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Royalty Pharma plc (RPRX+1.07%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing highlights Royalty Pharma's position as the largest buyer of biopharmaceutical royalties, with a portfolio including royalties on over 35 commercial products and 14 development-stage product candidates.
For the year 2024, Royalty Pharma reported total income and other revenues of $2.26 billion, a decrease from $2.35 billion in 2023. The decrease was attributed to a significant milestone receipt in 2023 related to Zavzpret.
The company recorded a provision for changes in expected cash flows from financial royalty assets of $732.5 million, primarily due to declines in sell-side equity research analysts’ consensus sales forecasts for certain products.
Royalty Pharma's net income attributable to the company was $859.0 million, down from $1.13 billion in the previous year. This decrease was primarily due to higher provision expense in the current period.
Portfolio Receipts, a key performance metric representing cash generation from portfolio investments, totaled $2.80 billion in 2024, a decrease from $3.05 billion in 2023.
The company's cash and cash equivalents increased to $929.0 million as of December 31, 2024, compared to $477.0 million at the end of 2023.
Royalty Pharma announced several new investments in 2024, including a $350 million synthetic royalty on Niktimvo and a $125 million synthetic royalty on Rytelo.
The company issued $1.5 billion of senior unsecured notes in June 2024, with a weighted average coupon rate of 5.48%, to fund strategic acquisitions.
Royalty Pharma plans to acquire its Manager for approximately $1.1 billion, a transaction expected to close in the second quarter of 2025, subject to shareholder approval.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Royalty Pharma plc annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.