Record Portfolio Receipts and Growth
Royalty Pharma delivered Portfolio Receipts of $2.8 billion for 2024, representing a growth of 13%, which significantly exceeded their initial guidance of 5% to 9%.
FDA Approvals and Strategic Portfolio Additions
The company saw FDA approvals for Voranigo for brain cancer, Cobenfy for schizophrenia, and Tremfya for ulcerative colitis, along with the acceptance of the NDA for Cytokinetics' aficamten for obstructive hypertrophic cardiomyopathy.
Strong Capital Deployment
Royalty Pharma deployed $2.8 billion to broaden its portfolio and $230 million on share repurchases. They announced a new $3 billion share repurchase plan, intending to repurchase $2 billion in 2025.
Internalization Transaction
Announced a transformative acquisition of their external manager to become an integrated company, expected to yield strategic and financial benefits, including savings of over $100 million in 2026.
Synthetic Royalties Growth
Achieved a record year for synthetic royalty transactions of $925 million in 2024, more than doubling since 2020.
Strong Cash Flow Generation
Royalty Receipts grew by 13% for the year, and the company maintained a high cash conversion rate with a portfolio cash flow of $2.45 billion at a margin of just under 88%.
Resilient Financial Capacity
Ended the year with $929 million in cash and equivalents, with an investment-grade debt outstanding of $7.8 billion and a leverage ratio of around 3x total debt to EBITDA.