Royalty Pharma plc (RPRX)Stock Price & Financial Statements
AboutRoyalty Pharma plc operates as a buyer of biopharmaceutical royalties and a funder of innovations in the biopharmaceutical industry in the United States. It is also involved in the identification, evaluation, and acquisition of royalties on various biopharmaceutical therapies. In addition, the company collaborates with innovators from academic institutions, research hospitals and not-for-profits, small and mid-cap biotechnology companies, and pharmaceutical companies. Its portfolio consists of royalties on approximately 35 marketed therapies and 10 development-stage product candidates that address various therapeutic areas, such as rare disease, cancer, neurology, infectious disease, hematology, and diabetes. The company was founded in 1996 and is based in New York, New York.Show more
- Revenue $2.38B +5.1%
- EBITDA $1.56B +0.2%
- Net Income $771M -10.2%
- EPS (Diluted) 1.78 -6.9%
- Gross Margin -
- EBITDA Margin 65.58% -4.6%
- Operating Margin 65.58% +14.8%
- Net Margin 32.42% -14.6%
- ROE 7.66% -8.9%
- ROIC 6.66% +12.5%
- Debt/Equity 0.91 +24.2%
- Interest Coverage 5.07 -11.6%
Key Insights
Based on financial data analysisStrengths
- ✓FCF machine: 104.7% free cash flow margin
- ✓Momentum leader: RS Rating 80 (top 20%)
- ✓High quality earnings: Operating CF exceeds net income
- ✓Share count reduced 5.0% through buybacks
- ✓Healthy 5Y average net margin of 29.5%
- ✓Trading near 52-week high
Weaknesses
- ✗Low asset turnover indicates capital-intensive operations
Price & Volume
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Growth Metrics
Revenue CAGR
10Y-
5Y2.3%
3Y2.06%
TTM3.7%
Profit (Net Income) CAGR
10Y-
5Y-4.59%
3Y162.07%
TTM-33.2%
EPS CAGR
10Y-
5Y-7.28%
3Y163.04%
TTM-31.42%
ROCE
10Y Avg10.2%
5Y Avg7.27%
3Y Avg8.61%
Latest8.68%
Peer Comparison
Royalty and IP Monetization Vehicles| Name | Market Cap | Current Price | P/E Ratio | Revenue Growth 1Y | Net Margin | ROE | FCF Yield | Debt/Equity |
|---|---|---|---|---|---|---|---|---|
 BTXBlackRock Technology and Private Equity Term Trust | 772.62M | 6.62 | 38.94 | -81.13% | 87.75% | 1.87% | 35.88% | |
RPRXRoyalty Pharma plc | 26.77B | 47.43 | 26.65 | 5.06% | 32.55% | 7.95% | 9.3% | 0.91 |
 INVAInnoviva, Inc. | 1.7B | 22.73 | 6.89 | 18.52% | 65.38% | 23.12% | 11.54% | |
 CDTCDT Equity Inc. | 1.46M | 0.71 | -0.03 | -474.64% | ||||
 CBUSCibus, Inc. | 98.77M | 3.33 | -0.31 | 134.56% | -31.34% | -228.53% | 0.37 | |
 XOMAPXOMA Corporation | 317.24M | 25.77 | -15.62 | 498.72% | 46.15% | 20.14% | 1.46 | |
 XOMAXOMA Royalty Corp. | 316.14M | 26.45 | -16.03 | 498.72% | 41.06% | 17.91% | 1.46 | |
 LGNDLigand Pharmaceuticals Incorporated | 4.11B | 208.95 | -949.77 | 27.28% | 19.34% | 5.11% | 1.88% | 0.01 |
Compare RPRX vs Peers
Analyze head-to-head performance against top industry competitors across valuation, growth, and profitability metrics.
