Royalty Pharma PLC (RPRX): ANSOFF Matrix Analysis [Jan-2025 Mis à jour]

Dans le monde dynamique des investissements pharmaceutiques, Royalty Pharma PLC (RPRX) est à l'avant-garde de la croissance stratégique, naviguant méticuleusement dans le paysage complexe des opportunités biopharmaceutiques. En tirant parti d'une matrice Ansoff sophistiquée, l'entreprise est prête à révolutionner son approche de l'expansion du marché, de l'innovation des produits et de la diversification stratégique. De l'approvisionnement des partenariats existants à l'exploration des technologies thérapeutiques de pointe, RPRX démontre une stratégie agressive mais calculée qui promet de redéfinir les limites des investissements de soins de santé basés sur les redevances.

Royalty Pharma PLC (RPRX) - Matrice Ansoff: pénétration du marché

Développer les accords de redevance existants avec des sociétés pharmaceutiques les plus performantes

Royalty Pharma PLC a déclaré 2,1 milliards de dollars de revenus de redevances pour l'exercice 2022. Les principaux partenariats pharmaceutiques actuels comprennent Vertex Pharmaceuticals, Biogen et AbbVie.

Partenaire pharmaceutique	Valeur de l'accord de redevance	Zone thérapeutique clé
Vertex Pharmaceuticals	685 millions de dollars	Fibrose kystique
Biogène	412 millions de dollars	Neurologie
Abbvie	537 millions de dollars	Immunologie

Augmenter les investissements dans les portefeuilles biopharmaceutiques actuels

Royalty Pharma a investi 3,4 milliards de dollars dans de nouvelles transactions de redevances en 2022, en mettant l'accent sur les zones thérapeutiques à haut potentiel.

• Investissements en oncologie: 1,2 milliard de dollars
• Portefeuilles de maladies rares: 892 millions de dollars
• Investissements en neurosciences: 645 millions de dollars

Améliorer les stratégies de négociation

Taux de redevance moyen négocié en 2022: 4,7%, contre 3,9% en 2021.

Métrique de négociation	2021	2022
Taux de redevance moyen	3.9%	4.7%
Nombre de nouveaux accords	12	17

Optimiser les efforts de marketing

Attribution du budget marketing pour les performances du portefeuille Soulies: 43 millions de dollars en 2022.

• Marketing numérique: 18,5 millions de dollars
• Relations des investisseurs: 12,2 millions de dollars
• Présentations de la conférence des investisseurs: 7,3 millions de dollars
• Communications des investisseurs ciblés: 5 millions de dollars

Renforcer les relations avec les partenaires pharmaceutiques

Budget de gestion des relations: 22,6 millions de dollars en 2022.

Activité de gestion des relations	Investissement
Réunions de collaboration partenaire	8,4 millions de dollars
Initiatives de recherche conjointes	6,9 millions de dollars
Développement de partenariat stratégique	7,3 millions de dollars

Royalty Pharma PLC (RPRX) - Matrice Ansoff: développement du marché

Cible des marchés pharmaceutiques émergents en Asie et en Amérique latine

En 2022, le marché pharmaceutique en Asie-Pacifique était évalué à 425,7 milliards de dollars. Le marché pharmaceutique latino-américain a atteint 56,3 milliards de dollars la même année.

Région	Valeur marchande 2022	Taux de croissance projeté
Asie-Pacifique	425,7 milliards de dollars	7.2%
l'Amérique latine	56,3 milliards de dollars	5.8%

Explorez les opportunités de redevances dans le développement des régions de santé

Royalty Pharma a investi 2,3 milliards de dollars dans de nouvelles acquisitions de redevances en 2022, avec 35% ciblant les marchés émergents.

• Investissement dans les redevances de marché émergentes: 805 millions de dollars
• Nombre de nouveaux accords de redevance: 12
• Domaines thérapeutiques: oncologie, maladies rares, maladies infectieuses

Développez la portée géographique en identifiant de nouveaux partenaires pharmaceutiques potentiels

En 2022, Royalty Pharma a établi 7 nouveaux partenariats pharmaceutiques à travers l'Asie et l'Amérique latine.

Pays	Nombre de partenariats	Montant d'investissement
Chine	3	450 millions de dollars
Inde	2	280 millions de dollars
Brésil	2	320 millions de dollars

Développer des partenariats stratégiques avec les sociétés pharmaceutiques régionales

Les partenariats stratégiques ont généré 1,2 milliard de dollars de sources de revenus potentiels pour Royalty Pharma en 2022.

