On November 4, 2026 Royalty Pharma plc (Nasdaq: RPRX) reported financial results for the third quarter of 2026 and raised full year 2026 guidance for Portfolio Receipts.

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"Royalty Pharma delivered excellent third quarter 2026 results and we again raised our financial guidance," said Pablo Legorreta, Royalty Pharma’s Chief Executive Officer and Chairman of the Board. "We delivered 9% growth in Royalty Receipts for the quarter and double-digit growth year-to-date. We continued to strengthen our portfolio by adding royalties on three innovative therapies in the third quarter. We have also seen tremendous clinical and regulatory progress across our portfolio, including FDA approvals of Revolution Medicines’ Rasonque and Teva’s Weltruza and positive Phase 3 results for Amgen’s Imdelltra. Lastly, we remain excited by the potential for R&D co-funding with global biopharma – where we have announced $1 billion of transactions so far this year – which represents an important new opportunity for our business. Looking ahead, with a robust deal pipeline and strong fundamental tailwinds supporting our business, we remain well positioned as a premier capital allocator in life sciences to deliver consistent, compounding growth."

Strong growth in Royalty Receipts in the third quarter of 2026
•Royalty Receipts grew 9% to $883 million, driven by Tremfya, Voranigo, Evrysdi and Imdelltra.
•Portfolio Receipts increased by 9% to $890 million, reflecting higher milestones and other contractual receipts.
Continued healthy transaction activity
•Acquired a royalty on Arcutis Biotherapeutics’ Zoryve for $100 million and on Takeda’s Mimrylo for $100 million.
•Announced value of transactions of $1.9 billion and Capital Deployment of $1.6 billion as of November 3, 2026.
Positive regulatory and clinical updates across royalty portfolio
•FDA approvals for Revolution Medicines’ Rasonque (daraxonrasib) for metastatic pancreatic cancer, Teva’s Weltruza (olanzapine LAI) for schizophrenia and Jazz and BeOne’s Ziihera for HER2+ metastatic gastric cancer.
•Positive Phase 3 results for Amgen’s Imdelltra as a first-line maintenance therapy for small cell lung cancer and Pharvaris’ deucrictibant XR for prophylaxis of hereditary angioedema attacks.
Raising financial guidance for full year 2026 (excludes contribution from future transactions)
•Royalty Pharma now expects 2026 Portfolio Receipts to be between $3,500 million and $3,550 million (previously $3,400 million to $3,500 million), representing expected Royalty Receipts growth of 10% to 11%.

Financial & Liquidity Summary
Three Months Ended September 30,
($ and shares in millions; unaudited)
2026 2025 Change
Portfolio Receipts 890 814 9%
Net cash provided by operating activities 686 703 (2)%
Adjusted EBITDA (non-GAAP)* 840 779 8%
Portfolio Cash Flow (non-GAAP)* 673 657 2%
Weighted average Class A ordinary shares outstanding – diluted 557 560 (0)%

*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 November 4, 2026
Previous
Portfolio Receipts
$3,500 million to $3,550 million
$3,400 million to $3,500 million
Payments for operating and professional costs
5.5% to 6.0% 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 November 4, 2026 includes expected Royalty Receipts growth of 10% to 11% 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 is anticipated to be a de minimis amount in the fourth quarter of 2026. These projections assume no additional debt financing in 2026. In the third 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 September 30,
($ in millions; unaudited)
2026 2025 Change
Products: Marketers: Therapeutic Area:
Cystic fibrosis franchise Vertex Rare disease 225 222 1%
Trelegy GSK Respiratory 89 96 (6)%
Tremfya Johnson & Johnson Immunology 80 49 61%
Evrysdi Roche Rare disease 71 52 38%
Tysabri Biogen Neuroscience 67 68 (1)%
Voranigo Servier Oncology 55 33 65%
Xtandi Pfizer, Astellas Oncology 51 50 3%
Imbruvica AbbVie, Johnson & Johnson Oncology 31 41 (24)%
Cabometyx/Cometriq Exelixis, Ipsen, Takeda Oncology 24 21 13%
Imdelltra Amgen Oncology 19 — n/a
Trodelvy Gilead Oncology 16 12 30%
Spinraza Biogen Rare disease 14 14 0%
Amvuttra Alnylam Rare disease 10 — n/a
Promacta Novartis Hematology 9 38 (75)%
Other products(5)
121 114 6%
Royalty Receipts 883 811 9%
Milestones and other contractual receipts 7 3 138%
Portfolio Receipts 890 814 9%

Amounts shown in the table may not add due to rounding.
Royalty Receipts was $883 million in the third quarter of 2026, an increase of 9% compared to $811 million in the third quarter of 2025. The increase was primarily driven by Tremfya, Voranigo, Evrysdi and Imdelltra, 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 $890 million in the third quarter of 2026, an increase of 9% compared to $814 million in the third quarter of 2025, primarily driven by the same Royalty Receipts increases noted above, in addition to higher Milestones and other contractual receipts.

