Royalty Pharma plc
RPRXHealthcare|Medical - Pharmaceuticals|US
$67.30
-0.27 (-0.40%)
DCF Value
$20.18
Tangible Book / Share
$19.93
Graham Number
$22.85
Cash / Share
$1.22
Financials
Financial Snapshot
Market Cap
$29.97B
Enterprise Value
$38.04B
Revenue (TTM)
$2.62B
Net Income (TTM)
$672.1M
Cash & Investments
$544.9M
Net Cash
-$8.04B
Free Cash Flow (TTM)
$2.96B
Operating CF (TTM)
$2.96B
Debt/Equity
1.26
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $1.67B | $1.38B | $2.39B | $793.2M | $2.65B | $2.80B | $2.43B | $1.23B | $1.77B | $637.5M | $544.9M | |
| Operating Cash Flow | — | $1.42B | $1.62B | $1.67B | $2.03B | $2.02B | $2.14B | $2.99B | $2.77B | $2.49B | $2.96B | |
| Free Cash Flow | — | $1.42B | $1.62B | $1.67B | $2.03B | $2.02B | $2.14B | $2.99B | $2.77B | $2.49B | $2.96B | |
| Capital Expenditure | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | — | -$123.3M | -$1.38B | -$1.19B | $1.49B | $385.1M | -$944.9M | -$2.15B | $361.1M | -$1.19B | -$1.54B |
R&D Spending
R&D (TTM)
$251.9M
R&D Intensity
9.6%
R&D Growth vs Prior
-44.3%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.88B | $1.60B | $1.79B | $1.81B | $2.12B | $2.29B | $2.24B | $2.35B | $2.26B | $2.38B | $2.62B | |
| R&D Expense | $91.0M | $117.9M | $392.6M | $83.0M | $26.3M | $200.1M | $177.1M | $52.0M | $2.0M | $452.0M | $251.9M | |
| R&D % of Revenue | 4.8% | 7.4% | 21.9% | 4.6% | 1.2% | 8.7% | 7.9% | 2.2% | 0.1% | 19.0% | 9.6% | |
| SG&A | $69.5M | $106.4M | $61.9M | $103.4M | $181.7M | $182.8M | $227.3M | $249.7M | $236.7M | $573.5M | $635.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.88B | $1.60B | $1.79B | $1.81B | $2.12B | $2.29B | $2.24B | $2.35B | $2.26B | $2.38B | $2.62B | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $331.4M | |
| Gross Profit | $1.88B | $1.60B | $1.79B | $1.81B | $2.12B | $2.29B | $2.24B | $2.35B | $2.26B | $2.38B | $2.29B | |
| R&D | $91.0M | $117.9M | $392.6M | $83.0M | $26.3M | $200.1M | $177.1M | $52.0M | $2.0M | $452.0M | $251.9M | |
| SG&A | $69.5M | $106.4M | $61.9M | $103.4M | $181.7M | $182.8M | $227.3M | $249.7M | $236.7M | $573.5M | $635.2M | |
| Operating Income | $722.9M | $939.7M | $1.36B | $2.62B | $1.60B | $1.43B | $307.1M | $1.49B | $1.29B | $1.56B | $1.56B | |
| Interest Expense | $238.9M | $247.3M | $280.0M | $268.6M | $157.1M | $166.1M | $188.0M | $187.2M | $225.5M | $307.7M | $371.5M | |
| Pretax Income | $761.9M | $1.34B | $1.52B | $2.46B | $1.70B | $1.24B | $230.1M | $1.70B | $1.33B | $1.32B | $1.17B | |
| Net Income | $565.9M | $1.21B | $1.38B | $2.35B | $975.0M | $619.7M | $42.8M | $1.13B | $859.0M | $770.9M | $672.1M | |
| EPS (Diluted) | 0.93 | 3.42 | 3.89 | 6.63 | 1.28 | 1.49 | 0.10 | 2.53 | 1.91 | 1.80 | 1.33 | |
