RPRXRoyalty Pharma plc
Pharmaceutical Preparations
- Revenue
- $2.4B
- 5.1% YoY
- Operating margin
- 65.6%
- 15% YoY
- EBITDA
- $1.6B
- 21% YoY
- Market cap
- $26.1B
- Employees
- 100
- $24M revenue each
- Net debt / EBITDA
- 5.2×
- $8.1B net debt
- AI in 10-K
- 1.4
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$938K medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo323% of net incomeCash flow under 80% of net income
- Dilutive SBCYes12% of revenueOver 10% of revenue
- Payouts exceed cash flowNo49% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo5% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$24M · 100th pctBottom quartile of its SIC industry
- Quiet on AINo1.4 per 10K words · 43rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo5.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$26.1B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$93M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.3B | $2.2B | $2.4B | $2.3B | $2.4B | 5.1% |
| Operating income | $1.4B | $307M | $1.5B | $1.3B | $1.6B | 21% |
| Net income | $620M | $43M | $1.1B | $859M | $771M | 10% |
| Operating cash flow | $2.0B | $2.1B | $3.0B | $2.8B | $2.5B | 10% |
| Stock-based comp | $2M | $2M | $2M | $2M | $290M | 12267% |
| Buybacks | $0 | $0 | $305M | $230M | $1.2B | 434% |
Deal filings
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 17, 2026 | Legorreta Pablo G. | SCHEDULE 13D/A | 26.5% | Passive |
| Jun 16, 2026 | Severgnini Achille G. | SCHEDULE 13D/A | 4.8% | Passive |
| Feb 20, 2026 | Severgnini Achille G. | SCHEDULE 13D/A | 5.7% | Passive |
| May 23, 2025 | Legorreta Pablo G. | SCHEDULE 13D | 19.7% | Passive |
| May 2, 2025 | Severgnini Achille G. | SCHEDULE 13D/A | 6.9% | Passive |
| Feb 21, 2025 | Severgnini Achille G. | SCHEDULE 13D/A | 8.3% | Passive |
| Jul 29, 2024 | Severgnini Achille G. | SC 13D/A | 11.5% | Passive |
| Oct 4, 2022 | Giuliani Mario Germano | SC 13D/A | 2.6% | Active |
| Aug 11, 2022 | Giuliani Mario Germano | SC 13D/A | 2.1% | Passive |
| Apr 5, 2022 | Giuliani Mario Germano | SC 13D/A | 2.9% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $93M · 74
- Net
- −$93M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $938K | $83M | 85 | 206 |
| FY2024 | — | $191M | 57 | 170 |
| FY2023 | — | $27M | 61 | 152 |
| FY2022 | — | $46M | 82 | 141 |
| FY2021 | — | $57M | 81 | 128 |