Royalty Pharma plc (RPRX) Earnings
Royalty Pharma plc is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $1.27. RPRX has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +11.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $1.22 | $1.30 | +6.6% | $925M | +4.9% |
| Feb 11, 2026 | $1.33 | $1.46 | +9.8% | $622M | -27.6% |
| Nov 5, 2025 | $0.99 | $1.17 | +17.7% | $609M | -15.1% |
| Aug 6, 2025 | $1.03 | $1.14 | +10.7% | $579M | -14.0% |
| May 8, 2025 | $0.95 | $1.06 | +11.2% | $568M | -19.4% |
| Aug 8, 2024 | $0.96 | $0.96 | -0.5% | $537M | -14.4% |
| May 9, 2024 | $0.99 | $0.98 | -0.7% | $568M | -14.7% |
| Feb 15, 2024 | $1.01 | $1.15 | +13.9% | $596M | -11.5% |
| Feb 15, 2023 | $1.56 | $1.56 | +0.0% | $566M | -46.8% |
| Aug 4, 2022 | $0.78 | $0.79 | +1.3% | $536M | +1.4% |
| May 5, 2022 | $0.72 | $0.61 | -15.3% | $562M | -5.9% |
| Feb 15, 2022 | $0.79 | $0.80 | +1.3% | $576M | +4.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Strong business momentum in first quarter with 10% growth in portfolio receipts and 13% in royalty receipts. • Busy quarter with 1.25 billion of announced transactions on three therapies, repurchased shares and increased dividend. • Positive clinical and regulatory updates including Extraordinary Phase III results for Revolution Medicines and FDA approval of Denali's Aviyaya. • Expanded portfolio to R&D co-funding agreements with Teva and J&J. • Acquired a royalty on Jazz and D1 Sahara. • Strengthened global platform and capabilities in Asia-Pacific and AI, brought in new leaders. • Focus on R&D co-funding with Global Biopharma as win-win solution with potential benefits. • Portfolio updates including royalty deal for Syhera, Phase III data from Revolution Medicines, and upcoming events in development stage pipeline. • Efficient business model generates substantial cash flow, operating and professional costs 3.9% of portfolio receipts, net margin around 78%.
Guidance
• Raised 2026 full-year guidance for portfolio receipts to $3.325 billion to $3.45 billion from $3.275 billion to $3.425 billion. • Expect growth in royalty receipts of around 4% to 8%. • Guidance for second quarter portfolio receipts between $740 million and $760 million. • Expenses for operating and professional costs expected to be 5.5% to 6.5% of portfolio receipts in 2026. • Interest paid expected to be around $350 million to $360 million in 2026.
Segment performance
Portfolio receipts grew 10%, royalty receipts grew 13%. Returns on invested capital around 14% and returns on invested equity around 20%. Capital deployed over half a billion dollars in the quarter, repurchased 1 million shares for 50 million and increased dividend by 7%.
Risks & headwinds
• Information presented contains forward-looking statements that may cause actual results to differ materially. • Refer to most recent 10-K for description of risks. • Timing of arbitration with Vertex pushed to around middle of 2027.
Analyst Q&A
Q: Can you talk about how much of the 2030 portfolio receipts target is de-risked and from already commercial?
A: Barry said they feel on track to meet or exceed target, portfolio is doing well with positive developments and great deals.
Q: On arbitration update, reason for push-out?
A: Simply based on availability of arbitration panel.
Q: On my CORSO, advantage of approval in non-obstructive HCM and if assumed success in internal valuation?
A: Terry said base investment was premised on obstructive indication, early evidence from launch is good, adding non-obstructive is helpful.
Q: On Frexalamab, any change in competitive positioning?
A: Marshall said no real change, still excited about novel mechanisms.
Q: On leverage and capital deployment, are you at upper end of leverage range?
A: Terry said leverage is 2.9 times total debt to adjusted EBITDA, have financial flexibility.
Q: On R&D co-funding deals, IRR expectations vs traditional royalty and capping?
A: Marshall said IRR expectations consistent with communicated returns, structure philosophy consistent.
Q: On potential royalty streams from mycorso and competition from smaller realty players?
A: Terry said consolidation may reduce competition, Marshall said positive data gives advantage.
Q: On R&D co-funding portfolio shift and China market progress?
A: Chris said expanding opportunity, monitoring China out-licensing, Ken Sun joining.
Q: On AI implementation and J&J duet data impact?
A: Terry said AI investments in data, Lucas Glass hired for AI, Marshall said excited about J&J deal and potential.
Q: On capital deployment split and IRR for R&D co-funding?
A: Pablo said flexible approach, critical thing is product, J&J 4804 example shows opportunity.