps to strengthen our capabilities in the Asia-Pacific region, Partnering and AI with the addition of key leaders to our team. As a result, we are incredibly well positioned as a premier capital allocator in life sciences to deliver consistent, compounding growth.”

Double-digit growth in Royalty Receipts and Portfolio Receipts

Royalty Receipts grew 13% to $887 million in the first quarter of 2026 driven by Tremfya, Voranigo and Evrysdi.Portfolio Receipts increased by 10% to $925 million. Strong transaction activity

Acquired three royalties for $1.25 billion in announced value; Capital Deployment of $528 million in the first quarter.R&D co-funding collaborations in immunology announced with Johnson & Johnson on JNJ-4804 and Teva on TEV-’408. Positive clinical and regulatory updates across royalty portfolio

Positive Phase 3 results for Revolution Medicines’ daraxonrasib in pancreatic cancer and Cytokinetics’ Myqorzo in non-obstructive hypertrophic cardiomyopathy.Denali’s Avlayah (tividenofusp alfa) approved by FDA (Hunter syndrome); Nuvalent’s neladalkib (lung cancer) New Drug Application submitted to FDA. Raising financial guidance for full year 2026 (excludes contribution from future transactions)

Royalty Pharma now expects 2026 Portfolio Receipts to be between $3,325 million and $3,450 million (previously $3,275 million to $3,425 million), representing expected Royalty Receipts growth of 4% to 8%. Financial & Liquidity Summary

 Three Months Ended March 31,($ and shares in millions; unaudited)20262025ChangePortfolio Receipts92583910%Net cash provided by operating activities71859620%Adjusted EBITDA (non-GAAP)*88973821%Portfolio Cash Flow (non-GAAP)*72261118%Weighted average Class A ordinary shares outstanding - diluted557578(4)% *See “Liquidity and Capital Resources” section. Adjusted EBITDA and Portfolio Cash Flow are non-GAAP liquidity measures calculated in accordance with the credit agreement.

2026 Financial Outlook

Royalty Pharma has provided guidance for full year 2026, excluding new transactions and borrowings announced after the date of this release, as follows:

 Provided May 6, 2026PreviousPortfolio Receipts$3,325 million to $3,450 million$3,275 million to $3,425 millionPayments for operating and professional costs5.5% to 6.5% of Portfolio Receipts5.5% to 6.5% of Portfolio ReceiptsInterest paid$350 million to $360 million$350 million to $360 million Portfolio Receipts is defined as the sum of Royalty Receipts and Milestones and other contractual receipts. The above Portfolio Receipts guidance provided on May 6, 2026 includes expected Royalty Receipts growth of 4% to 8% in 2026.

Royalty Pharma’s full year 2026 guidance reflects an estimated foreign exchange impact of approximately +1% to Portfolio Receipts, assuming current foreign exchange rates prevail for the rest of 2026.

Payments for operating and professional costs in 2026 are expected to decrease as a percentage of Portfolio Receipts, compared to 8.9% in 2025, primarily due to extinguishment of the management fee following the completion of the internalization transaction on May 16, 2025.

Total interest paid is based on the semi-annual interest payment schedule of Royalty Pharma’s existing notes and the quarterly interest payment schedule for the term loan assumed as part of the internalization transaction. In 2026, Royalty Pharma anticipates interest paid to be approximately $350 million to $360 million.(5) Interest paid in the third quarter of 2026 is anticipated to be approximately $175 million. De minimis amounts are anticipated in the second and fourth quarters of 2026. These projections assume no additional debt financing in 2026, including no drawdown on the revolving credit facility. In the first quarter of 2026, Royalty Pharma collected interest of $6 million on its cash and cash equivalents, which partially offset interest paid.

Royalty Pharma today provides this guidance based on its most up-to-date view of its prospects. This guidance assumes no major unforeseen adverse events or changes in foreign exchange rates and excludes the contributions from transactions announced subsequent to the date of this press release.

