Royalty Pharma plc RPRX
We are the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry. Since our founding in 1996, we have been pioneers in the royalty market, collaborating with innovators from academic institutions, research hospitals and not-for-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. We have assembled a portfolio of royalties which entitles us to payments based directly on the top-line sales of many of the industry's leading therapies, which includes royalties on more than 35 commercial products, including Vertex's Trikafta and Alyftrek, GSK's Trelegy, Biogen's Tysabri and Spinraza, Roche's Evrysdi, Astellas and Pfizer's Xtandi, Johnson & Johnson's Tremfya, AbbVie and Johnson & Johnson's Imbruvica, Servier's Voranigo, Gilead's Trodelvy, Amgen's Imdelltra and Alnylam's Amvuttra, among others, and 20 development-stage product candidates.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.38B | $2.26B | $2.35B | $2.24B | $2.29B | $2.12B | $1.81B | $1.79B | — |
| R&D | $452.0M | $2.0M | $52.0M | $177.1M | $200.1M | $26.3M | $83.0M | $392.6M | — |
| SG&A | $573.5M | $236.7M | $249.7M | $227.3M | $182.8M | $181.7M | $103.4M | $61.9M | — |
| Total operating expenses | $818.7M | $971.1M | $862.4M | $1.93B | $858.7M | $527.0M | -$808.9M | $430.4M | — |
| Operating income | $1.56B | $1.29B | $1.49B | $307.1M | $1.43B | $1.60B | $2.62B | $1.36B | — |
| Interest expense | $307.7M | $225.5M | $187.2M | $188.0M | $166.1M | $157.1M | $268.6M | $280.0M | — |
| Pre-tax income | $1.32B | $1.33B | $1.70B | $230.1M | $1.24B | $1.70B | $2.46B | $1.52B | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — |
| Net income | $1.32B | $1.33B | $1.70B | $230.0M | $1.24B | $975.0M | $2.35B | $1.38B | — |
| EPS, basic | 1.79 | 1.92 | 2.54 | 0.10 | 1.49 | 1.32 | — | — | — |
| EPS, diluted | 1.78 | 1.91 | 2.53 | 0.10 | 1.49 | 1.32 | — | — | — |
| Shares, diluted (wtd. avg.) | $564.5M | $594.1M | $602.9M | $438.0M | $414.8M | $375.5M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $618.7M | $929.0M | $477.0M | $1.71B | $1.54B | $1.01B | $246.2M | $1.92B | $1.38B |
| Short-term investments | $18.8M | $58.2M | $18.3M | $1.3M | $66.0M | $70.0M | $0 | — | — |
| Total current assets | $1.53B | $1.80B | $1.27B | $2.55B | $2.88B | $2.70B | $832.1M | — | — |
| Goodwill | $924.6M | $0 | — | — | — | — | — | — | — |
| Other intangibles | — | — | — | $0 | $5.7M | $28.7M | $51.7M | — | — |
| Total assets | $19.62B | $18.22B | $16.38B | $16.81B | $17.52B | $16.02B | $12.45B | — | — |
| Accounts payable | $19.4M | $13.4M | $15.2M | $7.9M | $5.6M | $10.8M | $11.2M | — | — |
| Short-term debt | $380.0M | $997.8M | $0 | $997.5M | $0 | $0 | $282.0M | — | — |
| Total current liabilities | $636.2M | $1.25B | $161.4M | $1.17B | $171.2M | $307.9M | $333.4M | — | — |
| Long-term debt | $8.57B | $6.61B | $6.14B | $6.12B | $7.10B | $5.82B | $5.96B | — | — |
| Total liabilities | $9.91B | $7.88B | $6.30B | $7.29B | $7.27B | $6.12B | $6.31B | — | — |
| Retained earnings | $2.36B | $2.85B | $2.52B | $1.96B | $2.26B | $1.92B | $2.83B | — | — |
| Total equity | $9.71B | $10.34B | $10.08B | $9.53B | $10.25B | $9.90B | $6.14B | $4.55B | $4.46B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.49B | $2.77B | $2.99B | $2.14B | $2.02B | $2.03B | $1.67B | $1.62B | — |
| Depreciation and amortisation | $3.9M | $0 | $0 | — | — | — | — | — | — |
| Stock-based compensation | $289.9M | $2.3M | $2.4M | $2.2M | $2.4M | $5.4M | $0 | $0 | — |
| Investing cash flow | -$1.61B | -$2.68B | -$2.07B | -$1.03B | -$1.87B | -$2.76B | -$2.15B | $303.4M | — |
| Financing cash flow | -$1.19B | $361.1M | -$2.15B | -$944.9M | $385.1M | $1.49B | -$1.19B | -$1.38B | — |
| Buybacks | $1.23B | $229.7M | $304.8M | $0 | $0 | $0 | $4.3M | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-014239.
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| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |