Royalty Pharma
RPRX on Nasdaq. Pharmaceutical preparations. Market value $16.7bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 26.5 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 68 of 100. Price score: 37 of 100. Our list needs 70 on quality and 60 on price.
$56.44 a share, 60% above its 1-year low
Over the past year the price has ranged from $35.23 to $64.38.
Dividend: 1.2% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $2.3bn | $2.2bn | $2.4bn | $2.3bn | $2.4bn |
| Operating margin | |||||
| Operating margin | 62.5% | 13.7% | 63.4% | 57.1% | 65.6% |
| Debt to equity | |||||
| Debt to equity | 0.69 | 0.75 | 0.61 | 0.74 | 0.92 |
| Shares outstanding | |||||
| Shares outstanding | 0.41bn | 0.44bn | 0.60bn | 0.59bn | 0.56bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.92× equity
- Revenue growth, five yearsSlow, 2.3% a year
- Buying back its own sharesNo, 36% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $674 million last quarter, up 17% on a year ago.
- Profit: $18 million, down 44% on a year ago.
- It keeps 60 cents of each $1 of sales as operating profit, down from 80 cents a year earlier.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $8.1 billion more than cash, up from $7.4 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $565m |
| December 2024 | $594m |
| March 2025 | $568m |
| June 2025 | $579m |
| September 2025 | $609m |
| December 2025 | $622m |
| March 2026 | $631m |
| June 2026 | $674m |
| Quarter to | Amount |
|---|---|
| September 2024 | $544m |
| December 2024 | $208m |
| March 2025 | $239m |
| June 2025 | $32m |
| September 2025 | $288m |
| December 2025 | $214m |
| March 2026 | $295m |
| June 2026 | $18m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 11 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
8 long-term investors we follow own it, up from 7 last quarter. 643 funds in all.
- Patient Capital ManagementSamantha McLemore
- Value
- $202m
- Share of fund
- 6.7%
- Hosking PartnersJeremy Hosking
- Value
- $27m
- Share of fund
- 0.9%
- Horizon KineticsMurray Stahl
- Value
- $19m
- Share of fund
- 0.2%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Patient Capital ManagementSamantha McLemore | $202m | 6.7% | |
| Dorsey Asset ManagementPat Dorsey | $138m | 8.8% | Added |
| Torray Investment PartnersRobert Torray (founder) | $34m | 4.6% | Cut |
| Hosking PartnersJeremy Hosking | $27m | 0.9% | |
| Horizon KineticsMurray Stahl | $19m | 0.2% | |
| Marathon Asset ManagementNeil Ostrer | $16m | 0.7% | Cut |
| Barrow HanleyBarrow Hanley team | $15m | <0.1% | New |
| Heartland AdvisorsBill Nasgovitz | $11m | 0.5% | Cut |
Largest holders overall
- Morgan Stanley$2.4bn
- Capital International Investors$2.0bn
- BlackRock$1.6bnAdded
- FMR$1.4bnCut
- State Street$692mAdded
- Price T Rowe Associates$628mAdded
- Swedbank AB$601mCut
- Baillie Gifford$562mCut
- Capital World Investors$534mAdded
- Geode Capital Management$451mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
8 investors own more than 5%.
- Legorreta G. PabloInsider or founderat least 18.7%−1.0 pts(filed with 1 related holder)Since 13 August 2026
- Morgan StanleyPassive investorat least 9.2%(filed with 1 related holder)Since 30 June 2025
- Capital International InvestorsPassive investor8.8%+1.1 ptsSince 31 March 2026
- FMR LLCPassive investorat least 6.5%−2.6 pts(filed with 1 related holder)Since 30 September 2025
- R & H Trust Co. (Guernsey) LimitedPassive investor5.7%−1.2 ptsSince 6 November 2025
- BlackRock, Inc.Passive investor5.7%Since 31 December 2024
- Butterfield Fiduciary Administrators Trust Company LimitedPassive investorat least 4.8%−0.9 pts(filed with 1 related holder)Since 12 June 2026
- General Atlantic, L.P.Passive investorat least 3.2%(filed with 17 related holders)Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
Legorreta G. Pablo Insider or founder | at least 18.7%−1.0 pts (filed with 1 related holder) | 13 August 2026 | |
Morgan Stanley Passive investor | at least 9.2% (filed with 1 related holder) | 30 June 2025 | |
Capital International Investors Passive investor | 8.8%+1.1 pts | 31 March 2026 | |
FMR LLC Passive investor | at least 6.5%−2.6 pts (filed with 1 related holder) | 30 September 2025 | |
R & H Trust Co. (Guernsey) Limited Passive investor | 5.7%−1.2 pts | 6 November 2025 | |
BlackRock, Inc. Passive investor | 5.7% | 31 December 2024 | |
Butterfield Fiduciary Administrators Trust Company Limited Passive investor | at least 4.8%−0.9 pts (filed with 1 related holder) | 12 June 2026 | |
General Atlantic, L.P. Passive investor | at least 3.2% (filed with 17 related holders) | 30 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 5 sold $93m, $93m of it under preset trading plans.