Portfolio Receipts Highlights

 Three Months Ended March 31,($ in millions; unaudited)20262025ChangeProducts:Marketers:Therapeutic Area:   Cystic fibrosis franchiseVertexRare disease2532501%TrelegyGSKRespiratory988515%EvrysdiRocheRare disease805351%TremfyaJohnson & JohnsonImmunology643679%TysabriBiogenNeuroscience5961(3)%XtandiPfizer, AstellasOncology5152(3)%VoranigoServierOncology4720140%ImbruvicaAbbVie, Johnson & JohnsonOncology3846(17)%Cabometyx/CometriqExelixis, Ipsen, TakedaOncology23219%PromactaNovartisHematology1744(61)%ImdelltraAmgenOncology17—n/aTrodelvyGileadOncology13137%SpinrazaBiogenRare disease1213(9)%AmvuttraAlnylamRare disease8—n/aOther products(6)1089612%Royalty Receipts88778813%Milestones and other contractual receipts3851(25)%Portfolio Receipts92583910% Amounts shown in the table may not add due to rounding.

Royalty Receipts was $887 million in the first quarter of 2026, an increase of 13% compared to $788 million in the first quarter of 2025. The increase was primarily driven by Tremfya, Voranigo and Evrysdi, partially offset by a decline from Promacta due to U.S. generic competition. Royalty Receipts from Evrysdi included the benefit of the additional royalties acquired in December 2025.

Portfolio Receipts was $925 million in the first quarter of 2026, an increase of 10% compared to $839 million in the first quarter of 2025, primarily driven by the same Royalty Receipts increases noted above, partially offset by lower Milestones and other contractual receipts.

Liquidity and Capital Resources

Royalty Pharma’s liquidity and capital resources are summarized below:

As of March 31, 2026, Royalty Pharma had cash and cash equivalents of $586 million and total debt with principal value of $9.2 billion.

In the first quarter of 2026, Royalty Pharma paid a quarterly dividend of $0.235 per share, equating to $136 million in dividends and distributions.

In January 2025, Royalty Pharma announced a share repurchase program under which it may repurchase up to $3.0 billion of its Class A ordinary shares. Royalty Pharma repurchased approximately 1.1 million Class A ordinary shares for $50 million in the first quarter of 2026. The weighted-average number of diluted Class A ordinary shares outstanding for the first quarter of 2026 was 557 million, a decline of 4% as compared to 578 million for the first quarter of 2025.

Liquidity Summary

 Three Months Ended March 31,($ in millions; unaudited)2026 2025 Portfolio Receipts925 839 Payments for operating and professional costs(36)(102)Adjusted EBITDA (non-GAAP)889 738 Interest paid, net(167)(127)Portfolio Cash Flow (non-GAAP)722 611  Amounts may not add due to rounding.

Adjusted EBITDA (non-GAAP) was $889 million in the first quarter of 2026. Adjusted EBITDA is calculated as Portfolio Receipts minus payments for operating and professional costs.Portfolio Cash Flow (non-GAAP) was $722 million in the first quarter of 2026. Portfolio Cash Flow is calculated as Adjusted EBITDA minus interest paid or received, net. This measure reflects the cash generated by Royalty Pharma’s business that can be redeployed into value-enhancing royalty acquisitions, used to repay debt, returned to shareholders through dividends or share purchases, or utilized for other discretionary investments. Refer to Table 4 for Royalty Pharma’s reconciliation of each non-GAAP measure to the most directly comparable GAAP financial measure, net cash provided by operating activities.

Capital Deployment reflects cash payments during the period for new and previously announced transactions. Capital Deployment was $528 million in the first quarter of 2026, consisting primarily of upfront payments for the Ziihera (see ‘Royalty Transactions’) and Avlayah (formerly known as tividenofusp alfa) transactions and a milestone payment related to Trelegy.

The table below details Capital Deployment by category:

Capital Deployment

 Three Months Ended March 31,($ in millions; unaudited)2026 2025 Acquisitions of financial royalty assets(452)(1)Development-stage funding payments(26)(51)Milestone payments(50)(50)Contributions from legacy non-controlling interests - R&D— 0 Capital Deployment(528)(101) Amounts may not add due to rounding.

Royalty Transactions

During the first quarter of 2026, Royalty Pharma announced new transactions of up to $1.25 billion, which reflects the entire amount of potential capital committed for new transactions, including potential future milestones.

