Royalty Pharma Reaffirms FY23 Guidance Post Mixed Q1 Performance - Royalty Pharma (NASDAQ:RPRX)

Royalty Pharma PLC RPRX reported Q1 2023 total income and other revenues increase of 22% Y/Y to $684 million, missing the consensus of $852.9 million.
Adjusted EBITDA increased 88% Y/Y to $1.04 billion. Adjusted cash receipts were up 87% Y/Y to $1.13 billion, led by Pfizer Inc's PFE Zavzpret milestone and improved portfolio performance.
Adjusted EPS of $1.60 beat the analysts' expectation of $1.27.
Net cash provided by operating activities rose 125% Y/Y to $1.03 billion, led by payment receipt related to the FDA approval of Zavzpret, strong portfolio performance and payment linked to commercialization of Airsupra in the U.S. by AstraZeneca PLC AZN.
As of March 31, 2023, cash, cash equivalents and marketable securities stood at $2.0 billion.
In March, the company's Board of Directors approved a share buyback program of up to $1.0 billion through June 2027.
2023 Outlook Reaffirmed: RPRX expects adjusted cash reciepts of $2.85 billion to $2.95 billion, reflecting payment of $475 million related to FDA approval of Zavzpret.
"We announced transactions of up to $1.6 billion to acquire royalties on three innovative therapies, which further diversified our portfolio. In addition, we announced a multi-year share repurchase program of up to $1.0 billion. This reflects our confidence in Royalty Pharma's attractive outlook for compounding growth and our disciplined capital allocation strategy to create shareholder value," stated Pablo Legorreta, founder and CEO.
Price Action: RPRX shares are trading lower by 3.05% at $34.44 on the last check Tuesday.

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