Press release
Royalty Pharma Reports Second Quarter 2021 Results
Strong growth in net cash provided by operating activities (GAAP) and Adjusted Cash Flow(2)Announced transactions of up to $2.8 billion in 2021, including
About this update from Royalty Pharma Plc
[{"type":"text","content":"Strong growth in net cash provided by operating activities (GAAP) and Adjusted Cash Flow(2)Announced transactions of up to $2.8 billion in 2021, including $2.1 billion* in upfront paymentsIncreased 2021 guidance: Adjusted Cash Receipts(1) expected to be $2,080 to $2,120 million NEW YORK, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) today reported financial results for the second quarter of 2021 and raised full-year 2021 guidance for Adjusted Cash Receipts(1) (a non-GAAP financial measure). “Since our initial public offering a little more than a year ago, we have announced acquisitions totaling $4.7 billion, which is a testament to the strength of our business model and leadership position in the rapidly growing biopharma royalty funding market,” said Pablo Legorreta, Royalty Pharma founder and Chief Executive Officer. “I am particularly excited by our recent strategic funding partnership with MorphoSys, which demonstrates the breadth of our funding capabilities and exemplifies the unique role that Royalty Pharma can play in M&A. We applied a similarly innovative approach to strengthening our balance sheet with our recent $1.3 billion debt offering, which includes our first-ever social bond, positioning us well to advance our mission of funding the development of innovative therapies. Lastly, we delivered solid financial performance in the second quarter of 2021 and are delighted to raise our full-year financial guidance.” Second quarter 2021 GAAP financial results demonstrate strong operating cash flow Net cash provided by operating activities increased to $532 million; net cash provided by investing activities increased to $126 million; net cash used in financing activities declined to $224 million.Total income and other revenues grew 9% to $555 million, primarily driven by newly acquired assets. Second quarter 2021 non-GAAP financial results show continued business momentum Adjusted Cash Receipts(1) increased 3% to $475 million, driven by the CF franchise royalty receipts (+15% year/year), Biohaven payments and royalty acquisitions, partially offset by mature product royalty expirations.Adjusted Cash Flow(2) grew 16% to $429 million, reflecting a 90.2% margin. Innovative MorphoSys transaction adds six potential cash flow streams to portfolio Further expands and diversifies portfolio with a royalty on Tre...