Recent transactions include:

In March 2026, Royalty Pharma entered into an R&D co-funding arrangement with Johnson & Johnson to provide $500 million over two years for the development of JNJ‑4804, an investigational medicine for autoimmune diseases.In March 2026, Royalty Pharma acquired a royalty interest in Ziihera from Zymeworks Inc. for $250 million. Ziihera, which is marketed by Jazz Pharmaceuticals and BeOne Medicines, is approved for human epidermal growth factor receptor 2 (HER2)-positive metastatic biliary tract cancer and is in development for HER2-positive gastric cancer.In January 2026, Royalty Pharma announced a funding agreement with Teva Pharmaceuticals for TEV-’408 for up to $500 million. The agreement includes up to $75 million to co-fund a Phase 2b study for vitiligo targeted for 2026. Based on the results of this study, Royalty Pharma has the option to provide up to an additional $425 million to co-fund the Phase 3 development program. The information in this section should be read together with Royalty Pharma’s reports and documents filed with the SEC at www.sec.gov and the reader is also encouraged to review all other press releases and information available in the Investors section of Royalty Pharma’s website at www.royaltypharma.com.

Key Developments Relating to the Portfolio

The key developments related to Royalty Pharma’s royalty interests are discussed below based on disclosures from the marketers of the products.

MyqorzoIn May 2026, Cytokinetics announced positive topline results from ACACIA-HCM, the pivotal phase 3 clinical trial of Myqorzo in patients with non-obstructive hypertrophic cardiomyopathy. ACACIA-HCM met both dual primary endpoints, demonstrating statistically significant improvements from baseline to week 36 compared to placebo.In February 2026, Cytokinetics announced that the European Commission (EC) approved Myqorzo for the treatment of symptomatic obstructive hypertrophic cardiomyopathy in adult patients.

ZiiheraIn April 2026, Jazz Pharmaceuticals announced that the U.S. Food and Drug Administration (FDA) accepted for filing, with Priority Review, a supplemental Biologics License Application for Ziihera in combination regimens for the first line treatment of adult patients with HER2-positive metastatic gastroesophageal adenocarcinoma. The FDA has set a Prescription Drug User Fee Act target action date of August 25, 2026.daraxonrasibIn April 2026, Revolution Medicines announced positive Phase 3 results from the RASolute 302 trial evaluating daraxonrasib in patients with previously treated metastatic pancreatic cancer. Based on these results, Revolution Medicines intends to submit the data to global regulatory authorities, including the FDA, as part of a future New Drug Application (NDA) under the Commissioner’s National Priority Voucher program.neladalkibIn April 2026, Nuvalent announced the submission of an NDA to the FDA for neladalkib, an investigational anaplastic lymphoma kinase (ALK)‑selective inhibitor, for tyrosine kinase inhibitor pre‑treated advanced ALK‑positive non-small cell lung cancer.SpinrazaIn March 2026, Biogen announced that the FDA approved the high dose regimen of Spinraza for spinal muscular atrophy (SMA).In January 2026, Biogen announced that the EC granted marketing authorization for a high dose regimen of Spinraza for SMA.

litifilimabIn March 2026, Biogen reported positive Phase 2 results from the AMETHYST Phase 2/3 study (Part A) of litifilimab in cutaneous lupus erythematosus (CLE), demonstrating reductions in skin disease activity through week 24.In January 2026, Biogen announced that the FDA granted Breakthrough Therapy Designation for litifilimab for the treatment of CLE.

AvlayahIn March 2026, Denali Therapeutics announced that the FDA granted accelerated approval of Avlayah (tividenofusp alfa) for the treatment of Hunter syndrome. Avlayah is the first FDA-approved biologic specifically designed to cross the blood-brain barrier and reach the whole body, including the brain.TazverikIn March 2026, Ipsen announced that it was voluntarily withdrawing Tazverik from all Ipsen markets based on emerging data from the ongoing Phase Ib/III SYMPHONY-1 trial. In addition, Eisai announced plans to discontinue sales of Tazverik in Japan. In the first quarter of 2026, Royalty Pharma recorded $69 million of non-cash impairment charges related to Tazverik.ampreloxetineIn March 2026, Theravance Biopharma reported that the Phase 3 CYPRESS study evaluating ampreloxetine in patients with symptomatic neurogenic orthostatic hypotension due to multiple system atrophy did not meet the primary endpoint. As a result, Theravance will wind down the ampreloxetine program.TEV-’749In February 2026, Teva Pharmaceuticals announced that the FDA accepted the NDA for olanzapine extended-release injectable suspension (TEV-'749) for the treatment of schizophrenia in adults.pelabresibIn January 2026, Novartis announced plans to submit a European Union regulatory filing for pelabresib in 2026, and that it would begin a new Phase 3 study in the United States, China and Japan.obexelimabIn January 2026, Zenas BioPharma announced positive results from the Phase 3 INDIGO trial of obexelimab in Immunoglobulin G4-related disease (IgG4-RD), which met the primary endpoint demonstrating a clinically meaningful and highly statistically significant reduction in risk of IgG4-RD flare. Zenas anticipates submitting a Biologics License Application in Q2 2026 and a Marketing Authorization Application to the European Medicines Agency in the second half of 2026. Financial Results Call

