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We are the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry. Since our founding in 1996, we have been pioneers in the royalty market, collaborating with innovators from academic institutions, research hospitals and not-for-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies.
66.31% operating margin is above average. ROIC at 6.73%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue declined 0.5% YoY. The question is whether this is cyclical or a structural shift.
Insufficient data to identify specific risks. Treat any missing metrics as a data gap, not a clean bill of health.
Profitability & Returns
Revenue (TTM)
$2.42B
▼ -0.5% YoY
Net Income (TTM)
$826M
▼ -10.2% YoY
Op. Margin
65.61%
▲ +11.6pp YoY
ROIC
6.81%
▲ +0.7pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$2.61B
▼ -10.1% YoY
Net Debt
$8.37B
Cash & Equiv.
$608M
5Y CAGR: +3.6%
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