# Royalty Pharma plc (RPRX)

> Source: Nexqual · https://nexqual.com/RPRX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Royalty Pharma plc (RPRX), nexqual.com/RPRX" · informational, not investment advice.

**Price:** USD 63.75 (+2.57% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 62.15 · day 62.38–63.84 · 52w 35.92–64.38 · market cap $36.8B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.54B, net income $815M (32.1% margin) (SEC filings).
- Valuation: P/E 45.2x (avg 20.3x at the last 3 fiscal year-ends), EV/EBITDA 29.6x, net debt $8.12B.
- 3 of 80 tracked superinvestors hold RPRX (13F, Q2 2026): 0 new, 1 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $36.3M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.88 on a 1–5 scale) (8 analysts), mean target USD 65.38 (range 61–70).
- Total return with dividends: 1Y +76.3% vs S&P 500 +14.9%; 5Y +91.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 1.18, revenue estimate $885M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.29B | $2.24B | $2.35B | $2.26B | $2.38B | $2.54B |
| Operating income | $1.43B | $307M | $1.49B | $1.29B | $1.56B | $1.51B |
| Net income | $620M | $42.8M | $1.13B | $859M | $771M | $815M |
| EPS (diluted) | $1.49 | $0.10 | $2.53 | $1.91 | $1.78 | — |
| Operating margin | 62.5% | 13.7% | 63.4% | 57.1% | 65.6% | 59.6% |
| Net margin | 27.1% | 1.9% | 48.2% | 37.9% | 32.4% | 32.1% |
| Revenue growth | +7.9% | -2.3% | +5.2% | -3.9% | +5.1% | — |
| Cash + short-term investments | $1.61B | $1.71B | $495M | $987M | $637M | — |
| Total debt | $7.10B | $7.12B | $6.14B | $7.61B | $8.95B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 45.2x · P/S 14.5x · EV/EBITDA 29.6x · EV/Sales 17.7x · P/B 3.8x · Earnings yield 2.21% · Buyback yield (TTM) 0.87% · Net debt $8.12B · EV $45.0B
P/E at fiscal year-ends: Dec 2025 28.3x, Dec 2024 17.6x, Dec 2023 14.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold RPRX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Pat Dorsey | Dorsey Asset Management | 8.82% | $138M | Added +7.9% |
| Samantha McLemore | Patient Capital Management | 6.70% | $202M | Reduced -1.2% |
| Torray Funds |  | 4.55% | $33.8M | Reduced -6.7% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
14 of 14 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-05 | Urist Marshall | EVP, Research & Investments | 4,126 | $236K | 17.8% | Yes (adopted June 26, 2026) | Too little history (no open-market trades in 2024) |
| 2026-09-28 | Urist Marshall | EVP, Research & Investments | 4,126 | $239K | 15.1% | Yes (adopted June 26, 2026) | Too little history (no open-market trades in 2024) |
| 2026-09-22 | Hite Christopher | EVP & Chairman, Partnering | 100,000 | $5.9M | 25.4% | Yes (adopted March 20, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-18 | Hite Christopher | EVP & Chairman, Partnering | 100,000 | $6.0M | 20.3% | Yes (adopted March 20, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-13 | Coyne Terrance P. | EVP & CFO | 11,002 | $646K | 17.9% | Yes (adopted February 24, 2026) | Too little history (no open-market trades in 2024) |
| 2026-07-01 | Urist Marshall | EVP, Research & Investments | 9,099 | $508K | 32.4% | Yes (adopted February 12, 2026) | Too little history (no open-market trades in 2024) |
| 2026-06-30 | Hite Christopher | EVP & Chairman, Partnering | 130,000 | $7.3M | 20.7% | Yes (adopted March 20, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-24 | Urist Marshall | EVP, Research & Investments | 9,098 | $502K | 50% | Yes (adopted February 12, 2026) | Too little history (no open-market trades in 2024) |
| 2026-06-23 | Hite Christopher | EVP & Chairman, Partnering | 150,000 | $8.2M | 19.2% | Yes (adopted March 20, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-26 | Coyne Terrance P. | EVP & CFO | 64,399 | $3.5M | 56.1% | Yes (adopted February 24, 2026) | Too little history (no open-market trades in 2024) |
| 2026-05-20 | Urist Marshall | EVP, Research & Investments | 13,684 | $722K | 26.9% | Yes (adopted February 12, 2026) | Too little history (no open-market trades in 2024) |
| 2026-05-14 | Urist Marshall | EVP, Research & Investments | 13,684 | $726K | 21.2% | Yes (adopted February 12, 2026) | Too little history (no open-market trades in 2024) |
| 2026-05-14 | Norden Gregory | Director | 3,045 | $161K | 1.6% | Yes (adopted February 12, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-28 | Coyne Terrance P. | EVP & CFO | 34,791 | $1.7M | 27.8% | Yes (adopted August 8, 2025) | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.88 on a 1–5 scale), 8 analysts; mean target USD 65.38 (low 61, high 70).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Morgan Stanley | Target raised | Overweight | $65 → $67 |
| 2026-09-08 | TD Cowen | Target raised | Buy | $65 → $68 |
| 2026-08-07 | JP Morgan | Target raised | Overweight | $58 → $62 |
| 2026-07-13 | TD Cowen | Target raised | Buy | $50 → $65 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +76.3% | +91.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +76.7% | +13.8% |
| Volatility (annualized) | 23.6% | 21.9% |
| Max drawdown | -12.1% (Sep 2026→Oct 2026) | -40.1% (Aug 2022→Dec 2024) |

