Press release
Royalty Pharma Reports Second Quarter 2020 Results
Strong double-digit growth in Net cash provided by operating activities (GAAP) and Adjusted Cash Receipts(1) (non-GAAP) Company introduces 2020 guidance:
About this update from Royalty Pharma Plc
[{"type":"text","content":"Strong double-digit growth in Net cash provided by operating activities (GAAP) and Adjusted Cash Receipts(1) (non-GAAP) Company introduces 2020 guidance: Adjusted Cash Receipts expected to be $1,720 to $1,760 million $1.7 billion of new acquisitions announced in 2020 NEW YORK, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) today reported financial results for the second quarter of 2020 and introduced full-year 2020 guidance for Adjusted Cash Receipts(1) (a non-GAAP financial measure).\n “2020 has been a landmark year for Royalty Pharma,” said Pablo Legorreta, Founder and Chief Executive Officer. “We achieved a major milestone with our initial public offering which raised $1.9 billion in capital to drive future growth. We have also announced approximately $1.7 billion in new transactions this year which reflects our unique position in the life sciences ecosystem. At the same time, we continue to see strong performance in our business. In the second quarter, Net cash provided by operating activities grew 33% and Adjusted Cash Receipts increased 24%, supporting Adjusted Cash Flow growth of nearly 50%. Additionally, the FDA approvals of Evrysdi, Trodelvy, Nurtec ODT and Tazverik during 2020 have expanded our portfolio of long duration assets and provide further diversification. As the biopharma industry experiences an extraordinary period of scientific advancement, Royalty Pharma expects to play a key role in funding innovation and to deliver attractive and sustained long-term growth for its shareholders,” Pablo Legorreta added. GAAP financial results demonstrate strong operating cash flow generation and revenue growth Cash provided by operating activities increased to $489 million compared with $368 million on a pro forma basis in the same period of 2019 primarily driven by higher royalty receipts.Cash used in investing activities of $249 million largely reflected two royalty acquisitions.Cash provided by financing activities of $1,579 million was driven by the receipt of IPO proceeds.Total income and other revenues increased 12% driven by growth from the cystic fibrosis franchise and Imbruvica. Non-GAAP financial results driven by double-digit increases across multiple products in the portfolio Adjusted Cash Receipts(1) increased 24% on a pro forma basis led by the cystic fibrosis franchise and Imbruvica.Adjus...