Income Statement
| Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 1.6B | 1.79B | 1.81B | 2.12B | 2.29B | 2.24B | 2.35B | 2.26B | 2.38B |
| Revenue Growth % | - | 12.33% | 1.08% | 16.98% | 7.87% | -2.28% | 5.24% | -3.86% | 5.06% |
| Cost of Goods Sold | 0 | 0 | 0 | 230.84M | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | 10.88% | - | - | - | - | - |
| Gross Profit | 1.6B | 1.79B | 1.81B | 1.89B | 2.29B | 2.24B | 2.35B | 2.26B | 0 |
| Gross Margin % | 100% | 100% | 100% | 89.12% | 100% | 100% | 100% | 100% | - |
| Gross Profit Growth % | - | 12.33% | 1.08% | 4.26% | 21.04% | -2.28% | 5.24% | -3.86% | -100% |
| Operating Expenses | 658.24M | 430.45M | -808.92M | 296.12M | 858.75M | 1.93B | 862.4M | 971.13M | 1.03B |
| OpEx % of Revenue | 41.19% | 23.98% | -44.59% | 13.95% | 37.51% | 86.27% | 36.63% | 42.9% | 43.12% |
| Selling, General & Admin | 106.44M | 61.91M | 103.44M | 181.72M | 182.83M | 227.3M | 249.75M | 236.67M | 573.48M |
| SG&A % of Revenue | 6.66% | 3.45% | 5.7% | 8.56% | 7.99% | 10.16% | 10.61% | 10.46% | 24.11% |
| Research & Development | 117.87M | 392.61M | 83.04M | 26.29M | 200.08M | 177.11M | 52M | 2M | 452M |
| R&D % of Revenue | 7.38% | 21.87% | 4.58% | 1.24% | 8.74% | 7.92% | 2.21% | 0.09% | 19.01% |
| Other Operating Expenses | 433.93M | -24.07M | -995.4M | 88.11M | 475.84M | 1.53B | 560.66M | 732.46M | 0 |
| Operating Income | 939.69M | 1.36B | 2.62B | 1.6B | 1.43B | 307.06M | 1.49B | 1.29B | 1.56B |
| Operating Margin % | 58.81% | 76.02% | 144.59% | 75.17% | 62.49% | 13.73% | 63.37% | 57.1% | 65.58% |
| Operating Income Growth % | - | 45.2% | 92.25% | -39.18% | -10.32% | -78.54% | 385.94% | -13.38% | 20.66% |
| EBITDA | 972.96M | 1.4B | 2.65B | 1.62B | 1.45B | 312.74M | 1.89B | 1.56B | 1.56B |
| EBITDA Margin % | 60.89% | 77.87% | 145.91% | 76.26% | 63.5% | 13.98% | 80.15% | 68.76% | 65.58% |
| EBITDA Growth % | - | 43.66% | 89.39% | -38.86% | -10.18% | -78.49% | 503.47% | -17.54% | 0.21% |
| D&A (Non-Cash Add-back) | 33.27M | 33.27M | 23.92M | 23.06M | 23M | 5.67M | 0 | 0 | 0 |
| EBIT | 1.59B | 1.8B | 2.73B | 1.66B | 1.41B | 418.02M | 1.89B | 1.56B | 0 |
| Net Interest Income | -240.58M | -255.51M | -246.24M | -128.68M | -112.61M | -109.63M | -114.9M | -178.17M | 0 |
| Interest Income | 6.76M | 24.44M | 22.33M | 28.38M | 53.53M | 78.33M | 72.29M | 47.34M | -33.59M |
| Interest Expense | 247.34M | 279.96M | 268.57M | 157.06M | 166.14M | 187.96M | 187.19M | 225.51M | 307.66M |
| Other Income/Expense | 403.49M | 153.41M | -161.76M | 106.56M | -189.51M | -77M | 207.94M | 38.37M | -235.33M |
| Pretax Income | 1.34B | 1.52B | 2.46B | 1.7B | 1.24B | 230.06M | 1.7B | 1.33B | 1.32B |
| Pretax Margin % | 84.06% | 84.57% | 135.67% | 80.19% | 54.21% | 10.28% | 72.2% | 58.79% | 55.68% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 553.25M |
| Effective Tax Rate % | 90.09% | 90.77% | 95.41% | 57.29% | 49.93% | 18.62% | 66.75% | 64.55% | 58.22% |
| Net Income | 1.21B | 1.38B | 2.35B | 975.04M | 619.73M | 42.83M | 1.13B | 858.98M | 770.95M |
| Net Margin % | 75.72% | 76.76% | 129.45% | 45.94% | 27.07% | 1.91% | 48.2% | 37.95% | 32.42% |
| Net Income Growth % | - | 13.86% | 70.46% | -58.48% | -36.44% | -93.09% | 2549.5% | -24.31% | -10.25% |
| Net Income (Continuing) | 1.34B | 1.52B | 2.46B | 1.7B | 1.24B | 230.06M | 1.7B | 1.33B | 0 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 63.87M | 35.88M | 5.08B | 4.47B | 3.9B | 3.56B | 3.4B | 72.83M |
| EPS (Diluted) | 1.99 | 2.27 | 6.42 | 2.60 | 1.49 | 0.10 | 2.53 | 1.91 | 1.78 |
| EPS Growth % | - | 13.86% | 182.8% | -59.54% | -42.47% | -93.45% | 2490.7% | -24.54% | -6.9% |
| EPS (Basic) | 1.99 | 2.27 | 6.42 | 2.60 | 1.49 | 0.10 | 2.54 | 1.92 | 1.79 |
| Diluted Shares Outstanding | 354.18M | 354.18M | 354.18M | 388.13M | 414.8M | 437.97M | 602.9M | 594M | 564.46M |
| Basic Shares Outstanding | 354.18M | 354.18M | 354.18M | 388.13M | 414.79M | 437.96M | 447.6M | 445.99M | 429.8M |
| Dividend Payout Ratio | 60.76% | 59.11% | 31.48% | 40.8% | 46.02% | 778.21% | 31.58% | 43.83% | - |
Balance Sheet
| Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 2.95B | 2.61B | 832.07M | 2.7B | 2.88B | 2.55B | 1.27B | 1.8B | 619M |
| Cash & Short-Term Investments | 1.38B | 2.39B | 793.21M | 2.65B | 2.8B | 2.43B | 1.23B | 1.77B | 637.5M |
| Cash Only | 1.38B | 1.92B | 246.2M | 1.01B | 1.54B | 1.71B | 477.01M | 929.03M | 618.7M |
| Short-Term Investments | 0 | 461.82M | 547.01M | 1.64B | 1.26B | 717.04M | 756.74M | 841.97M | 18.8M |
| Accounts Receivable | 0 | 198.63M | 38.77M | 39.17M | 68.31M | 36.6M | 22.41M | 26.96M | 0 |
| Days Sales Outstanding | - | 40.39 | 7.8 | 6.74 | 10.89 | 5.97 | 3.47 | 4.35 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.57B | 23.89M | 92K | 8.6M | 6.63M | 90.52M | 18.04M | 4.19M | -18.5M |
| Total Non-Current Assets | 8.43B | 8.76B | 11.62B | 13.32B | 14.64B | 14.26B | 15.11B | 16.42B | 17.06B |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 924.63M |
| Intangible Assets | 0 | 75.65M | 51.72M | 28.67M | 5.67M | 0 | 0 | 15.13B | 0 |
| Long-Term Investments | 0 | 8.67B | 11.48B | 13.28B | 14.63B | 14.23B | 15.1B | 16.39B | 171.31M |
| Other Non-Current Assets | 0 | 19.11M | 87.95M | 10M | 4.14M | 29.63M | 6.52M | -15.09B | 15.97B |
| Total Assets | 11.37B | 11.37B | 12.45B | 16.02B | 17.52B | 16.81B | 16.38B | 18.22B | 19.62B |
| Asset Turnover | 0.14x | 0.16x | 0.15x | 0.13x | 0.13x | 0.13x | 0.14x | 0.12x | 0.12x |
| Asset Growth % | - | -0.03% | 9.5% | 28.68% | 9.34% | -4.01% | -2.57% | 11.24% | 7.67% |
| Total Current Liabilities | 383.41M | 580.17M | 333.42M | 307.89M | 171.25M | 1.17B | 161.38M | 1.25B | 636.21M |
| Accounts Payable | 0 | 4.48M | 11.18M | 10.78M | 5.62M | 7.91M | 15.16M | 13.37M | 0 |