Royalty Pharma will host a conference call and simultaneous webcast to discuss its first quarter 2026 results today at 8:00 a.m., Eastern Time. Please visit the “Investors” page of the company’s website at https://www.royaltypharma.com/investors/events to obtain conference call information and to view the live webcast. A replay of the conference call and webcast will be archived on the company’s website for at least 30 days.

About Royalty Pharma plc

Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta and Alyftrek, GSK’s Trelegy, Biogen’s Tysabri and Spinraza, Roche’s Evrysdi, Astellas and Pfizer’s Xtandi, Johnson & Johnson’s Tremfya, AbbVie and Johnson & Johnson’s Imbruvica, Servier’s Voranigo, Gilead’s Trodelvy, Amgen’s Imdelltra and Alnylam’s Amvuttra, among others, and 19 development-stage product candidates.

Forward-Looking Statements

The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this document unless stated otherwise, and neither the delivery of this document at any time, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof.

This document contains statements that constitute “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of Royalty Pharma’s strategies, financing plans, growth opportunities, market growth and plans for capital deployment, plus the benefits of the internalization transaction, including expected accretion, enhanced alignment with shareholders, increased investment returns, expectations regarding management continuity, transparency and governance, and the benefits of simplification to its structure. In some cases, you can identify such forward-looking statements by terminology such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project,” “expect,” “may,” “will,” “would,” “could” or “should,” the negative of these terms or similar expressions. Forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to the company. However, these forward-looking statements are not a guarantee of Royalty Pharma’s performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, and other factors. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of the company’s control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this document are made only as of the date hereof. The company does not undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments, except as required by law.

Certain information contained in this document relates to or is based on studies, publications, surveys and other data obtained from third-party sources and the company’s own internal estimates and research. While the company believes these third-party sources to be reliable as of the date of this document, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this document involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the company believes its own internal research is reliable, such research has not been verified by any independent source.

For further information, please reference Royalty Pharma’s reports and documents filed with the U.S. Securities and Exchange Commission (“SEC”) by visiting EDGAR on the SEC’s website at www.sec.gov.

Portfolio Receipts

Portfolio Receipts is a key performance metric that represents Royalty Pharma’s ability to generate cash from Royalty Pharma’s portfolio investments, the primary source of capital that is deployed to make new portfolio investments. Portfolio Receipts is defined as the sum of Royalty Receipts and Milestones and other contractual receipts. Royalty Receipts includes variable payments based on sales of products, net of contractual payments to the legacy non-controlling interests, that are attributed to Royalty Pharma.

Milestones and other contractual receipts include sales-based or regulatory milestone payments and other fixed contractual receipts, net of contractual payments to legacy non-controlling interests, that are attributed to Royalty Pharma. Portfolio Receipts does not include royalty receipts and milestones and other contractual receipts that were received on an accelerated basis under the terms of the agreement governing the receipt or payment. Portfolio Receipts also does not include proceeds from equity securities or proceeds from purchases and sales of marketable securities, both of which are not central to Royalty Pharma’s fundamental business strategy. 2025 Portfolio Receipts does not include the $511 million of proceeds from the sale of the MorphoSys Development Funding Bonds, as the transaction was treated as an asset sale.

