Royalty Pharma PLC (RPRX) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Royalty Pharma's Second Quarter Earnings Conference Call.

女士們、先生們，感謝你們的支持。歡迎參加 Royalty Pharma 第二季財報電話會議。

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.

現在，我想將會議交給高級副總裁、投資者關係和傳播主管喬治·格羅菲克 (George Grofik)。先生，請繼續。

Good morning, and good afternoon to everyone on the call. Thank you for joining us to review Royalty Pharma's Second Quarter 2024 results. You can find the press release with our earnings results and slides of this call on the Investors page of our website at royaltypharma.com.

祝電話會議中的各位嘉賓早安、下午好。感謝您與我們一起回顧 Royalty Pharma 的 2024 年第二季業績。您可以在我們網站 Royaltypharma.com 的投資者頁面上找到包含我們的收益結果和本次電話會議投影片的新聞稿。

Moving to slide 3. I would 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 10-K on file with the SEC for a 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.

前往投影片 3。請您參閱我們提交給美國證券交易委員會 (SEC) 的 10-K 文件，其中描述了這些風險。所有前瞻性陳述均基於 Royalty Pharma 目前掌握的信息，我們不承擔更新任何此類前瞻性陳述的義務。

Non-GAAP liquidity measures will be used to help you understand our financial performance. The reconciliation of these measures to our non-GAAP to our GAAP financials is provided in the earnings press release available on our website.

非公認會計準則流動性指標將用於幫助您了解我們的財務表現。我們網站上的收益新聞稿中提供了這些指標與我們的非 GAAP 和 GAAP 財務狀況的對帳。

And with that, please advance to slide 4. Our speakers on the call today are Pablo Legorreta, Founder and Chief Executive Officer; Marshall Urist, EVP, Head of Research and Investments; Chris Hite, EVP, Vice Chairman; and Terry Coyne, EVP, Chief Financial Officer. Pablo will discuss the key highlights, after which Marshall and Chris will provide portfolio updates, highlighting three important recent 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 Paolo.

請進入投影片 4。 Marshall Urist，執行副總裁、研究與投資主管； Chris Hite，執行副總裁、副董事長；以及執行副總裁兼財務長 Terry Coyne。帕勃羅 (Pablo) 將討論主要亮點，隨後馬歇爾 (Marshall) 和克里斯 (Chris) 將提供投資組合更新，重點介紹近期的三筆重要交易。然後，特里將審查財務狀況，在帕勃羅作總結發言後，我們將舉行問答環節。現在，我想將電話轉給保羅。

Thank you, George, and welcome to everyone on the call. I am delighted to report a successful quarter of execution against our vision to be the leading partner funding innovation in life sciences.

謝謝喬治，歡迎大家參加電話會議。我很高興地報告，我們在本季度成功實現了我們的願景，即成為生命科學領域領先的創新融資合作夥伴。

Slide 6 summarizes our strong business momentum in the second quarter. In terms of the financials, we delivered 12% growth in Portfolio Receipts, our top line. This was significantly above our guidance of high single-digit growth, which we provided last quarter. The bedrock of this strong performance was an impressive 11% growth in Royalty Receipts. This represents our recurring cash flows and are driven by our high-quality portfolio of more than 35 commercial products.

投影片 6 總結了我們第二季強勁的業務發展勢頭。從財務角度來看，我們的投資組合收入（營收）成長了 12%。這大大高於我們上個季度給出的高個位數成長預期。這一強勁表現的基礎是特許權使用費收入令人印象深刻的11%成長。這是我們的經常性現金流，由我們超過 35 種商業產品的高品質組合推動。

Turning to capital allocation. We had a very active quarter for new royalty transactions. Capital deployment was approximately $2 billion, including the cash to be paid for US royalties on Voranigo, which was just approved a couple of days ago. In addition, we continue to pursue our balanced capital allocation strategy, and we stepped up the pace of share repurchases given the disconnect of our share price with our strong fundamental outlook.

轉向資本配置。本季度，我們的新特許權使用費交易非常活躍。資本部署約為 20 億美元，其中包括幾天前剛批准支付的 Voranigo 美國特許權使用費的現金。此外，我們持續推行均衡的資本配置策略，鑑於我們的股價與強勁的基本面前景脫節，我們加快了股票回購的步伐。

Looking at our portfolio, we acquired royalties on six therapies in the quarter, including one approved and five development-stage therapies. More specifically, we increased our royalty exposure to the blockbuster Evrysdi for spinal muscular atrophy and to aficamten, an exciting cardiovascular therapy, which is expected to be filed with regulators imminently.

縱觀我們的投資組合，我們在本季度獲得了六種療法的特許權使用費，其中包括一種已批准的療法和五種開發階段的療法。更具體地說，我們增加了對治療脊髓性肌肉萎縮症的重磅藥物 Evrysdi 和令人興奮的心血管治療藥物 aficamten 的特許權使用費投入，預計該藥物將很快向監管機構提交申請。

Chris will expand on these details, as well as highlight the multiple upcoming events for our development-stage portfolio, which has the potential to unlock significant value for Royalty Pharma. In this regard, we were pleased to see FDA approval of Voranigo this week, as well as the positive Phase 3 results for seltorexant in depression and for Tremfya in Crohn's disease, all of which could represent important new growth drivers for Royalty Pharma.

Chris 將詳細說明這些細節，並重點介紹我們開發階段投資組合即將舉行的多項活動，這些活動有可能為 Royalty Pharma 釋放巨大的價值。在這方面，我們很高興看到 FDA 本週批准了 Voranigo，以及 seltorexant 在治療憂鬱症和 Tremfya 在治療克羅恩病方面取得了積極的 3 期結果，所有這些都可能代表 Royalty Pharma 重要的新增長動力。

Lastly, I'm happy to report that we're raising our full year 2024 guidance by 3% at the midpoint, following our excellent performance in the first six months of the year driven by the strong momentum of our diversified portfolio. We now expect Portfolio Receipts to be between $2.7 billion and $2.775 billion. This is based on expected growth in Royalty Receipts of around 9% to 12%, which compares with our previous guidance of 5% to 9%. Consistent with our standard practice, this guidance is based on our current portfolio and does not include the benefit of future transactions.

最後，我很高興地報告，由於我們多元化投資組合的強勁勢頭推動了我們今年上半年的出色表現，我們將 2024 年全年業績指引中位數上調了 3%。我們現在預計投資組合收入將在 27 億美元至 27.75 億美元之間。這是基於特許權使用費收入預計將增長 9% 至 12% 左右，而我們先前的預期為 5% 至 9%。與我們的標準做法一致，該指引基於我們目前的投資組合，不包括未來交易的利益。

Slide 7 shows our impressive track record of strong growth since our IPO. As I noted earlier, we delivered 11% growth in Royalty Receipts in the second quarter. Taken together with our double-digit performance in Royalty Receipts in the first quarter, this sets us up well to deliver our new full year guidance. This consistent track record of strong growth speaks to our ability to execute successfully against our strategy in the growing market for biopharma royalties.

幻燈片 7 展示了我們自 IPO 以來令人印象深刻的強勁成長記錄。正如我之前提到的，我們第二季的特許權使用費收入成長了 11%。加上我們第一季特許權使用費收入的兩位數表現，這為我們實現新的全年預期做好了準備。持續強勁成長的記錄證明了我們有能力在不斷成長的生物製藥特許權使用費市場中成功執行我們的策略。

Slide 8 shows that we continue to be the clear leader in the market for large royalty transactions with two more transactions north of $500 million announced this year. Of the 26 royalty transactions to date valued at $500 million or more, we have executed 20 with a market share of 77%.