| Days Payables Outstanding | - | - | - | 17.04 | - | - | - | - | - |
| Short-Term Debt | 280.93M | 281.44M | 281.98M | 0 | 0 | 997.51M | 0 | 997.77M | 380M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 102.48M | 0 | 9.21M | 18.6M | 0 | 12.4M | 11.38M | 68.6M | 256.21M |
| Current Ratio | 7.69x | 4.50x | 2.50x | 8.76x | 16.81x | 2.19x | 7.90x | 1.44x | 0.97x |
| Quick Ratio | 7.69x | 4.50x | 2.50x | 8.76x | 16.81x | 2.19x | 7.90x | 1.44x | 0.97x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 6.52B | 6.24B | 5.98B | 5.82B | 7.1B | 6.12B | 6.14B | 6.63B | 9.27B |
| Long-Term Debt | 6.52B | 6.24B | 5.96B | 5.82B | 7.1B | 6.12B | 6.14B | 6.61B | 8.57B |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 18.9M | 0 | 0 | 2.5M | 900K | 12.08M | 698.71M |
| Total Liabilities | 6.9B | 6.82B | 6.31B | 6.12B | 7.27B | 7.29B | 6.3B | 7.88B | 9.91B |
| Total Debt | 6.8B | 6.52B | 6.24B | 5.82B | 7.1B | 7.12B | 6.14B | 7.61B | 8.95B |
| Net Debt | 5.42B | 4.6B | 5.99B | 4.81B | 5.56B | 5.41B | 5.66B | 6.68B | 8.33B |
| Debt / Equity | 1.52x | 1.43x | 1.02x | 0.59x | 0.69x | 0.75x | 0.61x | 0.74x | 0.91x |
| Debt / EBITDA | 6.99x | 4.66x | 2.36x | 3.59x | 4.88x | 22.76x | 3.25x | 4.89x | 5.74x |
| Net Debt / EBITDA | 5.57x | 3.29x | 2.26x | 2.97x | 3.82x | 17.28x | 3.00x | 4.29x | 5.34x |
| Interest Coverage | 3.80x | 4.87x | 9.77x | 10.16x | 8.61x | 1.63x | 7.97x | 5.73x | 5.07x |
| Total Equity | 4.46B | 4.55B | 6.14B | 9.9B | 10.25B | 9.53B | 10.08B | 10.34B | 9.79B |
| Equity Growth % | - | 2.05% | 34.91% | 61.13% | 3.56% | -7.06% | 5.87% | 2.56% | -5.36% |
| Book Value per Share | 12.59 | 12.85 | 17.34 | 25.50 | 24.71 | 21.75 | 16.73 | 17.41 | 17.34 |
| Total Shareholders' Equity | 4.46B | 4.49B | 6.11B | 4.82B | 5.78B | 5.63B | 6.53B | 6.95B | 9.71B |
| Common Stock | 0 | 3.28B | 3.28B | 102K | 106K | 107K | 108K | 108K | 43K |
| Retained Earnings | 0 | 1.22B | 2.83B | 1.92B | 2.26B | 1.96B | 2.52B | 2.85B | 2.36B |
| Treasury Stock | 0 | 0 | -4.27M | -2.32M | -2.71M | -2.81M | -2.63M | -2.66M | 0 |
| Accumulated OCI | 0 | -10.26M | 2.09M | 34.4M | 16.49M | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 63.87M | 35.88M | 5.08B | 4.47B | 3.9B | 3.56B | 3.4B | 72.83M |
Cash Flow Statement
| Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 1.42B | 1.62B | 1.67B | 2.03B | 2.02B | 2.14B | 2.99B | 2.77B | 2.49B |
| Operating CF Margin % | 88.76% | 90.16% | 91.9% | 95.87% | 88.12% | 95.83% | 126.89% | 122.33% | 104.69% |
| Operating CF Growth % | - | 14.1% | 3.02% | 22.04% | -0.84% | 6.27% | 39.36% | -7.32% | -10.08% |
| Net Income | 1.34B | 1.52B | 2.46B | 1.7B | 1.24B | 230.06M | 1.7B | 1.33B | 770.95M |
| Depreciation & Amortization | 33.27M | 33.27M | 23.92M | 23.06M | 23M | 5.67M | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 5.43M | 2.44M | 2.17M | 2.36M | 2.34M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.52B | 1.63B | -793.43M | 228.22M | 767.22M | 1.87B | 1.28B | 1.38B | 1.72B |
