Financial Performance - Royalty Pharma's Portfolio Receipts increased by 20% year-over-year to $727 million in Q2 2025[8, 28] - Royalty Receipts grew by 11% year-over-year to $672 million in Q2 2025[8, 28] - The company repurchased 8 million shares for $277 million in Q2 2025, bringing the total for H1 2025 to $1 billion (31 million shares)[8] - Adjusted EBITDA was $633 million, representing 87.1% of Portfolio Receipts in Q2 2025[28] - Portfolio Cash Flow was $641 million, representing 88.2% of Portfolio Receipts in Q2 2025[28] Capital Allocation and Guidance - Capital Deployment totaled $595 million in Q2 2025[8, 28] - Full year 2025 Portfolio Receipts guidance is $3,050 million to $3,150 million, excluding future transactions, representing approximately 9% to 12% growth[8, 35] - Operating and professional costs are expected to be approximately 9% to 9.5% of Portfolio Receipts for FY 2025[8, 35] Revolution Medicines Partnership - Royalty Pharma entered into a funding partnership with Revolution Medicines for up to $2 billion[15, 16] - This includes up to $1.25 billion for a royalty on daraxonrasib and up to $750 million in senior secured debt[18] - The company projects multi-blockbuster sales potential and an IRR in the teens for daraxonrasib[18]