Royalty Pharma plc
RPRX Nasdaq Pharmaceutical Preparations Financials FY2018–FY2025
Revenue
Total sales reported in the income statement.
$2.4B
5.1%
vs prior year
Operating margin
Operating income as a share of revenue.
65.6%
8.5 pts
Net income
Profit after all expenses, interest and tax.
$771M
10.2%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.7%
1.0 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $1.87 EPS (TTM)
What Royalty Pharma plc does
No business description yet.
- Legal name
- Royalty Pharma plc
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 11, 2026
- Accession · CIK
- 0001802768-26-000003
0001802768
Revenue and margins
Royalty Pharma plc had $2.4B of revenue in fiscal 2025, up 5.1% on the year before.
FY18
Revenue $1.8B
FY19
Revenue $1.8B
FY20
Revenue $2.1B
FY21
Revenue $2.3B
FY22
Revenue $2.2B
FY23
Revenue $2.4B
FY24
Revenue $2.3B
FY25
Revenue $2.4B
Q3 '23
Revenue $536M
Q4 '23
Revenue $596M
Q1 '24
Revenue $568M
Q2 '24
Revenue $537M
Q3 '24
Revenue $565M
Q4 '24
Revenue $594M
Q1 '25
Revenue $568M
Q2 '25
Revenue $579M
Q3 '25
Revenue $609M
Q4 '25
Revenue $622M
Q1 '26
Revenue $631M
Q2 '26
Revenue $674M
FY18
Gross —
Operating 76.0%
Net 76.8%
FCF —
FY19
Gross —
Operating 144.6%
Net 129.4%
FCF —
FY20
Gross —
Operating 75.2%
Net 45.9%
FCF —
FY21
Gross —
Operating 62.5%
Net 27.1%
FCF —
FY22
Gross —
Operating 13.7%
Net 1.9%
FCF —
FY23
Gross —
Operating 63.4%
Net 48.2%
FCF —
FY24
Gross —
Operating 57.1%
Net 37.9%
FCF —
FY25
Gross —
Operating 65.6%
Net 32.4%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 28.2%
Net 13.4%
FCF —
Q4 '23
Gross —
Operating 102.8%
Net 82.9%
FCF —
Q1 '24
Gross —
Operating −13.0%
Net 0.8%
FCF —
Q2 '24
Gross —
Operating 50.2%
Net 19.0%
FCF —
Q3 '24
Gross —
Operating 130.2%
Net 96.3%
FCF —
Q4 '24
Gross —
Operating 60.9%
Net 35.1%
FCF —
Q1 '25
Gross —
Operating 94.0%
Net 42.1%
FCF —
Q2 '25
Gross —
Operating 36.3%
Net 5.6%
FCF —
Q3 '25
Gross —
Operating 70.1%
Net 47.3%
FCF —
Q4 '25
Gross —
Operating 62.4%
Net 34.4%
FCF —
Q1 '26
Gross —
Operating 89.3%
Net 46.7%
FCF —
Q2 '26
Gross —
Operating 19.7%
Net 2.7%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income $1.4B
FY19
Net income $2.3B
FY20
Net income $975M
FY21
Net income $620M
FY22
Net income $42.8M
FY23
Net income $1.1B
FY24
Net income $859M
FY25
Net income $771M
Q3 '23
Net income $72.1M
Q4 '23
Net income $494M
Q1 '24
Net income $4.8M
Q2 '24
Net income $102M
Q3 '24
Net income $544M
Q4 '24
Net income $208M
Q1 '25
Net income $239M
Q2 '25
Net income $32.2M
Q3 '25
Net income $288M
Q4 '25
Net income $214M
Q1 '26
Net income $295M
Q2 '26
Net income $17.9M
FY18
Diluted EPS —
FY19
Diluted EPS —
FY20
Diluted EPS $1.32
FY21
Diluted EPS $1.49
FY22
Diluted EPS $0.10
FY23
Diluted EPS $2.53
FY24
Diluted EPS $1.91
FY25
Diluted EPS $1.78
Q3 '23
Diluted EPS $0.16
Q4 '23
Diluted EPS $1.11
Q1 '24
Diluted EPS $0.01
Q2 '24
Diluted EPS $0.23
Q3 '24
Diluted EPS $1.21
Q4 '24
Diluted EPS $0.46
Q1 '25
