Royalty Pharma Q3 adjusted EBITDA beats estimates; raises 2026 guidance

RPRX•2026-11-04

Royalty Pharma’s third-quarter adjusted EBITDA was $840 million, above the $792.29 million analyst estimate, while Portfolio Receipts grew 9% year over year. The company raised its 2026 Portfolio Receipts outlook to $3.5 billion-$3.55 billion, implying expected growth of 10%-11%.

1. Earnings and guidance

Royalty Pharma reported third-quarter adjusted EBITDA of $840 million, beating the $792.29 million consensus estimate. Portfolio Receipts rose 9% year over year, and the company raised its 2026 Portfolio Receipts guidance to $3.5 billion-$3.55 billion, representing expected growth of 10%-11%.

2. Growth drivers and costs

Royalty Receipts growth was driven by Tremfya, Voranigo, Evrysdi and Imdelltra, while Promacta and Imbruvica declined. Higher milestones and contractual receipts also contributed to Portfolio Receipts growth; the company added royalties on three therapies in the quarter. It expects 2026 operating and professional costs to be 5.5%-6.0% of Portfolio Receipts and interest paid of $350 million-$360 million.