- Urist MarshallEVP, Research & InvestmentsSoldunder a preset trading plan
- Date
- 5 October 2026
- Shares
- 4,126
- Price
- $57.10
- Value
- $235,595
- Urist MarshallEVP, Research & InvestmentsSoldunder a preset trading plan
- Date
- 28 September 2026
- Shares
- 4,126
- Price
- $57.88
- Value
- $238,813
- Hite ChristopherEVP & Chairman, PartneringSoldunder a preset trading plan
- Date
- 22 September 2026
- Shares
- 100,000
- Price
- $58.53
- Value
- $6m
- Hite ChristopherEVP & Chairman, PartneringSoldunder a preset trading plan
- Date
- 18 August 2026
- Shares
- 100,000
- Price
- $59.97
- Value
- $6m
- Coyne Terrance P.EVP & CFOSoldunder a preset trading plan
- Date
- 13 August 2026
- Shares
- 11,002
- Price
- $58.68
- Value
- $645,551
- Urist MarshallEVP, Research & InvestmentsSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 9,099
- Price
- $55.88
- Value
- $508,454
- Hite ChristopherEVP & Chairman, PartneringSoldunder a preset trading plan
- Date
- 30 June 2026
- Shares
- 130,000
- Price
- $56.50
- Value
- $7m
- Urist MarshallEVP, Research & InvestmentsSoldunder a preset trading plan
- Date
- 24 June 2026
- Shares
- 9,098
- Price
- $55.18
- Value
- $502,028
- Hite ChristopherEVP & Chairman, PartneringSoldunder a preset trading plan
- Date
- 23 June 2026
- Shares
- 150,000
- Price
- $54.39
- Value
- $8m
- Coyne Terrance P.EVP & CFOSoldunder a preset trading plan
- Date
- 26 May 2026
- Shares
- 64,399
- Price
- $53.98
- Value
- $3m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 5 October 2026 | Urist Marshall EVP, Research & Investments | Sold under a preset trading plan | 4,126 | $57.10 | $235,595 |
| 28 September 2026 | Urist Marshall EVP, Research & Investments | Sold under a preset trading plan | 4,126 | $57.88 | $238,813 |
| 22 September 2026 | Hite Christopher EVP & Chairman, Partnering | Sold under a preset trading plan | 100,000 | $58.53 | $6m |
| 18 August 2026 | Hite Christopher EVP & Chairman, Partnering | Sold under a preset trading plan | 100,000 | $59.97 | $6m |
| 13 August 2026 | Coyne Terrance P. EVP & CFO | Sold under a preset trading plan | 11,002 | $58.68 | $645,551 |
| 1 July 2026 | Urist Marshall EVP, Research & Investments | Sold under a preset trading plan | 9,099 | $55.88 | $508,454 |
| 30 June 2026 | Hite Christopher EVP & Chairman, Partnering | Sold under a preset trading plan | 130,000 | $56.50 | $7m |
| 24 June 2026 | Urist Marshall EVP, Research & Investments | Sold under a preset trading plan | 9,098 | $55.18 | $502,028 |
| 23 June 2026 | Hite Christopher EVP & Chairman, Partnering | Sold under a preset trading plan | 150,000 | $54.39 | $8m |
| 26 May 2026 | Coyne Terrance P. EVP & CFO | Sold under a preset trading plan | 64,399 | $53.98 | $3m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It isn't cheap on profits: 26.5× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.