RPRX - Earnings call transcript Q3 2024

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Royalty Pharma Third Quarter Earnings Conference Call. I would now like to turn the call over to George Grofik, Senior Vice President, Head of Investor Relations and Communications. Please go ahead, sir.

George Grofik

Good morning, and good afternoon to everyone on the call. us Royalty joining XXXX Third for results. you to Pharma's review Quarter Thank

the our at release slides can press You find with Investors of on page earnings our website royaltypharma.com. the and results

Moving to Slide X.

you these we remind SEC to statements you from All other these our differ forward-looking known available factors to on like XX-Q are a may involve on forward-looking any would risks. that most obligation of presented actual based file call that uncertainties in with risks, statements unknown refer materially update for cause statements. information and that I contains this to and description to I the forward-looking Royalty assume recent information to statements. such currently Pharma, no and results

help to you measures earnings website. used be understand of financial press our The provided will measures our release liquidity to in results. these financials reconciliation GAAP is the on our available Non-GAAP

X. advance And Slide with please that, to

the Chief Our Financial speakers Marshall and Realty highlights, Terry updates, focusing session. will Synthetic call Pablo provide Head today which Coyne, Urist, Vice will are on Founder Marshall discuss the Pablo Research Chief Investments; EVP, portfolio EVP, Chris Executive Terry Pablo, EVP, key progress Chairman; concluding Hite, with then hold Officer; Officer. and of and will our remarks following a Q&A after Chris financials. review from will And transactions. and we Legorreta,

call over that, Pablo. the with to to turn And I'd like

Pablo Legorreta

the in and Slide quarter. report the against summarizes as George, Life you, everyone our the execution another innovation momentum continued to business X funder Thank to of delighted Sciences. of in our leading on quarter third I call. welcome excellent am strategy

and receipts. XX% financials, top the portfolio in we royalty of also in our growth terms In delivered receipts, line,

by a high-quality of royalty products. portfolio than our driven inflows our are represents X cash commercial As more recurring and reminder, receipts

capital Turning to allocation.

stands at in year-to-date be our approximately to out very active On a $X.X and acquiring basis, remains capital pipeline royalties robust. billion. deployment continue new We our

repurchased million as our of our $XX in another shares allocation balanced and outlook, our part addition, capital strategy of given quarter. In we strong fundamental the

portfolio, Marshall on X Looking We're delighted we Verengo will and progress which through of an opportunity, and our in portfolio at to recently novel see fee acquired on. of synthetic and Chris approvals with X Glioma schizophrenia royalty this important also nicely expand in the Tremfya our therapies. have transactions, and alternative came Covent royalties colitis. FDA

important department. We expect each to Royal be growth of for these drivers

months performance we're am happy first X% to of the our billion billion. receipts be now full XX%. X year, between diversified guidance driven raising based in by momentum portfolio. compares the in following This year on Lastly, of expect to We our I report the receipts with our strong of which XXXX update our guidance expected $X.X previous around and XX% portfolio growth XX%, to $X.XX is royalty to of

our this model guidance growth on with shows unique X benefit practice, of the transactions. portfolio our has that Slide standard and our our as does Consistent include current business strong not powered our is IPO. based

year-to-date XX% the speaks against brings our to ability XX%. delivered we to biopharma growth record in in which royalty successfully earlier, noted growth strategy I towards receipts market growth of third As our quarter, our execute consistent in royalties. for track the This to growing

over it With Marshall. hand to will I that,

Marshall Urist

is quarter transaction CSFXR the exciting early expected than first for Thanks, [indiscernible] royalty Kimbo in FDA-approved announced later recent growth and summarizes Pablo. Slide of Syndax a synthetic focus this the no week I to chronic X the with is graft versus GVHD, antibody to first disease in our chronic transactions. want X host in U.S. acquire or today XXXX. on launch

in with duration double-digits. leader expect late the the Insight Syndax. have and for to return co-commercialize a XX.X% therapy royalty and a Nictimbo, to Jakafi the XXXXs sales U.S. of million the we GVHD in upfront net an with market will low IRR extending on will the royalty $XXX chronic in already We is paid project

XX. Slide to Turning

familiar, disorder less about a that is GVHT to chronic cell develop recipients. in immune-driven, estimated multi-organ serious is stem [indiscernible] those XX% For of

