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Royalty Pharma (RPRX) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Royalty Pharma (RPRX) Q3 2026 earnings results →
Q3 2026 Revenue up 13% year over year to $690M · 21¢ of every $1 of revenue kept as net profit · operating margin 59.5%
Royalty Pharma made $690M in Q3 2026 (+13% Y/Y): Income from financial royalty assets $648M, Other royalty income and revenues $42.5M. Operating margin 59.5%, net earnings $145M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
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What changed this quarter
Revenue was $690.1M in Q3 2026, up 13% year over year and up 2% from the previous quarter. Income from financial royalty assets was the largest line at 94% of revenue. Income from financial royalty assets added $68.8M year over year (up 12%), 85% of the total change.
Operating profit was $410.8M, a 59.5% margin (down 10.6 points year over year). Operating profit fell $16.3M even though revenue rose $80.8M versus Q3 2025, so costs grew faster than sales. Total costs grew 53% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+412%). Net earnings were $144.7M, down 49% year over year. The effective tax rate was 0.0%.
Operating cash flow was $686.1M (down 2% year over year), 257% of net income including minority interests. Non-cash charges added back $1.2M of depreciation and $104.9M of share-based compensation. Working capital and other items added $313.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $690M | +13% | 59.5% | $145M | $686M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $674M | +16% | 19.7% | $17.9M | $728M |
| Q1 2026 | 10-Q | May 6, 2026 | $631M | +11% | 89.3% | $295M | $718M |
| Q4 2025 | 10-K | Feb 11, 2026 | $622M | +5% | 62.4% | $215M | $827M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $609M | +8% | 70.1% | $284M | $703M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $579M | +8% | 36.3% | $30.2M | $364M |
| Q1 2025 | 10-Q | May 8, 2025 | $568M | 0% | 94.0% | $239M | $596M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
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About Royalty Pharma
We are the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry. Since our founding in 1996, we have been pioneers in the royalty market, collaborating with innovators from academic institutions, research hospitals and not-for-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. We have assembled a portfolio of royalties which entitles us to payments based directly on the top-line sales of many of the industry’s leading therapies, which includes royalties on more than 35 commercial products, including Vertex’s Trikafta and Alyftrek, GSK’s Trelegy, Biogen’s Tysabri and Spinraza, Roche’s Evrysdi, Astellas and Pfizer’s Xtandi, Johnson & Johnson’s Tremfya, AbbVie and Johnson & Johnson’s Imbruvica, Servier’s Voranigo, Gilead’s Trodelvy, Amgen’s Imdelltra and Alnylam’s Amvuttra,…
In its own words, from its 10-K, filed Feb 11, 2026.
Royalty Pharma against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +10%. Operating margin: 59.5% against the peers' median 30.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| RPRX Royalty Pharma | Q3 2026 | $690M | +13% | 59.5% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Royalty Pharma 10-Q on SEC EDGAR · CIK 1802768 · Pharmaceutical Preparations
Guidance and outlook
More on RPRX
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Royalty Pharma guidance history: guided vs reported
- Royalty Pharma operating margin by quarter
- Royalty Pharma net income by quarter
- Royalty Pharma R&D spending by quarter
- Royalty Pharma Income from financial royalty assets revenue by quarter
- Royalty Pharma Other royalty income and revenues revenue by quarter