Royalty Pharma (RPRX)
Buys drug royalties and funds late-stage medicines for future royalty streams.
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Acquires existing biopharmaceutical royalties and funds late-stage development or launches in exchange for future royalties. One consolidated segment spans approved medicines and development-stage candidates, with receipts tied to third-party drug sales and outcomes rather than in-house discovery, manufacturing or commercialization.
Acquires biopharmaceutical royalties on approved medicines and development-stage candidates, and funds late-stage trials or launches in exchange for future royalties. A single reportable segment holds interests across rare disease, respiratory medicine, neuroscience, oncology, immunology and hematology.
Combines scientific, medical, legal and financial diligence to select contractual cash-flow interests. Existing royalties are purchased from universities, research hospitals, biotechnology companies and drugmakers, while synthetic arrangements create new royalties through direct funding. Dozens of commercial products and development-stage candidates anchor the portfolio.
Operates from New York with receipts tied to medicines commercialized by third-party marketers. Cash generation depends on those partners' sales and lifecycle execution, clinical and regulatory outcomes, patent and contract duration, access to new transactions and leverage management.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 6, 2026 | Goldman Sachs | Reiterate | Rating: —Target: $42 | Target: $66 |
| Aug 6, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $63 | Target: $65 |
| Apr 21, 2026 | UBS | Reiterate | Rating: —Target: $49 | Target: $57 |
| Apr 10, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $61 | Target: $63 |
| Feb 27, 2026 | Seaport Global | Target | Target: — | Target: $50 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $837.0M · Total debt $8.96B · Total assets $19.82B · Shareholders' equity $6.83B
- Revenue
- $674.1M
- Operating income
- $133.0M
- Net income
- $17.9M
HistoryDividendAnnual yield
| Institutions | ≈ 63.11% | 362.91M shares | |
|---|---|---|---|
| 658 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 17.88% | 102.79M shares | |
| 13 holders · as of Aug 19, 2026 | |||
| Other | ≈ 19.01% | 109.30M shares | |
| remainder | |||
575.00M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (575.00M in the company's Sep 22, 2026 report, 443.27M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Pablo G. Legorreta1,2Insiderdirector, officer: CEO, Chairman of the Board | 17.70% | 13.36M E | filed Aug 17, 2026 |
Morgan StanleyInstitution | 7.47% | 42.93M A | as of Jun 30, 2026 |
Capital International InvestorsInstitution | 6.13% | 35.27M A | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 4.84% | 27.83M A | as of Jun 30, 2026 |
FMR LLCInstitution | 4.26% | 24.51M A | as of Jun 30, 2026 |
- Pablo G. Legorreta reports a block also reported by another filer; it is counted once, under that filer.
- The filed share classes (E, B) could not be matched to the company's, so no percentage.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Christopher Hite | officer: EVP & Chairman, Partnering | −100,000 | $59.97 |
| Aug 13, 2026 | Terrance P. Coyne | officer: EVP & CFO | −11,002 | $58.68 |
| Jul 1, 2026 | Marshall Urist | officer: EVP, Research & Investments | −9,099 | $55.88 |
| Jun 23, 2026 | Christopher Hite | officer: EVP & Chairman, Partnering | −150,000 | $54.40 |
| Jun 24, 2026 | Marshall Urist | officer: EVP, Research & Investments | −9,098 | $55.18 |
- Blackstone
Large-scale synthetic royalties and late-stage life-sciences funding
- KKR
Biopharma royalty monetization and credit through majority-owned HCRx
- Blue Owl Capital
Royalty and debt capital for commercial-stage biopharma companies
- Ligand Pharmaceuticals
Biopharma royalty aggregation and late-stage development financing
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Royalty Pharma | $58.46 | +0.03% | $25.90B | 33.6 | 12.5 | 10.2 | +33.6% |
| Blackstone | $124.64 | −1.40% | $152.70B | 28.1 | 19.4 | 9.5 | +2.4% |
| KKR | $99.47 | −1.35% | $90.53B | 31.7 | 14.1 | 4.3 | −44.8% |
| Blue Owl Capital | $9.91 | −1.10% | $15.66B | 84.3 | 10.7 | 5.2 | +7.1% |
| Ligand Pharmaceuticals | $291.72 | +0.57% | $5.81B | 31.0 | 28.4 | 20.0 | +33.7% |
| Median | 31.4 | 16.8 | 7.4 | +4.8% |