Financial Data and Key Metrics Changes - The company announced a $3 billion share repurchase authorization and repurchased approximately $1 billion of stock in the first half of the year, slowing down in the third quarter due to deal flow considerations [2][3] - Return on Invested Capital (ROIC) has been consistently in the mid-teens, while Return on Equity (ROE) has been in the low 20% range, with confidence in maintaining these levels without taking on additional risks [9][10] Business Line Data and Key Metrics Changes - The company has focused on capitalizing on unique opportunities in the second half of the year, with significant transactions such as Revolution Medicines and Imdeltra contributing to deal flow momentum [3][4] - The company is open to increasing capital deployment beyond the baseline of $2 billion to $2.5 billion, driven by ongoing momentum from synthetic deals and partnerships with pharmaceutical companies [21][22] Market Data and Key Metrics Changes - The demand for customized deal structures has increased, reflecting a broader range of companies seeking partnerships, which the company is well-positioned to accommodate [5][7] - The company sees a growing appetite for capital in the biopharma industry, indicating a robust environment for future royalty opportunities [18][29] Company Strategy and Development Direction - The company aims to maintain a balanced approach to investments, focusing on both approved products with attractive growth and developmental products with significant upside potential [9][10] - The company believes that the evolution of pharma R&D partnerships will continue, with more co-funding deals expected as companies face pipeline pressures [24][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to meet and exceed capital deployment targets, emphasizing the importance of making good investments rather than rushing to deploy capital [21][22] - The company remains optimistic about the potential in various therapeutic areas, including oncology and neurodegenerative diseases, while being cautious about the risks involved [42][45] Other Important Information - The company has seen an increase in incoming deal volume since its IPO, while also proactively reaching out to early-stage companies to maintain relationships and identify opportunities [52][53] - The use of AI in the investment process is being explored, but management believes that the fundamental barriers to entry in the royalty space will remain [32][34] Q&A Session Summary Question: How does the company view the future of capital deployment? - The company anticipates a baseline capital deployment of $2 billion to $2.5 billion but is open to exceeding this based on deal flow momentum [21][22] Question: What is the company's stance on the evolving pharma R&D partnership landscape? - The company believes that pharma R&D partnerships will continue to evolve, with more co-funding deals expected due to pipeline pressures [24][26] Question: How does the company approach the use of AI in its processes? - While the company is exploring AI for due diligence and efficiency, it maintains that significant capital and experience are still required to succeed in the royalty space [32][34]

Core Insights - Royalty Pharma plc (NASDAQ: RPRX) has shown supportive Q3 results and made a recent investment, prompting a reiteration of a Buy rating by analysts [1]. Company Performance - The company reported strong Q3 results, which have contributed to a positive outlook for its stock [1]. Investment Strategy - Analysts emphasize a long-term, income-oriented investment approach, particularly appealing to buy-side hedge professionals [1].

分组1 - Royalty Pharma reported quarterly earnings of $1.17 per share, exceeding the Zacks Consensus Estimate of $1.11 per share, and showing an increase from $1.04 per share a year ago, resulting in an earnings surprise of +5.41% [1][2] - The company achieved revenues of $814 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.34%, and up from $735 million in the same quarter last year [2] - Royalty Pharma has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2][3] 分组2 - The stock has gained approximately 48.3% since the beginning of the year, significantly outperforming the S&P 500's gain of 15.1% [3] - The future performance of Royalty Pharma's stock will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] - The current consensus EPS estimate for the upcoming quarter is $1.34 on revenues of $784.56 million, and for the current fiscal year, it is $4.52 on revenues of $3.16 billion [7] 分组3 - The Medical - Biomedical and Genetics industry, to which Royalty Pharma belongs, is currently ranked in the top 40% of over 250 Zacks industries, indicating a favorable outlook for the sector [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked using tools like the Zacks Rank [5][6]