Portfolio Receipts is calculated as the sum of the following line items from Royalty Pharma’s GAAP condensed consolidated statements of cash flows: Cash collections from financial royalty assets, Cash collections from intangible royalty assets, Other royalty cash collections, Proceeds from available for sale debt securities and Distributions from equity method investees less Distributions to legacy non-controlling interests - Portfolio Receipts, which represent contractual distributions of Royalty Receipts, milestones and other contractual receipts to the Legacy Investors Partnerships.

Use of Non-GAAP Measures

Adjusted EBITDA and Portfolio Cash Flow are non-GAAP liquidity measures that exclude the impact of certain items and therefore have not been calculated in accordance with GAAP. Management believes that Adjusted EBITDA and Portfolio Cash Flow are important non-GAAP measures used to analyze liquidity because they are key components of certain material covenants contained within Royalty Pharma’s credit agreement. Royalty Pharma cautions readers that amounts presented in accordance with the definitions of Adjusted EBITDA and Portfolio Cash Flow may not be the same as similar measures used by other companies or analysts. These non-GAAP liquidity measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for the analysis of Royalty Pharma’s results as reported under GAAP.

The definitions of Adjusted EBITDA and Portfolio Cash Flow used by Royalty Pharma are the same as the definitions in the credit agreement. Noncompliance with the interest coverage ratio, leverage ratio and Portfolio Cash Flow ratio covenants under the credit agreement could result in lenders requiring the company to immediately repay all amounts borrowed. If Royalty Pharma cannot satisfy these covenants, it would be prohibited under the credit agreement from engaging in certain activities, such as incurring additional indebtedness, paying dividends, making certain payments, and acquiring and disposing of assets. Consequently, Adjusted EBITDA and Portfolio Cash Flow are critical to the assessment of Royalty Pharma’s liquidity.

Adjusted EBITDA and Portfolio Cash Flow are used by management as key liquidity measures in the evaluation of the company’s ability to generate cash from operations. Management uses Adjusted EBITDA and Portfolio Cash Flow when considering available cash, including for decision-making purposes related to funding of acquisitions, debt repayments, dividends and other discretionary investments. Further, these non-GAAP liquidity measures help management, the audit committee and investors evaluate the company’s ability to generate liquidity from operating activities.

The company has provided reconciliations of these non-GAAP liquidity measures to the most directly comparable GAAP financial measure, being net cash provided by operating activities in Table 4.

Royalty Pharma Investor Relations and Communications

+1 (212) 883-6772
[email protected]

Royalty Pharma plc
Condensed Consolidated Statements of Operations(8)(unaudited)
Table 1   Three Months Ended March 31,($ in millions)2026
2025
Income and other revenues  Income from financial royalty assets595 539 Other royalty income and revenues36 29 Total income and other revenues631 568 Operating (income)/expense  Provision for changes in expected cash flows from financial royalty assets(197)(127)Provision for credit losses on unfunded commitments(4)— Research and development funding expense40 51 General and administrative expenses (includes 122 and 1 of share-based compensation expense for the three months ended March 31, 2026 and 2025, respectively)159 111 Financial royalty asset impairment69 — Total operating expense, net68 34 Operating income563 534 Other (income)/expense  Equity in earnings of equity method investees(22)(6)Interest expense94 65 Other expense, net23 41 Total other expense, net95 100 Consolidated net income before tax468 434 Income tax expense— — Consolidated net income468 434 Net income attributable to non-controlling interests174 195 Net income attributable to Royalty Pharma plc295 239  Amounts may not add due to rounding.