第 8 頁投影片顯示，我們繼續在大筆特許權使用費交易市場中佔據明顯領先地位，今年又宣布了兩筆價值超過 5 億美元的交易。迄今為止，在 26 筆價值 5 億美元或以上的特許權使用費交易中，我們已執行 20 筆，市佔率為 77%。

You will also note that half of our transactions have taken place in the four years since our IPO. This, in part, reflects an important competitive advantage of our business, namely our scale and rapid access to substantial capital. It also reflects the talent and creativity of our team as we strive to create win-win solutions for our partners in the growing biopharma royalty market. Finally, it reflects the acceleration of the biopharma royalty market as a whole, where we are the clear market leader.

您還會注意到，我們的一半交易都是在首次公開募股後的四年內發生的。這在一定程度上反映了我們業務的一個重要競爭優勢，即我們的規模和快速獲得大量資本的優勢。它也反映了我們團隊的才華和創造力，我們努力為不斷增長的生物製藥特許權使用費市場的合作夥伴創造雙贏的解決方案。最後，它反映了整個生物製藥特許權使用費市場的加速發展，我們是明顯的市場領導者。

With that, I will hand it over to Marshall.

說完這些，我將把它交給馬歇爾。

Thanks, Pablo. I want to focus today on the value of repeat business to our model and why we are so excited about acquiring a royalty on Servier's vorasidenib, now available commercially as Voranigo.

謝謝，帕布羅。今天我想重點談談重複業務對我們模式的價值，以及為什麼我們對獲得施維雅 Vorasidenib（目前以 Voranigo 的名稱在市場上銷售）的專利使用費如此興奮。

Slide 10 shows an important aspect of what differentiates us from our competition, namely repeat business with our partners. Recently, we completed our second transaction with Agios and our third transactions with Cytokinetics and PTC. If we go back further, we have a strong track record over nearly two decades of completing multiple transactions with our partners.

投影片 10 展示了我們與競爭對手的一個重要區別，即與合作夥伴重複業務。最近，我們完成了與 Agios 的第二筆交易以及與 Cytokinetics 和 PTC 的第三次交易。如果我們回顧過去，近二十年來我們與合作夥伴完成了多項交易，擁有良好的業績記錄。

Slide 11 shows that of the approximately $15 billion of transactions we have announced since 2020 around $6 billion, or nearly 40%, has been with repeat partners. Our partner-centric approach is one of our core values at Royalty Pharma. It brings multiple benefits, including speed of execution and in-depth knowledge of both products and our partner, resulting in a higher probability of transacting both the first and subsequent deals as our partners grow over time.

投影片 11 顯示，自 2020 年以來我們宣布的約 150 億美元交易中，約有 60 億美元（近 40%）是與重複合作夥伴進行的。以合作夥伴為中心的方法是 Royalty Pharma 的核心價值之一。它帶來了多重好處，包括執行速度以及對產品和合作夥伴的深入了解，從而隨著我們的合作夥伴不斷成長，達成第一筆和後續交易的可能性更高。

Slide 12 summarizes our recent transaction with Agios to acquire their royalty on US net sales of Servier's Voranigo, which we believe has blockbuster commercial potential in the treatment of low-grade glioma. We will pay $905 million following Voranigo's FDA approval on Tuesday, which was based on the remarkable Phase 3 results and high unmet patient need. We are entitled to a 15% royalty on US sales up to $1 billion, which steps down to a 12% royalty on sales greater than $1 billion.

投影片 12 總結了我們最近與 Agios 進行的交易，以獲得 Servier 的 Voranigo 美國淨銷售額的特許權使用費，我們認為該藥物在治療低度膠質瘤方面具有巨大的商業潛力。我們將在周二 Voranigo 獲得 FDA 批准後支付 9.05 億美元，這項批准是基於其卓越的第 3 階段成果和大量未滿足的患者需求。對於美國 10 億美元以下的銷售額，我們有權享受 15% 的特許權使用費；對於 10 億美元以上的銷售額，我們有權享受 12% 的特許權使用費。

Furthermore, Voranigo has a long duration of patent protection with royalties through 2038, and we forecast peak sales greater than $1 billion and expect an IRR in the teens. Importantly, Voranigo is another great example of our ability to consistently execute large transactions, as we have completed 10 transactions of $500 million or more and four transactions of $1 billion or greater just since our IPO in 2020. As Pablo discussed earlier, we have strong competitive advantages, which have allowed us to remain the clear market leader for large royalty transactions.

此外，Voranigo 的專利保護期限很長，專利使用費將持續到 2038 年，我們預測其高峰銷售額將超過 10 億美元，內部殖利率預計達到十幾歲。重要的是，Voranigo 是我們持續執行大型交易能力的另一個很好的例子，因為自 2020 年 IPO 以來，我們已經完成了 10 筆 5 億美元或以上的交易和 4 筆 10 億美元或以上的交易。

Slide 13 provides an overview of why we think Voranigo could represent a blockbuster commercial opportunity. First, there's high unmet patient need with overall survival of approximately 10 years for relatively young patients with low-grade glioma and no approved targeted therapies. Second, IDH mutations are estimated to drive low-grade gliomas in over 70% of patients, resulting in an estimated 1,500 incident and 10,000 prevalent US patients addressable by Voranigo. Third, we expect Voranigo to have a long duration of treatment of over two years given the median 27 months of progression-free survival in Phase 3 and manageable safety profile.

投影片 13 概述了我們為何認為 Voranigo 可能代表一個巨大的商業機會。首先，對於相對年輕的低度膠質瘤患者來說，尚未滿足的需求很高，整體存活期約為 10 年，且尚無核准的標靶療法。其次，據估計，超過 70% 的患者因 IDH 突變而患有低度膠質瘤，因此，美國約有 1,500 例新發患者和 10,000 例患病患者可透過 Voranigo 治療。第三，考慮到 Voranigo 在第 3 階段的中位無惡化存活期為 27 個月且安全性可控，我們預計其治療時間將超過兩年。

Fourth, there are no other potentially competing therapies in late-stage clinical development. We have performed deep due diligence, including a comprehensive demand survey, which indicates physician excitement for Voranigo and expected broad and deep uptake across many subsets of low-grade glioma patients.

第四，在後期臨床開發中沒有其他潛在的競爭療法。我們進行了深入的盡職調查，包括全面的需求調查，結果表明醫生對 Voranigo 感到興奮，並預計它將在許多低級別膠質瘤患者群體中得到廣泛而深入的接受。

Lastly, given that low-grade glioma patients tend to be relatively young and Voranigo's orphan status from the FDA, we do not expect any impact from the IRA. We see additional upside from the launch ramp, duration of therapy and depth of prescribing across patient segments in low-grade glioma.

最後，鑑於低度膠質瘤患者往往相對年輕，且 Voranigo 是 FDA 認定的孤兒藥，我們預計 IRA 不會產生任何影響。我們看到了低度膠質瘤在各個患者群體中的上市速度、治療時間長度和處方深度等方面的額外上升空間。

And with that, I'll hand it over to Chris.

說完這些，我就把麥克風交給克里斯。

Thanks, Marshall. I want to expand on our recent transactions involving Evrysdi and aficamten, and highlight the broader potential of our growing development-stage pipeline.

謝謝，馬歇爾。我想擴大我們最近涉及 Evrysdi 和 aficamten 的交易，並強調我們不斷增長的開發階段管道的更廣泛潛力。

Slide 15 highlights our growing partnership with PTC on Evrysdi. We gained our first exposure to this exciting therapy in 2020 when we acquired 43% of PTC's royalty interest for $650 million. In 2023, we entered into a second royalty transaction with PTC. In this case, in return for an upfront payment of $1 billion, we acquired 67% of PTC's remaining royalty. It also extended the royalty duration to 2035 to 2036 from the early 2030s.