Financial Performance - For the three months ended September 30, 2025, Vertex accounted for 35% of total income, while Roche contributed less than 10%[208]. - Total income and other revenues for the first nine months of 2025 reached $1,756.2 million, an increase of $86.3 million, or 5.2%, compared to the same period in 2024[226]. - Income from financial royalty assets increased by $45.6 million, or 8.6%, in Q3 2025 compared to Q3 2024, primarily due to the Voranigo royalty acquired in August 2024[228]. - Net income attributable to Royalty Pharma plc decreased by $255.8 million, or 47.0%, in Q3 2025 compared to Q3 2024, totaling $288.2 million[226]. - Other royalty income and revenues increased by $5.1 million, or 6.2%, in the first nine months of 2025, primarily due to sales growth of Nurtec ODT[231]. - Income from financial royalty assets for the first nine months of 2025 was $1,668.7 million, an increase of $81.1 million, or 5.1%, compared to the same period in 2024[229]. - Adjusted EBITDA for the three months ended September 30, 2025, was $779.4 million, compared to $679.4 million for the same period in 2024, representing a 14.7% increase[289]. - Portfolio Cash Flow for the nine months ended September 30, 2025, was $1.91 billion, up from $1.77 billion in the same period in 2024, indicating a 7.7% growth[289]. Expenses and Provisions - General and administrative expenses rose by $240.1 million, or 142.0%, in the first nine months of 2025 compared to the same period in 2024, primarily due to increased employee compensation expenses[226]. - Provision for changes in expected cash flows from financial royalty assets was $12.1 million in Q3 2025, a significant change from a provision of $(227.6) million in Q3 2024[226]. - Research and development funding expense increased by $50.0 million in Q3 2025 compared to Q3 2024, reflecting ongoing investments in product candidates[226]. - G&A expenses rose by $62.0 million, or 109.3%, in Q3 2025 compared to Q3 2024, mainly driven by higher share-based compensation expenses[241]. - Interest expense increased by $13.1 million, or 19.6%, in Q3 2025 compared to Q3 2024, primarily due to a $380 million term loan and the issuance of $2.0 billion in senior unsecured notes[246]. Cash Flow and Investments - The company generated $1.7 billion in net cash from operating activities for the first nine months of 2025, a decrease of $363.8 million compared to $2.0 billion in the same period of 2024[272][278]. - Cash used in investing activities decreased by $1.4 billion in the first nine months of 2025, primarily due to lower cash used for acquisitions of financial royalty assets[279]. - In the first nine months of 2025, the company invested $1.7 billion in royalties, milestones, and other contractual receipts[270]. - The company has access to up to $1.8 billion in revolving commitments under its Revolving Credit Facility[274]. - Cash used in financing activities was $886.4 million in the first nine months of 2025, compared to cash provided of $619.1 million in the same period of 2024[280]. Royalty Receipts - Royalty Receipts from the cystic fibrosis franchise increased by $45.6 million, driven by strong demand for Trikafta/Kaftrio and higher net pricing in the U.S.[264]. - Trelegy Royalty Receipts rose by $27.9 million due to volume growth across all regions, reflecting increased patient demand[264]. - Xtandi Royalty Receipts increased by $21.1 million, attributed to sales growth particularly in the U.S.[265]. - Milestones and other contractual receipts increased by $91.4 million, primarily due to a one-time distribution related to the Legacy SLP Interest[268]. - Voranigo Royalty Receipts reached $79.5 million, driven by a strong launch in the U.S.[265]. - Royalty Receipts from other products increased by $19.9 million, supported by recent acquisitions[268]. - Tysabri Royalty Receipts decreased by $16.3 million due to increased competition and pricing pressures[265]. - Tremfya Royalty Receipts increased by $21.7 million, driven by market share gains and growth in new indications[265]. Debt and Financing - The company has total outstanding borrowings of $9.2 billion as of September 30, 2025, up from $7.8 billion as of December 31, 2024[274]. - The company issued $2.0 billion in senior unsecured notes in September 2025 with a weighted average coupon rate of 5.16%[283]. - The company has a $380 million Term Loan with Bank of America, maturing on July 31, 2026, with an interest rate of either Daily SOFR plus 1.25% or Term SOFR plus 1.25%[284]. - As of September 30, 2025, the company has an uncommitted line of credit agreement with Société Générale providing a borrowing capacity of up to $350 million, with no outstanding borrowings[285]. - The Revolving Credit Facility has a borrowing capacity of $1.8 billion, with $1.69 billion maturing on December 22, 2028, and $110 million maturing on October 31, 2027[286]. Acquisitions and Strategic Initiatives - The company completed the acquisition of RP Manager on May 16, 2025, as part of its internalization strategy[196]. - In November 2025, the company acquired a royalty interest in