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Friday 6 November 2026
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Royalty Pharma PLC
RPRX Healthcare Biotechnology
Royalty Pharma PLC’s revenue for fiscal 2025 (year ended December 2025) was $2.4 billion, up 5.06% from fiscal 2024.
- Revenue
- +13.3%
- EPS
- −51.5%
- Free cash flow
- +364.6%
- Total debt
- −4.00%
Quarter to September 2026, against a year earlier
67.70
0.13
+0.19%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | 1,795 | 1,814 | 2,122 | 2,289 | 2,237 | 2,355 | 2,264 | 2,378 | 2,617 | +4.1% | 3,505 | 3,824 | 4,170 | +20.6% | |
| Gross margin, % | — | — | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.0 pt | ||||||
| EBT | — | — | 1,518 | 2,461 | 1,702 | 1,241 | 230 | 1,700 | 1,331 | 1,324 | 1,347 | (1.9%) | ||||||
| EBT margin, % | — | — | 84.57 | 135.67 | 80.19 | 54.21 | 10.28 | 72.20 | 58.79 | 55.68 | 0.00 | (28.9) pt | ||||||
| Net income | — | 0 | 1,518 | 2,461 | 1,702 | 1,241 | 230 | 1,700 | 1,331 | 1,324 | 1,347 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | 0.00 | 4.83 | 5.65 | 5.52 | 5.11 | 5.26 | 5.05 | 5.53 | 5.87 | n/m | |||||
| Earnings | — | — | — | 6.56 | 1.32 | 1.49 | 0.10 | 2.54 | 1.92 | 1.79 | 1.51 | (19.5%) | ||||||
| Cash flow | — | — | 0.00 | 4.44 | 5.42 | 4.86 | 4.90 | 6.68 | 6.18 | 5.79 | 6.64 | n/m | ||||||
| Capex | — | — | 0.00 | (4.58) | (5.81) | (5.28) | (0.05) | 0.00 | (0.04) | 0.00 | 0.00 | n/m | ||||||
| Free cash flow | — | — | 0.00 | (0.14) | (0.39) | (0.42) | 4.85 | 6.68 | 6.14 | 5.79 | 6.64 | n/m | ||||||
| Book value | — | — | 0.00 | 16.36 | 26.36 | 24.71 | 21.75 | 22.53 | 23.08 | 22.60 | 21.96 | n/m | ||||||
| Shares, m | — | — | — | 375 | 375 | 415 | 438 | 448 | 448 | 430 | 439 | +2.3% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | 66.51 | 66.51 | 41.36 | 39.07 | 492.50 | 13.03 | 13.22 | 21.71 | 44.80 | 94.2 | |||||
| P/S | — | — | 0.00 | 0.00 | 8.85 | 7.22 | 7.71 | 5.37 | 5.05 | 6.98 | 11.53 | 5.1 | ||||||
| P/B | — | — | 0.00 | 0.00 | 1.90 | 1.61 | 1.81 | 1.25 | 1.11 | 1.71 | 3.08 | 1.2 | ||||||
| EV/Sales | — | — | 0.00 | 0.00 | 10.71 | 9.44 | 10.12 | 8.19 | 7.98 | 10.48 | 14.60 | 7.1 | ||||||
| EV/FCF | — | — | 18.65 | 18.65 | (153.96) | (124.27) | 10.66 | 5.77 | 6.56 | 7.09 | 29.54 | (26.4) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | 1,618 | 1,667 | 2,035 | 2,018 | 2,144 | 2,988 | 2,769 | 2,490 | 2,960 | +6.3% | |||||
| Capex | — | — | (270) | (1,721) | (2,182) | (2,192) | (21) | — | (18) | — | (1,666) | (36.3%) | ||||||
| Free cash flow | — | — | 1,349 | (54) | (148) | (174) | 2,123 | 2,988 | 2,751 | 2,490 | 2,960 | +9.2% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | 499 | 2,389 | 2,707 | 1,388 | 1,113 | 549 | 892 | 347 | +10.2% | |||||
| Net debt | — | — | — | 5,926 | 3,755 | 4,907 | 5,380 | 5,640 | 6,625 | 8,313 | 8,043 | +5.8% | ||||||
| Shareholders’ equity | — | — | — | 6,141 | 9,896 | 10,249 | 9,525 | 10,084 | 10,342 | 9,715 | 9,795 | +7.9% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | 0.00 | 37.73 | 6.85 | 3.70 | 0.25 | 6.84 | 4.96 | 4.07 | 0.00 | +4.1 pt | |||||
| ROIC | — | — | 0.00 | 13.59 | 7.30 | 5.90 | 1.29 | 5.93 | 4.76 | 5.41 | 5.24 | +5.4 pt | ||||||
| ROE | — | — | 0.00 | 29.29 | 12.16 | 6.15 | 0.43 | 11.57 | 8.41 | 7.69 | 0.00 | +7.7 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | 35 | — | — | — | 89 | 99 | 100 | — | +19.1% | |||||
| Revenue/emp, $m | — | — | 0.00 | 51.84 | 0.00 | 0.00 | 0.00 | 26.46 | 22.86 | 23.78 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Income from financial royalty assets | 2,261 | 95.08% |
|---|---|---|
| Other royalty income and revenues | 117 | 4.92% |
