Portfolio product information

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Note: Portfolio Receipts lag product performance by one quarter and gross receipts can therefore be estimated by applying the royalty rate as noted in the Portfolio Royalty Terms tab to the preceding quarter’s marketer-announced net revenues on a product-by-product basis. Portfolio Receipts are net of legacy non-controlling interests. Product sales are shown for the full year. In instances where royalties were acquired during the year and Royalty Pharma did not have economic rights to full-year sales, product sales shown are greater than royalty-bearing sales.

2020202120222023
Cystic fibrosis franchise
Product Sales USD $m
6,2027,5738,9309,869
 
Portfolio Receipts USD $m
454582690771
Tysabri
Product Sales USD $m
1,9452,0632,0311,877
 
Portfolio Receipts USD $m
285304305279
Imbruvica(1)
Product Sales USD $m
6,6126,9435,8204,879
 
Portfolio Receipts USD $m
265291258210
Trelegy
Product Sales USD $m
--2,1422,739
 
Portfolio Receipts USD $m
--90203
Promacta
Product Sales USD $m
1,7382,016 2,088 2,269
 
Portfolio Receipts USD $m
118 143 150 161
Xtandi(2)
Product Sales USD $m
4,169 4,7974,8075,037
 
Portfolio Receipts USD $m
121 130 154 146
Tremfya
Product Sales USD $m
-2,127 2,668 3,147
 
Portfolio Receipts USD $m
-36 97 116
Evrysdi(2)
Product Sales USD $m
61 657 1,169 1,580
 
Portfolio Receipts USD $m
0 16 41 66
Cabometyx/Cometriq(3)
Product Sales USD $m
-1,496 1,873 2,266
 
Portfolio Receipts USD $m
-34 55 66
Spinraza
Product Sales USD $m
---1,741
 
Portfolio Receipts USD $m
---45
Trodelvy
Product Sales USD $m
137 380 680 1,063
 
Portfolio Receipts USD $m
2 1120 33
Orladeyo(4)
Product Sales USD $m
0123 252 325
 
Portfolio Receipts USD $m
-7 22 29
Erleada
Product Sales USD $m
760 1,291 1,881 2,387
 
Portfolio Receipts USD $m
6 1218 27
Nurtec ODT/Zavzpret(5)
Product Sales USD $m
64 463 725 928
 