Alnylam's Amvuttra for $310 million, which is an approved RNAi therapeutic[271]. - The company entered into a funding arrangement with BeOne for up to $950 million, including an upfront payment of $885 million for a royalty on Imdelltra[297]. - A two-part $2 billion funding arrangement with Revolution Medicines includes up to $1.25 billion for a synthetic royalty and a senior secured term loan of up to $750 million[298]. - The company has a long-term funding arrangement with Cytokinetics, with $275 million remaining available under the Cytokinetics Commercial Launch Funding as of September 30, 2025[300]. Assets and Liabilities - Current assets increased to $652,195 thousand as of September 30, 2025, compared to $53,380 thousand as of December 31, 2024[311]. - Current liabilities decreased to $441,816 thousand as of September 30, 2025, from $1,100,681 thousand as of December 31, 2024[311]. - Non-current liabilities increased to $9,067,768 thousand as of September 30, 2025, compared to $6,613,747 thousand as of December 31, 2024[311]. - Non-current intercompany notes receivable due from Non-Guarantor Subsidiaries increased to $2,860,003 thousand as of September 30, 2025, from $2,430,894 thousand as of December 31, 2024[311]. - There are no material restrictions on distributions from the operating subsidiaries, which hold the majority of cash and cash equivalents[310].

Financial Data and Key Metrics Changes - The company reported an 11% growth in both portfolio receipts and royalty receipts, reflecting strong business momentum [4][20] - Return on invested capital was 15.7% and return on invested equity was 22.9% for the last 12 months [5][23] - Portfolio receipts for the third quarter reached $814 million, with a projected full-year guidance increase to between $3.2 billion and $3.25 billion, representing growth of approximately 14-16% [25][28] Business Line Data and Key Metrics Changes - The company actively engaged in royalty transactions, deploying $1 billion in the quarter, totaling $1.7 billion for the first nine months [5][24] - Key drivers of growth included strong performance from Voranigo, Tremfya, and the Cystic Fibrosis Franchise [20] Market Data and Key Metrics Changes - The company expanded its development stage pipeline to 17 therapies, with significant potential for cumulative peak sales exceeding $36 billion [14][18] - The company noted a growing market for synthetic royalties, with $1.8 billion in synthetic royalty transactions announced in 2025, surpassing previous years [15][16] Company Strategy and Development Direction - The company aims to be a premier capital allocator in life sciences, focusing on innovative therapies with high patient impact [4][13] - The strategy includes a therapy area agnostic investment approach, allowing for diversification across various disease areas [9][16] - The company raised its full-year guidance for 2025, reflecting confidence in its diversified portfolio and ongoing capital deployment [25][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the uptick in biotech M&A activity, viewing it as beneficial for capital needs in the sector [34][37] - The company is excited about growth opportunities in China, particularly in out-licensing to multinationals [38] - Management emphasized a disciplined approach to capital allocation, focusing on transactions that align with their investment criteria [40][46] Other Important Information - The company repurchased 4 million shares in the quarter, totaling $1.15 billion in share repurchases for the first nine months [5][24] - The company maintains a strong financial position with cash and equivalents of $939 million and access to $2.9 billion in financial capacity [23][24] Q&A Session Summary Question: Impact of biotech M&A and interest rates on royalty-driven deal activity - Management noted that increased M&A activity does not significantly impact their operations, as large pharma companies require capital, which the company provides [34][37] Question: Updates on China strategy - Management highlighted ongoing efforts to build relationships in China, viewing it as a growth opportunity in the royalty marketplace [38] Question: Frequency of collaborations with large pharma - Management indicated that the use of royalties to fund trials is becoming mainstream, presenting a significant opportunity for the company [40][41] Question: Potential changes in risk appetite due to new launches - Management stated that while returns may fluctuate, their investment behavior remains consistent, focusing on attractive transactions regardless of market conditions [46][47] Question: Insights on the Amvuttra deal and competition - Management expressed confidence in the Amvuttra investment, highlighting a unique structure that allows for long-term royalty ownership [60][62] Question: Implications of trial outcomes for LP(a) products - Management remains optimistic about the probability of success for their LP(a) investments, despite potential challenges in trial outcomes [64][66] Question: Updates on obexelimab and market potential - Management noted that recent positive data for obexelimab validates its potential in treating autoimmune diseases, with a focus on IgG4-related disease [75][76]

