Royalty Pharma
RPRX · NasdaqPharmaceutical Preparations · Fiscal year ends Dec 31
Royalty Pharma reported revenue of $2.4B in the fiscal year ended Dec 2025, up 5.1% from the year before. Operating income was $1.6B, an operating margin of 65.6%, and net income was $771M. Net debt was $8.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.3B | $2.2B | $2.4B | $2.3B | $2.4B |
| Research & development | $200M | $177M | $52M | $2M | $452M |
| Operating income | $1.4B | $307M | $1.5B | $1.3B | $1.6B |
| Interest expense | $166M | $188M | $187M | $226M | $308M |
| Pre-tax income | $1.2B | $230M | $1.7B | $1.3B | $1.3B |
| Income tax | $0 | $0 | $0 | $0 | $0 |
| Net income | $620M | $43M | $1.1B | $859M | $771M |
| Diluted EPS | 1.49 | 0.10 | 2.53 | 1.91 | 1.78 |
| Diluted shares | 415M | 438M | 603M | 594M | 564M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.5B | $1.7B | $477M | $929M | $619M |
| Current assets | $2.9B | $2.6B | $1.3B | $1.8B | $1.5B |
| Goodwill | – | – | – | $0 | $925M |
| Total assets | $17.5B | $16.8B | $16.4B | $18.2B | $19.6B |
| Current liabilities | $171M | $1.2B | $161M | $1.3B | $636M |
| Short-term debt | $0 | $998M | $0 | $998M | $380M |
| Long-term debt | $7.1B | $6.1B | $6.1B | $6.6B | $8.6B |
| Total liabilities | $7.3B | $7.3B | $6.3B | $7.9B | $9.9B |
| Shareholders' equity | $10.2B | $9.5B | $10.1B | $10.3B | $9.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2B | $2.1B | $3B | $2.8B | $2.5B |
| Depreciation & amortisation | – | – | $0 | $0 | $4M |
| Stock-based compensation | $2M | $2M | $2M | $2M | $290M |
| Acquisitions | – | – | $0 | $0 | $74M |
| Share buybacks | $0 | $0 | $305M | $230M | $1.2B |
| Dividend per share | 0.68 | 0.76 | 0.80 | 0.84 | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −2.3% | 5.2% | −3.9% | 5.1% |
| Operating income growth (YoY) | – | −78.5% | 385.9% | −13.4% | 20.7% |
| EPS growth (YoY) | – | −93.3% | 2430.0% | −24.5% | −6.8% |
| Operating margin | 62.5% | 13.7% | 63.4% | 57.1% | 65.6% |
| Net margin | 27.1% | 1.9% | 48.2% | 37.9% | 32.4% |
| Return on equityBlank when equity is negative | 6.0% | 0.4% | 11.3% | 8.3% | 7.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.2% | 2.0% | 9.2% | 7.6% | 8.2% |
| Cash conversion (CFO ÷ net income) | 3.26x | 50.1x | 2.63x | 3.22x | 3.23x |
| Interest cover | 8.61x | 1.63x | 7.97x | 5.73x | 5.07x |
| Debt ÷ equity | 0.69x | 0.75x | 0.61x | 0.74x | 0.92x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.6B | $5.4B | $5.7B | $6.7B | $8.3B |
| Current ratio | 16.8x | 2.19x | 7.90x | 1.44x | 2.40x |
Recent filings
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.