幻燈片 15 重點介紹了我們與 PTC 在 Evrysdi 上不斷發展的合作夥伴關係。 2020 年，我們以 6.5 億美元收購了 PTC 43% 的特許權使用費權益，首次接觸了這種令人興奮的療法。 2023年，我們與PTC達成了第二筆特許權使用費交易。在這種情況下，我們支付了 10 億美元的預付款，獲得了 PTC 剩餘 67% 的特許權使用費。它還將特許權使用期限從 2030 年代初延長至 2035 年至 2036 年。

Importantly, this transaction included a joint option structure for the remainder of PTC's royalty interest. This would allow PTC to sell all of its residual royalty to us by the end of 2025 in return for a $500 million payment less royalties received.

重要的是，此交易包括了 PTC 剩餘特許權使用費權益的聯合選擇權結構。這將允許 PTC 在 2025 年底之前將其所有剩餘特許權使用費出售給我們，以換取 5 億美元的付款減去收到的特許權使用費。

In June of this year, as part of that option structure, we made our third investment. In return for a payment of $242 million, we acquired additional royalties on Evrysdi, which we will start to receive in the third quarter of 2024. This new investment is expected to deliver an unlevered return in the low double digits. In total, it takes our investment to $1.9 billion across the three transactions and increases our effective royalty rate of 7.2% to 14.5%. This makes Evrysdi the third largest investment in our history after cystic fibrosis and Tysabri.

今年 6 月，作為該選擇權結構的一部分，我們進行了第三次投資。作為 2.42 億美元付款的回報，我們獲得了 Evrysdi 的額外特許權使用費，我們將從 2024 年第三季開始收到這筆錢。總的來說，這三筆交易使我們的投資達到 19 億美元，並將我們的有效特許權使用費率從 7.2% 提高到 14.5%。這使得 Evrysdi 成為我們歷史上繼囊性纖維化和 Tysabri 之後的第三大投資。

Furthermore, the option structure means PTC retains the right to sell the remainder of its Evrysdi royalties to us by the end of 2025. For those less familiar, Evrysdi is the global leader in the treatment of a rare disease called spinal muscular atrophy, or SMA. Roche recently reported sales in the first six months of 2024 of approximately $940 million, growing by 25%. Given that consensus forecasts are tracking to $3 billion plus by 2030, we now expect to receive annual peak royalties on Evrysdi of around $350 million.

此外，選擇權結構意味著 PTC 保留在 2025 年底之前向我們出售其剩餘 Evrysdi 特許權使用費的權利。羅氏最近報告稱，2024 年前六個月的銷售額約為 9.4 億美元，成長 25%。鑑於普遍預測到 2030 年該價值將超過 30 億美元，我們現在預計 Evrysdi 的年度高峰特許權使用費將達到約 3.5 億美元。

Slide 16 is another great example of repeat business and highlights how we have strengthened our long-standing partnership with Cytokinetics, including our May 2024 transaction, we have provided access to more than $1 billion in total funding across three deals. As a reminder, Cytokinetics recently presented the pivotal Phase 3 results for aficamten, which we believe demonstrates its potential to be the best-in-class therapy for hypertrophic cardiomyopathy. Following our most recent transaction, we are now entitled to a 4.5% royalty on net sales up to $5 billion, and a 1% royalty on sales above $5 billion.

投影片 16 是重複業務的另一個很好的例子，強調了我們如何加強與 Cytokinetics 的長期合作夥伴關係，包括我們 2024 年 5 月的交易，我們已透過三筆交易提供了總計超過 10 億美元的資金。提醒一下，Cytokinetics 最近公佈了阿菲坎汀的關鍵 3 期臨床試驗結果，我們相信這證明了其有可能成為治療肥厚型心肌病變的最佳療法。在我們最近的交易之後，我們現在有權獲得高達 50 億美元的淨銷售額的 4.5% 的特許權使用費，以及 50 億美元以上的淨銷售額的 1% 的特許權使用費。

Based on research analyst consensus, aficamten has the potential to generate peak annual royalties to Royalty Pharma in excess of $180 million. We have also provided launch and development funding, of which $200 million has been drawn and an additional $350 million remains available. The return on this funding is based on fixed payments expected to range between 1.9x to 2.4x over time. Taken together, our third transaction with Cytokinetics highlights our ability to structure creative funding solutions and underscores the breadth of our funding capabilities.

根據研究分析師的共識，aficamten 有可能為 Royalty Pharma 創造超過 1.8 億美元的高峰年特許權使用費。我們還提供了啟動和開發資金，其中已提取 2 億美元，另有 3.5 億美元可用。該筆資金的回報是基於固定付款，預計隨著時間的推移將在 1.9 倍至 2.4 倍之間。總的來說，我們與 Cytokinetics 的第三次交易凸顯了我們建構創新融資解決方案的能力，也凸顯了我們融資能力的廣度。

On slide 17, I want to now move to the multiple important clinical and regulatory events which we expect for our exciting development-stage portfolio over the next 12 months or so. In particular, I would point to the upcoming FDA action dates for KarXT in schizophrenia and Tremfya in ulcerative colitis and Crohn's, FDA and EMA regulatory filings for aficamten and long-term safety data for TEV-'749 in schizophrenia.

在第 17 張投影片上，我現在想轉到未來 12 個月左右我們令人興奮的開發階段產品組合預計的多個重要臨床和監管事件。特別是，我要指出的是 FDA 即將公佈的用於治療精神分裂症的 KarXT 和用於治療潰瘍性結腸炎和克羅恩病的 Tremfya 的行動日期、FDA 和 EMA 對阿菲坎特的監管備案以及用於治療精神分裂症的 TEV-'749 的長期安全性數據。

We also expect the Phase 1/2b results for Roche's trontinemab in Alzheimer's before the end of this year. And in 2025, we expect outcomes data for pelacarsen, which has the potential to be a very significant royalty for our portfolio. As you can see, these events have the potential to unlock very significant value for Royalty Pharma.

我們也預計羅氏公司的 trontinemab 治療阿茲海默症的 1/2b 期臨床試驗結果將在今年年底前公佈。我們預計 2025 年將獲得 pelacarsen 的成果數據，這有可能成為我們投資組合中非常重要的特許權使用費。如您所見，這些事件有可能為 Royalty Pharma 釋放出非常巨大的價值。

Slide 18 shows our late-stage development pipeline by potential peak sales and the associated royalties we could expect to receive. As you saw on my previous slide, many of these assets will have major potential derisking events in the next 12 months or so.

幻燈片 18 展示了我們後期開發管道的潛在高峰銷售額以及我們預計將收到的相關特許權使用費。正如你在我上一張幻燈片中看到的，其中許多資產將在未來 12 個月左右出現重大的潛在去風險事件。

Importantly, the programs listed here all have first or best-in-class potential and are supported by world-class marketers. The majority have multi-blockbuster potential, and in aggregate, we estimate the combined peak sales at over $25 billion on a non-risk adjusted basis. Based on the respective royalty rates, this could potentially translate to over $1.2 billion in annual peak royalties to Royalty Pharma with frexalimab and olpasiran potentially being the largest individual contributors. We expect many of these products to contribute to our attractive compounding growth in the years ahead.

重要的是，這裡列出的項目都具有一流或一流的潛力，並得到世界一流行銷人員的支持。其中大多數都具有成為多部賣座影片的潛力，總體而言，我們估計，在未風險調整的基礎上，這些影片的總峰值銷售額將超過 250 億美元。根據各自的特許權使用費率，這可能意味著 Royalty Pharma 每年將獲得超過 12 億美元的特許特許權使用費，其中 frexalimab 和 olpasiran 可能是最大的單獨貢獻者。我們預計，未來幾年這些產品中的許多產品將為我們可觀的複合成長做出貢獻。

With that, I would like to hand it over to Terry.

說完這些，我想把它交給特里。

Thanks, Chris. Let's move to slide 20. This slide shows how our efficient business model generates substantial cash flow to be reinvested. As you heard from Pablo, Royalty Receipts grew by 11% in the second quarter, reflecting the strength of our diversified portfolio. The key drivers of growth were the strong performance of our base business, notably our cystic fibrosis franchise, Trelegy, Tremfya and Evrysdi. Including a modest contribution from milestones and other contractual receipts, Portfolio Receipts, our top line, grew by 12% to $608 million.

