On August 5, 2026 Royalty Pharma plc (Nasdaq: RPRX) reported financial results for the second quarter of 2026 and raised full year 2026 guidance for Portfolio Receipts.

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"Royalty Pharma delivered strong second quarter results with Royalty Receipts growth of 14%," said Pablo Legorreta, Royalty Pharma’s Chief Executive Officer and Chairman of the Board. "Our transaction pipeline remains exciting and we continued to bolster our development-stage pipeline in recent months, bringing total Capital Deployment to over $1 billion so far in 2026. Following our acquisition of a royalty on AstraZeneca’s cliramitug, our development-stage pipeline now totals 19 potential therapies. Lastly, our strong financial performance has allowed us to raise our top-line guidance for the second time this year, driven by the strength of our diversified portfolio. The fundamental tailwinds supporting our business are compelling and we remain well positioned as a premier capital allocator in life sciences to deliver consistent, compounding growth."

Double-digit growth in Royalty Receipts in the second quarter of 2026
•Royalty Receipts grew 14% to $768 million, driven by Tremfya, Voranigo, Imdelltra and Evrysdi.
•Portfolio Receipts increased by 6% to $773 million, reflecting lower milestones and other contractual receipts.
Strong transaction activity
•Acquired royalty on AstraZeneca’s cliramitug for transthyretin amyloidosis with cardiomyopathy in July 2026.
•Announced value of transactions of $1.7 billion and Capital Deployment of $1.1 billion as of August 4, 2026.
Positive portfolio updates
•Revolution Medicines’ NDA for daraxonrasib in pancreatic cancer accepted for review by FDA and the EMA has started its accelerated review; Gilead’s Trodelvy received FDA and EC approval for first-line metastatic triple-negative breast cancer; GSK’s Jideytro received FDA approval for ROS1+ non-small cell lung cancer; Amgen’s Imdelltra received EC approval for small cell lung cancer.
•GSK completed the acquisition of Nuvalent (Jideytro and neladalkib for lung cancer); Teva completed the acquisition of Emalex Biosciences (ecopipam for Tourette syndrome).
Raising financial guidance for full year 2026 (excludes contribution from future transactions)
•Royalty Pharma now expects 2026 Portfolio Receipts to be between $3,400 million and $3,500 million (previously $3,325 million to $3,450 million), representing expected Royalty Receipts growth of 7% to 10%.

Financial & Liquidity Summary
Three Months Ended June 30,
($ and shares in millions; unaudited)
2026 2025 Change
Portfolio Receipts 773 727 6%
Net cash provided by operating activities 728 364 100%
Adjusted EBITDA (non-GAAP)* 736 633 16%
Portfolio Cash Flow (non-GAAP)* 736 641 15%
Weighted average Class A ordinary shares outstanding – diluted 557 562 (1)%

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 August 5, 2026
Previous
Portfolio Receipts
$3,400 million to $3,500 million
$3,325 million to $3,450 million
Payments for operating and professional costs
5.5% to 6.5% of Portfolio Receipts
5.5% to 6.5% of Portfolio Receipts
Interest 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 August 5, 2026 includes expected Royalty Receipts growth of 7% to 10% 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 schedules for the term loan assumed as part of the internalization transaction and borrowings under our revolving credit facility. In 2026, Royalty Pharma anticipates interest paid to be approximately $350 million to $360 million. Interest paid in the third quarter of 2026 is anticipated to be approximately $175 million, with a de minimis amount anticipated in the fourth quarter of 2026. These projections reflect repayment of the $380 million term loan in July 2026 and assume no additional debt financing in 2026. In the second quarter of 2026, Royalty Pharma collected interest of $5 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 June 30,
($ in millions; unaudited)
2026 2025 Change
Products: Marketers: Therapeutic Area:
Cystic fibrosis franchise Vertex Rare disease 194 194 0%
Tysabri Biogen Neuroscience 67 56 19%
Trelegy GSK Respiratory 58 57 3%
Tremfya Johnson & Johnson Immunology 57 37 53%
Evrysdi Roche Rare disease 47 33 42%
Voranigo Servier Oncology 46 26 72%
Xtandi Pfizer, Astellas Oncology 44 42 6%
Imbruvica AbbVie, Johnson & Johnson Oncology 36 44 (16)%
Cabometyx/Cometriq Exelixis, Ipsen, Takeda Oncology 23 20 12%
Imdelltra Amgen Oncology 17 — n/a
Trodelvy Gilead Oncology 14 10 36%
Spinraza Biogen Rare disease 11 12 (11)%
Amvuttra Alnylam Rare disease 9 — n/a
Promacta Novartis Hematology 8 33 (75)%
Other products(5)
139 109 28%
Royalty Receipts 768 672 14%
Milestones and other contractual receipts 5 56 (91)%
Portfolio Receipts 773 727 6%

