Royalty Pharma plc

Ladies and gentlemen, thank you for standing by. Welcome to the Royalty Pharma third quarter earnings 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.

Good morning and good afternoon to everyone on the call. Thank you for joining us to review Royalty Pharma's third quarter 2024 results. You can find the press release for their earnings results and 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 from these statements. I refer you to our most recent 10-Q on file with the SEC for description of these risks. All forward-looking statements are based on information currently available to Royalty Pharma, and we assume no obligation to update any such forward-looking statements. Non-GAAP liquidity measures will be used to help you understand our financial results The reconciliation of these measures to our DAP financials is provided in the earnings press release available on our website. And with that, please advance to slide four. Our speakers on the call today are Pablo Legareta, Founder and Chief Executive Officer, Marshall Urist, EVP, Head of Research and Investment, Chris Heint, EVP, Vice Chairman, and Terry Coyne, EVP, Chief Financial Officer. Pablo will discuss key highlights, after which Marshall and Chris will provide portfolio updates, focusing on progress with synthetic realty transactions, Terry will then review the financials, and following concluding remarks from Pablo, we will hold a 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. I am delighted to report another excellent quarter of execution against our strategy as the leading funder of innovation in life sciences. Slide 6 summarizes our continued business momentum in the third quarter. In terms of the financials, we delivered 15% growth in portfolio receipts, our top-line, and also in royalty receipts. As a reminder, royalty receipts represent our recurring cash inflows and are driven by our high-quality portfolio of more than 35 commercial products. Turning to capital allocation, we continue to be very active in acquiring new royalties, and our pipeline remains robust. On a year-to-date basis, Our capital deployment now stands at approximately $2.6 billion. In addition, as part of our balanced capital allocation strategy, and given our strong fundamental outlook, we repurchased another $95 million of our shares in the quarter. Looking at our portfolio, we have recently acquired royalties on three novel therapies. Two of these came through synthetic royalty transactions, an important opportunity which Marshall and Chris will expand on. We're also delighted to see our portfolio progress nicely, with the FDA approvals of Coventry and Schizophrenia, and Veranigo and Glioma, and Trenfaya and Ulcerative Colitis. We expect each of this to be important new growth drivers for Royal Department. Lastly, I am happy to report we're raising our full year 2024 guidance following our strong performance in the first nine months of the year, driven by the momentum of our diversified portfolio. We now expect portfolio receipts to be between 2.75 billion and 2.8 billion. This update is based on expected growth in royalty receipts of around 11 to 13 percent, which compares with our previous guidance of 9 to 12 percent. Consistent with our standard practice, This guidance is based on our current portfolio and does not include the benefit of future transactions. Slide 7 shows that our unique business model has powered strong growth since our IPO. As I noted earlier, we delivered 50% growth in royalty receipts in the third quarter, which brings our year-to-date growth to 14%. This consistent track record of strong growth towards speaks to our ability to execute successfully, I guess, our strategy in the growing market for biopharma royalties. With that, I will hand it over to Marshall.