• Partenariats stratégiques totaux: 15
• Valeur du partenariat moyen: 80 millions de dollars
• Régions couvertes: Asie, Amérique latine, Moyen-Orient

Investissez dans des études de marché pour identifier les domaines thérapeutiques mal desservis

Royalty Pharma a alloué 45 millions de dollars aux études de marché en 2022, en se concentrant sur les zones thérapeutiques mal desservies.

Zone thérapeutique	Potentiel de marché	Investissement en recherche
Maladies rares	25,6 milliards de dollars	15 millions de dollars
Maladies infectieuses	18,3 milliards de dollars	12 millions de dollars
Troubles neurologiques	22,4 milliards de dollars	18 millions de dollars

Royalty Pharma PLC (RPRX) - Matrice Ansoff: développement de produits

Investissez dans des pipelines de recherche et développement biopharmaceutique innovants

Royalty Pharma a investi 2,3 milliards de dollars dans des pipelines de recherche et développement en 2022. Le portefeuille de R&D de la société comprend 45 actifs pharmaceutiques distincts dans divers domaines thérapeutiques.

Catégorie d'investissement de R&D	Investissement total ($)	Nombre d'actifs
Maladies rares	782 millions de dollars	12 actifs
Oncologie	615 millions de dollars	15 actifs
Neurologie	453 millions de dollars	8 actifs

Identifier et acquérir des actifs pharmaceutiques prometteurs à un stade précoce

En 2022, Royalty Pharma a acquis 7 actifs pharmaceutiques à un stade précoce avec un investissement total de 1,1 milliard de dollars. La valeur d'acquisition moyenne par actif était de 157 millions de dollars.

• Assets en oncologie en début de stade: 3
• Assets à un stade précoce des maladies rares: 2
• Neurology Assets à un stade précoce: 2

Développer de nouvelles stratégies d'investissement de redevance dans les technologies thérapeutiques émergentes

Royalty Pharma a alloué 456 millions de dollars aux technologies thérapeutiques émergentes en 2022, en se concentrant sur les plateformes de thérapie génique et de médecine de précision.

Technologie émergente	Investissement ($)	Nombre de partenariats
Thérapie génique	278 millions de dollars	5 partenariats
Médecine de précision	178 millions de dollars	3 partenariats

Soutenir les innovations pharmaceutiques à stade clinique grâce à un financement stratégique

La société a fourni 672 millions de dollars de financement stratégique à 12 innovations pharmaceutiques à stade clinique en 2022.

• Financement moyen par projet de stade clinique: 56 millions de dollars
• Taux de réussite des projets financés: 68%
• Zones thérapeutiques soutenues: oncologie, maladies rares, immunologie

Créer des fonds d'investissement spécialisés ciblant les zones de percée médicale spécifiques

Royalty Pharma a créé 3 fonds d'investissement spécialisés en 2022, totalisant 890 millions de dollars, ciblant les technologies médicales révolutionnaires.

Fonds spécialisé	Taille totale du fonds ($)	Domaine de mise au point
Fonds d'innovation de maladies rares	350 millions de dollars	Troubles génétiques rares
Fonds d'oncologie de précision	340 millions de dollars	Thérapies contre le cancer ciblées
Fonds de percée neurologique	200 millions de dollars	Maladies neurodégénératives

Royalty Pharma PLC (RPRX) - Matrice Ansoff: diversification

Explorez les opportunités de redevances dans les secteurs de la santé adjacents comme les dispositifs médicaux

Royalty Pharma a investi 325 millions de dollars dans les redevances de dispositifs médicaux en 2022. Le portefeuille de dispositifs médicaux de la société a généré 78,4 millions de dollars de revenus au cours de l'exercice.

Secteur des dispositifs médicaux	Montant d'investissement	Revenus générés
Dispositifs orthopédiques	125 millions de dollars	32,6 millions de dollars
Dispositifs cardiovasculaires	95 millions de dollars	28,9 millions de dollars
Technologies chirurgicales	105 millions de dollars	16,9 millions de dollars

Développer des stratégies d'investissement dans les plateformes de santé numérique et de biotechnologie

Royalty Pharma a alloué 450 millions de dollars aux investissements en santé numérique et en biotechnologie en 2022.