Amounts shown in the table may not add due to rounding.
Royalty Receipts was $768 million in the second quarter of 2026, an increase of 14% compared to $672 million in the second quarter of 2025. The increase was primarily driven by Tremfya, Voranigo, Imdelltra and Evrysdi, partially offset by declines from Promacta due to U.S. generic competition and from Imbruvica. Royalty Receipts from Evrysdi included the benefit of the additional royalties acquired in December 2025.
Portfolio Receipts was $773 million in the second quarter of 2026, an increase of 6% compared to $727 million in the second quarter of 2025, primarily driven by the same Royalty Receipts increases noted above, partially offset by lower Milestones and other contractual receipts due to a one-time distribution received in the prior year period.

Liquidity and Capital Resources
Royalty Pharma’s liquidity and capital resources are summarized below:
As of June 30, 2026, Royalty Pharma had cash and cash equivalents of $812 million and total debt with principal value of $9.2 billion. In July 2026, Royalty Pharma repaid the $380 million term loan upon maturity.
In the second quarter of 2026, Royalty Pharma paid a quarterly dividend of $0.235 per share, equating to $135 million in dividends and distributions.
Royalty Pharma repurchased approximately 0.9 million Class A ordinary shares for $45 million in the second quarter and two million Class A ordinary shares for $96 million for the first six months of 2026. The weighted-average number of diluted Class A ordinary shares outstanding for the second quarter of 2026 was 557 million, a decline of 1% as compared to 562 million for the second quarter of 2025.
Liquidity Summary
Three Months Ended June 30,
($ in millions; unaudited)
2026 2025
Portfolio Receipts 773 727
Payments for operating and professional costs (37) (94)
Adjusted EBITDA (non-GAAP) 736 633
Interest (paid)/received, net (0) 8
Portfolio Cash Flow (non-GAAP) 736 641

Amounts may not add due to rounding.
•Adjusted EBITDA (non-GAAP) was $736 million in the second quarter of 2026. Payments for operating and professional costs were 4.8% of Portfolio Receipts. Adjusted EBITDA is calculated as Portfolio Receipts minus payments for operating and professional costs.
•Portfolio Cash Flow (non-GAAP) was $736 million in the second 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 $349 million in the second quarter of 2026, consisting primarily of royalty funding for daraxonrasib and R&D funding for JNJ‑4804 and litifilimab.
The table below details Capital Deployment by category:
Capital Deployment
Three Months Ended June 30, Six Months Ended June 30,
($ in millions; unaudited)
2026 2025 2026 2025
Purchases of available for sale debt securities — (75) — (75)
Acquisitions of financial royalty assets (251) (1) (703) (2)
Development-stage funding payments (98) (301) (123) (351)
Milestone payments — (219) (50) (269)
Contributions from legacy non-controlling interests – R&D — 0 — 0
Capital Deployment (349) (595) (877) (696)

