Press release
Royalty Pharma Reports Second Quarter 2023 Results
Net cash provided by operating activities (GAAP) of $608 million and Adjusted Cash Receipts(1) (non-GAAP) of $545 millionAnnounced transactions of up to $1.7
About this update from Royalty Pharma Plc
[{"type":"text","content":"Net cash provided by operating activities (GAAP) of $608 million and Adjusted Cash Receipts(1) (non-GAAP) of $545 millionAnnounced transactions of up to $1.7 billion year-to-date, including $659 million in upfront paymentsRaising 2023 guidance: Adjusted Cash Receipts(1) (non-GAAP) expected to be $2,900 to $2,975 million NEW YORK, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) today reported financial results for the second quarter of 2023 and raised full-year 2023 guidance for Adjusted Cash Receipts(1) (a non-GAAP financial measure). “We reported another quarter of strong financial performance as we continued to execute on our strategy,” said Pablo Legorreta, Royalty Pharma’s founder and Chief Executive Officer. “We remain very confident in our outlook based on our growth drivers, broad portfolio and robust deal pipeline. This year, we have already announced transactions of up to $1.7 billion, taking our total to $10 billion since our June 2020 IPO. This underscores our strong momentum in scaling the business and further cements our leadership position in the biopharma royalty market. Furthermore, as part of our balanced capital allocation strategy, we began repurchasing our Class A ordinary shares under our share repurchase program, which reflects our attractive prospects for compounding growth.” Second quarter 2023 GAAP financial results demonstrate solid operating cash flow growth Net cash provided by operating activities grew 6% to $608 million; Net cash used in investing activities was $63 million; Net cash used in financing activities was $347 million.Total income and other revenues were $538 million. Second quarter 2023 non-GAAP financial results show continued business momentum Adjusted Cash Receipts(1) increased 4% to $545 million, driven by strong portfolio performance and new royalties, partially offset by royalty expirations, Imbruvica headwinds and unfavorable foreign exchange movements; Adjusted Cash Receipts(1) grew 7% prior to the Biohaven related fixed payment received in the prior year period.Adjusted EBITDA(2) grew 4% to $498 million; Adjusted Cash Flow(3) increased 6% to $512 million. Positive business updates during the second quarter 2023 Johnson & Johnson reported positive Phase 3 results for Tremfya in ulcerative colitis; Gilead announced approval of Trodelvy in pre-treated HR+/HER2- ...