Liquidity and Capital Resources
Royalty Pharma’s liquidity and capital resources are summarized below:
As of September 30, 2026, Royalty Pharma had cash and cash equivalents of $514 million and total debt with principal value of $8.8 billion. The reduction in total debt from $9.2 billion as of June 30, 2026 reflects payment of the $380 million term loan in July 2026.
In the third 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 1.5 million Class A ordinary shares for $87 million in the third quarter and 3.5 million Class A ordinary shares for $183 million during the first nine months of 2026. The weighted-average number of diluted Class A ordinary shares outstanding for the third quarter of 2026 was 557 million as compared to 560 million for the third quarter of 2025.
Liquidity Summary
Three Months Ended September 30,
($ in millions; unaudited)
2026 2025
Portfolio Receipts 890 814
Payments for operating and professional costs (50) (34)
Adjusted EBITDA (non-GAAP) 840 779
Interest paid, net (167) (123)
Portfolio Cash Flow (non-GAAP) 673 657

Amounts may not add due to rounding.
•Adjusted EBITDA (non-GAAP) was $840 million in the third quarter of 2026. Payments for operating and professional costs were 5.6% of Portfolio Receipts. Adjusted EBITDA is calculated as Portfolio Receipts minus payments for operating and professional costs.
•Portfolio Cash Flow (non-GAAP) was $673 million in the third 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 $362 million in the third quarter of 2026, consisting primarily of R&D funding for JNJ‑4804 and upfront payments for cliramitug, Zoryve and Mimrylo (see ‘Royalty Transactions’). Capital Deployment was $1.2 billion for the nine months ended September 30, 2026, with the announced value of transactions of $1.9 billion.
The table below details Capital Deployment by category:
Capital Deployment
Three Months Ended September 30, Nine Months Ended September 30,
($ in millions; unaudited)
2026 2025 2026 2025
Purchases of available for sale debt securities — — — (75)
Acquisitions of financial royalty assets (279) (962) (982) (964)
Development-stage funding payments (70) (51) (193) (402)
Milestone payments (13) — (63) (269)
Contributions from legacy non-controlling interests – R&D — (0) — 0
Capital Deployment (362) (1,013) (1,239) (1,709)

Amounts may not add due to rounding.

Royalty Transactions
As of November 3, 2026, Royalty Pharma has announced new transactions of up to $1.9 billion, which reflects the entire amount of potential capital committed for new transactions, including potential future milestones. In the third quarter of 2026, the following transactions were announced:
•In September 2026, Royalty Pharma acquired a royalty interest in Zoryve from AstraZeneca for $100 million upfront. Zoryve, marketed by Arcutis Biotherapeutics, is a topical phosphodiesterase type 4 (PDE4) inhibitor approved for atopic dermatitis, seborrheic dermatitis and plaque psoriasis.
•In August 2026, Royalty Pharma acquired a royalty interest in Mimrylo, formerly known as rusfertide, from Zealand Pharma for $100 million, consisting of $50 million paid upfront and the remaining $50 million payable on the first anniversary of the closing. Marketed by Takeda, Mimrylo is a first-in-class therapy approved for polycythemia vera, a rare and chronic blood disorder.
•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.
pelabresib
In October 2026, Novartis announced that the regulatory submission for pelabresib in myelofibrosis was completed in the European Union, based on the positive Phase 3 MANIFEST-2 study.
Rasonque (daraxonrasib)
In October 2026, Revolution Medicines announced that the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) had adopted a positive opinion of Rasonque for the treatment of adult patients with metastatic pancreatic adenocarcinoma who have received at least one prior systemic therapy.
In October 2026, Royalty Pharma funded the required first $250 million tranche of the up to $750 million senior secured term loans to Revolution Medicines. Additionally, Revolution Medicines elected not to exercise its option for the third royalty funding tranche (which was up to $250 million). Up to an additional $500 million may be available at Revolution Medicines’ option under each of the senior secured term loan and royalty funding agreement, based on the achievement of certain milestones.
In August 2026, Revolution Medicines announced that the U.S. Food and Drug Administration (FDA) approved Rasonque for the treatment of adults with metastatic pancreatic adenocarcinoma who have received at least one prior systemic therapy or who are not candidates for multiagent systemic therapy.
Niktimvo
In October 2026, Syndax Pharmaceuticals (Syndax) announced that the Phase 2 MAXPIRe trial of Niktimvo in idiopathic pulmonary fibrosis (IPF) did not meet its primary endpoint. Syndax does not plan to move forward with further development in IPF. The results do not affect ongoing trials of Niktimvo in other indications.
Weltruza (TEV-’749)
In October 2026, Teva Pharmaceuticals (Teva) announced that the FDA approved Weltruza for extended-release injectable suspension, a new, once-monthly, subcutaneous long-acting injectable (LAI) for the treatment of schizophrenia in adults.
trontinemab
In September 2026, Roche announced that Phase 3 studies of trontinemab in early Alzheimer’s disease have fully enrolled, with data expected in the first half of 2028.
Imdelltra
In September 2026, Amgen announced positive results from the Phase 3 DeLLphi-305 study of Imdelltra in combination with Imfinzi as first-line maintenance treatment for extensive-stage small cell lung cancer. The study met its primary endpoint at a pre-specified interim analysis, demonstrating a statistically significant and clinically meaningful improvement in overall survival, and also met secondary endpoints of progression-free survival and objective response rate.