Royalty Pharma plc
Selected Balance Sheet Data (unaudited)
Table 2   ($ in millions)As of March 31, 2026As of December 31, 2025Cash and cash equivalents586619Total current and non-current financial royalty assets, net17,32217,063Total assets19,81519,621Current portion of long-term debt380380Long-term debt, net of current portion8,5768,571Total liabilities9,8799,906Total shareholders’ equity9,9379,715 Royalty Pharma plc
Condensed Consolidated Statements of Cash Flows (unaudited)
Table 3   Three Months Ended March 31,($ in millions)2026 2025 Cash flows from operating activities:  Cash collections from financial royalty assets916 830 Cash collections from intangible royalty assets4 0 Other royalty cash collections34 32 Distributions from equity method investees4 13 Interest received6 12 Development-stage funding payments(26)(51)Payments for operating and professional costs(36)(102)Payments for Employee EPAs(10)— Interest paid(174)(139)Net cash provided by operating activities718 596 Cash flows from investing activities:  Distributions from equity method investees42 36 Purchases of equity securities(23)(4)Proceeds from equity securities0 — Proceeds from available for sale debt securities4 13 Proceeds from sales of available for sale debt securities— 511 Acquisitions of financial royalty assets(452)(1)Milestone payments(50)(50)Net cash (used in)/provided by investing activities(478)504 Cash flows from financing activities:  Distributions to legacy non-controlling interests - Portfolio Receipts(78)(85)Distributions to continuing non-controlling interests(40)(54)Dividends to shareholders(104)(95)Repurchases of Class A ordinary shares(50)(709)Contributions from legacy non-controlling interests - R&D— 0 Contributions from non-controlling interests - other— 1 Other(0)— Net cash used in financing activities(273)(941)Net change in cash and cash equivalents(32)159 Cash and cash equivalents, beginning of period619 929 Cash and cash equivalents, end of period586 1,088  EPAs: Equity Performance Awards. Amounts may not add due to rounding.

Royalty Pharma plc
GAAP to Non-GAAP Reconciliation (unaudited)
Table 4   Three Months Ended March 31,($ in millions)2026 2025 Net cash provided by operating activities (GAAP)718 596 Adjustments:  Proceeds from available for sale debt securities(7)4 13 Distributions from equity method investees(7)42 36 Interest paid, net(7)167 127 Development-stage funding payments26 51 Distributions to legacy non-controlling interests - Portfolio Receipts(7)(78)(85)Payments for Employee EPAs10 — Adjusted EBITDA (non-GAAP)889 738 Interest paid, net(7)(167)(127)Portfolio Cash Flow (non-GAAP)722 611  EPAs: Equity Performance Awards. Amounts may not add due to rounding.

Royalty Pharma plc
Description of Approved Indications for Select Portfolio Therapies
Table 5
Cystic fibrosis franchise
Cystic fibrosisTrelegyChronic obstructive pulmonary disease and asthmaEvrysdiSpinal muscular atrophyTremfyaPlaque psoriasis, psoriatic arthritis, ulcerative colitis and Crohn’s diseaseTysabriRelapsing forms of multiple sclerosisXtandiProstate cancerVoranigoLow-grade gliomaImbruvicaHematological malignancies and chronic graft versus host diseaseCabometyx/CometriqKidney, liver and thyroid cancerPromactaChronic immune thrombocytopenia purpura and aplastic anemiaImdelltraSmall cell lung cancerTrodelvyBreast cancerSpinrazaSpinal muscular atrophyAmvuttraTransthyretin amyloidosis   Notes
 (1)Portfolio Receipts is defined above in the section entitled “Portfolio Receipts.”(2)  Adjusted EBITDA is defined under the credit agreement as Portfolio Receipts minus payments for operating and professional costs. Operating and professional costs reflect Payments for operating and professional costs from the GAAP condensed consolidated statements of cash flows. See GAAP to Non-GAAP reconciliation in Table 4.(3)Portfolio Cash Flow is defined under the credit agreement as Adjusted EBITDA minus interest paid or received, net. See GAAP to Non-GAAP reconciliation in Table 4. Portfolio Cash Flow reflects the cash generated by Royalty Pharma’s business that can be redeployed into value-enhancing royalty acquisitions, used to repay debt, returned to shareholders through dividends or share purchases or utilized for other discretionary investments.(4)Capital Deployment is calculated as the summation of the following line items from Royalty Pharma’s GAAP condensed consolidated statements of cash flows: Investments in equity method investees, Purchases of available for sale debt securities, Acquisitions of financial royalty assets, Acquisitions of other financial assets, Milestone payments, Development-stage funding payments less Contributions from legacy non-controlling interests - R&D.(5)The term loan that Royalty Pharma assumed as part of the Internalization has a Secured Overnight Financing Rate (SOFR) based variable interest rate. Royalty Pharma estimated the related interest payment for 2026 based on the forward curve as of April 29, 2026.(6)Other products primarily include Royalty Receipts on the following products: Crysvita, Emgality, Erleada, Farxiga/Onglyza, IDHIFA, Niktimvo, Nurtec ODT, Orladeyo, Skytrofa, Soliqua, Yorvipath and distributions from the Legacy SLP Interest, which is presented as Distributions from equity method investees on the GAAP condensed consolidated statements of cash flows.(7)The table below shows the line item for each adjustment and the direct location for such line item on the GAAP condensed consolidated statements of cash flows. Reconciling AdjustmentStatements of Cash Flows ClassificationInterest paid, netOperating activities (Interest paid less Interest received)Distributions from equity method investeesInvesting activitiesProceeds from available for sale debt securitiesInvesting activitiesDistributions to legacy non-controlling interests - Portfolio ReceiptsFinancing activities (8)The condensed consolidated statement of operations for 2025 has been recast to reflect the adoption of ASU 2025-07 by removing the losses previously recognized on derivative.