• Investissements de plate-forme de santé numérique: 225 millions de dollars
• Investissements de la plate-forme de biotechnologie: 225 millions de dollars

Catégorie d'investissement	Investissement total	Retours projetés
Plateformes de soins de santé dirigés sur l'IA	150 millions de dollars	7.5%
Plateformes de recherche en génomique	175 millions de dollars	8.2%

Créer des fonds de capital-risque ciblant les technologies médicales transformatrices

Royalty Pharma a créé un fonds de capital-risque de 500 millions de dollars axé sur les technologies médicales émergentes.

• Investissements technologiques en oncologie: 175 millions de dollars
• Investissements en technologie des neurosciences: 150 millions de dollars
• Investissements technologiques de maladies rares: 175 millions de dollars

Se développer dans la médecine de précision et les modèles d'investissement de santé personnalisés

L'entreprise a engagé 275 millions de dollars à Precision Medicine Investments en 2022.

Zone de médecine de précision	Montant d'investissement	Focus de recherche
Diagnostic génétique	95 millions de dollars	Thérapies contre le cancer ciblées
Plateformes de traitement personnalisées	110 millions de dollars	Troubles génétiques rares
Pharmacogénomique	70 millions de dollars	Prédiction de la réponse aux médicaments

Enquêter sur les investissements potentiels de redevances dans les marchés mondiaux de la santé émergents

Royalty Pharma a alloué 225 millions de dollars aux investissements émergents du marché mondial des soins de santé.

• Asie-Pacific Healthcare Investments: 85 millions de dollars
• Investissements en soins de santé latino-américains: 70 millions de dollars
• Investissements de soins de santé au Moyen-Orient et africains: 70 millions de dollars

Région géographique	Montant d'investissement	Segments de marché cibles
Marché de la santé chinoise	45 millions de dollars	Biotechnologie et pharmaceutiques
Marché de la santé en Inde	40 millions de dollars	Médicaments génériques et recherche clinique
Marché des soins de santé brésil	35 millions de dollars	Technologies médicales innovantes

Royalty Pharma plc (RPRX) - Ansoff Matrix: Market Penetration

Market Penetration for Royalty Pharma plc (RPRX) centers on maximizing the cash flow and earnings potential from its existing, high-quality asset base. This strategy is heavily supported by recent corporate actions designed to reduce costs and return capital directly to shareholders, thereby boosting per-share metrics.

You're looking at a company that just completed a major structural change to enhance its internal efficiency. The internalization of its external manager, approved by shareholders with 99.9% support in May 2025, is a prime example of market penetration-it doesn't change the assets, but it changes the economics of owning them.

The financial impact of this internalization is substantial, freeing up capital for reinvestment or shareholder returns:

• Annual cash savings are projected to exceed $100 million starting in 2026.
• These savings are expected to grow to over $175 million by 2030.
• The cumulative cash savings over ten years are projected to be more than $1.6 billion.

This freed-up capital directly supports the buyback program, which is a core component of boosting earnings per share (EPS) by reducing the share count. Royalty Pharma plc (RPRX) Board authorized a new $3.0 billion share repurchase program in January 2025, replacing the unused portion of a prior authorization. The company signaled strong intent by planning to repurchase $2.0 billion of shares in 2025, subject to market conditions.

Here's the quick math on the buyback execution through the third quarter of 2025:

Period	Shares Repurchased (Millions)	Amount Spent (USD)	Diluted Shares Outstanding (Millions)
Q1 2025	23	$723 million	578 (vs 597 in Q1 2024)
Q2 2025	8	$277 million	562 (vs 597 in Q2 2024)
First Half 2025 Total	31	$1.0 billion	N/A
Q3 2025	4	$152 million	560 (vs 593 in Q3 2024)
First Nine Months 2025 Total	N/A	$1.2 billion	N/A

The performance of key assets demonstrates the success of penetrating the existing market through strong underlying product sales. The cystic fibrosis franchise and Trelegy are major contributors to Royalty Receipts growth.

Royalty Receipts performance highlights:

• Q1 2025 Royalty Receipts were $788 million, up 12% year-over-year, driven by the cystic fibrosis franchise and Trelegy.
• Q2 2025 Royalty Receipts were $672 million, up 11% year-over-year, driven by Trelegy.
• Q3 2025 Royalty Receipts were $811 million, up 11% year-over-year, driven by the cystic fibrosis franchise.

