Royalty Pharma plc financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Royalty Pharma plc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,795	1,814	2,122	2,289	2,237	2,355	2,264	2,378
Research and development	393	83	26.3	200	177	52	2	452
General and administrative	61.9	103	182	183	227	250	237	573
Operating income	1,364	2,623	1,595	1,431	307	1,492	1,292	1,560
Interest expense	280	269	157	166	188	187	226	308
Interest income					78.3	72.3	47.3	33.6
Other non-operating income	153	-162	107	-190	-77	208	38.4	-235
Pre-tax income	1,518	2,461	1,702	1,241	230	1,700	1,331	1,324
Income tax	0	0	0	0	0	0	0	0
Net income to minority interests	140	113	727	621	187	565	472	553
Net income	1,378	2,349	975	620	42.8	1,135	859	771
EBITDA						1,492	1,292	1,563
EPS, basic			1.32	1.49	0.10	2.54	1.92	1.79
EPS, diluted			1.32	1.49	0.10	2.53	1.91	1.78
Shares, basic (weighted)			375	415	438	448	448	430
Shares, diluted (weighted)			375	415	438	603	594	564
Dividend per share			0.30	0.68	0.76	0.80	0.84

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,924	246	1,009	1,541	1,711	477	929	619
Short-term investments		0	70	66	1.3	18.3	58.2	18.8
Other current assets		0.09	8.6	6.63	90.5	18	4.19	6.89
Total current assets		832	2,697	2,878	2,555	1,274	1,802	1,528
Goodwill							0	925
Intangible assets		51.7	28.7	5.67	0
Long-term investments		131	163	204	226	437	694	419
Other non-current assets		45.6	10	4.15	29.6	6.52	33.5	79.3
Total assets		12,450	16,020	17,516	16,813	16,382	18,223	19,621
Accounts payable		11.2	10.8	5.62	7.91	15.2	13.4	19.4
Short-term debt		282	0	0	998	0	998	380
Total current liabilities		333	308	171	1,167	161	1,254	636
Long-term debt		5,956	5,817	7,096	6,119	6,135	6,615	8,571
Other non-current liabilities		0		0	2.5	0.9	12.1	121
Total liabilities		6,308	6,124	7,267	7,288	6,298	7,880	9,906
Total debt		6,238	5,817	7,096	7,116	6,135	7,612	8,951
Paid-in capital		0	2,866	3,508	3,666	4,011	4,103	4,123
Retained earnings		2,825	1,921	2,255	1,965	2,518	2,846	2,356
Treasury stock		-4.27	-2.32	-2.72	-2.81	-2.63	-2.66	-2.61
Other comprehensive income		2.09	34.4	16.5	0
Minority interests		35.9	5,077	4,472	3,897	3,558	3,396	3,238
Total equity	4,552	6,141	9,896	10,249	9,525	10,084	10,342	9,715
Total liabilities and equity		12,450	16,020	17,516	16,813	16,382	18,223	19,621

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,518	2,461	1,702	1,241	230	1,700	1,331	1,324
Depreciation and amortization						0	0	3.85
Stock-based compensation	0	0	5.43	2.44	2.17	2.36	2.34	290
Change in payables	1.35	6.5	-0.77	-4.59	2.29	6.24	-2.29	-13.9
Cash from operations	1,618	1,667	2,035	2,018	2,144	2,988	2,769	2,490
Acquisitions						0	0	-74.4
Purchases of investments	0	-125	0	-70.4	-480	0	-150	-175
Sales and maturities of investments	750	150	3	62.5	542	1.44	19.8	21.2
Cash from investing	303	-2,154	-2,759	-1,870	-1,029	-2,073	-2,678	-1,614
Debt issued	0	0	11,891	1,273	0
Debt repaid	0	0	-11,116	0	0
Share buybacks	0	-4.27	0	0	0	-305	-230	-1,227
Cash from financing	-1,379	-1,192	1,487	385	-945	-2,149	361	-1,186
Net change in cash	543	-1,678	762	532	170	-1,234	452	-310
Interest paid	268	255	103	130	170	169	160	276

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $58.21 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	59.6%	Operating income / revenue.
EBITDA margin	59.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	53.2%	Pre-tax income / revenue.
Net margin	32.0%	Net income / revenue.
Operating cash flow margin	117.4%	Cash from operations / revenue.
Effective tax rate	0.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	4.1%	Net income / average total assets.
R&D / revenue	9.4%	Research and development expense / revenue.
Stock-based pay / revenue	16.9%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	0.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	20.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	71.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-0.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	21.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-10.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	162.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-4.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-6.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	161.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	6.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-10.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	8.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	8.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.80x	Current assets / current liabilities.
Quick ratio	1.33x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.33x	(Cash + short-term investments) / current liabilities.
Debt / assets	45.2%	Total debt / total assets.
Liabilities / assets	50.6%	Total liabilities / total assets.
Net debt	$8.12B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.36x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.19x	Operating income / interest expense.
Working capital	$1.13B	Current assets - current liabilities.
Goodwill and intangibles / assets	4.7%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.13x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.46	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.55	Revenue / diluted weighted shares.
Operating cash flow per share	$5.34	Cash from operations / diluted weighted shares.
Cash per share	$1.50	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$33.47B	Share price x shares outstanding.
Enterprise value	$41.60B	Market cap + total debt - cash - short-term investments.
P/E	41.2x	Market cap / net income. Only when net income is positive.
P/S	13.2x	Market cap / revenue.
P/OCF	11.2x	Market cap / cash from operations, when positive.
EV/Sales	16.4x	Enterprise value / revenue.
EV/EBIT	27.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	27.4x	Enterprise value / EBITDA, when both are positive.
Earnings yield	2.4%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.0%	(Dividends paid + share buybacks) / market cap.
PEG	0.26x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Royalty Pharma plc's revenue in fiscal 2025?

Royalty Pharma plc reported revenue of $2.38B for fiscal 2025, 5.1% higher than the year before.

Was Royalty Pharma plc profitable in fiscal 2025?

Yes. Net income was $770.9M, a net margin of 32.4%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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