Royalty Pharma plc - Ordinary Shares - Class A
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+ FollowMarket Cap$29.97B
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Earnings Call Q3 2026
November 4, 2026 - AI Summary
Strong Q3 & YTD execution (top-line + recurring cashflows): Royalty Pharma delivered 9% growth in Portfolio Receipts and 9% growth in Royalty Receipts in Q3; on a year-to-date basis, Royalty Receipts are up 12%. Cash-generation remains efficient with ~76% cash conversion margin in Q3 and ~82% YTD. Reported ROI on invested capital: 14.3% and ROI on invested equity: 20.2% (last 12 months), emphasizing stable, attractive returns.
Capital deployment + shareholder returns remain central: Through the first 9 months of 2026, the company deployed $1.2B into royalty deals and returned ~$590M to shareholders via dividends and share repurchases (buybacks >$180M). Management highlighted $1.6B deployed so far in 2026 with announced value ~$1.9B total—signaling continued momentum while maintaining capital return discipline (notably ~28% of portfolio cash flow returned YTD).
Guidance raised again (key forecast numbers): Management increased full-year 2026 guidance for the 3rd consecutive quarter:
- Portfolio Receipts: $3.5B–$3.55B (up from prior $3.4B–$3.5B)
- Assumes Royalty Receipts growth ~10–11% (up from prior 7–10%)
- Assumes milestones/other contractual receipts ~ $65M for 2026 (down from $128M in 2025)
- Expense outlook: operating/professional costs ~5.5%–6% of Portfolio Receipts; interest paid ~$350M–$360M (de minimis expected in Q4 due to semiannual cycle)
- Explicitly does not include future royalty acquisitions, so additional deals could be upside.
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$91.33
32.4% upside
Current Fair Value
32.4% upsideUndervalued by 32.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $29.97 Billion |
|---|---|
| Enterprise Value | $38.04 Billion |
| Annual dividend | $0.93 |
| Dividend yield | 1.37% |
| Earnings per Share | $2.33 |
| Beta | 0.41 |
| Outstanding Shares | 445,064,000 |
Return
| Return on Equity | 9.83% |
|---|---|
| Return on Assets | 3.45% |
| Return on Invested Capital | 8.11% |
Valuation & Multiples
| P/E Ratio | 39.81 |
|---|---|
| PEG | -80.12 |
| Price to Sales | 13.79 |
| Price to Book Ratio | 3.14 |
| Enterprise Value to Revenue | 14.54 |
| Enterprise Value to EBIT | 25.65 |
| Enterprise Value to Net Income | 56 |
| Total Debt to Enterprise | 0.23 |
| Debt to Equity | 1.26 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS
$1.21
Est. $1.18Revenue
$890.00 M
Est. $884.84 MNext Earnings Call
Expected Date
February 10, 2027
EPS Estimate
$1.53
Consensus analyst estimateRevenue Estimate
$960.74 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 % | 12.59%▼ 70.59% |
|---|---|
| Total Invested | $3.33B▼ 83.96% |
| Investors Holding | 319▼ 341.00% |