Importantly, safety III. it symptoms treatment for which can nearly with clear patients severe GVHD impressive and of chronic and and even has cause demonstrated like mortality action is of mechanism unmet patients therapy, Nictimbo, differentiated in need XX% requiring Phase lateline efficacy a for encouraging additional of there options

based label. see unmet opportunity compelling Based clinical the results the FDA attractive the and third-line need approved GVHD, an and current chronic August, in we on on commercial in Nictombo

medicine We sales. also than of recent is resurroc, in annualizing XXXX, launched that which the greater Sanofi's million $XXX new note for GVHD chronic at

summarizes the consensus XX projects each $XXX a transactions need, recent Both couple totaling our a Slide an Pharma. Ascendis. smaller second transaction unmet and additional launch and for on compelling with address value. European look marks blockbuster approved million for patient a therapies FDA is of The in year. generating we announced forward be growth to differentiated have attractive around returns profile product next path hypoparathyroidism, to The Royalty synthetic

acquired In royalty in second promising III [indiscernible]. by hereditary AG a a for the development therapy, oral transaction Brain Phase Biotech on angioedema shown pre-existing from decriabant, here, we

would the royalty momentum for $XXX our outlook attractive the receipts, royalty to consensus than transactions, annually combined already based Across our growth greater long-term million the peak be potential to portfolio. additional providing X on

with to I'll And that, Chris. over hand it

Christopher Hite

operational whether companies. this this retain to the pioneered asset they Marshall. reasons create the a modality. independent has benefits Having a to control. why royalties, Slide tailor little solution provides believe our opportunity. biotechs big funding partners, nondilutive recent of does as new attractive synthetic are about for this to this royalties heard are meet I partners. our describes drill royalties why we a such for approach partners' synthetic innovative Thanks, solution us allow There which just allows solution needs, only many our XX down we are examples validation pharma wanted on to small funding or it further We in and partner Not X of an

Furthermore, analytics, something or for win-win like proprietary those believe the important of value approach, and it that very evidence in true analysis will we in coming the be utilized we're future. through data, long-term years. aligns our our investing and really lastly, partners. a It's And claims we be synthetics add in interest our will feel can increasingly real-world

shows that small picture X overall XX the dominated Slide equity, years. the deals been by a over has of been debt. funding Synthetic just funding last historically, biopharma royalties X% has and part, licensing

discussed we From C-suites Board an funding level our discussions, the as and and growing now see ongoing synthetic partnership routinely being modality. royalties at are these important

continue be a business opportunity will Synthetics that coming years. in fast-growing the is to expectation Our

IPO. XXXX, Consistent with we record XXXX, we million. another a transactions royalty at already with achieved in this year value announced have In which $XXX growing represented the opportunity, the of transactions synthetic million of since year of our synthetic doubling $XXX

life and advantages the for required for sciences in royalty funding growth funding. further huge innovation, the tremendous I see With described scope we the synthetic

like hand to With to over that, Terry. it I'd

Terrance Coyne

slide Slide cash our efficient shows Chris. flow substantial XX. to how Thanks, generates model business This reinvested. be

heard and so from grew performance milestones our strength $XXX from XX% income royalty of you the of receipts, by XX% growth The million. receipts, the Tremfya. the quarter, of other portfolio. and third line, fibrosis TRELEGY reflecting strong also in As by franchise diversified [indiscernible] contractual to grew was portfolio with drivers There our Pablo, minimal receipts top

tranches we column, debt of raised the receipts. reflected semiannual that in to on down schedule quarter move we of $XX interest expected does reflect Net with the of portfolio third $X.X timing this payments our professional paid the XXXX. operating costs first interest quarters. interest X.X% payments with summer, incremental billion not in rated of the interest those This first million payment As new the of the first for past and

flow, column, margin look when of we we by quarter, around a generated business XX%. $XXX to value-enhancing that interest stated have royalties, the into paid. plus amounted consistently portfolio think then net the million to to which in is we down EBITDA further of This cash adjusted the equivalent to be redeployed the cash Moving

efficiency of $X.X was total which $X.X transaction to This Capital third announced underscores again addition billion, to high approximately deployment cash the in the quarter we conversion our our takes business Syndax, level once year in model. with billion. the for just of the

we a the business generates our that acquisitions. $X have future capacity approximately available to for In we end the of royalty continue we access and third combination significant maintain of $XXX of through had cash markets. shows debt cash XX sheet, the Slide financial and on million. billion total, to cash the equivalents balance our At quarter,

billion. investment-grade debt have we of $X.X position, outstanding borrowing our of terms In

