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Royalty Pharma plc (RPRX) stock

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NASDAQ: RPRX Nasdaq Pharmaceuticals Next results ~November 4, 2026

B Fundamentals grade

Royalty Pharma plc is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$88

Cash-flow model

Base case. Range ~$61–$120 across our lower- and higher-growth cases (1.2%–11.2% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 24% below our base value.

Price used: $66.52, November 2, 2026

Royalty Pharma plc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 74 sales by directors and officers, last 12 monthsInsider trades
  • Funds384 adding, 218 cuttingOf 74 active managers that changed their stake, 42 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Royalty Pharma files

Where Royalty Pharma Plc stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.54bn, up 10.0% on a year earlier, faster than 7.8% a quarter earlier. Free-cash-flow margin rose to 117.2% from 104.3% a year earlier. Operating margin narrowed to 59.6% from 79.8%. The diluted share count is down 3.9% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 7 financial-health checks. Our cash-flow model value is $78.01 a share, against a share price of $61.80.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Royalty Pharma plc's trailing-twelve-month revenue grew 10.0% year on year, with a free-cash-flow margin of 117.2%. Where it stands out: free-cash-flow margin of 117.2% ranks 1 of 74 pharmaceuticals companies we cover. Where it lags: stock pay as % of revenue of 16.9% ranks 60 of 69 pharmaceuticals companies we cover.

Our discounted-cash-flow model values the business at ~$88 per share in the base case (~$61–$120 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 23.6% while net income fell 20.4%: a 44pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $66.52 is 32% below our value per share of $88.
  • High operating margin. 59.6% of revenue is left as operating profit, against a median of -5.9% for pharmaceuticals companies we cover.
  • Strong cash generation. 117.2% of revenue turned into free cash flow, against a median of 10.1% for pharmaceuticals companies we cover.
  • Shrinking share count. Diluted shares fell 3.9% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Margins narrowing. Operating margin is down 20.2 points on a year ago.
  • Heavy stock-based pay. Stock pay equals 16.9% of revenue, against a median of 3.6% for pharmaceuticals companies we cover: a real cost that cash-flow figures leave out.
  • High debt. Long-term debt exceeds cash by $7.8bn, more than 1.5 times annual revenue.
  • High earnings multiple. The shares trade at 46 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 5 insiders sold $93M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 43.3% ranks 40 of 53 pharmaceuticals companies we cover (median 23.8%).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$1.32 against an average estimate of $1.27: beat by 3.9%
Revenue
$674m, up 16.5% on a year earlier
Share reaction
-0.4% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
portfolio Receipts $3,400m to $3,500m (full year 2026); royalty Receipts growth growth 7% to 10% (full year 2026)
Next report
November 4, 2026; average EPS estimate $1.18

Royalty Pharma's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.0%
  • 1 week+2.7%
  • 1 month+16.4%
  • This year+74.5%
  • 1 year+80.6%
  • 5 years+89.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.5B
Operating margin
59.6%
Net margin
32.1%
EPS (TTM, diluted)
$1.46

Growth

Revenue growth
+10.0%
Change in growth rate
+2.2 pts
Share count change
−3.9%

Cash

Free cash flow (TTM)
$3B
FCF margin
117.2%
Stock pay % of revenue
16.9%

Earnings

Last results
August 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Dividend
  2. Results
  3. Insider trade
  4. Product
  5. Results
  6. Insider trade
  7. Announcement
  8. Results
  9. Guidance
  10. Leadership
  11. Deal
  12. Dividend

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Royalty Pharma plc valuation models and calculator

What the price is pricing in

The share price implies about 3.5% a year of cash-flow growth for five years.That is close to the 2.1% a year revenue growth Royalty Pharma has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in3.5%
  • Last 12 months10.0%
  • 3 years a year2.4%
  • 5 years a year2.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($67.31, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$88
Price used
$67.31close November 3, 2026
Implied change
▲ +31%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Royalty Pharma plc's free cash flow after stock-based pay with after-tax interest added back ($2.7B, FY2026 Q2 TTM), growing 5.4% and 7.1% in the next two years (forecasts, guidance and its record), then back to 6.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$61–~$120 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Royalty Pharma plc's free cash flow after stock-based pay ( $2.7B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Royalty Pharma plc as an operating company, with every model that fits that kind of business. Cost of equity 7.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.66 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$88 ~$61–$120 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$51 ~$53–$110 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$14 ~$8.7–$23 Left out: far from the other models (more than 3x away from their median)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$13 ~$11–$16 Left out: out of range vs price (0.19x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$76 ~$51–$88 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Royalty Pharma plc with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −1%
  • Last year's free-cash-flow margin change, if it persists ▲ +13%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $50$75$108$151$207$281
8.5% $33$51$75$106$147$198
10% $23$37$56$79$110$150