Diluted EPS $0.55
Q2 '25
Diluted EPS $0.07
Q3 '25
Diluted EPS $0.67
Q4 '25
Diluted EPS $0.49
Q1 '26
Diluted EPS $0.67
Q2 '26
Diluted EPS $0.04
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity 30.3%
Return on assets —
FY19
Return on capital 21.6%
Return on equity 43.9%
Return on assets 18.9%
FY20
Return on capital 10.9%
Return on equity 12.2%
Return on assets 6.8%
FY21
Return on capital 9.1%
Return on equity 6.2%
Return on assets 3.7%
FY22
Return on capital 2.1%
Return on equity 0.4%
Return on assets 0.2%
FY23
Return on capital 9.5%
Return on equity 11.6%
Return on assets 6.8%
FY24
Return on capital 7.6%
Return on equity 8.4%
Return on assets 5.0%
FY25
Return on capital 8.7%
Return on equity 7.7%
Return on assets 4.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY18
Cash from operations $1.6B
Capital spending —
FY19
Cash from operations $1.7B
Capital spending —
FY20
Cash from operations $2.0B
Capital spending —
FY21
Cash from operations $2.0B
Capital spending —
FY22
Cash from operations $2.1B
Capital spending —
FY23
Cash from operations $3.0B
Capital spending —
FY24
Cash from operations $2.8B
Capital spending —
FY25
Cash from operations $2.5B
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $574M
Capital spending —
Q4 '23
Cash from operations $773M
Capital spending —
Q1 '24
Cash from operations $665M
Capital spending —
Q2 '24
Cash from operations $658M
Capital spending —
Q3 '24
Cash from operations $704M
Capital spending —
Q4 '24
Cash from operations $743M
Capital spending —
Q1 '25
Cash from operations $596M
Capital spending —
Q2 '25
Cash from operations $364M
Capital spending —
Q3 '25
Cash from operations $703M
Capital spending —
Q4 '25
Cash from operations $827M
Capital spending —
Q1 '26
Cash from operations $718M
Capital spending —
Q2 '26
Cash from operations $728M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Royalty Pharma plc returned $1.2B to shareholders in fiscal 2025. The diluted share count fell 5.0%.
FY18
Dividends —
Buybacks $0.0M
FY19
Dividends —
Buybacks $4.3M
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $0.0M
FY23
Dividends —
Buybacks $305M
FY24
Dividends —
Buybacks $230M
FY25
Dividends —
Buybacks $1.2B
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $140M
Q4 '23
Dividends —
Buybacks $30.2M
Q1 '24
Dividends —
Buybacks $0.0M
Q2 '24
Dividends —
Buybacks $80.0M
Q3 '24
Dividends —
Buybacks $97.0M
Q4 '24
Dividends —
Buybacks $52.6M
Q1 '25
Dividends —
Buybacks $709M
Q2 '25
Dividends —
Buybacks $292M
Q3 '25
Dividends —
Buybacks $146M
Q4 '25
Dividends —
Buybacks $80.5M
Q1 '26
Dividends —
Buybacks $50.1M
Q2 '26
Dividends —
Buybacks $44.6M
Dividends
Buybacks
FY18
Diluted shares —
FY19
Diluted shares —
FY20
Diluted shares 0.38B
FY21
Diluted shares 0.41B
FY22
Diluted shares 0.44B
FY23
Diluted shares 0.60B
FY24
Diluted shares 0.59B
FY25
Diluted shares 0.56B
Balance sheet
Cash, debt and the ratios that show how comfortably Royalty Pharma plc can carry it.