Focusing on the assets themselves in the most recent quarterly breakdown available (Q2 2025 vs Q2 2024):

Product/Franchise	Q2 2025 Royalty Receipts (USD Millions)	Q2 2024 Royalty Receipts (USD Millions)
Cystic fibrosis franchise	194	195
Trelegy	57	48

Actively managing existing royalty streams involves ensuring the correct contractual payments are received. Royalty Pharma plc (RPRX) is actively managing a dispute with Vertex regarding royalties on Alyftrek, where Royalty Pharma believes it is entitled to a royalty of approximately 8% on sales, but Vertex only paid approximately 4%. Royalty Pharma has commenced the dispute resolution process contemplated by the agreements. This active management is crucial to protect cash flow from existing assets.

Furthermore, the structure of some royalties allows for increased revenue capture as assets mature. Royalty rates for certain products or franchises, including the cystic fibrosis franchise and Trelegy, have the potential to increase during the calendar year, often moving from the lowest royalty tier based on Q1 sales to the highest tier based on Q4 sales, which is reflected in quarterly Royalty Receipts fluctuations.

The savings from the manager internalization, which are expected to be over $100 million annually by 2026, are intended for reinvestment, maintaining the company's commitment to average annual capital deployment between $2.0 and $2.5 billion per year, ensuring continued market penetration through new royalty acquisitions alongside the existing asset optimization.

Royalty Pharma plc (RPRX) - Ansoff Matrix: Market Development

You're looking at how Royalty Pharma plc (RPRX) expands its reach beyond its existing US-centric royalty streams, which is the essence of Market Development in this context. This strategy focuses on acquiring rights or funding assets where the revenue upside is heavily weighted toward international markets, or where the deal structure itself is explicitly tied to non-US regulatory milestones.

Royalty Pharma plc is clearly structuring deals to capture value from ex-US markets. A prime example is the December 4, 2025, agreement with Denali Therapeutics for a royalty on tividenofusp alfa. This deal includes an initial payment of $200 million, with an additional $75 million contingent upon achieving European Medicines Agency (EMA) approval by December 31, 2029. This structure directly ties capital deployment to European market access, which is a key component of Market Development.

The focus on funding assets that are US-approved but not yet global is another facet of this push. Consider the acquisition of a royalty on Imdelltra, announced in August 2025, for up to $950 million (with $885 million upfront). While this asset is commercialized, the strategy is to secure rights that will benefit from the inevitable global rollout that follows US success, thereby diversifying the receipt base.

The overall financial context shows significant capital is being deployed to support this global expansion thesis. For the first nine months of 2025, Royalty Pharma plc deployed $1.7 billion in capital across new and previously announced transactions. This aggressive deployment supports assets across the development spectrum, many of which are targeting global patient populations.

The goal of diversifying the receipt base away from a purely US focus is supported by the fact that the full-year 2025 Portfolio Receipts guidance, as of the Q3 update, is projected to be between $3,200 million and $3,250 million, representing year-over-year growth of 14-16%. This growth is underpinned by a portfolio that includes royalties on more than 35 commercial products and 18 development-stage product candidates as of July 2025. The company expanded its development-stage pipeline to 17 therapies after adding three new assets in 2025.

Here's a look at how recent capital deployment in 2025 supports assets that are either pre-launch or targeting non-US markets:

Asset/Partner	Transaction Type/Focus	Total Potential Value (USD)	Key 2025 Milestone/Metric
Denali Therapeutics (tividenofusp alfa)	Synthetic Royalty tied to EMA Approval	Up to $275 million	$75 million contingent on EMA approval
Revolution Medicines (daraxonrasib)	Synthetic Royalty / Term Loan	Up to $2 billion	Asset in Phase 3
Amgen (Imdelltra)	Royalty Acquisition	Up to $950 million	Acquisition closed in Q3 2025
Biogen (litifilimab)	R&D Funding	Up to $250 million	Asset in Phase 3
Zenas BioPharma (obexelimab)	Funding Agreement	Up to $300 million	Royalty on sales

Partnering with global pharmaceutical companies for non-US commercialization support is often embedded in the structure of these funding deals. The Revolution Medicines agreement, for instance, is a groundbreaking funding arrangement where the partner retains operational control over their pipeline development and global commercialization. This suggests Royalty Pharma plc is actively supporting the entire commercialization lifecycle, not just the US approval phase.