謝謝，克里斯。我們來看第 20 張投影片。正如您從 Pablo 那裡聽到的，特許權使用費收入在第二季度增長了 11%，這反映了我們多元化投資組合的實力。成長的關鍵驅動力是我們基礎業務的強勁表現，尤其是我們的囊性纖維化特許經營權、Trelegy、Tremfya 和 Evrysdi。包括里程碑和其他合約收入的適度貢獻，我們的營收組合收入成長了 12%，達到 6.08 億美元。

As we move down the column, operating and professional costs equated to 7.9% of Portfolio Receipts. Net interest received of $14 million reflected the semiannual timing of our interest payment schedule with payments falling due in the first and third quarters.

我們繼續往下看，營運和專業成本相當於投資組合收入的 7.9%。收到的淨利息為 1,400 萬美元，反映了我們每半年支付一次利息的時間安排，即第一季和第三季到期的付款。

Moving further down the column, we've consistently stated that when we think of the cash generated by the business to then be redeployed into value-enhancing royalties, we look to Adjusted EBITDA, plus net interest paid, or as we call it, Portfolio Cash Flow. This amounted to $574 million in the quarter, equivalent to a margin of around 94%. This high level of cash conversion once again underscores the efficiency of our business model.

進一步看，我們一直表示，當我們考慮將業務產生的現金重新部署到增值版稅中時，我們會考慮調整後的 EBITDA 加上支付的淨利息，或者我們稱之為投資組合現金流。本季的數字為 5.74 億美元，相當於利潤率約 94%。如此高的現金轉換率再次凸顯了我們商業模式的效率。

Capital deployment in the second quarter was $951 million, and as Marshall highlighted, we will pay $905 million this month following the FDA approval of Voranigo. This would take our total for the year to approximately $2 billion.

第二季的資本部署為 9.51 億美元，正如馬歇爾所強調的，在 FDA 批准 Voranigo 後，我們將在本月支付 9.05 億美元。這將使我們全年的總收入達到約 20 億美元。

Slide 21 shows that we continue to maintain significant financial capacity for future royalty acquisitions. In total, we have approximately $3 billion available through a combination of cash on our balance sheet, the cash our business generates and access to the debt markets. At the end of the second quarter, we had cash and equivalents of just under $1.8 billion. Following the $905 million payment related to Voranigo, this will take our cash and equivalents to $860 million on a pro forma basis.

投影片 21 顯示我們繼續保持強大的財務能力以應對未來的特許權使用費收購。總體而言，我們可以透過資產負債表上的現金、我們業務產生的現金以及債務市場融資獲得約 30 億美元的資金。截至第二季末，我們的現金和等價物略低於 18 億美元。在支付與 Voranigo 相關的 9.05 億美元後，我們的現金和等價物將達到預計的 8.6 億美元。

When we turn to our borrowing position, we issued $1.5 billion of notes in the second quarter, which increased our outstanding investment-grade debt to $7.8 billion with a weighted cost of debt of 3.1%. Our weighted average maturity is around 13 years, which aligns with the duration of our royalty portfolio. Our total and net pro forma leverage now stands at 3x -- it stands at around 3x, and we have stated that we would be prepared to take our leverage up to 4x if the right opportunity arose. Furthermore, we have additional undrawn financial capacity from the $1.8 billion revolver. As Pablo noted, despite a busy quarter for royalty acquisitions, we also took advantage of the fundamental disconnect in our share price and stepped up the pace of share repurchases in the second quarter. On a year-to-date basis, we have spent $115 million on buybacks.

談到我們的借款狀況，我們在第二季發行了 15 億美元的票據，這使我們的未償投資等級債務增加到 78 億美元，加權債務成本為 3.1%。我們的加權平均期限約為 13 年，與我們的特許權使用費投資組合的期限一致。我們現在的總和淨預測槓桿率為 3 倍 - 大約為 3 倍，並且我們已經表示，如果有合適的機會，我們準備將槓桿率提高到 4 倍。此外，我們還有18億美元循環信貸中未動用的額外財務能力。正如帕勃羅所指出的，儘管本季特許權使用費收購十分繁忙，但我們也利用股價的基本脫節，在第二季度加快了股票回購的步伐。今年迄今為止，我們已花費 1.15 億美元回購。

Slide 22 is a reminder of our capital allocation strategy and how we expect this to drive shareholder value creation. At our Investor Day in 2022, we outlined that over a five-year period through a combination of cash generation and our debt capacity, we expected to have access to around $20 billion of capital.

投影片 22 提醒了我們的資本配置策略以及我們期望它如何推動股東價值創造。在我們的 2022 年投資者日上，我們概述了在五年內透過現金創造和債務能力的結合，我們預計將獲得約 200 億美元的資本。

As you can see on this slide, we expect to deploy the majority of our capital on value-enhancing royalty acquisitions with a target of $10 billion to $12 billion invested over the period. As many of you are aware, we are on track to meet or exceed this target having announced transactions of $9.4 billion with actual capital deployment of $6.6 billion since 2022. The difference represents contingent payments on certain of our investments.

正如您在這張投影片上看到的，我們預計將大部分資金用於增值特許權使用費收購，目標是在此期間投資 100 億至 120 億美元。大家可能都知道，我們預計將達到或超過這一目標，自 2022 年以來，我們已宣布的交易額為 94 億美元，實際資本部署額為 66 億美元。

We aim to balance this primary focus on royalty acquisitions with returning capital to shareholders through a combination of dividends and share repurchases. Regarding the latter, the Board authorized a multiyear share buyback program of up to $1 billion in March of 2023, of which we have spent just over $400 million to date.

我們的目標是在對特許權使用費收購的主要關注與透過股利和股票回購相結合的方式向股東返還資本之間取得平衡。關於後者，董事會於 2023 年 3 月批准了一項高達 10 億美元的多年期股票回購計劃，迄今為止我們已花費超過 4 億美元。

While investing in royalties is our number one priority, we use our share buyback program tactically for repurchases when we see a disconnect between our intrinsic value and the current stock price. We believe our intrinsic value is well in excess of the current stock price, and as a result, we have repurchased $115 million of our shares from the second quarter through today. By executing against this capital allocation strategy, we are confident we will continue to deliver on our mission of accelerating innovation in life sciences, while generating strong returns and creating significant shareholder value.

雖然投資特許權使用費是我們的首要任務，但當我們發現內在價值與當前股價之間存在脫節時，我們就會策略性地使用股票回購計劃進行回購。我們相信我們的內在價值遠遠超過當前股價，因此，從第二季到今天我們已經回購了價值 1.15 億美元的股票。透過執行這項資本配置策略，我們相信我們將繼續履行加速生命科學創新的使命，同時產生豐厚的回報並創造重大的股東價值。

Slide 23 provides our raised full year 2024 financial guidance. We now expect Portfolio Receipts to be in the range of $2.7 billion to $2.775 billion. Let me walk you through our assumptions. First, within our top-line guidance, we expect to deliver growth in Royalty Receipts of around 9% to 12%. The increase from our previous guidance of 5% to 9% reflects the strong momentum of our diversified portfolio.

投影片 23 提供了我們提升的 2024 年全年財務指引。我們現在預計投資組合收入將在 27 億美元至 27.75 億美元之間。讓我向您介紹一下我們的假設。首先，在我們的營收指引內，我們預期特許權使用費收入將成長 9% 至 12% 左右。從我們之前預測的 5% 增加到 9%，反映了我們多元化投資組合的強勁勢頭。

Second, when we move to Portfolio Receipts, we face a high base of comparison as a result of the $525 million of Biohaven-related payments we received last year. Milestones and other contractual receipts are, therefore, expected to decline from around $600 million in 2023 to approximately $30 million in 2024.