| Working Capital Changes | -1.48B | -1.56B | -24.67M | 75.97M | -16.32M | 32.66M | 5.38M | 53.38M | 0 |
| Change in Receivables | -84.48M | 111.53M | 159.86M | -400K | -29.14M | -4.74M | -1.52M | -4.55M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 1.35M | 6.5M | -766K | -4.59M | 2.29M | 6.24M | -2.29M | 0 |
| Cash from Investing | -1.59B | 303.42M | -2.15B | -2.76B | -1.87B | -1.03B | -2.07B | -2.68B | -1.61B |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Acquisitions | -2M | -24.17M | -27.04M | -40.16M | -34.85M | -9.9M | -12.54M | -10.96M | -74.42M |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 115M | 0 | -250M | 15.08M | -18.08M | 0 | 29.44M | -49.32M | -2.01B |
| Cash from Financing | -123.25M | -1.38B | -1.19B | 1.49B | 385.11M | -944.86M | -2.15B | 361.14M | -1.19B |
| Debt Issued (Net) | 907M | -294M | -294M | 680.63M | 1.27B | 0 | -1B | 1.47B | 0 |
| Equity Issued (Net) | 0 | 0 | -1000K | 1000K | 0 | 0 | -1000K | -1000K | 0 |
| Dividends Paid | -735.17M | -814.36M | -739.28M | -397.84M | -285.18M | -333.32M | -358.33M | -376.46M | -378.25M |
| Share Repurchases | 0 | 0 | -4.27M | 0 | 0 | 0 | -304.76M | -229.65M | 0 |
| Other Financing | -295.08M | -270.74M | -154.08M | -704.36M | -602.24M | -611.53M | -485.67M | -503.97M | -807.72M |
| Net Change in Cash | -292.65M | 542.64M | -1.68B | 762.48M | 532.37M | 169.7M | -1.23B | 452.02M | -310.33M |
| Free Cash Flow | 1.42B | 1.62B | 1.67B | 2.03B | 2.02B | 2.14B | 2.99B | 2.77B | 2.49B |
| FCF Margin % | 88.76% | 90.16% | 91.9% | 95.87% | 88.12% | 95.83% | 126.89% | 122.33% | 104.69% |
| FCF Growth % | - | 14.1% | 3.02% | 22.04% | -0.84% | 6.27% | 39.36% | -7.32% | -10.08% |
| FCF per Share | 4.00 | 4.57 | 4.71 | 5.24 | 4.86 | 4.90 | 4.96 | 4.66 | 4.41 |
| FCF Conversion (FCF/Net Income) | 1.17x | 1.17x | 0.71x | 2.09x | 3.26x | 50.06x | 2.63x | 3.22x | 3.23x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Key Ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 27.13% | 30.57% | 43.92% | 12.16% | 6.15% | 0.43% | 11.57% | 8.41% | 7.66% |
| Return on Invested Capital (ROIC) | - | 10.76% | 18.49% | 8.92% | 7.03% | 1.5% | 7.3% | 5.92% | 6.66% |
| Gross Margin | 100% | 100% | 100% | 89.12% | 100% | 100% | 100% | 100% | - |
| Net Margin | 75.72% | 76.76% | 129.45% | 45.94% | 27.07% | 1.91% | 48.2% | 37.95% | 32.42% |
| Debt / Equity | 1.52x | 1.43x | 1.02x | 0.59x | 0.69x | 0.75x | 0.61x | 0.74x | 0.91x |
| Interest Coverage | 3.80x | 4.87x | 9.77x | 10.16x | 8.61x | 1.63x | 7.97x | 5.73x | 5.07x |
| FCF Conversion | 1.17x | 1.17x | 0.71x | 2.09x | 3.26x | 50.06x | 2.63x | 3.22x | 3.23x |
| Revenue Growth | - | 12.33% | 1.08% | 16.98% | 7.87% | -2.28% | 5.24% | -3.86% | 5.06% |
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