| EBITDA | $1.07B | $1.62B | $1.83B | $2.75B | $1.88B | $1.43B | $423.7M | $1.89B | $1.56B | $1.64B | $1.55B | |
| Shares Out. (M) | 607.04 | 354.18 | 354.18 | 354.18 | 388.13 | 414.80 | 564.93 | 602.90 | 594.00 | 559.61 | 556.90 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.67B | $1.38B | $1.92B | $246.2M | $1.01B | $1.54B | $1.71B | $477.0M | $929.0M | $618.7M | $513.7M | |
| Short-Term Investments | $0.00 | $0.00 | $461.8M | $547.0M | $1.64B | $1.26B | $717.0M | $756.7M | $842.0M | $18.8M | $31.2M | |
| Total Current Assets | $3.00B | $2.95B | $2.61B | $832.1M | $2.70B | $2.88B | $2.55B | $1.27B | $1.80B | $619.0M | $1.53B | |
| Total Assets | $10.48B | $11.37B | $11.37B | $12.45B | $16.02B | $17.52B | $16.81B | $16.38B | $18.22B | $19.62B | $19.46B | |
| Total Current Liabilities | $297.3M | $383.4M | $580.2M | $333.4M | $307.9M | $171.3M | $1.17B | $161.4M | $1.25B | $636.2M | $1.18B | |
| Long-Term Debt | $5.72B | $6.52B | $6.24B | $5.96B | $5.82B | $7.10B | $6.12B | $6.14B | $6.61B | $8.57B | $7.59B | |
| Total Liabilities | $6.02B | $6.90B | $6.82B | $6.31B | $6.12B | $7.27B | $7.29B | $6.30B | $7.88B | $9.91B | $9.67B | |
| Stockholders' Equity | $4.45B | $4.46B | $4.49B | $6.11B | $4.82B | $5.78B | $5.63B | $6.53B | $6.95B | $6.48B | $6.84B | |
| Retained Earnings | $0.00 | $0.00 | $1.22B | $2.83B | $1.92B | $2.26B | $1.96B | $2.52B | $2.85B | $2.36B | $2.50B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | — | $1.42B | $1.62B | $1.67B | $2.03B | $2.02B | $2.14B | $2.99B | $2.77B | $2.49B | $2.96B | |
| Capital Expenditure | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | — | $1.42B | $1.62B | $1.67B | $2.03B | $2.02B | $2.14B | $2.99B | $2.77B | $2.49B | $2.96B | |
| Investing Cash Flow | — | -$1.59B | $303.4M | -$2.15B | -$2.76B | -$1.87B | -$1.03B | -$2.07B | -$2.68B | -$1.61B | -$1.84B | |
| Financing Cash Flow | — | -$123.3M | -$1.38B | -$1.19B | $1.49B | $385.1M | -$944.9M | -$2.15B | $361.1M | -$1.19B | -$1.54B | |
| Issuance of Stock | — | $0.00 | $0.00 | $0.00 | $1.91B | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | — | $0.00 | $0.00 | -$4.3M | $0.00 | $0.00 | $0.00 | -$304.8M | -$229.7M | -$1.23B | -$261.6M | |
| Net Debt Issuance | — | $907.0M | -$294.0M | -$294.0M | $680.6M | $1.27B | $0.00 | -$1.00B | $1.47B | $954.5M | -$380.0M | |
| Stock Based Comp. | — | $0.00 | $0.00 | $0.00 | $5.4M | $2.4M | $2.2M | $2.4M | $2.3M | $289.9M | $125.8M | |
| Net Change in Cash | — | -$292.6M | $542.6M | -$1.68B | $762.5M | $532.4M | $169.7M | -$1.23B | $452.0M | -$310.3M | -$425.3M |
Dilution Tracker
Shares outstanding grew 44.2% over 5 years — significant dilution
Shares Outstanding
445M
5-Year Share Growth
