Press release
Royalty Pharma Reports Second Quarter 2024 Results
Portfolio Receipts growth of 12% to $608 million; Royalty Receipts growth of 11%Net cash provided by operating activities of $658 millionRaising full year
About this update from Royalty Pharma Plc
[{"type":"text","content":"Portfolio Receipts growth of 12% to $608 million; Royalty Receipts growth of 11%Net cash provided by operating activities of $658 millionRaising full year 2024 guidance: Portfolio Receipts expected to be $2,700 to $2,775 million NEW YORK, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) today reported financial results for the second quarter of 2024 and raised full year 2024 guidance for Portfolio Receipts. “We delivered double-digit growth in Portfolio Receipts in the second quarter of 2024, ahead of our guidance for the quarter, and are delighted to raise our full year guidance,” said Pablo Legorreta, Royalty Pharma’s founder and Chief Executive Officer. “Our performance in the first half of the year extends our track record of strong growth since our IPO. We also had a very active quarter for capital deployment, announcing over $2 billion of investments across six therapies as we expanded partnerships with Cytokinetics, PTC Therapeutics and Agios. In addition, reflecting our attractive fundamental outlook, we continued to repurchase our Class A ordinary shares as part of our balanced capital allocation strategy. Lastly, as we anticipated, 2024 is proving to be an event-rich year for our exciting development-stage pipeline with positive clinical updates on two key therapies in our portfolio. Looking ahead, we continue to have a robust deal pipeline and remain highly confident in our ability to deliver attractive, compounding growth over the long-term.” Double-digit growth for Portfolio Receipts and Royalty Receipts in the second quarter of 2024 Royalty Receipts grew 11% to $605 million, driven by strong portfolio performance particularly from the cystic fibrosis franchise, Trelegy, Tremfya and incremental royalties on Evrysdi.Portfolio Receipts increased 12% to $608 million, primarily driven by the same royalties noted above. Capital Deployment of approximately $2 billion in 2024, including cash to be paid for Voranigo (vorasidenib) Acquired royalties on Servier’s Voranigo, a first-in-class targeted therapy in IDH-mutant glioma.Purchased incremental royalties on Roche’s Evrysdi for spinal muscular atrophy.Provided Cytokinetics with diversified capital, adding incremental royalty on aficamten for hypertrophic cardiomyopathy. Positive clinical updates for the development-stage royalty portfolio Johnson and Joh...