其次，當我們轉向投資組合收據時，由於我們去年收到了 5.25 億美元的 Biohaven 相關付款，我們面臨著較高的比較基數。因此，里程碑和其他合約收入預計將從 2023 年的約 6 億美元下降到 2024 年的約 3,000 萬美元。

Lastly, our guidance assumes a negligible foreign exchange impact. Importantly and consistent with our standard practice, this guidance is based on our portfolio as of today, and does not take into account the benefit of any future royalty acquisition.

最後，我們的指導假設外匯影響可以忽略不計。重要的是，與我們的標準實踐一致，該指引基於我們今天的投資組合，並沒有考慮任何未來特許權使用費收購的利益。

Turning to operating costs. Payment for operating and professional costs are expected to be approximately 8% to 9% of Portfolio Receipts in 2024. Interest paid for full year 2024 is expected to be around $150 million with a de minimis amount to be paid in Q4. This does not take into account any interest received on our cash balance, which was $21 million in the first six months of the year. It also does not reflect the interest payments on the $1.5 billion of notes issued in June of 2024, for which the first payment is due in the first quarter of 2025.

談到營運成本。預計 2024 年營運和專業成本支付將佔投資組合收入的約 8% 至 9%。這還沒有考慮到我們現金餘額所收到的任何利息，今年前六個月的現金餘額為 2,100 萬美元。它還沒有反映 2024 年 6 月發行的 15 億美元票據的利息支付，該票據的首筆付款將於 2025 年第一季到期。

To close, we are very pleased to be able to raise guidance based on the excellent momentum of our diversified royalty portfolio and continued successful execution against our strategy.

最後，我們非常高興能夠基於我們多元化特許權使用費組合的良好勢頭以及我們策略的持續成功執行來提高指引。

With that, I would like to hand the call back to Pablo.

說完這些，我想把電話交還給巴勃羅。

Thanks, Terry. Let me begin my concluding remarks by saying how proud I am of the performance in the first six months of 2024. We delivered double-digit growth in Royalty Receipts, we strengthened our portfolio including our exciting development-stage pipeline, and we maintained our leadership position in the royalty market, which is growing rapidly and being driven by powerful secular tailwinds.

謝謝，特里。首先，我想說，我對 2024 年上半年的表現感到非常自豪。

My final slide highlights our incredible track record of consistently identifying exciting waves of biopharma innovation and finding ways to participate. The roster of therapies listed here includes some of the most transformative and commercially successful in the history of our industry. From Rituxan, the first monoclonal antibody for cancer, to Gilead's HIV franchise, to Humira, to more recent life-changing therapies such as Trikafta for cystic fibrosis or Evrysdi for spinal muscular atrophy. And when we look ahead, we expect to see a number of the exciting therapies we discussed today join this list, transforming the lives of patients with brain cancer, cardiovascular disease, multiple sclerosis and schizophrenia, among others.

我的最後一張投影片重點介紹了我們在不斷發現令人興奮的生物製藥創新浪潮並尋找參與方式方面的出色記錄。這裡列出的治療方法包括我們行業歷史上最具變革性和商業成功的一些治療方法。從第一個治療癌症的單株抗體 Rituxan，到吉利德的 HIV 藥物，再到 Humira，再到最近改變生活的療法，例如治療囊性纖維化的 Trikafta 和治療脊髓性肌萎縮症的 Evrysdi。展望未來，我們期望看到今天討論的許多令人興奮的療法加入這個名單，改變腦癌、心血管疾病、多發性硬化症和精神分裂症等患者的生活。

The ability to identify new waves of innovation and to constantly replenish our portfolio with novel transformative therapies is in our DNA. Taken together, with our simple but powerful business model and our deep access to capital, we're confident we will continue to deliver attractive, compounding growth over the remainder of this decade and beyond.

識別新的創新浪潮並不斷用新穎的變革療法補充我們的產品組合的能力已深植於我們的 DNA 中。總而言之，憑藉我們簡單但強大的商業模式和豐富的資本管道，我們有信心在本世紀剩餘時間及更長時間內繼續實現有吸引力的複合成長。

With that, we will be happy to take your questions.

我們將很樂意回答您的問題。

Operator, please take the first question.

接線員，請回答第一個問題。

(Operator Instructions) Chris Shibutani, Goldman Sachs.

（操作員指示）高盛的 Chris Shibutani。

I appreciate the strong performance and the guidance raised here. One aspect that everyone is keen to understand is how you're seeing the outlook in terms of what's available to you. I know you have a consistent model, scientific discipline. But what are you seeing in terms of receptivity, valuations, opportunities, just the general environment overall to continue to gather more royalties.

我欣賞這裡的出色表現和提出的指導。每個人都渴望了解的一個方面是，您如何看待自己可以獲得的資源的前景。我知道你有一個一致的模型和科學的紀律。但是，從接受度、估值、機會以及整體環境來看，您認為如何繼續收取更多的版稅？

And I'll ask Marshall maybe to add, or Chris, maybe Chris is the better one to add a little bit to what I'm going to say. But I think there's two key things that are happening with our business. One is the massive capital needs that innovation requires in life sciences, both from the biotech ecosystem, 8,000 or so biotech companies out there, and the large pharmas, which in some of our materials in the past, we actually have quantified this at about $200-plus billion invested per year in R&D and Life Sciences. And so it's a massive figure, growing.

也許我會請馬歇爾 (Marshall) 補充一下，或者請克里斯 (Chris)，也許克里斯更適合對我要說的內容進行一些補充。但我認為我們的業務正在發生兩件關鍵的事情。一是生命科學領域的創新需要大量的資金，這不僅需要來自生物技術生態系統（約 8,000 家生物技術公司）的資金，也需要來自大型製藥公司的資金。所以，這個數字非常龐大，而且還在成長。

There's another $100 billion invested by academic institutions, but that's not something we fund that's funded by government. But when you look at the investment by the corporate side, it's the $200 billion that is required every year. When we look at the decade that is in front of us, we're talking about a $3 billion -- $3 trillion capital need to fund the ecosystem. So that's one thing.

學術機構也投資了 1000 億美元，但這不是我們資助的，而是政府資助的。但當你看企業的投資時，每年需要2000億美元。展望未來十年，我們談論的是建立生態系統所需的資本為 30 億美元至 3 兆美元。這是一回事。

The second thing that is definitely an important driver is the acceptance today among biotech companies of using royalties to fund late-stage clinical trials, what we call synthetic royalties, that has developed in a very attractive way. There are so many companies now that know that this is a very attractive way to fund their business and that reach out to us or we go out and visit them, get to know them and have discussions with them about funding their business.

第二個肯定是重要驅動因素的因素是，如今生技公司接受使用特許權使用費來資助後期臨床試驗，我們稱之為合成特許權使用費，這種做法已經以非常有吸引力的方式發展。現在有許多公司知道這是資助其業務的一種非常有吸引力的方式，因此他們與我們聯繫或我們出去拜訪他們，了解他們並與他們討論資助其業務的事宜。

And then there's also now a real acceptance from the side of the big pharma to drive this growth. And you've seen us do transactions with Merck for the schizophrenia program, recently with Teva, another schizophrenia drug, and other transactions. But that's my answer to your question.

現在，大型製藥公司也真正接受了這項推動成長的舉措。您還可以看到我們與默克公司就精神分裂症項目進行了交易，最近還與另一種精神分裂症藥物 Teva 進行了交易，還有其他交易。但這就是我對你的問題的回答。

Chris, do you want to add anything to that?

克里斯，你還有什麼要補充嗎？

Sure. Thanks, Pablo, and thanks for the question, Chris. The deal pipeline continues to be very robust. The timing of new acquisitions, as always, as you know, difficult to predict and can be highly variable. But we have shown over our history to -- that we can deploy a lot of capital, particularly over a multiyear period. And that's really the way we encourage you to think about it.