Financial Data and Key Metrics Changes - The company reported an 11% growth in both portfolio receipts and royalty receipts, indicating strong business momentum [4][20] - Return on invested capital was 15.7% and return on invested equity was 22.9% for the last 12 months [5][23] - Portfolio receipts for the third quarter reached $814 million, reflecting an 11% increase [20] - Full year 2025 top line guidance was raised to between $3.2 billion and $3.25 billion, representing growth of approximately 14%-16% [8][25] Business Line Data and Key Metrics Changes - The company maintained strong returns with significant contributions from Voranigo, Tremfya, and the Cystic Fibrosis Franchise [20] - The development stage pipeline expanded to 17 therapies, with multiple pivotal readouts expected in the near future [7][14] Market Data and Key Metrics Changes - The company is actively participating in the growing market for royalties, with recent acquisitions including a royalty interest in Amgen's Imdelltra and Alnylam's AMVUTTRA [6][10] - The company has seen a significant uptick in deal activity, with a total of approximately $1.6 billion in announced value across three different disease areas [9] Company Strategy and Development Direction - The company aims to be the premier capital allocator in life sciences, focusing on innovative therapies with high patient impact [4][13] - The strategy includes a therapy area agnostic investment approach, allowing the company to invest across various disease areas [15][16] - The company is committed to creating value for shareholders through investments in innovative therapies [13][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the external environment, noting that increased biotech M&A activity could benefit their capital allocation strategy [38] - The company is excited about growth opportunities in China, particularly in out-licensing deals with multinationals [39] - Management emphasized the stability and consistency of their return metrics, indicating confidence in maintaining attractive returns [48][23] Other Important Information - The company has returned a record $1.5 billion to shareholders in the first nine months of the year, including share repurchases and dividends [24][25] - The company maintains financial flexibility with cash and equivalents of $939 million and access to a $1.8 billion revolver [23][24] Q&A Session Summary Question: Impact of biotech M&A and interest rates on royalty-driven deal activity - Management noted that increased M&A activity does not significantly impact their operations and that they see it as beneficial for capital needs in the sector [38][39] Question: Frequency of collaborations with large pharma - Management indicated that as the largest royalty buyer, they are actively looking at all deals and see a growing opportunity for using royalties to fund trials with both biotech and big pharma [41][42] Question: Insights on AMVUTTRA deal and competition - Management highlighted their confidence in AMVUTTRA's potential despite competition from Nucresiran, emphasizing their thorough analysis of various scenarios [51][55] Question: Implications of trial designs in the LP(a) space - Management acknowledged differences in trial designs and expressed optimism about both Amgen's and Novartis's trials, maintaining a positive outlook on their investments in this area [67][75] Question: Updates on obexelimab and its market potential - Management confirmed that the recent phase II data for obexelimab validated their investment thesis and highlighted the focus on IgG4-related disease for near-term capital needs [77][76]

Financial Data and Key Metrics Changes - The company reported an 11% growth in both portfolio receipts and royalty receipts, indicating strong business momentum [4][22] - Return on invested capital was 15.7% and return on invested equity was 22.9% for the last 12 months [6][25] - Portfolio receipts for Q3 2025 reached $814 million, reflecting an 11% increase [22] Business Line Data and Key Metrics Changes - The company maintained strong growth driven by key products such as Voranigo, Tremfya, and the Cystic Fibrosis Franchise [22] - The development stage pipeline expanded to 17 therapies, with multiple pivotal readouts expected in the near future [7][15] Market Data and Key Metrics Changes - The company raised its full-year 2025 top line guidance to between $3.2 billion and $3.25 billion, representing growth of approximately 14-16% [9][20] - Milestones and other contractual receipts are now expected to be around $125 million, up from $110 million previously [20] Company Strategy and Development Direction - The company aims to be the premier capital allocator in life sciences, focusing on innovative