FY18
Cash $1.9B
Debt —
FY19
Cash $246M
Debt $6.2B
FY20
Cash $1.1B
Debt $5.8B
FY21
Cash $1.6B
Debt $7.1B
FY22
Cash $1.7B
Debt $7.1B
FY23
Cash $495M
Debt $6.1B
FY24
Cash $987M
Debt $7.6B
FY25
Cash $637M
Debt $9.0B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.6B | $1.7B | $495M | $987M | $637M |
| Debt incl. finance leases | $7.1B | $7.1B | $6.1B | $7.6B | $9.0B |
| Net debt / EBITDA | — | — | 3.8x | 5.1x | 5.3x |
| Debt / equity | 0.7x | 0.7x | 0.6x | 0.7x | 0.9x |
| Interest coverage | 8.6x | 1.6x | 8.0x | 5.7x | 5.1x |
| Current ratio | 16.8x | 2.2x | 7.9x | 1.4x | 2.4x |
| Quick ratio | 16.8x | 2.2x | 7.9x | 1.4x | 2.4x |
| Total assets | $17.5B | $16.8B | $16.4B | $18.2B | $19.6B |
| Total liabilities | $7.3B | $7.3B | $6.3B | $7.9B | $9.9B |
| Shareholders' equity | $10.2B | $9.5B | $10.1B | $10.3B | $9.7B |
| Net debt (− = net cash) | $5.5B | $5.4B | $5.6B | $6.6B | $8.3B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Current ratio rose | — | — | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ |
| Share count didn't rise | — | — | — | ✕ | ✕ | ✕ | ✓ | ✓ |
| Gross margin rose | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ |
| F-score | — / 3 | — / 3 | 5 / 7 | 4 / 8 | 4 / 8 | 7 / 8 | 4 / 8 | 5 / 8 |
| Accruals ratio | — | 5.5% | −7.4% | −8.3% | −12.2% | −11.2% | −11.0% | −9.1% |
| Altman Z'' | — | 3.44 | 3.73 | 3.46 | 2.42 | 3.24 | 2.56 | 2.25 |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $1.8B | $1.8B | $2.1B | $2.3B | $2.2B | $2.4B | $2.3B | $2.4B |
| Provision for credit losses | −$57.3M | −$1.0B | $231M | $453M | — | — | — | — |
| Research and development | $393M | $83.0M | $26.3M | $200M | $177M | $52.0M | $2.0M | $452M |
| Operating income | $1.4B | $2.6B | $1.6B | $1.4B | $307M | $1.5B | $1.3B | $1.6B |
| Interest expense | $280M | $269M | $157M | $166M | $188M | $187M | $226M | $308M |
| Pretax income | $1.5B | $2.5B | $1.7B | $1.2B | $230M | $1.7B | $1.3B | $1.3B |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | $1.4B | $2.3B | $975M | $620M | $42.8M | $1.1B | $859M | $771M |
| Net income to common | — | — | $495M | $620M | $42.8M | $1.1B | $859M | $771M |
| Diluted EPS | — | — | $1.32 | $1.49 | $0.10 | $2.53 | $1.91 | $1.78 |
| Diluted shares | — | — | 0.38B | 0.41B | 0.44B | 0.60B | 0.59B | 0.56B |
| Cash flow | ||||||||
| Cash from operations | $1.6B | $1.7B | $2.0B | $2.0B | $2.1B | $3.0B | $2.8B | $2.5B |
| Depreciation and amortization | — | — | — | — | — | $0.0M | $0.0M | $3.9M |
| Stock-based compensation | $0.0M | $0.0M | $5.4M | $2.4M | $2.2M | $2.4M | $2.3M | $290M |
| Acquisitions | — | — | — | — | — | $0.0M | $0.0M | $74.4M |
| Share buybacks | $0.0M | $4.3M | $0.0M | $0.0M | $0.0M | $305M | $230M | $1.2B |