當然。謝謝，Pablo，也謝謝你的提問，Chris。交易管道持續保持強勁。如您所知，新收購的時機一如既往地難以預測且變化很大。但我們的歷史已經證明，我們可以部署大量資本，特別是在多年期內。這確實也是我們鼓勵您思考的方式。

And just as a reminder, we've deployed about $10.4 billion since 2020 and announced transactions of about $14.7 billion since 2020. And the value of those transactions has increased every year. And if you think about our deal funnel, we've seen a significant increase in opportunities as witnessed by our in-depth reviews in 2023, up over 130% since 2019. So we're super excited about the quality of the deals that we've done and certainly the one -- and the opportunity set that we're looking at currently.

提醒一下，自 2020 年以來，我們已經部署了約 104 億美元，並宣布了約 147 億美元的交易。如果你考慮我們的交易管道，你會發現，根據我們在 2023 年的深入審查，我們看到了機會的顯著增加，自 2019 年以來增長了 130% 以上。

Our next question comes from Chris Schott at JPMorgan.

我們的下一個問題來自摩根大通的克里斯·肖特 (Chris Schott)。

This is Hardik Parikh, in for Chris Schott. Just wanted to ask about -- you issued about $1.5 billion of debt in June, and you just said you're willing to kind of raise that leverage to about 4x. How do you think about raising additional debt going forward as you invest beyond your internal cash flow? And then if this deal kind of flow continues to exceed your internal targets, is the 4x a reasonable probability?

這是 Hardik Parikh，代替 Chris Schott。只是想問一下——您在 6 月發行了約 15 億美元的債務，並且您剛才說願意將槓桿率提高到 4 倍左右。當您的投資超出內部現金流範圍時，您如何考慮在未來籌集更多債務？那麼，如果這種交易流量繼續超出您的內部目標，那麼 4 倍是合理的機率嗎？

Right. Thank you for the question. Terry, why don't you take this question, please?

正確的。感謝您的提問。特里，你能回答這個問題嗎？

Yes. So just a reminder, we're fortunate that the business generates a pretty significant cash flow every quarter. And so that's going to be the first source of how we're going to fund new investments. But over time, we have used leverage when the right opportunities come along.

是的。所以提醒一下，我們很幸運，我們的業務每季都能產生相當可觀的現金流。所以這將是我們為新投資提供資金的第一個來源。但隨著時間的推移，當合適的機會出現時，我們就會利用槓桿。

And when I put out that -- when I mentioned that 4x number, that's for if there was a large acquisition that came along that we needed to fund, and we were really excited about it, and we would take it up to 4x. But that's certainly not the level that we plan to operate at. Over the last couple of years, we've been in the low 3s or even lower than that. So I think that that's probably more of a normal range. But from time to time, we will take it higher if right opportunities come along.

當我提出這個問題——當我提到 4 倍數字時，這是因為如果有一項大型收購需要我們資助，而我們對此感到非常興奮，那麼我們就會將其提高到 4 倍。但這肯定不是我們計劃運營的水平。在過去幾年裡，我們的數字一直處於 3% 以下，甚至更低。所以我認為這可能更屬於正常範圍。但有時如果有合適的機會，我們也會提高目標。

And by the way, that higher level of leverage is totally consistent with our investment-grade rating, which is really, really important to us.

順便說一句，更高的槓桿率與我們的投資等級完全一致，這對我們來說非常非常重要。

Our next question comes from Terence Flynn with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Terence Flynn。

Great. Maybe two for me. Slide 18 was very helpful in terms of framing the future opportunity for some of the pipeline assets here. Lp(a) represents about a third of the revenue opportunity based on your numbers. So maybe just a question for Marshall, you could remind us in your confidence level in seeing positive Phase 3 data from Novartis next year.

偉大的。對我來說也許有兩個。幻燈片 18 對於描述此處某些管道資產的未來機會非常有幫助。根據您的數字，Lp(a) 代表了約三分之一的收入機會。所以也許這只是給馬歇爾的一個問題，您可以提醒我們您對明年看到諾華公司積極的第三階段數據的信心程度。

And then the second question relates to the CF franchise. VanzaCaftor has a PDUFA date in January now. So any update on timing of when we might have visibility on how the royalty situation might play out here with Vertex.

第二個問題與 CF 系列有關。 VanzaCaftor 的 PDUFA 日期目前為一月。因此，我們何時可以了解 Vertex 的特許權使用費情況如何？

Marshall, the first question that Terence suggested is for you and the second one for Terry, please.

馬歇爾，特倫斯建議的第一個問題問你，第二個問題問特里。

Thanks, Terence. Good question. So on Lp(a), just as a reminder, or just as a reminder, a quick reminder for everyone, this is an emerging new class of cardiovascular drugs. We actually have two opportunities in this space from the two leading programs, one from Novartis' program in pelacarsen where we expect data outcomes data sometime next year and then Amgen's program olpasiran, which we expect data the following year in 2026. And it is an exciting opportunity that we eagerly await the data.

謝謝，特倫斯。好問題。因此關於 Lp(a)，只是提醒一下，或只是提醒一下，給大家一個快速提醒，這是一類新興的心血管藥物。實際上，我們在這個領域有兩個機會，來自兩個領先的項目，一個是諾華的 pelacarsen 項目，我們預計明年某個時候可以獲得數據結果，然後是安進的 olpasiran 項目，我們預計明年（2026 年）可以獲得數據。

I point to a few things that we see as attractive. I think first of all, both drugs provide pretty profound reductions in Lp(a). So the data to date on the biomarker is really compelling. Second, there's a lot of clinical epidemiological genetic data that links Lp(a) to risk of cardiovascular disease and having cardiovascular events.

我指出一些我們認為有吸引力的事情。我認為首先，這兩種藥物都能顯著降低脂蛋白（a）。因此，迄今為止有關生物標誌物的數據確實令人信服。其次，大量臨床流行病學遺傳數據顯示 Lp（a） 與心血管疾病和心血管事件風險有關。

Finally, if you look at what's in Lp(a), it does have a lot of parallels to LDL, which is obviously a highly validated target. And so you put all of that together, and I think we're really excited about seeing that data over the next couple of years. But I think an important thing just to keep in mind, if you take a step back about our pipeline chart is, certainly, Lp(a) is exciting and could be a meaningful contributor for us. But as we continue to build the portfolio, we will continue to add other really exciting pipeline opportunities like that, like you've seen us do this year with frexalimab, for example, and that's just part of our business that we'll continue to add and continue to build to the portfolio with really exciting opportunities.

最後，如果你看看 Lp(a) 中的內容，它確實與 LDL 有很多相似之處，這顯然是一個經過高度驗證的目標。所以把所有這些放在一起，我想我們真的很高興看到未來幾年的這些數據。但我認為需要牢記的一件重要事情是，如果你回顧我們的管道圖表，你會發現 Lp(a) 無疑是令人興奮的，並且可以為我們帶來有意義的貢獻。但隨著我們繼續建立產品組合，我們將繼續添加其他真正令人興奮的管道機會，例如，就像您今年看到我們用frexalimab做的那樣，這只是我們業務的一部分，我們將繼續添加並繼續透過真正令人興奮的機會來建立產品組合。

And then, Terence, on your question on the Vanza triple. There's no update from our side on timing there, but just as a reminder for everyone, we provided in the past a sensitivity to just walk through the various different sort of scenarios that could play out here. As you all know, we're paid on all three components of Trikafta. There is a debate with the new vanzacaftor triple on whether we're owed royalties on the deuterated ivacaftor component of that triple. We believe we are, but that is an area of debate, and we feel very strongly about our position there.

