Royalty Pharma raises FY23 adjusted cash receipt guidance to $2.85B-$2.95B

Royalty Pharma (RPRX) announced that it has received a $475M accelerated milestone payment from Pfizer (PFE), following the U.S. Food and Drug Administration approval of Zavzpret. As a result, Royalty Pharma is raising its full year 2023 Adjusted Cash Receipts guidance to between $2,850 million and $2,950 million, from $2.375B-$2.475B, excluding transactions announced subsequent to the date of this release. "We are pleased that Zavzpret was approved by the U.S. FDA, which provides another important new treatment option for migraine patients," said Pablo Legorreta, founder and Chief Executive Officer of Royalty Pharma. "Furthermore, this accelerated return on our Zavzpret R&D funding provides additional capital that can be redeployed to create long-term shareholder value." Royalty Pharma today provides this guidance based on its most up-to-date view on its prospects. This guidance assumes no major unforeseen adverse events and excludes the contributions from transactions announced subsequent to the date of this press release. Furthermore, Royalty Pharma may amend its guidance in the event it engages in new royalty transactions which have a material near-term financial impact on the company.