Royalty Pharma Raises 2026 Guidance as Q3 Portfolio Receipts Grow 9% to $890 Million

Published November 4, 2026 at 9:22 AM EST

Royalty Pharma raised its 2026 guidance again after third-quarter portfolio receipts grew 9% to $890 million, according to its 8-K released Wednesday.

Royalty receipts, the core of the business, rose 9% to $883 million, driven by Tremfya, Voranigo, Evrysdi and Imdelltra. Adjusted EBITDA increased 8% to $840 million, while net cash from operating activities slipped 2% to $686 million. Portfolio cash flow rose 2% to $673 million.

Guidance moves up

Royalty Pharma now expects 2026 portfolio receipts of $3.50 billion to $3.55 billion, up from $3.40 billion to $3.50 billion, implying royalty receipts growth of 10% to 11%. The guidance excludes future transactions.

It narrowed expected operating and professional costs to 5.5% to 6.0% of portfolio receipts and kept its forecast for interest paid at $350 million to $360 million.

Deals and drug approvals

The company acquired royalties on Arcutis Biotherapeutics' Zoryve for $100 million and on Takeda's Mimrylo for $100 million. As of Nov. 3, it had announced $1.9 billion of transactions and $1.6 billion of capital deployment this year.

Several drugs in its portfolio won FDA approval, including Revolution Medicines' Rasonque for metastatic pancreatic cancer, Teva's Weltruza for schizophrenia and Jazz and BeOne's Ziihera for HER2-positive metastatic gastric cancer. Amgen's Imdelltra posted positive Phase 3 results as first-line maintenance therapy for small cell lung cancer.

CEO and Chairman Pablo Legorreta said R&D co-funding with global drugmakers, where the company has announced $1 billion of transactions this year, "represents an important new opportunity for our business."

By the numbers

Q3 portfolio receipts: $890 million, up 9%
Royalty receipts: $883 million, up 9%
Adjusted EBITDA: $840 million, up 8%
2026 portfolio receipts guidance: $3.50 billion to $3.55 billion
2026 transactions announced: $1.9 billion

Sources

Royalty Pharma Form 8-K with third-quarter 2026 earnings release, filed Nov. 4, 2026 (accession 0001802768-26-000026)

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