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$44.00$35.60$35.95$26.21$24.55$38.12$66.52
Market value$16.5bn$14.8bn$15.7bn$15.8bn$14.6bn$21.5bn$37.1bn
+ Net debt (− = net cash)$4.8bn$5.6bn$5.4bn$5.7bn$6.7bn$8.3bn$8.1bn
Enterprise value$21.3bn$20.3bn$21.2bn$21.5bn$21.3bn$29.8bn$45.3bn
Multiples
Price / sales 7.8x6.4x7.0x6.7x6.4x9.0x14.6x
Price / earnings 16.9x23.8xn/m13.9x17.0x27.9x45.5x
Price / free cash flow ———————
EV / EBITDA ———14.4x16.5x19.1x29.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, before the open. Analysts expect revenue of $885m and EPS of $1.18 (range $1.15 to $1.22) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.32 +10% $3.5bn +8%
Next $5.81 +9% $3.8bn +9%

Next year's EPS estimate has moved +3.9% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.8% on 90 days ago. In the last 30 days, 1 analyst raised Royalty Pharma plc's forecast and 1 cut it.

Consensus EPS forecast Royalty Pharma plc, last 90 days
$5.20 $5.40 $5.60 $5.80 $6.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.23 Current fiscal year, 60 days ago: $5.33 Current fiscal year, 30 days ago: $5.34 Current fiscal year, 7 days ago: $5.32 Current fiscal year, Now: $5.32 $5.32 Next fiscal year, 90 days ago: $5.59 Next fiscal year, 60 days ago: $5.74 Next fiscal year, 30 days ago: $5.73 Next fiscal year, 7 days ago: $5.80 Next fiscal year, Now: $5.81 $5.81

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.23$5.59
60 days ago $5.33$5.74
30 days ago $5.34$5.73
7 days ago $5.32$5.80
Now $5.32$5.81

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.27 $1.32 +3.9%
Mar 2026 $1.18 $1.30 +9.4%
Dec 2025 $1.33 $1.47 +10.0%
Sept 2025 $1.04 $1.17 +12.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Portfolio Receipts full year 2026 $3,400m to $3,500m Raised
    “Royalty Pharma now expects 2026 Portfolio Receipts to be between $3,400 million and $3,500 million (previously $3,325 million to $3,450 million), representing expected Royalty Receipts growth of 7% to 10%.” source
  • Royalty Receipts growth full year 2026 7% growth to 10% growth Raised
    “The above Portfolio Receipts guidance provided on August 5, 2026 includes expected Royalty Receipts growth of 7% to 10% in 2026.” source
  • Payments for operating and professional costs full year 2026 5.5% to 6.5%
    “Payments for operating and professional costs 5.5% to 6.5% of Portfolio Receipts 5.5% to 6.5% of Portfolio Receipts” source
  • Interest paid full year 2026 $350m to $360m
    “In 2026, Royalty Pharma anticipates interest paid to be approximately $350 million to $360 million.” source
  • Interest paid third quarter of 2026 about $175m
    “Interest paid in the third quarter of 2026 is anticipated to be approximately $175 million, with a de minimis amount anticipated in the fourth quarter of 2026.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Royalty Pharma plc's revenue by +5.4% next year and +7.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.6%, weight 52%) , management guidance (+4.0%, weight 21%) and the company's own record (+6.2%, weight 28%) . How the weights are set.