As a duration weighted with a average debt weighted of we aligns around which reminder, average of of years, the portfolio. X.X% cost closely maturity and XX royalty have our a

debt now EBITDA. to at adjusted stands leverage total Our EBITDA Xx to around

revolver. billion We undrawn also our $X.X financial from capacity have

of advantage repurchased continue buybacks million the we the months million the price shares of our to share first on noted, through Pablo As spend disconnect to our take fundamental taking X quarter, of in $XXX and in XXXX. our total $XX

over capital combination Investor and our XXXX, and expected to Slide Day to outlined capital. reminder in a XX $XX debt of At period our strategy around we how X-year to have shareholder we a capacity, creation. expect generation drive access allocation through a value is this of we of our million that cash

the billion can deploy invested majority value-enhancing As to with period. a see on to our expect this on acquisitions royalty you billion $XX slide, of of capital over we the target $XX

this exceed actual having we aim less combination As transactions X on focus share with of target, We billion years. deployment of to capital balance returning with through or than announced $X.X royalty this meet primary capital on a dividends of are repurchases. and acquisitions of shareholders to $XX billion in today, track to

a the billion through the XXXX, have program $X of approximately buyback third March Regarding quarter. spent million up we $XXX of which share latter, multiyear the authorized in to Board

yard intrinsic buyback and investing royalties use for see we price. stock our is #X we the share our priority, While repurchases a tactically program between our disconnect in -- when royalty value

and of allocation are continue strategy, to executing while our we'll shareholder value. confident against mission this significant we accelerating returns generating By capital in innovation strong life sciences, creating deliver

to of raised $X.XX the year We XXXX billion. guidance. XX expect receipts billion financial full provides be now in Slide $X.X to our portfolio range

our Let me assumptions. through walk

First, we previous growth our to deliver increase guidance overall in diversified The within to royalty from top of of receipt receipts to -- line our guidance, reflects XX%. our XX% royalty momentum X% around portfolio. strong were expect the X% in

of last put the to $XX contractual we [indiscernible] in other approximately high around therefore, year. million accelerated need million bile-related in of to a XXXX. expected XXXX payments we we when Milestones $XXX from million base faced as of receipts, receipts a decline are, comparison Second, and to result $XXX received

a our Lastly, impact. exchange negligible guidance assumes foreign

our account the into is take any does with and portfolio our royalty not as of steer this benefit Importantly, consistent acquisitions. guidance based practice, today of and on future

interest approximately take be in which XXXX received to operating reflect Payments in This to of payment amount will to first for costs. for X.X% the interest payments be professional costs the de to balance, are of X year. paid expected June first be full which Turning with operating a on into issued QX. $X.X It quarter is was paid $XX does million also paid of $XXX does not XXXX notes on be year the in the Interest not any of portfolio for of the our account expected XXXX. months receipts million billion cash now first for minimis in XXXX. around

comparison receipts My of side, due related final which due in contractual you performance in Starting and expected portfolio we the our primarily on $XXX XXXX, to can approximately further accelerated received down XXXX. left-hand payments. receipts million royalty the the was to receipts see slide Biohaven high the with other of drills milestones base and

inflows see our from we cash However, of $X.XX in which consider of we you billion a start receipts, loyalty XXXX. business, the if base recurring

we strong portfolio. between another royalty royalty we and receipts momentum our based the close, financial pleased quarter Importantly, XX% diversified of of XX%, expect primarily portfolio. able raise driven performance, strong of to growth on our to we performance are by To of guidance underlying be to excellent delivered the

call With like back to that, hand Pablo. the to I'd

Pablo Legorreta

Terry. Thanks,

of position in the me our I leadership my begin strengthened performance fees. X how months with royalty by our and XXXX. portfolio, in We We remarks significantly the growth first our royalty concluding We am twice. delivered double-digit market. pleased saying fast-growing in Let guidance we our raised maintained

$X the billion My What XXXX, final therapies. powerful stage too, start to power that up we healthy highlights balance of slide and the here, business level of is between development our activity transactions announced approved our of of worth model secular deployed you well capital in industry. This actual as as since highlights $XX.X extraordinary tailwinds today. see with billion have the a

or meet to to track on of our us billion. exceed X-year billion target puts $XX also It capital employment $XX

more is beyond. incredible we our confident well this never questions. to that I attractive to remainder Pharma over deliver take of happy have been be growth Given positioned With your the delivery compounding Royalty the that, and strategy, against of decade record will

