10-K · February 11, 2026
Royalty Pharma (RPRX) positions itself as the largest buyer of biopharmaceutical royalties with scale, high cash conversion and a disciplined capital-allocation framework. In 2025 the company generated $3.3 billion of…
Earnings analysis · 10-Q
RPRX earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Royalty Pharma plc reported a first-quarter 2026 net income of $294.7 million, up 23.1% year-over-year, and total operating revenue of $630.6 million, reflecting an 11% increase compared to the previous year. EBITDA…
Read full summary
Royalty Pharma plc reported a first-quarter 2026 net income of $294.7 million, up 23.1% year-over-year, and total operating revenue of $630.6 million, reflecting an 11% increase compared to the previous year. EBITDA jumped to 722.1 million, driven primarily by portfolio receipts boosted by strong performance in key products, despite a significant financial royalty asset impairment of $69.4 million reported during the period. The company raised its full-year guidance for portfolio receipts due to solid performance across multiple segments.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.53
- Segment
- Cystic fibrosis
- Segment
- Evrysdi
- Segment
- Tremfya
- Segment
- Voranigo
- Segment
- Trelegy
What stood out
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Revenue Growth
Total revenue increased to $630.6 million, a rise of 11% from $568.2 million in Q1 2025.
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Strong EPS Performance
The diluted EPS rose to $0.53, compared to $0.43 in Q1 2025, exceeding expectations.
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Portfolio Receipts Surge
Total portfolio receipts reached $925.4 million, a 10% year-over-year increase.
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Segment Performance Highlights
Royalty receipts from the cystic fibrosis franchise grew by 1.4% to $253.2 million.
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Strategic Adjustments
Management retained robust cash liquidity, with cash provided by operating activities rising to $718.2 million, up from $596.1 million.
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Successful Debt Management
Interest expense climbed to $93.7 million, primarily due to higher debt levels resulting from recent financing.
What to watch
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Financial Royalty Asset Impairment
Significant impairment charge of $69.4 million related to Tazverik due to market withdrawal.
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Interest Rate Risks
Interest expense increased by 43.6% to $93.7 million, raising concerns over rising costs associated with debt financing.
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Dependence on Key Products
62% of royalty receipts were derived from the top five products, exposing significant revenue risks.
Management's outlook
Raised full-year 2026 guidance for portfolio receipts from previous $3,275 million to $3,450 million.
Earlier filings 4
10-Q · May 8, 2025
Royalty Pharma reported Q1 2025 income and other revenues of $568,247,000 (vs $567,978,000 in Q1 2024) and generated operating income of $534,182,000 (versus an operating loss of $73,774,000 in Q1 2024). Diluted Class A…
10-K · February 12, 2025
Royalty Pharma (RPRX) positions itself as the largest buyer of biopharmaceutical royalties with a capital-efficient, high-cash-conversion model focused on long-duration royalty assets. In 2024 the company generated $2.8…
10-Q · August 8, 2024
Royalty Pharma reported quarter revenues of $537,267,000 (three months ended June 30, 2024), essentially flat versus $538,202,000 in Q2 2023, while diluted earnings per Class A share fell to $0.23 from $0.50 a year…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.