Royalty Pharma
Buys drug royalties and funds late-stage medicines for future royalty streams.
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Profile
Acquires existing biopharmaceutical royalties and funds late-stage development or launches in exchange for future royalties. One consolidated segment spans approved medicines and development-stage candidates, with receipts tied to third-party drug sales and outcomes rather than in-house discovery, manufacturing or commercialization.
Acquires biopharmaceutical royalties on approved medicines and development-stage candidates, and funds late-stage trials or launches in exchange for future royalties. A single reportable segment holds interests across rare disease, respiratory medicine, neuroscience, oncology, immunology and hematology.
Combines scientific, medical, legal and financial diligence to select contractual cash-flow interests. Existing royalties are purchased from universities, research hospitals, biotechnology companies and drugmakers, while synthetic arrangements create new royalties through direct funding. Dozens of commercial products and development-stage candidates anchor the portfolio.
Operates from New York with receipts tied to medicines commercialized by third-party marketers. Cash generation depends on those partners' sales and lifecycle execution, clinical and regulatory outcomes, patent and contract duration, access to new transactions and leverage management.
Company facts
Key statistics
Year to date +56.6% · Average volume (30d) 2.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | Goldman Sachs | Reiterate | Buy | $42 | $66 | |
| Aug 6, 2026 | Morgan Stanley | Reiterate | Overweight | $63 | $65 | |
| Apr 21, 2026 | UBS | Reiterate | Buy | $49 | $57 | |
| Apr 10, 2026 | Morgan Stanley | Reiterate | Overweight | $61 | $63 | |
| Feb 27, 2026 | Seaport Global | Target | $50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $1.27 | $1.32 | +3.9% | $758.9M | $773.0M | +1.9% | +0.47% |
| May 6, 2026Q1 FY26 | $1.21 | $1.30 | +7.4% | $881.7M | $925.0M | +4.9% | −1.03% |
| Feb 11, 2026Q4 FY25 | $1.29 | $1.46 | +13.2% | $807.0M | $874.0M | +8.3% | +1.24% |
| Nov 5, 2025Q3 FY25 | $0.99 | $1.17 | +17.7% | $717.4M | $609.3M | −15.1% | +0.89% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $568.2M | $578.7M | $609.3M | $622.0M | $630.6M | $674.1M | |
| Gross profit | $568.2M | $578.7M | $609.3M | $622.0M | $629.4M | $405.9M | |
| Operating income | $534.2M | $209.8M | $427.2M | $388.4M | $632.5M | $133.0M | |
| Net income | $238.3M | $30.2M | $288.2M | $214.2M | $295.0M | $17.9M | |
| Diluted EPS | $0.41 | $0.07 | $0.67 | $0.50 | $0.53 | $0.04 | |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 99.8% | 60.2% | |
| Operating margin | 94.0% | 36.3% | 70.1% | 62.4% | 100.3% | 19.7% |
Fiscal years (4-quarter sums)FY21 $2.29B · FY22 $2.24B · FY23 $2.35B · FY24 $2.26B · FY25 $2.38B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $837.0M · Total debt $8.96B · Total assets $19.82B · Shareholders' equity $6.83B
Dividends
Raised for 4 straight years — most recently to $0.235 from $0.22 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 14, 2026 | Aug 14 | Sep 10 | $0.235 | |
| May 15, 2026 | May 15 | Jun 10 | $0.235 | |
| Feb 20, 2026 | Feb 20 | Mar 10 | $0.235 | raised from $0.22 |
| Nov 14, 2025 | Nov 14 | Dec 10 | $0.22 | |
| Aug 15, 2025 | Aug 15 | Sep 10 | $0.22 | |
| May 16, 2025 | May 16 | Jun 10 | $0.22 | |
| Feb 21, 2025 | Feb 21 | Mar 10 | $0.22 | raised from $0.21 |
| Nov 15, 2024 | Nov 15 | Dec 10 | $0.21 |
Ownership
Shares outstanding 443.27M · Float 415.02M · 93.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Legorreta G. Pablo | 101.79M | 18.73% | 13D | Aug 17, 2026 |
| Morgan Stanley | 42.93M | 9.69% | 13F | Aug 13, 2026 |
| Capital International Investors | 35.27M | 7.96% | 13F | Aug 12, 2026 |
| BlackRock, Inc. | 27.83M | 6.28% | 13F | Aug 7, 2026 |
| FMR LLC | 24.51M | 5.53% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Christopher Hite | officer: EVP & Chairman, Partnering | −100,000 | $59.97 |
| Aug 13, 2026 | Terrance P. Coyne | officer: EVP & CFO | −11,002 | $58.68 |
| Jul 1, 2026 | Marshall Urist | officer: EVP, Research & Investments | −9,099 | $55.88 |
| Jun 23, 2026 | Christopher Hite | officer: EVP & Chairman, Partnering | −150,000 | $54.40 |
| Jun 24, 2026 | Marshall Urist | officer: EVP, Research & Investments | −9,098 | $55.18 |
Peers
- Blackstone
Large-scale synthetic royalties and late-stage life-sciences funding
- KKR
Biopharma royalty monetization and credit through majority-owned HCRx
- Blue Owl Capital
Royalty and debt capital for commercial-stage biopharma companies
- Ligand Pharmaceuticals
Biopharma royalty aggregation and late-stage development financing
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Royalty Pharma | $60.65 | −0.33% | $26.97B | 35.0 | 13.3 | 10.6 | +33.6% |
| Blackstone | $142.86 | +0.35% | $171.97B | 31.6 | 22.2 | 10.7 | +2.4% |
| KKR | $108.40 | −0.21% | $97.58B | 34.2 | 16.3 | 4.6 | −44.8% |
| Blue Owl Capital | $12.04 | +0.12% | $18.79B | 101.2 | 13.0 | 6.3 | +7.1% |
| Ligand Pharmaceuticals | $280.49 | −0.04% | $5.62B | 30.0 | 27.2 | 19.3 | +33.7% |
| Median | 32.9 | 19.2 | 8.5 | +4.8% |