NASDAQ$RPRX
Royalty Pharma PLC · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Reported financial results for the fourth quarter and full year of 2023 and introduced full year 2024 guidance for Portfolio Receipts.
Royalty Pharma reported a decrease in Portfolio Receipts by 31% to $736 million for Q4 2023, which was due to accelerated Biohaven payments in Q4 2022. Royalty receipts increased by 10%, driven by cystic fibrosis franchise, Trelegy and Evrysdi, and the addition of new royalties on Spinraza.
- Portfolio Receipts decreased 31% to $736 million in Q4 2023.
- Royalty receipts increased 10% for the quarter.
- Announced value of new transactions was $4.0 billion for full year 2023.
- Transactions since 2020 expected to add approximately $1.2 billion to Portfolio Receipts in 2025.
Headline financials
Revenue & EPS history
Royalty Pharma · Revenue · Quarterly
$596M
Revenue by segment
Royalty Pharma · $687M total across 13 segments · Q3 2023
- Cystic Fibrosis Franchise$238M+14.4%34.6%
- Tysabri$87M-4.4%12.7%
- Imbruvica$62M-16.2%9.0%
- Trelegy$58M+34.9%8.4%
- Promacta$54M+8.0%7.9%
- Xtandi$47M+2.2%6.8%
- Other Products$46M-37.0%6.7%
- Tremfya$27M+28.6%3.9%
- Cabometyx/Cometriq$17M+13.3%2.5%
- Evrysdi$16M+60.0%2.3%
- Spinraza$15M—2.2%
- Trodelvy$11M+83.3%1.6%
- Erleada$9M+50.0%1.3%
Forward guidance
Royalty Pharma expects 2024 Portfolio Receipts to be between $2,600 million and $2,700 million, which includes expected royalty receipts growth of 5% to 9%.
Tailwinds
- Portfolio Receipts between $2,600 million and $2,700 million
- Expected royalty receipts growth of 5% to 9%
- Guidance reflects a negligible estimated foreign exchange impact to Portfolio Receipts
- Total interest paid is anticipated to be approximately $160 million in 2024.
- Guidance assumes no major unforeseen adverse events
Headwinds
- Excludes the contributions from transactions announced subsequent to the date of this press release.
- Guidance may be amended in the event it engages in new royalty transactions which have a material near-term financial impact on the company.
- Payments for operating and professional costs 8% to 9% of Portfolio Receipts
- Interest Paid $160 million
- Assumes no additional debt financing in 2024, including no drawdown on the revolving credit facility.
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 Q4 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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| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — |
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