therapies with high patient impact [4][31] - The strategy includes a therapy area agnostic investment approach, allowing for diversification across various disease areas [10][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for funding life sciences innovation, highlighting the potential for annualized total shareholder returns in the mid-teens over the next five years [31] - The company is excited about growth opportunities in China, particularly in out-licensing to multinationals [39] Other Important Information - The company deployed $1 billion in capital for value-creating royalty transactions in Q3 2025, totaling $1.7 billion for the first nine months [6][26] - Share repurchases amounted to $1.15 billion in the first nine months of 2025 [26] Q&A Session Summary Question: Impact of biotech M&A and interest rates on royalty-driven deal activity - Management noted that the uptick in M&A activity does not significantly impact their operations, as large pharma companies require capital, which the company provides [38] Question: Thoughts on the China opportunity - Management is optimistic about growth in China and is actively building relationships to capitalize on this market [39] Question: Frequency of collaborations with large pharma - Management believes the use of royalties to fund trials is becoming mainstream, indicating a growing opportunity in this area [41] Question: Insights on the Amvuttra deal and competition - Management expressed confidence in the Amvuttra investment despite potential competition from Nucresiran, citing a broad range of scenarios considered [60] Question: Updates on the LP(a) space and trial designs - Management acknowledged differences in trial designs and remains optimistic about the prospects of their investments in this area [90] Question: Updates on obexelimab and its market potential - Management highlighted the strong phase 2 data for obexelimab, validating its potential in treating autoimmune diseases [92]

Q3 2025 Financial Results November 5, 2025 Forward Looking Statements This presentation has been prepared by Royalty Pharma plc (the "Company"), is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities. The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this presentation unless stated otherwise, and neither the deliv ...

Financial Performance - Royalty Pharma reported Portfolio Receipts of $814 million for Q3 2025, an 11% increase from $735 million in Q3 2024[5]. - Royalty Receipts grew 11% to $811 million in Q3 2025, driven by Voranigo, Tremfya, and the cystic fibrosis franchise[7]. - Adjusted EBITDA for Q3 2025 was $779 million, a 15% increase from $679 million in Q3 2024[5]. - The company reported total income and other revenues of $609 million for Q3 2025, compared to $565 million in Q3 2024, marking an increase of 7.8%[48]. - Consolidated net income attributable to Royalty Pharma plc for Q3 2025 was $288 million, down from $544 million in Q3 2024, representing a decline of 47%[48]. - Portfolio Cash Flow for Q3 2025 was $657 million, up 6% from $617 million in Q3 2024[5]. - Adjusted EBITDA for the quarter was reported at $779 million, an increase from $679 million in the previous year, indicating a strong operational performance[57]. - Net cash provided by operating activities was $703 million for the quarter, slightly down from $704 million year-over-year, with a total of $1.663 billion for the year compared to $2.026 billion last year[54]. Guidance and Projections - The company raised its full year 2025 guidance for Portfolio Receipts to between $3,200 million and $3,250 million, reflecting expected growth of 14% to 16%[4]. - Royalty Pharma's 2025 Portfolio Receipts guidance is projected to be between $3,200 million and $3,250 million, reflecting a year-over-year growth of approximately 14% to 16%[25]. - Operating and professional costs are expected to be around 9% to 9.5% of Portfolio Receipts, with one-time payments of approximately $70 million anticipated in 2025[26]. - Total interest paid in 2025 is expected to be approximately $275 million, with projections for 2026 indicating an increase to around $350 million to $360 million[27]. - The company expects a negligible foreign exchange impact on Portfolio Receipts, assuming current rates remain stable throughout 2025[25]. Capital Management - Capital Deployment in Q3 2025 was $1.0 billion, primarily for new royalty acquisitions and research funding[16]. - Royalty Pharma repurchased approximately 4 million Class A ordinary shares for $152 million in Q3 2025, totaling $1.2 billion in share repurchases for the first nine months of 2025[12]. - The company reported a net cash used in investing activities of $958 million for the quarter, compared to $1.193 billion in the previous year, with significant acquisitions of financial royalty assets totaling $962 million[54]. - Net cash provided by financing activities was $563 million for the quarter, a turnaround from a net cash used of $326 million in the previous