Royalty Pharma plc

Ladies and gentlemen, thank you for standing by. Welcome to the Royalty Pharma Fourth Quarter 2020 Financial Results Conference Call. I would now like to turn the call over to George Grofik, Senior Vice President, Head of Investor Relations and Communications. Please go ahead, sir.

Thank you, Operator, and good morning and good afternoon to everyone on the call. Thank you for joining us to review Royalty Pharma's Fourth Quarter results. You can find the slides to the call on the Investors page of our website at RoyaltyPharma.com. Moving to slide three, I would like to remind you that information presented in this call contains forward-looking statements that involve known and unknown risks, uncertainty, and other factors that may cause actual results to differ materially. I refer you to our S-1 prospectus on file with the SEC for a description of these risk factors. And with that, please advance to slide four. Our speakers on the call today are Pablo Legareta, Founder and Chief Executive Officer, Jim Reddick, EVP, Co-Head of Research and Investment, and Chief Scientific Officer, Marshall Uris, EVP, Co-Head in Research and Investments, and Terry Coyne, EVP, Chief Financial Officer. Pablo will discuss the key highlights, after which Jim and Marshall will provide an update on our royalty acquisitions. Terry will then review the financials, and after concluding remarks from Pablo, we will hold a Q&A session. Chris Height, our Vice Chairman, will also join the Q&A session. And with that, I'd like to turn the call over to Pablo.

Thank you, George, and welcome to everyone on the call. 2020 was truly a landmark year for Royalty Pharma. I want to start by focusing on the highlights of the incredible year for our company. First, we strengthened our capital base and our access to future capital through our successful IPO and bond offerings. With our balance sheets strengthened and with our ability to rapidly delever, we're in a very strong position to execute our strategy. Second, we further expanded our royalty portfolio with eight announced acquisitions totaling $2.4 billion, maintaining our market leadership and enhancing the outlook for our adjusted cash receipts. These royalty transactions span multiple therapy areas but have one thing in common. They are associated with potentially transformative medicines, and we're very optimistic about their patient benefit as well as their commercial value. Terry will discuss how this impacts our long-term outlook later on in the call. And lastly, we have navigated this complex and busy year while delivering double-digit bottom line growth and building the organization to strengthen our market-leading position. We have made a number of senior-level hires, expanded our board of directors, and started an important new strategy and analytics initiative. On slide seven, you can see our financial resource for the fourth quarter and full year. In the fourth quarter, we delivered 9% growth in adjusted cash receipts, our top line, and 22% growth in adjusted cash flow, which is our bottom line. This excellent momentum puts us in a great position to deliver another year of strong performance in 2021, as Terry will discuss in a bit. For the full year, our top-line growth was 1% and bottom-line growth was 15%. When thinking about our adjusted cash receipts growth, keep in mind that we had a large payment for TechFedera in 2019, which affected year-over-year comparisons in the first quarter but has no further impact. Excluding Texedera, our adjusted cash receipts would have grown at 9% for the full year. So overall, I am delighted with our progress in 2020, and we're very confident in our long-term outlook. With that, I will hand the call over to Jim and Marshall to update you on our royalty portfolio.