| Dividends and buybacks | $0.0M | $4.3M | $0.0M | $0.0M | $0.0M | $305M | $230M | $1.2B |
| Balance sheet | ||||||||
| Cash and short-term investments | $1.9B | $246M | $1.1B | $1.6B | $1.7B | $495M | $987M | $637M |
| Total debt | — | $6.2B | $5.8B | $7.1B | $7.1B | $6.1B | $7.6B | $9.0B |
| Current assets | — | $832M | $2.7B | $2.9B | $2.6B | $1.3B | $1.8B | $1.5B |
| Current liabilities | — | $333M | $308M | $171M | $1.2B | $161M | $1.3B | $636M |
| Goodwill | — | — | — | — | — | — | $0.0M | $925M |
| Intangible assets | — | $51.7M | $28.7M | $5.7M | $0.0M | — | — | — |
| Total assets | — | $12.4B | $16.0B | $17.5B | $16.8B | $16.4B | $18.2B | $19.6B |
| Total liabilities | — | $6.3B | $6.1B | $7.3B | $7.3B | $6.3B | $7.9B | $9.9B |
| Shareholders' equity | $4.6B | $6.1B | $9.9B | $10.2B | $9.5B | $10.1B | $10.3B | $9.7B |
| Margins | ||||||||
| Operating margin | 76.0% | 144.6% | 75.2% | 62.5% | 13.7% | 63.4% | 57.1% | 65.6% |
| EBITDA margin | — | — | — | — | — | 63.4% | 57.1% | 65.7% |
| Net margin | 76.8% | 129.4% | 45.9% | 27.1% | 1.9% | 48.2% | 37.9% | 32.4% |
| Returns | ||||||||
| Return on capital | — | 21.6% | 10.9% | 9.1% | 2.1% | 9.5% | 7.6% | 8.7% |
| Return on capital employed | — | 21.6% | 10.2% | 8.2% | 2.0% | 9.2% | 7.6% | 8.2% |
| Return on equity | 30.3% | 43.9% | 12.2% | 6.2% | 0.4% | 11.6% | 8.4% | 7.7% |
| Return on assets | — | 18.9% | 6.8% | 3.7% | 0.2% | 6.8% | 5.0% | 4.1% |
| Return on tangible equity | 30.3% | 38.6% | 5.0% | 6.1% | 0.4% | 11.3% | 8.3% | 8.8% |
| Growth | ||||||||
| Revenue growth | — | 1.1% | 17.0% | 7.9% | −2.3% | 5.2% | −3.9% | 5.1% |
| Net income growth | — | 70.5% | −58.5% | −36.4% | −93.1% | 2,549.5% | −24.3% | −10.2% |
| EPS growth | — | — | — | 12.9% | −93.3% | 2,430.0% | −24.5% | −6.8% |
| Share count change | — | — | — | 10.5% | 5.6% | 37.7% | −1.5% | −5.0% |
| Financial health | ||||||||
| Net debt / EBITDA | — | — | — | — | — | 3.8x | 5.1x | 5.3x |
| Debt / equity | — | 1.0x | 0.6x | 0.7x | 0.7x | 0.6x | 0.7x | 0.9x |
| Interest coverage | 4.9x | 9.8x | 10.2x | 8.6x | 1.6x | 8.0x | 5.7x | 5.1x |
| Current ratio | — | 2.5x | 8.8x | 16.8x | 2.2x | 7.9x | 1.4x | 2.4x |
| Quick ratio | — | 2.5x | 8.8x | 16.8x | 2.2x | 7.9x | 1.4x | 2.4x |
| Capital allocation | ||||||||
| Stock comp / revenue | 0.0% | 0.0% | 0.3% | 0.1% | 0.1% | 0.1% | 0.1% | 12.2% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | 5.0 | 4.0 | 4.0 | 7.0 | 4.0 | 5.0 |
| Altman Z'' | — | 3.4 | 3.7 | 3.5 | 2.4 | 3.2 | 2.6 | 2.3 |
| Accruals ratio | — | 5.5% | −7.4% | −8.3% | −12.2% | −11.2% | −11.0% | −9.1% |
Source: SEC EDGAR XBRL filings (CIK 0001802768). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.