NASDAQ$RPRX
Royalty Pharma PLC · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Royalty Pharma reported strong financial results for Q1 2023, driven by the Zavzpret milestone and a diversified portfolio.
Royalty Pharma reported strong Q1 2023 results, with total income and other revenues increasing by 22% to $684 million. Adjusted Cash Receipts increased by 87% to $1,131 million, driven by the Zavzpret milestone and strong portfolio performance. The company reaffirmed its 2023 Adjusted Cash Receipts guidance of $2,850 to $2,950 million.
- Net cash provided by operating activities grew 125% to $1,034 million, benefiting from a $475 million Zavzpret milestone.
- Adjusted Cash Receipts increased 87% to $1,131 million, driven by the Zavzpret milestone and strong portfolio performance.
- Transactions of up to $1.6 billion were announced, including $600 million in upfront payments, to acquire royalties on three innovative therapies.
- A multi-year share repurchase program of up to $1.0 billion was announced, reflecting confidence in Royalty Pharma’s outlook.
Headline financials
Revenue & EPS history
Royalty Pharma · Revenue · Quarterly
$684M
Revenue by segment
Royalty Pharma · $716M total across 12 segments · Q1 2023
- Cystic Fibrosis Franchise$217M+7.4%30.3%
- Other Products$121M+36.0%16.9%
- Tysabri$86M-11.3%12.0%
- Imbruvica$69M-20.7%9.6%
- Promacta$50M+4.2%7.0%
- Trelegy$48M—6.7%
- Xtandi$44M+2.3%6.1%
- Tremfya$32M+14.3%4.5%
- Evrysdi$18M+100.0%2.5%
- Cabometyx/Cometriq$16M+23.1%2.2%
- Trodelvy$8M+60.0%1.1%
- Erleada$7M+40.0%1.0%
Forward guidance
Royalty Pharma reaffirmed its 2023 Adjusted Cash Receipts guidance of $2,850 million to $2,950 million, excluding transactions announced after the date of this release.
Tailwinds
- 2023 Adjusted Cash Receipts are expected to be between $2,850 million and $2,950 million.
- Guidance reflects the $475 million accelerated milestone payment related to FDA approval of Pfizer’s Zavzpret.
- Guidance represents underlying growth of 4% to 9% prior to the Zavzpret milestone payment in 2023.
- The projection assumes no incremental debt financing in 2023.
- Royalty Pharma may amend its guidance in the event it engages in new royalty transactions which have a material near-term financial impact on the company.
Headwinds
- Guidance excludes contributions from transactions announced subsequent to the date of this release.
- Guidance reflects an estimated foreign exchange impact of approximately -1% to -2% for full year 2023 Adjusted Cash Receipts growth.
- Total interest paid is based on the semi-annual interest payment schedule of Royalty Pharma’s existing notes.
- This guidance assumes no major unforeseen adverse events.
- Royalty Pharma has not reconciled its non-GAAP 2023 guidance to the most directly comparable GAAP measure.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2023
-0.6%
Avg return
Earnings day
+0.1%
Avg return
5 days after
+0.9%
Avg return
30 days after
43%
10 / 23 earnings
Positive
+6.8%
Q3 2025
Best reaction
-8.1%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | -1.0% | +2.4% | +10.7% | |
| Q4 2025 | +0.1% | +2.2% | +3.3% | |
| Q3 2025 | +6.8% | +1.8% | +5.0% | |
| Q1 2025 | +0.9% | +0.2% | +3.1% | |
| Q4 2024 | +1.7% | +2.0% | +3.0% | |
| Q3 2024 | -3.7% | -4.3% | -5.9% | |
| Q2 2024 | -3.6% | -1.4% | +5.3% | |
| Q1 2024 | +0.4% | +0.3% | -1.9% | |
| Q4 2023 | +2.1% | +3.4% | +2.7% | |
| Q3 2023 | -0.5% | -1.6% | +3.7% | |
| Q2 2023 | -0.9% | -1.1% | -6.4% | |
| Q1 2023 | -4.7% | -2.7% | -2.8% | |
| Q4 2022 | -2.0% | -0.4% | -8.8% | |
| Q3 2022 | +1.6% | +3.7% | -0.1% | |
| Q2 2022 | -0.9% | +1.9% | -1.8% | |
| Q1 2022 | -8.1% | -12.8% | -6.2% | |
| Q4 2021 | +3.6% | +0.8% | +1.7% | |
| Q3 2021 | +1.5% | +5.3% | -4.6% | |
| Q2 2021 | +2.7% | +5.0% | +5.6% | |
| Q1 2021 | -2.2% | -1.8% | +12.4% | |
| Q4 2020 | -2.1% | +1.1% | -1.5% | |
| Q3 2020 | -1.6% | +2.8% | +10.3% | |
| Q2 2020 | -3.0% | -4.2% | -5.9% | |
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