George Grofik

open up your questions. please now will the We to question. Operator, take call first the

Operator

from question Instructions] comes first Chris Schott Our JPMorgan. [Operator with

Hardik Parikh

Chris This for is Hardik results. Schott. in the Congratulations Parikh on

on wondering other box label, Cobenci/CARXT you And recent does the to antipsychotics. how of kind that I'm Just the typical kind the with black avoided scenario? just your base case of see that compare wondering,

George Grofik

Marshall, for this you. question is

Marshall Urist

Yes. Thank you for the question.

approval. launch were label happy really the unfold in look see And are really to we excited the COVA we great So thought see the to the come. quarters to and

lots differentiated it's there's a about of what is patient says example about a really patient the that and approach market need, our need out, to how badly able identify a population differentiated and think And having that's portfolio, unmet add of you building has as we Covent be you where I innovation. value product tolerability very great safety If in in going back to efficacy. take point change step a of

as have part portfolio. to exciting really this the So of

maximize in happen things also its As products. the able that and and value for with kind be fact they'll really and look exactly our that patients hope is Bristol's mentioned we now hen the of hands, happen to benefit and it's commercial for we to hope to before, its

portfolio. with new excited it So we're our to of the part answer and your really a question, as label happy about

Operator

Jeff Our from Citi. next Meacham comes with question

Geoffrey Meacham

Just had worse. the the get it's few Terry, CF moderated even a a growth the business, bit continue going that and past I when at or look in perhaps over couple. years, could forward

does if your any investments. So had sure the have newer of contribution impact the or the there? change wasn't on the look guys at urgency how this deals that for is, you question you magnitude I thinking CF newer

of categories And look commercial years, the piece the the of high-impact at you those second past came these more all? -- some to -- capture faster? Or question rapid COVID at about it guess. your it or When couple could types process GLP-Xs, of opportunities thinking together I'm for filter inflect Marshall, pretty quickly. your of launches I of that sort is for more evolve like or Has has changed

Terrance Coyne

Yes.

Pharma growth sort outperformer obviously last So of question, of a still of contributor Jeff, think years. and for there's expectations consistent sort been of it of on been a it. the great CF the couple Royalty at your big law has has play versus over ahead we nice Certainly, numbers here, but

natural businesses ability assets think So away, to I And And and it off, we've that what of assets, approach any it's or as think just do. the is is for which that consistently term. on by a focusing typical of pharmaceutical as as still same Pharma the Royalty longer growth. a that roll thing as we that drive invest next that's headwinds doing have been far any of see think of mature sort of highest I I consistent to things this in doing, quality urgency And the sort great cycle been face of will contributor of capital resilience I shown identifying the those wave we've the nice of business. and lot deploying assets the think

to RID couple the that like and we've things last that our think Covance. years of with I the added portfolio Trelegy, over TREMFYA,

ability good We about to grow. keep really really think opportunity about I and the continue we'll more good So the of that doing ahead same. to our feel feel

Pablo Legorreta

life was diversification really the add It's ask kind maybe But you will of just actually over Jeff, we about. an obviously, in we do here. that many question, that robust portfolio have you sciences know and how And ability deliver time. perspective the businesses long pharma, double-digit Pablo. to growth X you consistently other of have I all a period situations know have

than close grew that cliffs case, those always from benefited now face very but that on And -- companies of really or double-digit top obesity normal decades period have the of line, growth that's to a in our Some many of have more products. over actually their Lilly consistent we drugs X in time, significant unique. significantly

Terrance Coyne

Jeff, second question your ramp. on And then,

don't something because of reason for products. that The I been shape think is about it's about has lot we the think because thought So those of the you the of always ramp investments. royalty changed launch a if

and and you The of the the shape get to the X course, sales and significant bigger which launch drivers trajectory there, are, both make those contribution value. a very of that peak

products has about the ramp and to So process. thinking been our always fundamental how ramp

been there's in change no reality. so there. And

quickly, out, to payer we of think launch a can channel point because structurally need you some other access that of the to either or things or and lot patients like sorts Some that identified in they're be have about getting examples can't and the issues.

something about. a spent always time that's our So that we business has lot demanded of thinking

So change. no

and But see both opportunity certainly, obviously more have launch, of really to have attractive course, a things a a when profile. faster peak we sales that, the that's attractive

