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Royalty Pharma (RPRX) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Royalty Pharma (RPRX) reported revenue of $631M for the first quarter 2026 (Q1 2026), +11% from a year earlier and +1% from the quarter before. Operating margin was 89.3%, net earnings $295M (46.7% of revenue).
Royalty Pharma, Q1 2026: revenue $631M (+11% year over year), operating margin 89.3%, net earnings $295M, operating cash flow $718M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $631M | +1% | +11% |
| Operating profit | $563M | +45% | +5% |
| Net earnings | $295M | +37% | +23% |
| Operating cash flow | $718M | -13% | +20% |
What changed
Revenue was $630.6M in Q1 2026, up 11% year over year and up 1% from the previous quarter. Income from financial royalty assets was the largest line at 94% of revenue. Income from financial royalty assets added $55.5M year over year (up 10%), 89% of the total change.
Operating profit was $563.0M, a 89.3% margin (down 4.7 points year over year). Of the extra revenue versus Q1 2025, 46% reached operating profit, below the 94% margin then. Total costs grew 98% against revenue growth of 11%. Net earnings were $294.7M, up 23% year over year. The effective tax rate was 0.0%.
Operating cash flow was $718.2M (up 20% year over year), 153% of net income including minority interests. Non-cash charges added back $1.2M of depreciation and $122.0M of share-based compensation. Working capital and other items added $126.8M.
Questions
What was Royalty Pharma's revenue in the first quarter 2026?
Royalty Pharma (RPRX) reported revenue of $631M for the first quarter 2026 (Q1 2026), +11% from a year earlier and +1% from the quarter before.
Was Royalty Pharma profitable in the first quarter 2026?
Operating profit was $563M (89.3% of revenue) and net earnings $295M.
Source: Royalty Pharma 10-Q on SEC EDGAR.