Analyst recommendations

8 analysts, Oct 2026
Buy788%
Hold113%
Sell00%

Monthly trend

  1. Oct 20262518
  2. Sep 20262518
  3. Aug 20262518
  4. Jul 202626210

Counts of recommendations published by analysts covering Royalty Pharma plc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.9%
of tradable shares
Days to cover
4.3
at average volume
Short interest, 1 month
+10%
to October 15, 2026
Held by institutions
88%
of shares
Held by insiders
6.5%
of shares
Employees
100
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +80.6%

$36.83 on October 31, 2025 to $66.52

ThenNowEffect
Revenue (last 12 months) $2.3bn $2.5bn +10.0%
Net margin 44.4% 32.1% −27.6%
P/E multiple 20.9x 45.5x +118.0%
Share count 581m 558m +4.1%

Biggest factor: p/e multiple.

Last 3 years +156.9%

$25.89 on November 3, 2023 to $66.52

ThenNowEffect
Revenue (last 12 months) $2.4bn $2.5bn +7.4%
Net margin 10.8% 32.1% +197.7%
P/E multiple 61.6x 45.5x −26.1%
Share count 607m 558m +8.8%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
RPRX−19%+1%−27%−6%+55%+75%
Industry peers (median)−19%−52%−13%−2%+7%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
RPRX50%50%33%42%67%82%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
RPRX−33%−15%−33%−21%−9%−12%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since June 16, 2020: 50% from January 26, 2021 to December 19, 2024. Getting back needed a 99% gain, reached on March 2, 2026, 438 days after the low.

Price behaviour

52-week range
$36.59 – $67.18
From 52-week high
−1.0%
vs 50-day average
+10.2%
vs 200-day average
+25.3%
Volatility (1 year)
24%
Beta vs S&P 500
0.20