year, primarily due to proceeds from long-term debt issuance[54]. - The company reported a total of $1,275 million in proceeds from a revolving credit facility, which was fully repaid in the same period, indicating active management of liquidity[54]. Assets and Liabilities - The company had cash and cash equivalents of $939 million and total debt of $9.2 billion as of September 30, 2025[11]. - Total current and non-current financial royalty assets increased to $16,624 million in Q3 2025 from $15,911 million in Q3 2024, reflecting a growth of 4.5%[51]. - Royalty Pharma's total liabilities increased to $9,726 million in Q3 2025 from $7,880 million in Q3 2024, indicating a rise of 23.3%[51]. - Royalty Pharma's cash and cash equivalents stood at $939 million as of September 30, 2025, slightly up from $929 million a year earlier[51]. - The company ended the period with cash and cash equivalents of $939 million, compared to $950 million at the end of the previous quarter[54]. Strategic Initiatives - The company expects to initiate a Phase 3 trial for daraxonrasib in metastatic pancreatic cancer in Q4 2025, supported by positive initial data[7]. - Royalty Pharma acquired a royalty on Amgen's Imdelltra for up to $950 million and entered into a funding agreement on obexelimab for up to $300 million[7]. - The company made milestone payments totaling $269 million during the year, indicating ongoing investment in development-stage projects[54]. - The company announced the release of Deloitte's report on the biopharma royalty market, highlighting the critical role of royalties in funding biopharma innovation[29]. Cash Flow and Collections - Cash collections from financial royalty assets increased to $882 million in the latest quarter, up from $792 million year-over-year, while total cash collections for the year reached $2.439 billion, compared to $2.206 billion last year[54]. - Portfolio Cash Flow, defined as Adjusted EBITDA minus net interest paid, was $657 million for the quarter, up from $617 million year-over-year, reflecting improved cash generation capabilities[57]. - Distributions to legacy non-controlling interests were $102 million for the quarter, consistent with the previous year, highlighting stable cash outflows to stakeholders[57].

Core Insights - Royalty Pharma reported strong financial results for Q3 2025, raising its full-year guidance for Portfolio Receipts, indicating a robust growth trajectory in the royalty market [2][3][5] Financial Performance - Portfolio Receipts for Q3 2025 reached $814 million, an 11% increase from $735 million in Q3 2024 [4][8] - Royalty Receipts also grew by 11% to $811 million, driven by products like Voranigo, Tremfya, and the cystic fibrosis franchise [6][8] - Adjusted EBITDA for Q3 2025 was $779 million, a 15% increase from $679 million in Q3 2024 [4][17] - Net cash provided by operating activities was stable at $703 million compared to $704 million in the previous year [4][12] Guidance and Growth Projections - The company raised its full-year 2025 guidance for Portfolio Receipts to between $3,200 million and $3,250 million, up from the previous range of $3,050 million to $3,150 million, reflecting expected growth of 14% to 16% [3][22] - The guidance assumes a negligible foreign exchange impact and excludes contributions from future transactions [22][25] Capital Deployment and Transactions - Royalty Pharma's capital deployment for Q3 2025 was $1.0 billion, with significant investments in new royalty agreements, including a $950 million royalty on Amgen's Imdelltra and a $300 million funding agreement for obexelimab [6][14][21] - Total capital deployment for the first nine months of 2025 amounted to $1.7 billion [14] Liquidity and Debt Management - As of September 30, 2025, Royalty Pharma had cash and cash equivalents of $939 million and total debt of $9.2 billion, with a weighted average cost of debt at 3.75% [9][45] - The company repurchased approximately four million Class A ordinary shares for $152 million in Q3 2025, contributing to total share repurchases of $1.2 billion for the first nine months of 2025 [10][12] Market Position and Competitive Advantages - Royalty Pharma aims to be the premier capital allocator in life sciences, emphasizing sustainable and attractive returns [2][3] - The company highlighted the rapid growth in the royalty market and its competitive advantages during its Investor Day in September 2025 [2][3] Key Developments in Portfolio - Positive clinical updates were reported for several products in the portfolio, including daraxonrasib and obexelimab, which are advancing in their respective clinical trials [20][21] - The company continues to expand its portfolio with innovative therapies, enhancing its market position [2][3] Industry Insights - A report released by Deloitte on the biopharma royalty market underscores the critical role of royalties in funding biopharma innovation, indicating a favorable environment for Royalty Pharma's business model [26]