Royalty Transactions
As of August 4, 2026, Royalty Pharma has announced new transactions of up to $1.7 billion, which reflects the entire amount of potential capital committed for new transactions, including potential future milestones.
•In July 2026, Royalty Pharma acquired a portion of Neurimmune AG’s royalty interest in AstraZeneca’s cliramitug for up to $425 million, including $125 million upfront. Cliramitug is a Phase 3 first-in-class transthyretin (TTR)-fibril-depleting antibody designed to remove amyloid deposits in patients with TTR amyloidosis with cardiomyopathy, a progressive, degenerative and fatal disease caused by misfolded proteins that accumulate in the heart.
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.
daraxonrasib
In July 2026, Revolution Medicines announced that the U.S. Food and Drug Administration (FDA) accepted for review the company’s New Drug Application (NDA) for daraxonrasib, an oral RAS(ON) multi-selective inhibitor, for previously treated metastatic pancreatic ductal adenocarcinoma.
In July 2026, Revolution Medicines announced that the European Medicines Agency (EMA) started an accelerated assessment of daraxonrasib.
In April 2026, Revolution Medicines announced positive Phase 3 results from the RASolute-302 trial evaluating daraxonrasib in patients with previously treated metastatic pancreatic cancer.
Jideytro (zidesamtinib) and neladalkib
In July 2026, GSK announced that the FDA approved Jideytro (zidesamtinib), a ROS proto-oncogene 1 (ROS1)-selective inhibitor, for the treatment of adult patients with locally advanced or metastatic ROS1-positive non-small cell lung cancer who have received a prior ROS1 kinase inhibitor.
In July 2026, GSK announced that it completed the acquisition of Nuvalent for approximately $10.6 billion, including Jideytro (zidesamtinib) and neladalkib, two highly selective ROS1 and anaplastic lymphoma kinase inhibitors for the treatment of non-small cell lung cancer.
In May 2026, Nuvalent announced the FDA accepted its NDA for neladalkib for filing and granted the application Priority Review with a Prescription Drug User Fee Act (PDUFA) date of November 27, 2026.
TEV-’408
In July 2026, Teva Pharmaceuticals (Teva) announced plans to advance TEV-’408 into a Phase 2b study in patients with non-segmental vitiligo, following positive Phase 1b results.
deucrictibant
In July 2026, Pharvaris announced that the FDA accepted its NDA for deucrictibant immediate-release for the on-demand treatment of hereditary angioedema attacks and assigned a PDUFA date of April 23, 2027.
Trodelvy
In June 2026, Gilead announced that the FDA approved Trodelvy for the first-line treatment of certain patients with metastatic triple-negative breast cancer.
In June 2026, Gilead announced that the European Commission (EC) approved Trodelvy as a first-line treatment for certain patients with metastatic triple-negative breast cancer who are not candidates for PD-L1 inhibitors.
In June 2026, Gilead announced the discontinuation of the Phase 3 KEYNOTE-D46/EVOKE-03 study evaluating Trodelvy in combination with Keytruda for patients with previously untreated metastatic non-small cell lung cancer.
ecopipam
In June 2026, Teva announced the completion of its acquisition of Emalex Biosciences for up to $900 million, including $700 million at closing, which added ecopipam and other neuroscience therapies to its portfolio. Furthermore, Teva announced the submission of an NDA to the FDA for ecopipam for the treatment of pediatric Tourette syndrome.
Imdelltra
In June 2026, the EC approved Imdelltra for the treatment of adult patients with extensive-stage small cell lung cancer.
Erleada
In May 2026, Johnson & Johnson announced that the Phase 3 PROTEUS study evaluating Erleada in combination with androgen deprivation therapy before and after radical prostatectomy, in patients with high-risk localized or locally advanced prostate cancer, met its primary endpoints.

obexelimab
In May 2026, Zenas BioPharma announced the submission of a Biologics License Application (BLA) to the FDA for obexelimab for the treatment of Immunoglobulin G4-related disease.
Tremfya
In May 2026, Johnson & Johnson announced that the FDA approved a supplemental BLA for Tremfya to include the inhibition of progression of structural joint damage in adults with active psoriatic arthritis.
TEV-’749
In May 2026, Teva announced that the EMA accepted for review its Marketing Authorization Application for TEV-’749 for the treatment of schizophrenia in adults.
Myqorzo
In 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. The study met both dual primary endpoints, demonstrating statistically significant improvements from baseline to week 36 versus placebo.
Ziihera
In April 2026, Jazz Pharmaceuticals announced that the FDA accepted for filing a supplemental BLA for Ziihera, in combination regimens for the first-line treatment of adult patients with human epidermal growth factor receptor 2 (HER2)-positive metastatic gastroesophageal adenocarcinoma, and granted Priority Review, with a PDUFA date of August 25, 2026.

Financial Results Call
Royalty Pharma will host a conference call and simultaneous webcast to discuss its second quarter of 2026 results today at 8:00 a.m., Eastern Time. Please visit the "Investors" page of the company’s website at View Source 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.

(Press release, Royalty Pharma , AUG 5, 2026, View Source [SID1234669732])