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±3.4%
After a week
10 up, 2 down
typical move ±4.5%
After a month
9 up, 3 down
typical move ±6.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −0.4% −0.4% +3.0% +11.6%
May 6, 2026 −0.5% +1.1% +5.6% +11.3%
February 11, 2026 +1.3% −1.6% +2.0% +3.8%
November 5, 2025 +7.8% −0.7% +4.6% +5.6%
August 6, 2025 −2.4% +0.7% −3.8% −4.3%
May 8, 2025 +1.2% +0.6% +1.1% +2.6%
February 11, 2025 +2.0% −0.2% +2.7% +3.7%
January 10, 2025 +14.5% −1.4% +17.4% +23.1%
November 6, 2024 −3.7% +3.3% −6.1% −5.1%
August 8, 2024 −3.6% +2.8% +0.6% +4.0%
May 9, 2024 +0.4% +0.7% +0.4% −1.4%
February 15, 2024 +2.9% +0.2% +6.7% +3.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Royalty Pharma plc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Royalty Pharma plc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Royalty Pharma plc
$2.2B $2.3B $2.4B $2.5B $2.6B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.3B Revenue (TTM), FY23 Q4: $2.4B Revenue (TTM), FY24 Q1: $2.2B Revenue (TTM), FY24 Q2: $2.2B Revenue (TTM), FY24 Q3: $2.3B Revenue (TTM), FY24 Q4: $2.3B Revenue (TTM), FY25 Q1: $2.3B Revenue (TTM), FY25 Q2: $2.3B Revenue (TTM), FY25 Q3: $2.3B Revenue (TTM), FY25 Q4: $2.4B Revenue (TTM), FY26 Q1: $2.4B Revenue (TTM), FY26 Q2: $2.5B $2.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.3B
FY23 Q4 $2.4B
FY24 Q1 $2.2B
FY24 Q2 $2.2B
FY24 Q3 $2.3B
FY24 Q4 $2.3B
FY25 Q1 $2.3B
FY25 Q2 $2.3B
FY25 Q3 $2.3B
FY25 Q4 $2.4B
FY26 Q1 $2.4B
FY26 Q2 $2.5B
Revenue growth, TTM YoY Royalty Pharma plc
-10% -5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 3.4% Revenue growth, TTM YoY, FY23 Q4: 5.2% Revenue growth, TTM YoY, FY24 Q1: -5.1% Revenue growth, TTM YoY, FY24 Q2: -5.2% Revenue growth, TTM YoY, FY24 Q3: -2.5% Revenue growth, TTM YoY, FY24 Q4: -3.9% Revenue growth, TTM YoY, FY25 Q1: 1.1% Revenue growth, TTM YoY, FY25 Q2: 3.0% Revenue growth, TTM YoY, FY25 Q3: 3.7% Revenue growth, TTM YoY, FY25 Q4: 5.1% Revenue growth, TTM YoY, FY26 Q1: 7.8% Revenue growth, TTM YoY, FY26 Q2: 10.0% 10.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 3.4%
FY23 Q4 5.2%
FY24 Q1 -5.1%
FY24 Q2 -5.2%
FY24 Q3 -2.5%
FY24 Q4 -3.9%
FY25 Q1 1.1%
FY25 Q2 3.0%
FY25 Q3 3.7%
FY25 Q4 5.1%
FY26 Q1 7.8%
FY26 Q2 10.0%
Operating margin (TTM) Royalty Pharma plc
0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 17.1% Operating margin (TTM), FY23 Q4: 63.4% Operating margin (TTM), FY24 Q1: 42.0% Operating margin (TTM), FY24 Q2: 42.9% Operating margin (TTM), FY24 Q3: 68.1% Operating margin (TTM), FY24 Q4: 57.1% Operating margin (TTM), FY25 Q1: 83.9% Operating margin (TTM), FY25 Q2: 79.8% Operating margin (TTM), FY25 Q3: 65.2% Operating margin (TTM), FY25 Q4: 65.6% Operating margin (TTM), FY26 Q1: 65.1% Operating margin (TTM), FY26 Q2: 59.6% 59.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 17.1%
FY23 Q4 63.4%
FY24 Q1 42.0%
FY24 Q2 42.9%
FY24 Q3 68.1%
FY24 Q4 57.1%
FY25 Q1 83.9%
FY25 Q2 79.8%
FY25 Q3 65.2%
FY25 Q4 65.6%
FY26 Q1 65.1%
FY26 Q2 59.6%
FCF margin (TTM) Royalty Pharma plc
100% 105% 110% 115% 120% FY25 Q2 FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 FCF margin (TTM), FY25 Q2: 104.3% FCF margin (TTM), FY25 Q3: 102.2% FCF margin (TTM), FY25 Q4: 104.5% FCF margin (TTM), FY26 Q1: 106.8% FCF margin (TTM), FY26 Q2: 117.2% 117.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY25 Q2 104.3%
FY25 Q3 102.2%
FY25 Q4 104.5%
FY26 Q1 106.8%
FY26 Q2 117.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1,795 1,814 2,122 2,289 2,237 2,355 2,264 2,378 2,536
EBITDA — — — — — 1,492 1,292 1,563 1,517
Operating income 1,364 2,623 1,595 1,431 307 1,492 1,292 1,560 1,512
Net income 1,378 2,349 975 620 43 1,135 859 771 815
Diluted EPS — — $1.32 $1.49 $0.10 $2.53 $1.91 $1.78 $1.46
Growth (year on year)
Revenue — +1.1% +17.0% +7.9% −2.3% +5.2% −3.9% +5.1% +10.0%
EBITDA — — — — — — −13.4% +21.0% −17.7%
Operating income — +92.3% −39.2% −10.3% −78.5% +385.9% −13.4% +20.7% −17.9%
Net income — +70.5% −58.5% −36.4% −93.1% — −24.3% −10.2% −20.4%
Diluted EPS — — — +12.9% −93.3% — −24.5% −6.8% −17.1%
Margins
EBITDA margin — — — — — 63.4% 57.1% 65.7% 59.8%
Operating margin 76.0% 144.6% 75.2% 62.5% 13.7% 63.4% 57.1% 65.6% 59.6%
Net margin 76.8% 129.4% 45.9% 27.1% 1.9% 48.2% 37.9% 32.4% 32.1%
Cash flow
Cash from operations 1,618 1,667 2,035 2,018 2,144 2,988 2,769 2,490 2,976
Stock-based pay 0 0 5 2 2 2 2 290 428
Balance sheet
Cash 1,924 246 1,009 1,541 1,711 477 929 619 812
Total debt 0 6,238 5,817 7,096 7,116 6,135 7,612 8,951 8,962
Net debt (negative = net cash) −1,924 5,992 4,808 5,555 5,406 5,658 6,683 8,332 8,150
Diluted shares — — 375m 415m 438m 603m 594m 564m 558m
Returned to shareholders
Buybacks 0 4 0 0 0 305 230 1,227 322
Total returned 0 4 0 0 0 305 230 1,227 322

