Royalty Pharma plc (RPRX) raised its full-year 2026 Portfolio Receipts outlook for the second time this year, to $3,400 million to $3,500 million, from $3,325 million to $3,450 million, and now expects Royalty Receipts growth of 7% to 10%, up from 4% to 8%.

The biopharmaceutical royalty buyer said the increase reflected a diversified commercial portfolio. Chief Executive Officer and Chairman Pablo Legorreta said the company had raised top-line guidance for the second time in 2026.

Portfolio Receipts growth slowed to 6% in the three months ended June 30, 2026, to $773 million, after 10% growth in the first quarter and 18% growth in the fourth quarter of 2025. Royalty Receipts, the sales-based core of the portfolio, grew 14% to $768 million, a faster pace than the 13% increase in the first quarter.

The Royalty Receipts increase was driven by Tremfya, Voranigo, Imdelltra and Evrysdi, partially offset by declines from Promacta due to U.S. generic competition and from Imbruvica. Evrysdi receipts included additional royalties acquired in December 2025.

Product-level royalties showed that mix. Voranigo rose 72% to $46 million and Tremfya rose 53% to $57 million. Promacta fell 75% to $8 million and Imbruvica fell 16% to $36 million. The cystic fibrosis franchise was $194 million, Tysabri $67 million, Trelegy $58 million, Evrysdi $47 million, Xtandi $44 million, Cabometyx/Cometriq $23 million, Trodelvy $14 million, Spinraza $11 million, Amvuttra $9 million and other products $139 million. Imdelltra contributed $17 million.

Milestones and other contractual receipts fell 91% to $5 million from $56 million a year earlier, due to a one-time distribution received in the prior-year period. That gap is why Portfolio Receipts growth trailed Royalty Receipts growth.

Adjusted EBITDA was $736 million. Payments for operating and professional costs were $37 million, or 4.8% of Portfolio Receipts. Portfolio Cash Flow was $736 million. Net cash provided by operating activities was $728 million.

Capital Deployment was $349 million in the second quarter, down from $528 million in the first quarter, consisting primarily of royalty funding for daraxonrasib and R&D funding for JNJ-4804 and litifilimab. As of August 4, 2026, announced transaction value was $1.7 billion and Capital Deployment for the year was $1.1 billion.

In July 2026, the company acquired a portion of Neurimmune’s royalty interest in AstraZeneca’s cliramitug for transthyretin amyloidosis with cardiomyopathy for up to $425 million, including $125 million upfront. Legorreta said the development-stage pipeline now totals 19 potential therapies.

Portfolio updates included FDA acceptance of Revolution Medicines’ NDA for daraxonrasib in pancreatic cancer and an EMA accelerated review; FDA and EC approval of Gilead’s Trodelvy for first-line metastatic triple-negative breast cancer; FDA approval of GSK’s Jideytro for ROS1-positive non-small cell lung cancer; and EC approval of Amgen’s Imdelltra for small cell lung cancer. GSK completed the acquisition of Nuvalent, and Teva completed the acquisition of Emalex Biosciences.

Cash and cash equivalents were $812 million and total debt principal was $9.2 billion as of June 30, 2026. In July, the company repaid a $380 million term loan upon maturity. It paid a quarterly dividend of $0.235 a share, or $135 million, and repurchased about 0.9 million Class A ordinary shares for $45 million in the quarter. Weighted-average diluted Class A shares were 557 million.

Full-year 2026 guidance excludes transactions announced after the release. Payments for operating and professional costs are expected at 5.5% to 6.5% of Portfolio Receipts, and interest paid is expected at $350 million to $360 million. The outlook reflects an estimated foreign-exchange impact of about +1% to Portfolio Receipts if current rates prevail and assumes no additional debt financing in 2026.