Press release
Royalty Pharma Reports Third Quarter 2022 Results
Net cash provided by operating activities (GAAP) of $539 million and Adjusted Cash Receipts(1) (non-GAAP) of $597 million Announced transactions of up to $3.0
About this update from Royalty Pharma Plc
[{"type":"text","content":"Net cash provided by operating activities (GAAP) of $539 million and Adjusted Cash Receipts(1) (non-GAAP) of $597 million Announced transactions of up to $3.0 billion year-to-date, including $1.7 billion in upfront payments Increased 2022 guidance: Adjusted Cash Receipts(1) expected to be $2,750 to $2,800 million, which includes $458m from the acceleration of payments related to Pfizer’s acquisition of Biohaven NEW YORK, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) today reported financial results for the third quarter of 2022 and raised full-year 2022 guidance for Adjusted Cash Receipts(1) (a non-GAAP financial measure). “Our business momentum continued in the third quarter,” said Pablo Legorreta, Royalty Pharma’s founder and Chief Executive Officer. “We have announced substantial capital deployment this year – approaching $3.0 billion – driven by strong and growing demand for royalty transactions and our powerful market position. We are particularly excited by our R&D funding collaboration with Merck which may serve as a model for future partnerships with global biopharma. There is significant opportunity for R&D funding partnerships with global biopharmas where total R&D expenditures are expected to approach $1 trillion over the next five years. Looking ahead, we remain confident in our ability to deliver long-term, compounding growth given our unique business model and the significant capital needs of the life sciences industry.” Third quarter 2022 GAAP financial results demonstrate robust operating cash flow growth Net cash provided by operating activities increased 15% to $539 million; Net cash used in investing activities was $1.4 billion; Net cash used in financing activities was $230 million.Total income and other revenues decreased 2% to $573 million. Third quarter 2022 non-GAAP financial results highlight execution against financial objectives Adjusted Cash Receipts(1) increased 2% to $597 million, driven by strong portfolio performance and the acquisition of royalties on Trelegy, partially offset by royalty expirations, unfavorable foreign exchange movements and a one-time milestone payment on Soliqua in the third quarter of 2021. Through the first nine months of 2022, Adjusted Cash Receipts(1) increased 9% compared to the first nine months of 2021.Adjusted EBITDA(4) grew 3% to $548 million in ...