Press release
Royalty Pharma Reports First Quarter 2023 Results
Net cash provided by operating activities (GAAP) of $1,034 million and Adjusted Cash Receipts(1) (non-GAAP) of $1,131 millionAnnounced transactions of up to
About this update from Royalty Pharma Plc
[{"type":"text","content":"Net cash provided by operating activities (GAAP) of $1,034 million and Adjusted Cash Receipts(1) (non-GAAP) of $1,131 millionAnnounced transactions of up to $1.6 billion in Q1 2023, including $600 million in upfront paymentsReaffirmed 2023 Adjusted Cash Receipts(1) guidance (increased in March) of $2,850 to $2,950 million NEW YORK, May 09, 2023 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) today reported financial results for the first quarter of 2023 and reaffirmed full year 2023 guidance for Adjusted Cash Receipts(1) (a non-GAAP financial measure). “We are delighted to report strong financial performance in the first quarter while advancing our mission of accelerating innovation in life sciences,” said Pablo Legorreta, Royalty Pharma’s founder and Chief Executive Officer. “We announced transactions of up to $1.6 billion to acquire royalties on three innovative therapies, which further diversified our portfolio. In addition, we announced a multi-year share repurchase program of up to $1.0 billion. This reflects our confidence in Royalty Pharma’s attractive outlook for compounding growth and our disciplined capital allocation strategy to create shareholder value.” First quarter 2023 GAAP financial results benefited from Zavzpret milestone and portfolio strength Net cash provided by operating activities grew 125% to $1,034 million, reflecting $475 million Zavzpret milestone; Net cash used in investing activities was $559 million; Net cash used in financing activities was $210 million.Total income and other revenues increased 22% to $684 million. First quarter 2023 non-GAAP financial results show strong double-digit growth Adjusted Cash Receipts(1) increased 87% to $1,131 million, driven by the Zavzpret milestone and strong portfolio performance, partially offset by royalty expirations, Imbruvica headwinds and unfavorable foreign exchange.Adjusted Cash Receipts(1) grew 11% prior to Biohaven related milestone and fixed payments.Adjusted EBITDA(2) grew 88% to $1,044 million; Adjusted Cash Flow(3) increased 165% to $973 million. Acquired royalties on an established blockbuster and two exciting development-stage therapies Acquired royalty interests in Biogen’s Spinraza (a blockbuster for spinal muscular atrophy), Novartis’ pelacarsen (Phase 3, cardiovascular disease with multi-blockbuster potential) and Karuna’s KarXT (Phase 3...