NASDAQ$RPRX
Royalty Pharma PLC · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Reported strong financial and operational results, driven by strategic transactions and robust growth in key royalty assets.
Royalty Pharma reported a strong Q4 2022, marked by a 96% increase in Adjusted Cash Receipts to $1,064 million and a 99% increase in Adjusted EBITDA to $983 million. The company executed nine deals for potentially transformative therapies and provided full year 2023 guidance, excluding new transactions.
- Net cash from operating activities increased 16% to $570 million.
- Adjusted Cash Receipts increased 96% to $1,064 million, driven by a $458 million payment from Pfizer's acquisition of Biohaven and strong portfolio performance.
- Adjusted EBITDA increased 99% to $983 million.
- Adjusted Cash Flow grew 146% to $946 million.
Headline financials
Revenue & EPS history
Royalty Pharma · Revenue · Quarterly
$566M
Revenue by segment
Royalty Pharma · $641M total across 12 segments · Q4 2022
- Cystic Fibrosis Franchise$219M+11.7%34.2%
- Tysabri$88M-6.4%13.7%
- Imbruvica$71M-20.2%11.1%
- Other Products$50M+2.0%7.8%
- Promacta$49M+0.0%7.6%
- Trelegy$47M—7.3%
- Xtandi$46M+12.2%7.2%
- Tremfya$29M+52.6%4.5%
- Cabometyx/Cometriq$15M+25.0%2.3%
- Evrysdi$14M+133.3%2.2%
- Trodelvy$7M+40.0%1.1%
- Erleada$6M+50.0%0.9%
Forward guidance
Royalty Pharma expects 2023 Adjusted Cash Receipts to be between $2,375 million and $2,475 million, excluding a potential $475 million milestone related to FDA approval of intranasal zavegepant and transactions announced subsequent to the date of this release.
Tailwinds
- Adjusted Cash Receipts (non-GAAP) of $2,375 million to $2,475 million
- Payments for operating and professional costs 8% to 9% of Adjusted Cash Receipts
- Interest paid $170 million
- Development-stage funding payments - upfront and milestone $50 million
- This Adjusted Cash Receipts(1) guidance for 2023 represents underlying growth of 4% to 9% prior to payments related to the Biohaven Preferred Shares in 2022
Headwinds
- Guidance excludes a potential $475 million milestone related to FDA approval of intranasal zavegepant for migraine.
- Guidance excludes contributions from transactions announced after the date of this release.
- Guidance may be amended in the event of new royalty transactions with a material near-term financial impact.
- Guidance is based on the company's most up-to-date view on its prospects and assumes no major unforeseen adverse events.
- Guidance reflects an estimated foreign exchange impact of approximately -1% to -2% for full year 2023 Adjusted Cash Receipts(1) growth, assuming current foreign exchange rates prevail for 2023.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2022
-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 |
|---|---|---|---|---|
| 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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