Pablo Legorreta

of to We year many new a Pharma can advantage drugs. actually over actually them Royalty very a or And easier an going you to significant to participate where Life seems growth. take years time. whereas that innovation two, to it should to in, in years X are class new the it period question it portfolio exist that Jeff, bigger new opportunities novel was just XX asked or do drive and can ways here maybe over is in therapies And to there's short models you to add new business additional invest a also it Because companies, take think for Sciences, that comment. of the how of adding much me our of exciting those of relation in

can flexibility model. And the much given our in case, do faster of much, it we our business

Operator

Our Umer comes next Evercore. Raffat question with from

Michael DiFiore

expected is ramp for we think of how penetration XXXX for should peak This question DiFiore success and IPF? could on you as launch Maybe U.S. Nictimbo. probability Mike any in its on the to its following thoughts quick outline market early A about Umer. as timeline well sales in

Marshall Urist

Yes. Thanks, Mike.

talked nice are with the of terms this about an we highlighted remarks need. We lot precedent Nictimbo. launch as in So patient had market well. we a and which And really really of the in area unmet is about a penetration, product, launched excited, as specifically recent a prepared

that And caring so patient, need. through the our team's the patients their and unmet for extensive to they're about talking physicians diligence,

We demand will as and that there benefit having in as are we hopeful product be of launches this a market. material for certainly the insight have the

As I'm sure know, did GVHD lot a market develop did here a really presence a to very Jakafi. you significant lot they have and the with

like -- about certainly There a But it. Phase some IPF early. So we IPF. is like our still GVHD. being earlier We to still we opportunities it, trial. where mechanistic always but in Nictembo on for studied based didn't are like of also on to lines is for opportunities IPF are mention reasons there hopeful upside excited in II specifically then about are are be and therapy forecast this it. or early something it's you And

But IPF attractive as case earlier here was investment base exciting like our that's and of and generate to us. are things certainly, an well. the and on current GVHD So investment approval, going in lines the therapy for base focused

Operator

with Flynn comes Terence Stanley. Our Morgan next question from

Terence Flynn

provide about deal the just level aren't think going could But the XXXX. about the you of on to about Terry, 'XX. forward. then, maybe, implications Great. And you up some here? model as you election for high puts And for guidance and shaping from maybe think the takes Chris, any business just your here environment talk guys how know yet I you

Terrance Coyne

Yes.

talking about it's So to start Terence, point. premature this think much XXXX I at probably

portfolio we feel we that have. think about really I the good that

we've ahead about think opportunity as of really growth I really think to there feel that this the a we and good great lot assets add been I assets the that portfolio good of A that overall, there's them. in few year. doing have maturing. nice about throughout But are that

into delve that quarter think I we'll on do, really I think our usually probably XXXX fourth as we call.

Christopher Hite

the about environment. Terence, And your question

are this on we've in year-to-date. year, -- volume XXXX. $XX.X XX.X gave excited announced Obviously, and XXXX. about billion we've We developed what already we since see. We've $X.X super billion And the numbers Pablo since done XXXX. announced

out So just ever-increasing there. we opportunity see an

to demand capital large the with Obviously, for immense. mid-cap sector biopharma pharma and biotech small the the in all are down way

role play synthetic whether we or And can existing in so that's an royalties. that, royalties increasing

next capital. So I administration to given of we're -- to it don't super excited needs that the we've soon sector invest for of really about we capital shown the would say. the ability just lot as think, relates to the that. year, a the what in new I too come would is But regardless of administration tell,

And deal continued the so we're environment looking forward strong to the in sector.

Pablo Legorreta

then year following the next Just our years some in in going quick readout pipeline X [indiscernible]. investments of we're to and is and pelacarsen, start really to we thing about the of exciting example, see that have for

So to. maybe to get that's attention us on

Operator

with question next comes TD Michael from Cowen. Our Nedelcovych

Michael Nedelcovych

the I have that expectation ends upcoming all AZ. or from readout if And similar have relates tide Coverncy, for would scenario? boats competitive curious as recode with X. clinical to a threat showing an up a rising view more Covency. type agent My that profile first you of and if I'm to you

TREMFYA UC. Or do biologics assume Tremfya sort in uptake significant you in And space? you my primarily compete will on is in line think third second second remodeling, or do In you question of see? that then frontline

Pablo Legorreta

want to X Marshall? you Do take that, those questions,

Marshall Urist

Sure.