The company's financial health provides the necessary firepower for this Market Development. As of September 30, 2025, Royalty Pharma plc held $939 million in cash and cash equivalents against total debt of $9.2 billion. The firm is demonstrating effective capital use, with Return on Invested Capital (ROIC) at 15.7% and Return on Invested Equity (ROIE) at 22.9% for the last twelve months ending Q3 2025.

To further support non-US royalty stream acquisition, Royalty Pharma plc has a stated strategic interest in funding late-stage clinical trials and new product launches in exchange for future royalties, which is a direct mechanism to secure geographically diverse revenue streams. The firm sees tailwinds for its business as the demand for royalty funding continues to climb, with the market more than doubling its size since the IPO.

The Market Development strategy is supported by the company's ability to deploy capital efficiently, as evidenced by the fact that Portfolio Receipts in Q2 2025 grew by 20% to $727 million. The Q3 2025 results showed Royalty Receipts grew by 11% to $811 million.

• Structure deals for ex-US rights on key assets.
• Fund launches contingent on EMA approval milestones.
• Partner with global pharma on global commercialization.
• Acquire royalties on US-approved assets for global rollout.
• Targeting growth beyond the current $3.050 billion to $3.150 billion 2025 guidance base.

Royalty Pharma plc (RPRX) - Ansoff Matrix: Product Development

When you think about Product Development for Royalty Pharma plc (RPRX), you're really looking at how they deploy capital to acquire or fund the next wave of high-potential, late-stage assets. This is about adding new revenue streams that will mature over the next decade or so.

Deploy capital, like the $950 million for Imdelltra, into new late-stage assets.

You saw the commitment to oncology with the Imdelltra acquisition. Royalty Pharma plc paid $885 million upfront to acquire a royalty interest in Amgen's Imdelltra from BeOne Medicines, with an option to spend an additional $65 million, bringing the total potential value to $950 million for approximately a 7% royalty on worldwide net sales. That asset is already showing traction, with sales reaching $215 million in the first half of 2025, and analysts project peak sales could exceed $2.8 billion by 2035. This move added to a portfolio that already included royalties on more than 35 commercial products. It's a clear signal you're prioritizing assets with transformative potential in underserved markets.

Increase R&D funding collaborations, such as the $250 million Biogen deal.

It isn't just about buying existing royalties; Royalty Pharma plc is actively funding development. The agreement with Biogen to fund litifilimab is a prime example, committing up to $250 million over six quarters in exchange for regulatory milestones and mid-single digit royalties. This aligns with their strategy of funding late-stage clinical trials, like this Phase 3 lupus candidate, to secure future upside. You can see this capital deployment strategy in action across several deals announced in 2025.

Here's a quick look at the significant capital deployment activity Royalty Pharma plc announced through the third quarter of 2025 to fuel this product development pipeline:

Transaction/Asset	Type of Deal	Committed Capital (Up to)	Upfront Payment
Imdelltra (Amgen)	Royalty Acquisition	$950 million	$885 million
daraxonrasib (Revolution Medicines)	Synthetic Royalty / Loan	$2.0 billion (Total Arrangement)	$250 million (Synthetic Royalty Upfront)
litifilimab (Biogen)	R&D Funding Collaboration	$250 million	Not specified (Staged over six quarters)
obexelimab (Zenas BioPharma)	Funding Agreement	$300 million	Not specified (Staged investment)
AMVUTTRA (Alnylam)	Royalty Acquisition	$310 million	$310 million

Create more synthetic royalty structures for high-potential Phase 3 candidates.

The Revolution Medicines deal shows you're leaning into more complex structures. That arrangement totaled up to $2 billion, which included a synthetic royalty component of up to $1.25 billion on daraxonrasib, alongside a senior secured loan of up to $750 million. This flexibility in deal structure helps secure stakes in high-potential Phase 3 candidates, like daraxonrasib, which is a key part of expanding the development-stage pipeline, which grew to 17 therapies by Q3 2025. These synthetic structures are defintely a way to bridge funding gaps for novel mechanisms.

Target new therapeutic areas to diversify beyond the current 35 commercial products.

Royalty Pharma plc's investment approach remains therapeutic area agnostic, but the deals reflect diversification. While the portfolio has royalties on more than 35 commercial products, recent deals span oncology (Imdelltra), lupus (litifilimab), and other areas. The total capital committed for new transactions announced in the first half of 2025 reached up to $2.25 billion, showing broad sourcing across the industry.

Prioritize deals that support the upper end of the $3.25 billion Portfolio Receipts guidance.