然後，特倫斯，關於你關於 Vanza 三重奏的問題。我們這邊還沒有關於時間安排的更新，但是為了提醒大家，我們過去已經提供了敏感信息，以便我們能夠逐步了解可能發生的各種不同類型的情景。眾所周知，我們從 Trikafta 的所有三個部分獲得了報酬。關於新的 vanzacaftor 三重療法，存在著一個爭議，那就是我們是否應該獲得該三重療法中氘代 ivacaftor 成分的專利使用費。我們相信我們是的，但這是一個有爭議的領域，我們對我們的立場非常堅定。

But what we've also said is that if we are wrong, and the royalty -- we are not owed a royalty on that portion, which, by the way, would take our royalty to 4% on the new triple versus 8% if we are owed a royalty. If we're wrong, and there's significant share conversion, 50% to 75% conversion to the new triple over time, that the impact on our top line would be a couple of hundred million dollars. And so from that perspective, when you think about the growth of the business and all of the assets that we're adding and the growth that's embedded from the new assets -- I mean if you look at our pipeline, today, we highlighted that over $1 billion of potential new royalties there. So this is something we feel good about our position, but it's a couple of hundred million dollars either way, and it's not going to be particularly material over the long term for Royalty Pharma.

但我們也說過，如果我們錯了，那麼我們就不需要支付那部分的版稅，順便說一句，這樣一來，在新的三倍中，我們的版稅將降為 4%，而如果我們需要支付版稅的話，則為 8%。如果我們錯了，並且出現了大量的股票轉換，隨著時間的推移，50%到75%的股票轉換為新的三倍，那麼對我們的營業收入的影響將是數億美元。因此從這個角度來看，當你考慮業務的成長和我們正在增加的所有資產以及新資產所帶來的成長時——我的意思是，如果你看看我們的管道，今天，我們強調了超過 10 億美元的潛在新特許權使用費。因此，我們對自己的立場感到滿意，但無論如何，這都是幾億美元的損失，而且從長遠來看，這對 Royalty Pharma 來說並不是特別重要。

The next question comes from Michael DiFiore with Evercore.

下一個問題來自 Evercore 的 Michael DiFiore。

Congrats on the continued progress this quarter. Two questions for me. One, regarding the CD19 development for autoimmune indications, it continues to become more widespread. Wondering if you're seeing any collaboration opportunities in that space, especially since most companies seem to be starting their development on equal footing here?

恭喜本季繼續取得進展。我有兩個問題。一、關於CD19在自體免疫適應症方面的發展，其應用正在不斷變得更加廣泛。想知道您是否看到該領域的任何合作機會，特別是因為大多數公司似乎都在這裡平等地開始他們的發展？

And separately, with regard to your Portfolio Receipt guidance on slide 23, it says that it reflects a range of scenarios for the launch of Promacta generics and biosimilar Tysabri. So to the extent that you can, could you elaborate further on this, especially if you're current thinking about the competitiveness of biosimilar Tysabri has changed?

另外，關於第 23 頁的投資組合收據指南，它表示它反映了推出 Promacta 仿製藥和生物仿製藥 Tysabri 的一系列情景。因此，在可能的情況下，您能否進一步詳細說明這一點，特別是如果您目前認為生物相似藥 Tysabri 的競爭力發生了變化？

Sure. So Marshall, why don't you take the question on CD19. And then Terry will take the question on the guidance and the contributors to the growth.

當然。那麼馬歇爾，你為什麼不回答 CD19 上的問題。然後 Terry 將回答有關指導和成長貢獻者的問題。

Absolutely, Mike. So on CD19, we agree with you. We've been watching closely all of the really exciting clinical data that's been that's been emerging there between the cell therapies and bispecifics. And certainly, something that we are continuing to follow and understand kind of how the various players and the various programs are going to play out.

當然，麥克。因此，關於 CD19，我們同意您的意見。我們一直在密切關注細胞療法和雙特異性抗體之間出現的所有真正令人興奮的臨床數據。當然，我們會繼續關注和了解各個參與者和各個項目的進展。

And we will certainly look for opportunities that make sense for us in that space because the data is certainly compelling. But we're going to stick to the approach that we've had in terms of building in terms of building the portfolio, which is being educated and smart about emerging science, really exciting emerging science like that, but also having our discipline where we wait for the right thing to come along where we can really drive a win-win for us and our partner, but certainly not lost on us all the exciting innovation that's happening there.

我們肯定會在該領域尋找對我們有意義的機會，因為數據確實令人信服。但在建立投資組合方面，我們將繼續堅持我們一貫的做法，即對新興科學、真正令人興奮的新興科學進行教育和了解，同時我們也要有自己的紀律，等待正確的事物出現，以便真正實現我們和合作夥伴的雙贏，但肯定不會忽視那裡正在發生的所有令人興奮的創新。

And then, Mike, on your question on the guidance, we were really excited to raise the guidance. And I think it just speaks to the strong momentum of our portfolio. But like all businesses with as many products as we have, there are some that face various headwinds. So the two that we called out were Promacta and Tysabri. We don't have perfect visibility on when potential generics of Promacta or biosimilars of Tysabri could launch. And so that's why we wanted to make sure that we highlighted. And we basically in those situations, we have the same information that you do. So we're going off of what the companies have said.

然後，麥克，關於你關於指導的問題，我們非常高興提高指導。我認為這說明了我們的投資組合的強勁勢頭。但就像所有擁有眾多產品的企業一樣，我們也會面臨各種不同的阻力。因此，我們列出的兩種藥物是 Promacta 和 Tysabri。我們並不完全清楚 Promacta 的潛在仿製藥或 Tysabri 的生物相似藥何時能夠上市。這就是為什麼我們要確保突出重點。基本上，在這些情況下，我們擁有與您相同的資訊。因此我們將根據各公司的說法進行操作。

And so we highlighted that we do look at sensitivities around those potential biosimilar potential launches of competitive products. In the case of Tysabri, I think one of the things that we've highlighted in the past is that this is a unique product, and we think that it's going to be more durable over time just because of some of the unique aspects of that product. We've seen it's been holding in well outside of the US, despite biosimilar competition. And I think we -- but the -- it does seem like it's coming in the US. And so we'll be watching that closely as well.

因此，我們強調，我們確實會關注那些潛在的生物相似藥潛在競爭產品的推出所帶來的敏感度。就 Tysabri 而言，我認為我們過去強調的一點是，這是一款獨特的產品，而且我們認為，由於該產品的一些獨特方面，它會隨著時間的推移而更加耐用。我們看到，儘管存在生物相似藥的競爭，它在美國以外仍然保持著良好的發展勢頭。我認為我們——但是——它似乎確實正在進入美國。因此我們也會密切注意這一點。

The next question comes from Michael Nedelcovych with TD Cowen.

下一個問題來自 TD Cowen 的 Michael Nedelcovych。

My question is on KarXT. I'm curious if you have a sense whether we've passed the point at which we might expect the FDA to ask for an advisory committee? And when it comes to competition, particularly from other muscarinics, do you have a base case assumption around what we should expect long term and more imminently from the readout on Cerevels compound now AbbVie's compound?

我的問題是關於 KarXT 的。我很好奇，您是否知道我們是否已經過了 FDA 要求設立諮詢委員會的階段？當涉及競爭時，特別是來自其他毒蕈鹼類藥物的競爭，您是否有一個基本假設，即我們應該從 Cerevels 化合物（現為 AbbVie 化合物）的讀數中長期和更緊迫地期待什麼？

Sure. Marshall, this is a question for you.

當然。馬歇爾，這個問題問你。

Absolutely. Thanks for the question. So I think on your first question on KarXT and some of the specifics around the AdCom, I think that's certainly a better question for Bristol. And second, on competition. I think what's happened with KarXT is exactly the kind of opportunities that we hope to create when we invest in really important new medicines, like KarXT, and more broadly thinking about your question about competition, about the competitive landscape in this class, where this is a first in class of an exciting -- a medicine with a really profound impact on patients, that is now in the hands of Bristol, which has the company to really maximize its impact on patients and create the most attractive commercial opportunity possible.

