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Royalty Pharma (RPRX) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 4, 2026
Royalty Pharma (RPRX) reported revenue of $690M for the third quarter 2026 (Q3 2026), +13% from a year earlier and +2% from the quarter before. Operating margin was 59.5%, net earnings $145M (21.0% of revenue).
Royalty Pharma, Q3 2026: revenue $690M (+13% year over year), operating margin 59.5%, net earnings $145M, operating cash flow $686M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $690M | +2% | +13% |
| Operating profit | $411M | +209% | -4% |
| Net earnings | $145M | +709% | -49% |
| Operating cash flow | $686M | -6% | -2% |
What changed
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.
Questions
What was Royalty Pharma's revenue in the third quarter 2026?
Royalty Pharma (RPRX) reported revenue of $690M for the third quarter 2026 (Q3 2026), +13% from a year earlier and +2% from the quarter before.
Was Royalty Pharma profitable in the third quarter 2026?
Operating profit was $411M (59.5% of revenue) and net earnings $145M.
Source: Royalty Pharma 10-Q on SEC EDGAR.