+44.2%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 607.04 | 354.18 | 354.18 | 354.18 | 388.13 | 414.80 | 564.93 | 602.90 | 594.00 | 559.61 | 556.90 | |
| Change vs Prior % | — | -41.7% | 0.0% | 0.0% | 9.6% | 6.9% | 36.2% | 6.7% | -1.5% | -5.8% | -0.5% | |
| Stock Issuance | — | $0.00 | $0.00 | $0.00 | $1.91B | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | — | $0.00 | $0.00 | -$4.3M | $0.00 | $0.00 | $0.00 | -$304.8M | -$229.7M | -$1.23B | -$261.6M | |
| Stock Based Comp. | — | $0.00 | $0.00 | $0.00 | $5.4M | $2.4M | $2.2M | $2.4M | $2.3M | $289.9M | $125.8M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 87.3% | |
| Operating Margin % | 38.5% | 58.8% | 76.0% | 144.6% | 75.2% | 62.5% | 13.7% | 63.4% | 57.1% | 65.6% | 59.8% | |
| Net Margin % | 30.1% | 75.7% | 76.8% | 129.4% | 45.9% | 27.1% | 1.9% | 48.2% | 37.9% | 32.4% | 25.7% | |
| EBITDA Margin % | 56.9% | 101.6% | 102.0% | 151.8% | 88.7% | 62.5% | 18.9% | 80.2% | 68.8% | 68.8% | 59.2% | |
| FCF Margin % | — | 88.8% | 90.2% | 91.9% | 95.9% | 88.1% | 95.8% | 126.9% | 122.3% | 104.7% | 113.1% | |
| ROE % | 12.7% | 27.1% | 30.7% | 38.5% | 20.2% | 10.7% | 0.8% | 17.4% | 12.4% | 11.9% | 9.9% | |
| ROA % | 5.4% | 10.6% | 12.1% | 18.9% | 6.1% | 3.5% | 0.3% | 6.9% | 4.7% | 3.9% | 3.5% | |
| ROIC % | 7.0% | 8.3% | 12.3% | 21.2% | 10.2% | 8.2% | 1.8% | 9.2% | 7.2% | 8.9% | 8.1% | |
| R&D / Revenue % | 4.8% | 7.4% | 21.9% | 4.6% | 1.2% | 8.7% | 7.9% | 2.2% | 0.1% | 19.0% | 9.6% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 13.6% | -14.9% | 12.3% | 1.1% | 17.0% | 7.9% | -2.3% | 5.2% | -3.9% | 5.1% | |
| Gross Profit | 13.6% | -14.9% | 12.3% | 1.1% | 17.0% | 7.9% | -2.3% | 5.2% | -3.9% | 5.1% | |
| Operating Income | -9.0% | 30.0% | 45.2% | 92.3% | -39.2% | -10.3% | -78.5% | 385.9% | -13.4% | 20.7% | |
| Net Income | -2.7% | 113.8% | 13.9% | 70.5% | -58.5% | -36.4% | -93.1% | 2549.5% | -24.3% | -10.2% | |
| EPS (Diluted) | -3.1% | 267.7% | 13.7% | 70.4% | -80.7% | 16.4% | -93.3% | 2430.0% | -24.5% | -5.8% | |
| Operating Cash Flow | 0.0% | 0.0% | 14.1% | 3.0% | 22.0% | -0.8% | 6.3% | 39.4% | -7.3% | -10.1% | |
| Free Cash Flow | 0.0% | 0.0% | 14.1% | 3.0% | 22.0% | -0.8% | 6.3% | 39.4% | -7.3% | -10.1% | |
| R&D Expense | -7.5% | 29.5% | 233.1% | -78.9% | -68.3% | 661.1% | -11.5% | -70.6% | -96.2% | 22500.0% | |
| SG&A Expense | -42.7% | 53.1% | -41.8% | 67.1% | 75.7% | 0.6% | 24.3% | 9.9% | -5.2% | 142.3% | |
| Total Assets | -3.1% | 8.5% | -0.0% | 9.5% | 28.7% | 9.3% | -4.0% | -2.6% | 11.2% | 7.7% | |
| Book Value / Share | -5.0% | 71.8% | 1.9% | 34.9% | 47.0% | -3.1% | -12.0% | 3.6% | 2.9% | -3.0% | |
| Debt | -1.5% | 15.3% | -4.2% | -4.3% | -6.8% | 22.0% | 0.3% | -13.8% | 24.1% | 17.6% | |
| Diluted Shares | 0.0% | -41.7% | 0.0% | 0.0% | 9.6% | 6.9% | 36.2% | 6.7% | -1.5% | -5.8% |