I was of the both got line rough, think little your a questions. but I So

specifically Covency a at So AbbVie to readout competitive the schizophrenia. on for emraclidine upcoming product in

we assumed we would given the competition sector, development in this new in and when the importance needs. where classes competition. is programs, like do multiple we unmet this, certainly, the that of think about especially lot this be think a there And are about approach case, there the mechanism our So

case. that was base our So in

today I need certainly, investing generation next X seen psychiatry. multiple like and the companies developing what's this market of and available of think expect agents of developing given we the the we've to this be class, it scale good to And beyond And unmet in before is thing. in have a members classes multiple

anacladine. how So that about was thought we

think then is of combination here of And the strong valve inflammatory Tremfya, our in one a view for data behind strongest product, it. great a TREMFYA the world marketers in I great you with have

and I And within think some of we be Janssen's for so significant that support to UC a IBD growth going think, are comments and that the this product. driver

I and So for line about opportunity a hard generalize of versus as course, think it's if access about payers. TREMFYA do think think that Pharma and see second just of you third the meaningful situation is, But line, I first simply the to because and very forward thing look Royalty the we IBD. we for important

Operator

question comes Goldman next Chris Shibutani with Our Sachs. from

Chris Shibutani

Great.

you defined context another adopt in product? particularly royalties synthetic have that the up announced, to here, and is expand some is do if juxtaposing you additional X.XXx a deal be of some parameters it that would this and were the continue in to deal, were cap how able set with fact adapt against been with potential And and the you to structured that just the terms go and lets particular, Syndax back opportunities of in bit you Nictimbo? a way for in the opportunity that specifically the and Nictimbo. essentially to historically, Or another the to then for structures opportunities it to upon Syndax, the relationships. of With of Can you've that us educate little

Pablo Legorreta

Chris, for question? Thank that question. Sure. to take do want the you you

Christopher Hite

we is, deals didn't I for synthetic situation we Chris. mentioned remarks things the sort to many opportunity I The my partners. in do question, royalty a prepared And the our to repeat Thanks tailor how as try of partners. sure. of existing with for one is prepared the in win-win mention every transaction create remarks, really Yes,

the or you over PTC or create partners win-win more for to where years, of capital. if there do Cytokinetics come with we us we So number or think number are times deals got really and BioCryst of of to the back a situations the Biohaven

there you're correct the that Syndax cap. X.XX in situation, so is And specific a

would obligations transactions that different. basically, fund when their is opportunity to most X.XX, partners cap But -- not were new if in just achieve deal that many tenet transactions, second not. we we we see So their there. a of are and that Many, every -- once a us. tremendous out -- end partners And we are

Operator

next with comes Ash from question Our Verma UBS.

Ashwani Verma

whether Nictimbo. the Just GBST disease What thoughts effectively becomes XXX adoption? a your patients are Are administration that to more going transplant. back these develop after bottleneck and for on IV the days the than

of majority hospital. need visit So don't patients to these necessarily the

you will Nictimbo penetration do So deep think of that for an adoption? impediment portals be the

Pablo Legorreta

the Marshall, don't take Sure. why this. Thanks for you question.

Marshall Urist

the question. for Thanks

is question is the So core of the Necimpo IV administered.

about the of Some And other lot talked launch? thought how to so the we the about. and that was will that And impact options in a space oral. that physicians are clearly, something

administers was And forecast one, I think the and IV reflected in expectations. it's our our key takeaways were, certainly, the that fact

further the of a that a sort and that of that so experienced are therapy. patients patients the is core of in have already need number lot view out is second significant options a are and think burden who have carrying that of was our you there, symptom I significant are of

this patients. so heavy pretty condition serious can cause symptom a And burden for a is

kind And be need been through is if you so if of going only tempo the Jakafi another you've to steroids and treatment, option and Resurs.

kind our view. the that's of core So of

the was but have about the how other And therapies. that's opportunity we're failed the and something patient who patients excited need there about so unmet for that we thought commercial IP given administration

Operator

Legorreta to closing any to turn I'm showing call like at questions time. remarks. I'd Pablo over further the this for no

Pablo Legorreta

and your on thank you, to Thank the everyone for continued operator, call Pharma. you interest Royalty in

to George. Thank you, follow-up everyone. out If reach you to questions, free any have feel

Operator

now may program, Thank you the does your day. great you a for and participation. conclude This Everyone, disconnect. have

Royalty Pharma (RPRX) 6 Nov 242024 Q3 Earnings call transcript