| Gross margin | 100.00% | |
| Operating margin | 65.58% | |
| Pre-tax margin | 55.68% |
Royalty Pharma PLC vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ARGX argenex SE | $56.3B | 29.8× | 30.1× | +52.13% (above 0%: growing) | +43.85% (above 0%: growing) | +537.51% (above 0%: growing) | 90.58% | 27.70% | Compare |
| ONC BeOne Medicines Ltd. - Sponsored ADR | $40.4B | 65.9× | 48.8× | +33.81% (above 0%: growing) | +143.68% (above 0%: growing) | +33.59% (above 0%: growing) | 88.52% | 22.15% | Compare |
| RPRX Royalty Pharma PLC | $39.0B | 44.8× | 27.3× | +13.26% (above 0%: growing) | −51.52% (below 0%: shrinking) | +364.63% (above 0%: growing) | 100.00% | 59.53% | |
| RVMD Revolution Medicines, Inc. | $38.1B | — (loss-making) | — (loss-making) | +1,188.71% (above 0%: growing) | n/m | −99.06% (below 0%: shrinking) | 100.00% | (188.88%) | Compare |
| GMAB Genmab A/S Sponsored ADR | $31.5B | 41.7× | 47.3× | +24.86% (above 0%: growing) | −9.26% (below 0%: shrinking) | −7.69% (below 0%: shrinking) | 92.73% | 32.47% | Compare |
| ROIV Roivant Sciences Ltd. | $26.5B | — (loss-making) | — (loss-making) | −33.55% (below 0%: shrinking) | n/m | −29.99% (below 0%: shrinking) | 80.31% | (25,380.93%) | Compare |
| INCY Incyte Corporation | $24.1B | 56.3× | 55.6× | +14.00% (above 0%: growing) | n/m | −232.97% (below 0%: shrinking) | 93.02% | (45.49%) | Compare |
| INSM Insmed, Inc. | $23.9B | — (loss-making) | — (loss-making) | +268.43% (above 0%: growing) | n/m | +81.06% (above 0%: growing) | 85.09% | (17.04%) | Compare |
| BNTX BioNTech SE Sponsored ADR | $21.6B | — (loss-making) | — (loss-making) | −16.42% (below 0%: shrinking) | n/m | −123.82% (below 0%: shrinking) | 91.99% | 9.70% | Compare |
| Median of peers | $29.0B | 49.0× | 48.1× | +29.34% | +43.85% | −18.84% | 91.29% | (3.67%) |
From the latest earnings call
- CEO Pablo Legorreta said Royalty Pharma had deployed $1.6 billion of capital in 2026 through the call date, with an announced value of $1.9 billion.
- CFO Terry Coyne said Royalty Pharma raised its 2026 portfolio receipts guidance to $3.5 billion to $3.55 billion, based on its existing portfolio.
Pay and ownership Proxy statement filed 10 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 937.50k | 82.51m | 85.11 |
Ownership
Directors and executive officers, together
18.80% of the votes
RPI US Partners
17.04% of the votes
Pablo Legorreta
15.87% of the votes
Morgan Stanley
6.74% of the votes
Capital International Investors
5.68% of the votes
FMR LLC
4.84% of the votes
R & H Trust Co.
4.20% of the votes
PL RPH Holdings, LLC
2.32% of the votes
RP MIP (Cayman), LP
1.87% of the votes
PL RP AIV, LLC
1.68% of the votes
Terrance Coyne
1.45% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Royalty Pharma PLC (RPRX) Latest News
4 Nov
23 Sep
12 Aug
6 Aug
5 Aug
RPRX metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Royalty Pharma buys rights to payments tied to sales of medicines. Rather than developing, manufacturing or selling most of the medicines itself, it provides capital to the organizations that own royalty rights or are developing therapies. In return, it receives a share of the sales of specified products, along with milestones or other contractual payments in some transactions.
Its partners range from academic institutions, research hospitals and nonprofits to biotechnology and pharmaceutical companies. An institution that helped discover a therapy may sell an existing royalty to Royalty Pharma. A drug developer may instead create a new royalty in exchange for funding, while retaining responsibility for developing and selling the medicine.