Valuation
P/E (TTM)39.81
10Y Low / Med / High6.71 / 16.58 / 404.09
P/S11.45
10Y Low / Med / High5.03 / 8.69 / 14.39
P/B4.38
10Y Low / Med / High1.64 / 3.08 / 6.08
EV/EBITDA24.58
10Y Low / Med / High7.90 / 13.04 / 53.61
EV/Revenue14.54
10Y Low / Med / High7.74 / 11.34 / 16.64
P/FCF10.12
10Y Low / Med / High4.11 / 8.19 / 11.11
Intrinsic Value Models (per share)
DCF Value
$20.18
Tangible Book / Share
$19.93
Graham Number
$22.85
Cash / Share
$1.22
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 47.85 | 13.01 | 11.44 | 6.71 | 39.10 | 26.74 | 404.09 | 8.24 | 13.29 | 16.58 | 39.81 | |
| P/S Ratio | 14.39 | 9.86 | 8.78 | 8.69 | 9.15 | 7.22 | 7.74 | 5.34 | 5.03 | 7.02 | 11.45 | |
| P/B Ratio | 6.08 | 3.53 | 3.51 | 2.58 | 4.03 | 2.86 | 3.08 | 1.93 | 1.64 | 2.58 | 4.38 | |
| EV/EBITDA | 29.22 | 13.04 | 11.12 | 7.90 | 12.88 | 15.44 | 53.61 | 9.66 | 11.60 | 15.30 | 24.58 | |
| EV/Revenue | 16.64 | 13.26 | 11.34 | 11.99 | 11.42 | 9.65 | 10.15 | 7.74 | 7.98 | 10.52 | 14.54 |
Analyst Estimates & Quality
Altman Z-Score
2.46
Grey Zone
Piotroski F-Score
6
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $3.54B | $3.86B | $4.20B |
| Net Income | $3.00B | $3.34B | $3.63B |
| EPS | $5.39 | $5.91 | $6.59 |
| # Analysts (EPS) | 4 | 4 | 2 |
Dividends
Dividend/Share (TTM)
$0.93
Dividend Yield
1.37%
Frequency
Quarterly
Next Payment
Dec 10, 2026
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Nov 13, 2026 | Dec 10, 2026 | $0.23 | Quarterly |
| Aug 14, 2026 | Sep 10, 2026 | $0.23 | Quarterly |
| May 15, 2026 | Jun 10, 2026 | $0.23 | Quarterly |
| Feb 20, 2026 | Mar 10, 2026 | $0.23 | Quarterly |
| Nov 14, 2025 | Dec 10, 2025 | $0.22 | Quarterly |
| Aug 15, 2025 | Sep 10, 2025 | $0.22 | Quarterly |
| May 16, 2025 | Jun 10, 2025 | $0.22 | Quarterly |
| Feb 21, 2025 | Mar 10, 2025 | $0.22 | Quarterly |
| Nov 15, 2024 | Dec 10, 2024 | $0.21 | Quarterly |
| Aug 16, 2024 | Sep 13, 2024 | $0.21 | Quarterly |
| May 16, 2024 | Jun 14, 2024 | $0.21 | Quarterly |
| Feb 15, 2024 | Mar 15, 2024 | $0.21 | Quarterly |
| Nov 16, 2023 | Dec 15, 2023 | $0.20 | Quarterly |
| Aug 17, 2023 | Sep 15, 2023 | $0.20 | Quarterly |
| May 18, 2023 | Jun 15, 2023 | $0.20 | Quarterly |
| Feb 15, 2023 | Mar 15, 2023 | $0.20 | Quarterly |
| Nov 17, 2022 | Dec 15, 2022 | $0.19 | Quarterly |
| Aug 18, 2022 | Sep 15, 2022 | $0.19 | Quarterly |
| May 19, 2022 | Jun 15, 2022 | $0.19 | Quarterly |
| Feb 17, 2022 | Mar 15, 2022 | $0.19 | Quarterly |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Financial Royalty Assets | $1.96B | $2.07B | $2.13B | $2.20B | $2.15B | $2.26B |
| Intangible Royalty Assets | $143.4M | $171.2M | $37.5M | $835.0K | — | — |
| Royalty Income, Other | $19.0M | $53.1M | $74.6M | $156.0M | $114.2M | $117.0M |