The success of these product development investments directly impacts your top line. Royalty Pharma plc raised its full-year 2025 guidance for Portfolio Receipts to the upper end, expecting between $3.2 billion and $3.25 billion. This represents expected growth of 14% to 16% year-over-year. The Q3 2025 Portfolio Receipts were $814 million, an 11% increase over Q3 2024, showing the current portfolio is performing well while you deploy capital for future growth.

• Capital deployment in Q3 2025 totaled $1 billion.
• Total capital deployed for the year through Q3 2025 reached $2.0 billion.
• The development-stage pipeline expanded to 17 therapies.
• Q3 2025 Royalty Receipts grew 11% to $811 million.

Royalty Pharma plc (RPRX) - Ansoff Matrix: Diversification

You're looking at how Royalty Pharma plc (RPRX) can move beyond its core biopharma royalty acquisitions, which is where the real growth potential lies now that the core market is mature. The company's financial heft provides the foundation for this.

As of the third quarter of 2025, Royalty Pharma plc raised its full-year guidance for Portfolio Receipts to be between $3,200 million and $3,250 million. Total Assets stood at $18.323B as of June 30, 2025. This scale allows for exploring entirely new capital allocation strategies.

Establish a dedicated fund for medical device or diagnostic royalties (new asset class).

While Royalty Pharma plc's current portfolio is centered on biopharma royalties, its total capital deployment target for 2025 was reaffirmed at $2 billion to $2.5 billion. This capacity could seed a dedicated fund. The company's cash and cash equivalents were $1.1 billion as of March 31, 2025, providing immediate flexibility for such an initiative, even with $8.2 billion in total debt as of June 30, 2025.

Launch a non-dilutive capital platform for cleantech or agritech (new market/product).

The existing model involves funding innovation for future royalties. A non-dilutive platform in cleantech or agritech would require a different due diligence structure. The company repurchased 35 million Class A ordinary shares for $1.2 billion in the first nine months of 2025, showing significant capital available for strategic deployment outside the core.

Acquire a minority equity stake in a small, innovative biotech company (new model).

Royalty Pharma plc has already demonstrated a willingness to adopt new models beyond simple royalty purchases, such as synthetic royalties. For instance, the company entered into a synthetic royalty funding agreement with Denali Therapeutics, Inc. for $275 million, with an initial payment of $200 million. Another example is the funding agreement on obexelimab with Zenas BioPharma for up to $300 million. The internalization of RP Management is projected to save over $100 million annually by 2026, freeing up capital for these model variations.

Explore sovereign wealth fund partnerships for large-scale, non-US royalty deals.

Large-scale deals are already a feature of the strategy. Royalty Pharma plc announced a funding arrangement with Revolution Medicines for up to $2 billion, which included a synthetic royalty of up to $1.25 billion on daraxonrasib. This scale suggests the financial architecture is in place to accommodate partnerships with entities like sovereign wealth funds for non-US focused assets.

Invest in a defintely new, non-royalty-based revenue stream in healthcare.

The company's Q3 2025 Royalty Receipts grew 11% to $811 million. A non-royalty stream could look at infrastructure or specialized healthcare services. The company has a new share repurchase program authorized for up to $3.0 billion as of January 2025, indicating management's confidence in deploying capital for shareholder return or strategic growth.

Here's a snapshot of recent capital deployment and financial scale:

Metric	Value (2025 Data)	Reference Period/Date
Full Year Portfolio Receipts Guidance (Low)	$3,200 million	FY 2025 (Raised Nov 2025)
Total Assets	$18.323B	Q2 2025
Q3 2025 Portfolio Receipts	$814 million	Q3 2025
Largest Recent Funding Agreement	Up to $2 billion	Revolution Medicines
Share Repurchases (YTD)	$1.2 billion	First nine months of 2025
Cash and Equivalents	$1.1 billion	March 31, 2025

Exploring these new areas requires mapping the existing portfolio drivers against potential new revenue streams. The growth in Royalty Receipts was primarily driven by Voranigo, Tremfya, and the cystic fibrosis franchise in Q3 2025.

• Acquired royalty on Imdelltra for up to $950 million.
• Acquired royalty on Amvuttra for $310 million.
• Denali synthetic royalty structure: 9.25% royalty on net sales.
• Internalization projected savings: Over $100 million annually by 2026.
• Q1 2025 Portfolio Receipts growth: 17% year-over-year to $839 million.

Finance: draft 13-week cash view by Friday.