Royalty Pharma plc

Ladies and gentlemen, thank you for standing by. Welcome to the Royalty Pharma Third Quarter 2021 Earnings Conference Call. I would now like to turn the call over to George Grofik, SVP, Head of Investor Relations and Communications. Please go ahead, sir.

Thank you, Josh. Good morning, good afternoon to everyone on the call, and welcome to Royalty Pharma's Third Quarter Results Conference Call. You can find the slides to this call on the investors' page of our website at royaltypharma.com. Moving to slide three, I'd like to remind you that information presented in this call contains forward-looking statements that involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. I refer you to our 10-K 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 Investments and Chief Scientific Officer, Marshall Urist, EVP, Co-Head of Research and Investment. Terry Coyne, EVP, Chief Financial Officer. And Pablo will discuss the key highlights, after which Jim and Marshall will provide an update on our Realty Portfolio and upcoming events. Terry will then review the financials, and after concluding remarks from Pablo, we will hold a Q&A session. Chris Tite, our Vice Chairman, will also join the Q&A. And with that, I'd like to turn the call over to Pablo.

Thank you, George, and welcome to everyone on the call. I am delighted to report another quarter of strong financial performance and strategic execution. We delivered double-digit top and bottom line growth despite the end of the term for our HIV royalty. We maintained a robust and active deal pipeline. We expect to build on our strong year-to-date momentum with transactions announced so far of 2.8 billion. We saw important progress in our development stage portfolio with positive phase three results for PTO27 in asthma and the breakthrough designation granted by FDA to Gantanerumab in Alzheimer's. Lastly, based on the strong business dynamic, we're again raising our guidance for adjusted cash receipts for 2021. On slide seven, you can see our financials in a little more detail. In the third quarter, we delivered 24% growth in adjusted cash receipts, our top line, and 12% growth in adjusted cash flow, our bottom line. This strong momentum puts us in a tremendous position to deliver another year of strong financial performance in 2021. As Terry will speak to when he discusses, our rate guidance for the current year. Slide eight sets our track record of impressive growth since our IPO in June 2020. I am really proud of this slide as it underscores the power of our business model. As you can see in this graphic, we have reported six consecutive quarters of double digit bottom line growth and very strong top line growth as well. I mentioned earlier the loss of our HIV royalties, which were our fourth largest source of royalties in 2020, accounting for 13% of total royalty receipts. We have digested this impact and still delivered around 20% top and bottom line growth in the first nine months of 2021. This speaks to the strength and breadth of our existing portfolio and the momentum for our recent royalty transactions. It is also a part of what makes Royalty Pharma a unique investment in life sciences. Our impressive ability to grow through explorations and continually diversify the portfolio with value-enhancing royalty acquisitions truly sets us apart from other biopharma companies. With that, I will hand over to Jim to update you on our royalty portfolio.