Royalty Pharma plc

Ladies and gentlemen, thank you for standing by. Welcome to Royalty Pharma third quarter earnings conference call. I would like now to turn the conference 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 2025 results. You can find the press release with our earnings results and slides to this call on the investors page of our website at wealthypharma.com. On slide two, 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. We refer you to our most recent 10-K 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, and the reconciliation of these measures to our GAAP financials is provided in the earnings press release available on our website. And with that, please advance slide three. Our speakers on the call today are Pablo Legareta, Chief Executive Officer and Chairman of the Board, Marshall Ureth, EVP, Head of Research and Investment, Chris Height, EVP, Vice Chairman, and Terry Coyne, EVP, Chief Financial Officer. Pablo will discuss the key highlights, after which Marshall will provide a portfolio update. Chris will then discuss our development stage pipeline, and Terry will review the financials. Following concluding remarks from Pablo, we will hold 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. I am delighted to report another successful quarter of execution on our goal to be the premier capital allocator in life sciences with consistent compounding growth. Slide five summarizes our strong business momentum in the third quarter. Starting with the financials, we delivered 11% growth in both portfolio receipts, our top line, and royalty receipts. which are recurring cash flow. The sustained momentum was driven by the strength of our diversified portfolio. We're also now starting to report on a quarterly basis our return on invested capital and return on invested equity. In the third quarter, we maintained strong returns in our business with return on invested capital of 15.7% and return on invested equity of 22.9% for the last 12 months. Turning to capital allocation, we deployed capital of $1 billion in the quarter on value creating royalty transactions, taking our total to $1.7 billion in the first nine months. And we repurchased 4 million shares in the quarter, taking the total value of share repurchases to $1.15 billion in the first nine months. Looking at our portfolio, we remain very active in the growing market for royalties. We acquired our royalty interest on Amgen's lung cancer drug, Mdeltra, for up to $950 million. We entered into a funding agreement for up to $300 million with Xanax Biopharma for its development stage autoimmune drug, Obexelimab. And since the quarter ended, we acquired our royalty on Nylum's Ambuntra, a blockbuster therapy for TTR amygdosis for $310 million. We're excited by each of these three transactions, and Marshall will take you through the details momentarily. On the back of this busy year, our development stage pipeline has expanded to 17 therapies. And as Chris will highlight, we're looking forward to multiple pivotal readouts in the relatively near future. Lastly, we're pleased to raise our full year 2025 top line guidance. This is the third time we have raised guidance this year. and the 14th since our IPO in 2020. We now expect portfolio receipts to be between $3.2 billion and $3.25 billion, which represents impressive growth of around 14% to 16% driven by our diversified portfolio. Consistent with our standard practice, our guidance is based on our current portfolio and does not include the benefit of any future transactions. Slide six is one I keep coming back to as it demonstrates our consistent double-digit growth on average since our IPO. As you heard at our investor day in September, we have delivered this impressive record year in and year out, regardless of the market backdrop. This reflects our ability to execute successfully and consistently against our strategy. With that, I will hand it over to Marshall.