Have you been paying attention to shares of Royalty Pharma (RPRX - Free Report) ? Shares have been on the move with the stock up 7.6% over the past month. The stock hit a new 52-week high of $50.82 in the previous session. Royalty Pharma has gained 30.5% since the start of the year compared to the -7.3% gain for the Zacks Medical sector and the -1.6% return for the Zacks Medical - Biomedical and Genetics industry.

What's Driving the Outperformance?The stock has an impressive record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on May 6, 2026, Royalty Pharma reported EPS of $1.3 versus consensus estimate of $1.22 while it beat the consensus revenue estimate by 5.95%.

For the current fiscal year, Royalty Pharma is expected to post earnings of $5.08 per share on $3.45 in revenues. This represents a 5.18% change in EPS on a 5.95% change in revenues. For the next fiscal year, the company is expected to earn $5.41 per share on $3.63 in revenues. This represents a year-over-year change of 6.35% and 5.36%, respectively.

Valuation MetricsThough Royalty Pharma has recently hit a 52-week high, what is next for Royalty Pharma? A key aspect of this question is taking a look at valuation metrics in order to determine if the company has run ahead of itself.

On this front, we can look at the Zacks Style Scores, as these give investors a variety of ways to comb through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. The idea behind the style scores is to help investors pick the most appropriate Zacks Rank stocks based on their individual investment style.

Royalty Pharma has a Value Score of B. The stock's Growth and Momentum Scores are C and C, respectively, giving the company a VGM Score of B.

In terms of its value breakdown, the stock currently trades at 9.9X current fiscal year EPS estimates, which is not in-line with the peer industry average of 21.7X. On a trailing cash flow basis, the stock currently trades at 10.6X versus its peer group's average of 13.9X. Additionally, the stock has a PEG ratio of 3.22. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.

Zacks RankWe also need to consider the stock's Zacks Rank, as this is even more important than the company's VGM Score. Fortunately, Royalty Pharma currently has a Zacks Rank of #2 (Buy) thanks to rising earnings estimates.

Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Royalty Pharma passes the test. Thus, it seems as though Royalty Pharma shares could have potential in the weeks and months to come.

Investors with an interest in Medical - Biomedical and Genetics stocks have likely encountered both Royalty Pharma (RPRX - Free Report) and Amgen (AMGN - Free Report) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.

Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Royalty Pharma has a Zacks Rank of #2 (Buy), while Amgen has a Zacks Rank of #3 (Hold) right now. Investors should feel comfortable knowing that RPRX likely has seen a stronger improvement to its earnings outlook than AMGN has recently. But this is only part of the picture for value investors.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.

RPRX currently has a forward P/E ratio of 9.92, while AMGN has a forward P/E of 14.84. We also note that RPRX has a PEG ratio of 3.22. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. AMGN currently has a PEG ratio of 3.35.

Another notable valuation metric for RPRX is its P/B ratio of 3. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, AMGN has a P/B of 19.35.

These metrics, and several others, help RPRX earn a Value grade of B, while AMGN has been given a Value grade of C.

RPRX is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that RPRX is likely the superior value option right now.

Royalty Pharma plc (RPRX) Presents at Bank of America Global Healthcare Conference 2026 Transcript

Royalty Pharma plc (RPRX) Presents at RBC Capital Markets Global Healthcare Conference 2026 Transcript

Royalty Pharma plc (RPRX) Presents at Goldman Sachs 47th Annual Global Healthcare Conference 2026 Transcript