/
We are a biopharmaceutical royalty company focused on deploying capital and licensing technologies to acquire and create diversified royalty streams from high-value medicines. Our primary business is investing in and structuring royalty interests in mid- to late-stage development and commercial biopharmaceutical products, allowing us to generate long-duration, non-dilutive cash flows supported …
15.29% operating margin is respectable but not wide. ROIC at 3.48%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue up 60.4% YoY with margins expanding 28.8pp. However, free cash flow softened 49%, worth monitoring whether this is timing or structural.
Free cash flow declined 49% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$274M
▲ +60.4% YoY
Net Income (TTM)
$154M
▲ +3186.6% YoY
Op. Margin
34.46%
▲ +28.8pp YoY
ROIC
6.63%
▲ +5.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$123M
▼ -48.6% YoY
Op. Cash Flow (TTM)
$123M
▼ -49.1% YoY
Net Debt
-$774M
Net Cash Position
Cash & Equiv.
$779M
5Y CAGR: +10.4%
5Y CAGR: -0.5%
Continue Research