Royalty Pharma PLC Class A

RPRX: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$94.00	Zqkhsv	Zykwzttm

Royalty Pharma Earnings: Expansion of Development Stage Pipeline Reinforces Growth Prospects

Rachel Elfman ,

May 9, 2024

Narrow-moat Royalty Pharma’s first-quarter results were in line with our expectations. We are leaving our $52 fair value estimate unchanged and continue to believe the market is undervaluing Royalty Pharma’s high-quality drug portfolio. With the recent addition of frexalimab (for relapsing multiple sclerosis), the company’s development-stage product pipeline looks increasingly attractive to us, which should support a high-single-digit annualized growth rate for its portfolio receipts over the next decade.

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