Royalty Pharma plc reported strong financial results for the third quarter of 2024, with Portfolio Receipts increasing by 15% to $735 million compared to $637 million in the third quarter of 2023. Royalty Receipts, representing recurring cash inflows, also grew by 15% to $732 million, driven by strong performance from Trelegy, Evrysdi, the cystic fibrosis franchise, and Tremfya.
The company raised its full year 2024 guidance for Portfolio Receipts to a range of $2.75 billion to $2.8 billion, an increase from its previous guidance of $2.7 billion to $2.775 billion. This updated outlook reflects expected Royalty Receipts growth of 11% to 13% for the year, up from the prior expectation of 9% to 12%.
Royalty Pharma continued its active capital deployment, with $1.2 billion invested in the third quarter of 2024, bringing the year-to-date total to approximately $2.6 billion. This included new royalties on Voranigo, Yorvipath, and deucrictibant, alongside positive regulatory updates such as FDA approvals for Cobenfy, Voranigo, and Tremfya for ulcerative colitis. The company also repurchased $95 million of its Class A ordinary shares in the quarter, totaling $180 million year-to-date.
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