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $19.8bn
Short-term assets $1.8bnLonger-term assets $18.1bn
What it owes, and who funded it · $19.8bn
Short-term liabilities $631mLonger-term liabilities $9.4bnShareholders' equity $9.8bn
  • Short-term assets cover short-term liabilities $1.8bn of assets due within a year against $631m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.8bn short-term assets against $9.4bn of longer-dated liabilities.
  • More cash than debt $812m of cash against $9.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 92% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 69% to 92% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.0bn of operating cash flow against $9.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.5bn against $361m of interest.

From Royalty Pharma plc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$322M
Returned to shareholders
11%
of free cash flow
Buybacks, last 3 fiscal years
$1.8B
Diluted share count
−3.9%
year over year
Total shareholder yield
0.9%
dividends 0.0% + buybacks 0.9% of market value
R&D spending
9.4%
of revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated RPRX AMRX LNTH PAHC INDV JAZZ Median
Revenue, last 12 months $2.5bn $3.1bn $1.6bn $1.5bn $1.4bn $4.7bn $276m
Revenue growth, last 12 months 10.0% 9.3% 2.3% 17.1% 16.3% 13.5% 9.9%
Revenue growth, 3-year average 2.4% 10.5% 11.4% 15.8% — 7.5% 5.5%
Revenue growth, latest quarter 16.5% 9.9% 2.7% 4.8% 13.4% 10.4% 6.5%
Gross margin — 39.3% 60.1% 33.8% 85.0% 93.0% 62.0%
Operating margin 59.6% 14.6% 19.4% 12.8% 40.6% 9.0% −5.9%
Operating margin, 3-year average 60.8% 11.5% 26.7% 8.9% — 4.5% −7.4%
Net margin 32.1% 5.0% 17.7% 6.6% 32.8% 4.4% −7.3%
Cash from operations / revenue 117.4% 6.4% 26.5% 4.5% 7.0% 35.9% 10.2%
Free-cash-flow margin 117.2% 4.1% 24.9% 0.6% 2.3% 34.4% 8.6%
Free-cash-flow margin, 3-year average — 7.4% 28.6% 2.8% — 31.6% 7.4%
Stock pay / revenue 16.9% 1.1% 5.0% 0.1% 2.4% 6.3% 3.6%
Change in share count −3.9% 4.3% −7.8% 0.7% 0.0% 3.1% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth 10.0% 10.0% 37 of 74
Change in growth rate Growth +2.2pp -0.3pp 22 of 74
Operating margin Profitability 59.6% -5.9% 3 of 67
Net margin Profitability 32.1% -7.3% 7 of 75
Free-cash-flow margin Cash generation 117.2% 10.1% 1 of 74
Stock pay as % of revenue Cash generation 16.9% 3.6% 60 of 69
Long-term debt as % of assets Balance sheet 43.3% 23.8% 40 of 53
Change in share count Balance sheet -3.9% 1.5% 6 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Financial Royalty Assets $2.3B 95.1% ▲ 5.2%
Royalty Income Other $117M 4.9% ▲ 2.5%

From Royalty Pharma plc's 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$20.5B
Institutions reporting
641
Shares held vs prior quarter
▲ 3.3%
Positions opened / closed
93 / 42

