Royalty Pharma plc - Ordinary Shares - Class A
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+ FollowMarket Cap$29.91B
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Earnings Call Q2 2026
August 5, 2026 - AI Summary
Strong Q2 performance & continued double-digit growth
- Portfolio receipts (top line): +6% YoY to $773M (slightly ahead of expectations).
- Royalty receipts (recurring cash inflows): +14% YoY, helped by strong performances from Tremfya, Voranigo, Imdelltra, Evrysdi.
- Key headwinds were absorbed: despite pressure from Promacta and Imbruvica, they still delivered double-digit royalty growth.
- Business efficiency remains high: operating & professional costs = 4.8% of portfolio receipts (benefiting from internalization synergies); net interest paid de minimis.
Generous capital deployment + shareholder returns (and guidance raised)
- Capital deployed: $349M in Q2, and $877M in 1H 2026 into royalty deals / funding.
- Shareholder returns: ~$367M in 1H including ~$100M buybacks; company noted ~25% of portfolio cash flow returned to shareholders this year.
- Full-year 2026 guidance raised again (2nd consecutive quarter):
- Portfolio receipts expected $3.40–$3.50B (up from $3.325–$3.45B).
- Assumes royalty receipt growth ~7–10% (vs prior 4–8%), despite:
- Loss of Promacta exclusivity
- US launch of biosimilar Tysabri
- Potential impact of IRA
- Expected drop in milestones/other receipts: from $128M (2025) to ~ $60M (2026).
- Operating costs expected 5.5%–6.5% of portfolio receipts (unchanged), interest paid ~$350M–$360M in 2026.
Major new investment: cliramitug royalty (AstraZeneca) adds upside to TTR amyloidosis
- Royalty acquisition: up to $425M consideration for a 3.75% royalty on worldwide net sales.
- Payment structure: $125M upfront, $125M in Q1 2027, up to $175M on clinical/regulatory milestones.
- Rationale / expected economics:
- Phase III outcomes trial fully enrolled (~1,200 patients); results expected 2028.
- Management described biomarker/amyloid-clearing evidence in Phase I as supportive for mechanism and translating to outcomes (they cited experience across TTR therapies).
- AstraZeneca peak sales expectation: $3B–$5B ⇒ management cited peak annual royalties ~ $110M–$190M and mid-teens IRR (development-stage target range).
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$89.61
34.7% upside
Current Fair Value
34.7% upsideUndervalued by 34.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $29.91 Billion |
|---|---|
| Enterprise Value | $38.06 Billion |
| Annual dividend | $0.93 |
| Dividend yield | 1.38% |
| Earnings per Share | $2.33 |
| Beta | 0.41 |
| Outstanding Shares | 445,064,000 |
Return
| Return on Equity | 8.33% |
|---|---|
| Return on Assets | 4.11% |
| Return on Invested Capital | 8.60% |
Valuation & Multiples
| P/E Ratio | 27.87 |
|---|---|
| PEG | -68.42 |
| Price to Sales | 13.3 |
| Price to Book Ratio | 3.17 |
| Enterprise Value to Revenue | 15.01 |
| Enterprise Value to EBIT | 23.07 |
| Enterprise Value to Net Income | 46 |
| Total Debt to Enterprise | 0.24 |
| Debt to Equity | 0.92 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 5, 2026
EPS Estimate
$1.27
Consensus analyst estimateRevenue Estimate
$758.93 M
Consensus analyst estimateNext Earnings Call
Expected Date
November 4, 2026
EPS Estimate
$1.18
Consensus analyst estimateRevenue Estimate
$884.84 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 22.90% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 6.10%▼ 77.08% |
|---|---|
| Total Invested | $1.58B▼ 92.36% |
| Investors Holding | 208▼ 451.00% |