## Peers (Biotechnology)
RVMD (Revolution Medicines, Inc.) USD 187.69 -3.39% · ONC (BeOne Medicines Ltd.) USD 382.27 -1.08% · ALNY (Alnylam Pharmaceuticals, Inc.) USD 227.28 +0.97% · ROIV (Roivant Sciences Ltd.) USD 37.45 +1.77% · GMAB (Genmab A/S) USD 40 +1.09% · ARGX (argenx SE) USD 875.76 -1.61%

## More
Full page: https://nexqual.com/RPRX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in RPRX's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/1802768/000180276826000003/rprx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | TEVA PHARMACEUTICAL INDUSTRIES LTD (TEVA) | "(2)We entered into a funding agreement with Teva Pharmaceuticals for TEV-'408 in January 2026." |
| Partner | CYTOKINETICS INC (CYTK) | "In May 2024, we expanded our funding collaboration with Cytokinetics, Incorporated ("Cytokinetics")." |
| Partner | RPI EPA Vehicle | "An exchange agreement entered into by, among others, Royalty Pharma plc, RP Holdings, the Continuing Investors Partnerships, RPI International Partners 2019, LP, RPI US Feeder 2019, LP, RPI International Feeder 2019, LP,…" |
| Partner | Pfizer (PFE) | "Avillion I is eligible to receive fixed payments from Pfizer based on this approval under its co-development agreement with Pfizer." |
| Competitor | AbbVie (ABBV) | "•Imbruvica – Royalty Receipts from Imbruvica, which is marketed by AbbVie and Johnson & Johnson for the treatment of blood cancers and chronic graft versus host disease, decreased by $20.7 million in 2025 as compared to …" |
| Competitor | Johnson & Johnson (JNJ) | "•Imbruvica – Royalty Receipts from Imbruvica, which is marketed by AbbVie and Johnson & Johnson for the treatment of blood cancers and chronic graft versus host disease, decreased by $20.7 million in 2025 as compared to …" |

Other companies that name RPRX in their own reports (relationship from RPRX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Minerva Neurosciences, Inc. (NERV) | 10-K 2026-03-11 | "On January 19, 2021, we entered into an agreement with Royalty Pharma under which Royalty Pharma acquired our royalty interest in seltorexant for an upfront payment of $60 million and up to $95 millio…" |
| partner | Denali Therapeutics Inc. (DNLI) | 10-K 2026-02-26 | "In December 2025, we entered into a royalty funding agreement with Royalty Pharma." |
| supplier | BeOne Medicines Ltd. (ONC) | 10-K 2026-02-26 | "A significant portion of our rights to receive certain tiered mid-single digit royalty payments based on annual net revenue from sales outside of China of IMDELLTRA were sold to Royalty Pharma in the …" |
| partner | PTC THERAPEUTICS, INC. (PTCT) | 10-K 2026-02-19 | "Pursuant to Amendment No. 2, we sold to Royalty Pharma our retained right to receive sales-based royalty payments, or the Royalty, on worldwide net sales of Evrysdi and any other product developed pur…" |
| partner | EXELIXIS, INC. (EXEL) | 10-K 2026-02-10 | "Accordingly, and consistent with our historical agreement with GSK, we are required to pay a 3% royalty to Royalty Pharma on total net sales of any product containing cabozantinib, including net sales…" |
| partner | TEVA PHARMACEUTICAL INDUSTRIES LTD (TEVA) | 10-K 2026-02-03 | "In line with our Pivot to Growth strategy, and our focus on internal growth that leverages our R&D capabilities, we have entered into, and expect to pursue, in-licensing, acquisition, collaboration, f…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Income from financial royalty assets | $638.0M | 94.6% | +15.9% |
| Other royalty income and revenues | $36.1M | 5.4% | +27.9% |
| Total revenue | $674.1M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "The above Portfolio Receipts guidance provided on August 5, 2026 includes expected Royalty Receipts growth of 7% to 10% in 2026."
- "Royalty Pharma's full year 2026 guidance reflects an estimated foreign exchange impact of approximately +1% to Portfolio Receipts, assuming current foreign exchange rates prevail for the rest of 2026."
- "Payments for operating and professional costs in 2026 are expected to decrease as a percentage of Portfolio Receipts, compared to 8.9% in 2025, primarily due to extinguishment of the management fee following the completion of the internalization transaction on May 16, 2025."
- "In 2026, Royalty Pharma anticipates interest paid to be approximately $350 million to $360 million."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.18 | $1.13 | +4.5% | $884.8M | 6 |
| Next quarter (ends 2026-12-31) | $1.52 | $1.49 | +2.3% | $942.0M | 5 |
| Current fiscal year (ends 2026-12-31) | $5.32 | $5.23 | +1.8% | $3.51B | 6 |
| Next fiscal year (ends 2027-12-31) | $5.81 | $5.59 | +3.9% | $3.82B | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±7.9%; last 8 reports averaged ±3.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 34.8% | ±7.9% |
| 2026-12-18 | 56 | 29.7% | ±9.3% |
| 2027-01-15 | 84 | 26.9% | ±10.2% |
| 2027-04-16 | 175 | 25.5% | ±14.0% |