Portfolio Receipts USD $m
17 15 18
  1. Sales for Imbruvica include US revenues reported by AbbVie and ex-U.S. revenues reported by Johnson & Johnson.
  2. Sales for Xtandi and Evrysdi reported in foreign currency by the respective marketer are translated to USD at the average exchange rate for each quarter.
  3. Sales for Cabometyx/Cometriq include revenues reported by Exelixis in USD and revenues reported by Ipsen in Euro, which is translated to USD at the average exchange rate for each quarter. For 2023, sales also include revenues reported by Takeda in Japanese yen which are translated to USD at the average exchange rate for each quarter.
  4. Reflects revenues reported for Orladeyo except for Q4 2020, which are based on internal estimates.
  5. Reflects revenues reported for Nurtec ODT except for Q3 2022, which are based on internal estimates. Zavzpret sales are not disclosed by Pfizer.
Selected Approved Products Acquisition Year(s) Estimated Royalty
Duration(1)		 Royalty Rates(2) 2023 % Attributable
to Royalty Pharma(3)
Cystic fibrosis franchise(4)2014, 20202037Blended royalty of slightly over 9%86%
Tysabri2017PerpetualTiered payments of 18% on first $2 billion and 25% on sales >$2 billion82%
Imbruvica20132027-2032Downward tiered mid-single digit royalty82%
Trelegy(5)20222029-2030Tiered royalty of 6.5% on first $750 million, up to 10% on sales >$2.25 billion 100%
Promacta20192025-2028Upward tiered 4.7% to 9.4% royalty82%
Xtandi20162027-2028Slightly less than 4% royalty82%
Tremfya20212031-2032Upward tiered mid-single digit royalty100%
Evrysdi(6)2020, 20232035-2036Tiered royalty of 6.5% on first $500 million, up to 13% on sales >$2 billion100%
Cabometyx/Cometriq(7)20212026-20293% royalty100%
Spinraza(8)20232030-2035Upward tiered 2.8% to 3.8% royalty, increasing to 5% to 6.8% in 2028100%
Trodelvy2018PerpetualTiered royalty of 4.15% on first $2 billion, down to 1.75% on sales >$6 billion82%
Orladeyo(9)2020, 20212036-2039Tiered royalty of 9.5% on first $350 million and 4.5% on sales up to $550 million 100%
Erleada2019, 20232032Low-single digit royalty85%
Nurtec ODT/Zavzpret2018, 20202034-2036Tiered royalty of ~2.5% on first $1.5 billion and ~1.9% on sales >$1.5 billion85%
Selected Development-Stage
Product Candidates		 Acquisition Year(s) Estimated Royalty
Duration(1)		 Royalty Rates(2) % Attributable
to Royalty Pharma
Aficamten20222039-2040Tiered royalty of 4.5% on first $1 billion, down to 3.5% on sales >$1 billion 100%
Pelabresib202120373% royalty100%
KarXT20232033-2035Tiered royalty of 3% on first $2 billion, down to ~1% on sales >$2 billion100%
Vanzacaftor / tezacaftor / deutivacaftor2014, 20202039-2041See footnote (10)Expected blended mid to high 80%s
  1. Durations shown represent our estimates as of December 31, 2023, of when a royalty will substantially end, which may vary by geography and may depend on clinical trial results, regulatory approvals (including the timing of such approvals), contractual terms, commercial developments, estimates of regulatory exclusivity and patent expiration dates (which may include estimated patent term extensions) or other factors. There can be no assurances that our royalties will expire when estimated.
  2. The royalties in our portfolio are subject to the underlying contractual agreements from which they arise and may be subject to reductions or other adjustments in accordance with the terms of such agreements. Royalty rates apply to annual worldwide net sales unless otherwise stated.
  3. Ownership percentages for cystic fibrosis franchise, Erleada and Nurtec ODT/Zavzpret represent blended percentages across multiple royalty interests based on 2023 royalty receipts.
  4. Royalty is perpetual; year shown represents Trikafta’s expected patent expiration and potential sales decline based on timing of potential generic entry. For combination therapies, sales are allocated equally to each of the active pharmaceutical ingredients, with tiered royalties ranging from single digit to subteen percentages on sales of ivacaftor, lumacaftor and tezacaftor, and mid-single digit percentages on sales of elexacaftor.
  5. We will pay Theravance Biopharma, Inc. 85% of the royalties in respect of ex-U.S. sales after June 30, 2029 and 85% of the royalties in respect of U.S. sales after December 31, 2030. Royalties are tiered based on sales at 6.5% up to $750 million, 8% between $750 million and $1.25 billion, 9% between $1.25 billion and $2.25 billion, and 10% over $2.25 billion.
  6. Royalties are tiered based on sales at 6.5% up to $500 million, 8.9% between $500 million and $1 billion, 11.3% between $1 billion and $2 billion, and 13% over $2 billion. Our royalty rates are expected to be reduced by 18% in the early 2030s. Royalty entitlement does not reflect either PTC or Royalty Pharma exercising option to sell/purchase additional Evrysdi royalties.
  7. We are entitled to royalties on sales of cabozantinib products in the U.S. through September 2026 and non-U.S. markets through the full term of the royalty.
  8. Our royalty interest in Spinraza will revert to Ionis after we receive aggregate Spinraza royalties equal to $475 million or $550 million, depending on the timing and occurrence of certain events. We are entitled to 25% of Ionis’ Spinraza royalty payments of 11% to 15% on sales up to $1.5 billion through 2027, increasing to 45% of royalty payments on sales up to $1.5 billion in 2028.
  9. Royalty is perpetual; years shown represent estimated U.S. patent expiration for Orladeyo and potential sales decline based on timing of generic entry. We are also entitled to a tiered percentage of sublicense revenue for Orladeyo in certain territories.
  10. We believe that deuterated ivacaftor (deutivacaftor) is the same as ivacaftor and is therefore royalty-bearing, which would result in a blended royalty of ~8%. Vertex has made public statements that it believes deuterated ivacaftor (deutivacaftor) is not royalty-bearing, which would result in a blended royalty of ~4%.
Visible Alpha Marketer Consensus Estimates - Selected Approved Products(1)(2)
Product Sales USD $m 2024 2025 2026 2027
- Trikafta (Vertex)(3) 9,88410,12510,0669,943
- Kalydeco (Vertex) 361325266202
- Orkambi (Vertex) 224178142116
- Symdeko (Vertex) 90928378
Tysabri (Biogen)1,5801,3701,2141,058
Imbruvica (AbbVie, Johnson & Johnson)4,1103,6703,2912,962
Trelegy (GSK)3,1653,4853,7383,816
Promacta (Novartis)2,2371,7991,071783
Xtandi (Astellas)5,0055,2155,2764,522
Tremfya (Johnson & Johnson)3,6804,3334,9345,489
Evrysdi (Roche)2,0132,4722,7682,939
Cabometyx/Cometriq (Exelixis, Ipsen, Takeda)(4)2,4682,6822,891908
Spinraza (Biogen)1,7011,6171,5471,506
Trodelvy (Gilead)1,4501,8192,2372,673
Orladeyo (BioCryst)398493585675
Erleada (Johnson & Johnson)2,9133,4113,8814,054
Nurtec ODT/Zavzpret (Pfizer)(5)1,2691,6441,9452,198
Visible Alpha Marketer Consensus Estimates - Selected Development-Stage Product Candidates(1)(2)(6)
Product Sales USD $m 2024 2025 2026 2027
Aficamten (Cytokinetics) -133364751
Pelabresib (MorphoSys) -32102220
KarXT (Karuna Therapeutics) 412517171,348
Vanzacaftor / tezacaftor / deutivacaftor (Vertex)(3) 2431,1582,2533,269
  1. Represent worldwide consensus sales estimates based on Visible Alpha for marketers as of February 13, 2024, except for: (i) Imbruvica is comprised of AbbVie U.S. consensus sales estimates and Johnson & Johnson ex-U.S. consensus sales estimates, (ii) Cabometyx/Cometriq is comprised of Exelixis consensus sales estimates for the U.S., Japan and Rest of World, and (iii) Crysvita is based on Kyowa Kirin EU consensus sales estimates.
  2. For marketers where consensus sales estimates are not reported in USD, we converted the estimates to USD based on the applicable spot foreign exchange rates as of February 12, 2024 based on FactSet.
  3. For 2024, 4 brokers forecast, and for 2025-2027, 11 brokers forecast vanzacaftor/tezacaftor/deutivacaftor. 20 brokers forecast Trikafta for 2024-2027.
  4. 2027 Cabometyx/Cometriq consensus sales estimates for 2027 exclude U.S. revenue based on our current expectation of our royalty on U.S. sales expiring in 2026.
  5. Reflects worldwide consensus sales estimates for Nurtec ODT only. Zavzpret is not included in these consensus sales estimates.
  6. Consensus sales estimates for selected development-stage products are presented on a risk-adjusted basis.

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