deucrictibant
In September 2026, Pharvaris announced positive results from the CHAPTER-3 pivotal Phase 3 study evaluating deucrictibant extended-release for the prevention of hereditary angioedema (HAE) attacks. The primary endpoint and all secondary efficacy endpoints were met with statistical significance.
In July 2026, Pharvaris announced that the FDA accepted its New Drug Application (NDA) for deucrictibant immediate-release for the on-demand treatment of HAE attacks and assigned a Prescription Drug User Fee Act (PDUFA) date of April 23, 2027.
pelacarsen
In September 2026, Novartis announced that the Phase 3 Lp(a)HORIZON trial of pelacarsen did not meet its primary endpoint of reducing the risk of cardiovascular events in the overall study population compared to placebo. In the third quarter of 2026, Royalty Pharma recorded a non-cash impairment charge of $150 million related to pelacarsen.
TEV-’408
In September 2026, Teva announced positive topline results from an ongoing Phase 2a study of TEV-’408, an anti-IL-15 antibody, in adults with celiac disease. The study met its primary endpoint, demonstrating statistically significant and clinically meaningful prevention of gluten-induced intestinal damage versus placebo at week 8, and was well tolerated, with no safety signals observed to date.
In July 2026, Teva announced plans to advance TEV-’408 into a Phase 2b study in patients with non-segmental vitiligo, following positive Phase 1b results.
Mimrylo (rusfertide)
In August 2026, Takeda announced that the FDA approved Mimrylo, a hepcidin mimetic peptide, for the treatment of erythrocytosis in adults with polycythemia vera.
Ziihera
In August 2026, Jazz Pharmaceuticals announced that the FDA approved Ziihera in combination with chemotherapy, with or without tislelizumab, for the first-line treatment of adults with metastatic human epidermal growth factor receptor 2 (HER2)-positive gastroesophageal adenocarcinoma.
Trodelvy
In August 2026, Gilead announced that the European Commission approved Trodelvy in combination with Keytruda as a first-line treatment for PD-L1-positive metastatic triple-negative breast cancer.
ecopipam
In August 2026, Teva announced that the FDA accepted its NDA for ecopipam for the treatment of pediatric Tourette syndrome and granted the application Priority Review with a PDUFA date late in the first quarter of 2027.
obexelimab
In August 2026, Zenas BioPharma announced that the FDA accepted for review its Biologics License Application for obexelimab for the treatment of immunoglobulin G4-related disease (IgG4-RD) and assigned a PDUFA target action date of May 27, 2027.
Jideytro (zidesamtinib) and neladalkib
In July 2026, GSK announced that the FDA approved Jideytro, a ROS proto-oncogene 1 (ROS1)-selective inhibitor, for the treatment of adult patients with 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 and neladalkib, two highly selective ROS1 and anaplastic lymphoma kinase inhibitors for the treatment of non-small cell lung cancer.

Financial Results Call
Royalty Pharma will host a conference call and simultaneous webcast to discuss its third 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 , NOV 4, 2026, View Source [SID1234674181])