Filing Flows › Royalty Pharma (RPRX) › Q3 2025
Royalty Pharma (RPRX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Royalty Pharma (RPRX) reported revenue of $609M for the third quarter 2025 (Q3 2025), +8% from a year earlier and +5% from the quarter before. Operating margin was 70.1%, net earnings $284M (46.6% of revenue).
Royalty Pharma, Q3 2025: revenue $609M (+8% year over year), operating margin 70.1%, net earnings $284M, operating cash flow $703M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $609M | +5% | +8% |
| Operating profit | $427M | +104% | -42% |
| Net earnings | $284M | +842% | -48% |
| Operating cash flow | $703M | +93% | -0.1% |
What changed
Revenue was $609.3M in Q3 2025, up 8% year over year and up 5% from the previous quarter. Income from financial royalty assets was the largest line at 95% of revenue. Income from financial royalty assets added $45.6M year over year (up 9%), 102% of the total change. Other royalty income and revenues declined 3%.
Operating profit was $427.2M, a 70.1% margin (down 60.1 points year over year). Operating profit fell $307.9M even though revenue rose $44.6M versus a year earlier, so costs grew faster than sales. Net earnings were $284.2M, down 48% year over year. The effective tax rate was 0.0%.
Operating cash flow was $702.6M (roughly flat year over year), 160% of net income including minority interests. Non-cash charges added back $1.3M of depreciation and $72.8M of share-based compensation. Working capital and other items added $188.3M.
Questions
What was Royalty Pharma's revenue in the third quarter 2025?
Royalty Pharma (RPRX) reported revenue of $609M for the third quarter 2025 (Q3 2025), +8% from a year earlier and +5% from the quarter before.
Was Royalty Pharma profitable in the third quarter 2025?
Operating profit was $427M (70.1% of revenue) and net earnings $284M.
Source: Royalty Pharma 10-Q on SEC EDGAR.