Top buyers and sellers, Q2 2026: 384 institutions bought and 218 sold ; the biggest buyer was Price T Rowe Associates Inc (+9.3M shares) and the biggest seller Baillie Gifford & Co (−6.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Morgan Stanley $2.4B 42.9M 11.7% ▼ 1.5%
Capital International Investors $2B 35.3M 9.6% ▲ 0.8%
Blackrock, Inc. $1.6B 27.8M 7.6% ▲ 7.4%
FMR LLC $1.4B 24.5M 6.7% ▼ 2.5%
State Street Corp $692M 12.3M 3.4% ▲ 12.3%
Price T Rowe Associates Inc $628M 11.2M 3.1% ▲ 478.7%
Swedbank AB $601M 10.7M 2.9% ▼ 7.4%
Baillie Gifford & Co $562M 10.0M 2.7% ▼ 38.0%
Capital World Investors $534M 9.5M 2.6% ▲ 18.4%
Geode Capital Management, LLC $451M 8.1M 2.2% ▲ 2.4%
Caledonia (Private) Investments Pty Ltd $324M 5.8M 1.6% ▼ 19.4%
Norges Bank $299M 5.3M 1.5% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Royalty Pharma plc's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $92.8M 74 trades by 5 insiders · 100% under pre-set plans
Net ▼ $92.8M net selling
Insider Date Trade Shares Price Value
Urist Marshall EVP, Research & Investments October 5, 2026 Sell pre-set plan 4,126 $57.10 $235,595
Urist Marshall EVP, Research & Investments September 28, 2026 Sell pre-set plan 4,126 $57.88 $238,813
Hite Christopher EVP & Chairman, Partnering September 22, 2026 Sell pre-set plan 3,927 $58.93 $231,418
Hite Christopher EVP & Chairman, Partnering September 22, 2026 Sell pre-set plan 96,073 $58.51 $5.6M
Hite Christopher EVP & Chairman, Partnering August 18, 2026 Sell pre-set plan 100,000 $59.97 $6M
Coyne Terrance P. EVP & CFO August 13, 2026 Sell pre-set plan 1,772 $59.14 $104,796
Coyne Terrance P. EVP & CFO August 13, 2026 Sell pre-set plan 9,230 $58.59 $540,786
Urist Marshall EVP, Research & Investments July 1, 2026 Sell pre-set plan 9,099 $55.88 $508,452
Hite Christopher EVP & Chairman, Partnering June 30, 2026 Sell pre-set plan 29,400 $56.44 $1.7M
Hite Christopher EVP & Chairman, Partnering June 30, 2026 Sell pre-set plan 600 $57.09 $34,254
Hite Christopher EVP & Chairman, Partnering June 30, 2026 Sell pre-set plan 97,446 $56.50 $5.5M
Hite Christopher EVP & Chairman, Partnering June 30, 2026 Sell pre-set plan 2,554 $57.10 $145,833

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 1, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 11, 2026
  • November 5, 2025
  • August 6, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Royalty Pharma plc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Royalty Pharma plc in brief

What does Royalty Pharma plc do?
Royalty Pharma plc is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Royalty Pharma plc's stock ticker?
Royalty Pharma plc trades under the ticker RPRX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Royalty Pharma plc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Royalty Pharma plc reported revenue of $2.5B, 10.0% higher than a year earlier, according to its SEC filings.
What is Royalty Pharma plc's free cash flow?
Royalty Pharma plc's free-cash-flow margin is 117.2% of revenue over the trailing twelve months, ranking 1 of the 74 pharmaceuticals companies we cover.
What is Royalty Pharma plc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Royalty Pharma plc's free cash flow after stock-based pay gives ~$88 per share in the base case, and ~$61–$120 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Royalty Pharma plc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Morgan Stanley, Capital International Investors and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Royalty Pharma plc buying back stock, and does it pay a dividend?
Royalty Pharma plc spent $322M on share repurchases over the trailing twelve months, and its diluted share count fell 3.9% over the year.
What is Royalty Pharma plc's market cap?
On November 2, 2026, Royalty Pharma plc's market capitalisation was about $37.1B, with a price-to-earnings ratio of 45.5 and net debt of $8.1B. Market figures come from third-party market data and may be delayed.
How much debt does Royalty Pharma plc have?
Royalty Pharma plc's debt-to-equity ratio is 91.6%, from its latest balance sheet (69.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Royalty Pharma plc's competitors?
In our Pharmaceuticals peer group, the companies closest to Royalty Pharma plc are Amneal Pharmaceuticals, Inc., Lantheus Holdings, Inc., Phibro Animal Health Corp, Indivior Pharmaceuticals, Inc. and Jazz Pharmaceuticals plc. The side-by-side comparison below sets their revenue, margins and growth against Royalty Pharma plc's.
Are insiders buying or selling Royalty Pharma plc stock?
Over the last 12 months, Royalty Pharma plc's directors and officers reported 0 open-market purchases and 74 sales on Form 4. The insider trading page charts every trade.
When is Royalty Pharma plc's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Royalty Pharma plc announces its own schedule.