Press release
Royalty Pharma Raises Full Year 2023 Guidance
Royalty Pharma now expects 2023 Adjusted Cash Receipts(1) (non-GAAP) to be between $2,850 million and $2,950 million, excluding contributions from future
About this update from Royalty Pharma Plc
[{"type":"text","content":"Royalty Pharma now expects 2023 Adjusted Cash Receipts(1) (non-GAAP) to be between $2,850 million and $2,950 million, excluding contributions from future transactions NEW YORK, March 15, 2023 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) today announced that it has received a $475 million accelerated milestone payment from Pfizer, following the U.S. Food and Drug Administration (FDA) approval of Zavzpret (zavegepant), a calcitonin gene-related peptide (CGRP) receptor antagonist nasal spray for the acute treatment of migraine. As a result, Royalty Pharma is raising its full year 2023 Adjusted Cash Receipts (non-GAAP) guidance to between $2,850 million and $2,950 million (from between $2,375 million and $2,475 million), excluding transactions announced subsequent to the date of this release. “We are pleased that Zavzpret was approved by the U.S. FDA, which provides another important new treatment option for migraine patients,” said Pablo Legorreta, founder and Chief Executive Officer of Royalty Pharma. “Furthermore, this accelerated return on our Zavzpret R&D funding provides additional capital that can be redeployed to create long-term shareholder value.” Royalty Pharma will now receive royalties on net sales of both Nurtec ODT and Zavzpret. Royalty Pharma today provides this guidance based on its most up-to-date view on its prospects. This guidance assumes no major unforeseen adverse events and excludes the contributions from transactions announced subsequent to the date of this press release. Furthermore, Royalty Pharma may amend its guidance in the event it engages in new royalty transactions which have a material near-term financial impact on the company. Royalty Pharma has not reconciled its non-GAAP 2023 guidance to the most directly comparable GAAP measure, net cash provided by operating activities, at this time due to the inherent difficulty in accurately forecasting and quantifying certain amounts that are necessary for such reconciliation, including, primarily, payments for operating and professional costs, distributions from equity method investees and interest received. Royalty Pharma is not able to forecast on a GAAP basis with reasonable certainty all adjustments needed in order to project net cash provided by operating activities at this time. About Royalty Pharma Founded in 1996, Royalty Pharma is the larg...