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Royalty Pharma (RPRX) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Royalty Pharma (RPRX) reported revenue of $568M for the first quarter 2025 (Q1 2025), 0% from a year earlier and -4% from the quarter before. Operating margin was 94.0%, net earnings $239M (42.1% of revenue).
Royalty Pharma, Q1 2025: revenue $568M (0% year over year), operating margin 94.0%, net earnings $239M, operating cash flow $596M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $568M | -4% | 0% |
| Operating profit | $534M | +48% | — |
| Net earnings | $239M | +15% | 50× |
| Operating cash flow | $596M | -20% | -10% |
What changed
Revenue was $568.2M in Q1 2025, roughly flat year over year and down 4% from the previous quarter. Income from financial royalty assets was the largest line at 95% of revenue. Other royalty income and revenues added $2.3M year over year (up 9%), 864% of the total change.
Operating profit was $534.2M, a 94.0% margin (up 107.0 points year over year). Total costs fell 95% while revenue was flat. Net earnings were $239.3M, up 4909% year over year. The effective tax rate was 0.0%.
Operating cash flow was $596.1M (down 10% year over year), 137% of net income including minority interests. Non-cash charges added back $515K of share-based compensation. Working capital and other items added $161.1M.
Questions
What was Royalty Pharma's revenue in the first quarter 2025?
Royalty Pharma (RPRX) reported revenue of $568M for the first quarter 2025 (Q1 2025), 0% from a year earlier and -4% from the quarter before.
Was Royalty Pharma profitable in the first quarter 2025?
Operating profit was $534M (94.0% of revenue) and net earnings $239M.
Source: Royalty Pharma 10-Q on SEC EDGAR.