絕對地。謝謝你的提問。因此，我認為，關於您關於 KarXT 的第一個問題以及有關 AdCom 的一些具體問題，我認為這對布里斯托爾來說肯定是一個更好的問題。第二，關於競爭。我認為 KarXT 的進展正是我們在投資真正重要的新藥（如 KarXT）時希望創造的機會，更廣泛地思考你關於競爭的問題，關於此類藥物的競爭格局，這是同類藥物中的第一個，令人興奮的藥物——對患者有著真正深遠的影響，現在掌握在布里斯托爾手中，該公司可以真正最大限度地發揮其對患者的商業機會，並創造其對患者的商業機會。

So certainly, when we made this investment, we assumed there would be others in this class, just given what was visible in the pipeline and the importance of this mechanism. But I think we are really excited to be part of this part of this product, a really great addition to our portfolio, and we're excited to see what's going to happen with it commercially in the launch in Bristol also in terms of their public statements, it seems like they share that enthusiasm.

因此，當然，當我們進行這項投資時，我們假設會有其他人參與這個類別，只是考慮到管道中的可見情況和這種機制的重要性。但我認為我們真的很高興成為這個產品的一部分，這是我們產品組合的一個非常好的補充，我們很高興看到它在布里斯托爾的商業發布會上會發生什麼，從他們的公開聲明來看，似乎他們也有同樣的熱情。

The next question comes from Di Zhao with UBS.

下一個問題來自瑞銀的趙迪。

This is Di Zhao for Ash from UBS. I just want to ask, have you considered maybe splitting your fund into two different investment entities? Clearly, you are reached like a large scale and have like a lion's share of the royalty investment market. So if you look into the active like asset management space, a lot of like large and scaled funds have like a right capacity constraint and into two like T. Rowe and Capital Group. So like, for instance, if you were dividing up your portfolio into like commercial only and clinical only drugs, do you think like you can get your creditors provide you better terms perhaps?

我是瑞銀 (UBS) Ash 的趙迪 (Di Zhao)。我只是想問一下，您是否考慮過將您的基金分成兩個不同的投資實體？顯然，您的規模已經相當龐大，並且佔據了特許權使用費投資市場的最大份額。因此，如果你研究主動資產管理領域，很多大型和規模基金都有正確的容量限制，並且可以分為兩大類，例如 T. Rowe 和 Capital Group。那麼，例如，如果你將你的投資組合劃分為僅用於商業用途的藥物和僅用於臨床的藥物，你是否認為你的債權人可能會給你更好的條款？

So Chris, do you want to take this question? I think in terms of getting our lenders and the rating agencies to give us better terms, actually, the lenders better terms than the rating agencies to give us a better rating. I think the business we have is so strong. Like when you look at Royalty Pharma and compare us to many other players in life sciences -- companies in life sciences, we have really an incredible portfolio with, I think, 15 or 16 blockbuster products that is like when you look at the big pharmas, they typically have more like 10, we have 15 or 17 -- like 1.5 to 1.7 times more blockbusters in our portfolio than the big pharma.

那麼克里斯，你想回答這個問題嗎？我認為，就讓我們的貸款人和評級機構給我們更好的條款而言，實際上，貸款人提供的條款比評級機構給我們更好的評級。我認為我們的業務非常強大。例如當您看看 Royalty Pharma 並將我們與生命科學領域的許多其他參與者（生命科學領域的公司）進行比較時，我們確實擁有令人難以置信的產品組合，我認為有 15 或 16 種重磅產品，而當您看看大型製藥公司時，他們通常只有 10 種以上的重磅產品，而我們有 15 或 17 種的產品

And then we have super, super strong diversification, like a really well diversified portfolio. Better than even some of the big pharmas that may be more reliant on one or two products for the vast majority of their -- for more than half of the revenues. So I think in terms of our credit rating and our cost of debt capital, it's pretty efficient. It's very, very attractive.

然後，我們擁有超級、超強的多樣化，就像一個真正多樣化的投資組合。甚至比一些大型製藥公司還要好，這些公司可能更依賴一兩種產品來獲得絕大多數（超過一半）的收入。因此我認為就我們的信用評級和債務資本成本而言，它是相當有效率的。它非常非常有吸引力。

But Chris, I'll pass it on to you for the other parts of the question.

但是克里斯，我會把問題的其他部分轉交給你。

I think you've covered it, Pablo. I think that covers the answer there.

我想你已經講清楚了，帕布羅。我想這已經涵蓋了答案。

The next question comes from Chris Schott with JPMorgan.

下一個問題來自摩根大通的 Chris Schott。

This is Hardik again. I had one more question. On Voranigo, you mentioned peak sales estimates of $1 billion. And I was just wondering how do you kind of see those sales ramping? So is there like a bolus of patients that can lead to a very quick launch? Or on the other hand, is there some more kind of groundwork to have to be laid for the launch?

這又是哈迪克。我還有一個問題。在 Voranigo 上，您提到峰值銷售額預估為 10 億美元。我只是想知道您如何看待這些銷售的成長？那麼，是否有類似患者推注的藥物可以導致非常快速的啟動？或者另一方面，是否需要為此發射做好更多的基礎工作？

Yes. Thank you. Marshall, you should take this question.

是的。謝謝。馬歇爾，你應該回答這個問題。

Absolutely. Yes. Thanks for the follow-up question on Voranigo. We're obviously really happy to see the approval this week and the strong label behind it, and we're excited to see Servier launch the product. Specifically with your question about the commercial potential and we talked about $1 billion in peak sales. There are kind of multiple ways and multiple drivers that play into that. I think you asked one about ramp like we mentioned there, one of the attractive things that we thought about this opportunity was that it wasn't just about incident patients who are coming on therapy, there are a lot of prevalent patients who are existing out there who are following up with watch and wait with their doctor who we believe could come on to therapy in the relatively near term. So we do think that's an exciting opportunity.

絕對地。是的。感謝您對 Voranigo 的後續問題。我們非常高興看到本週獲得批准以及背後強大的標籤，我們也很高興看到施維雅推出該產品。具體來說，關於您提到的商業潛力，我們談到了 10 億美元的峰值銷售額。有多種方式和多種驅動因素​​可以實現這一目標。我覺得你問過一個關於ramp的問題，就像我們提到的那樣，我們認為這個機會有吸引力的地方之一是，它不只是針對接受治療的突發事件患者，還有很多現有的常見患者正在與醫生一起進行觀察和等待，我們相信這些患者可以在相對較短的時間內接受治療。因此我們確實認為這是一個令人興奮的機會。

But like we always do when we look at products, we consider lots of different scenarios. So like we mentioned, certainly, there's the core glioma indication. There are some indications around that same patient populations around that that are also attractive. And then we talked about duration of therapy as another important driver here that has upside as well potentially. So there's lots of ways I think that Voranigo is going to help patients, but also be an attractive commercial opportunity, and we're looking forward to the launch.

但就像我們在看待產品時總是做的那樣，我們會考慮許多不同的情況。正如我們所提到的，這當然是核心膠質瘤指徵。一些跡象表明，周圍的相同患者群體也具有吸引力。然後我們討論了治療時長，這是另一個具有潛在上升空間的重要驅動因素。因此，我認為 Voranigo 不僅可以透過多種方式幫助患者，而且還是一個有吸引力的商業機會，我們期待它的推出。

I show no further questions at this time. I would now like to turn the call back over to Pablo for closing remarks.

我目前沒有其他問題。現在我想將電話轉回給帕勃羅，請他作最後發言。

Thank you, operator, and thanks everyone on the call for your continued interest in Royalty Pharma. I'll just close by saying that the team at Royalty Pharma and myself are incredibly excited about many things going on with our business. One is a very strong performance. You saw us increase our guidance just now in the middle of the year by a meaningful amount over $100 million, $175 million on the $2.6 billion, $2.7 billion base.

謝謝接線員，也感謝通話中的每個人對 Royalty Pharma 的持續關注。最後，我想說，Royalty Pharma 團隊和我自己對我們業務中正在發生的許多事情感到非常興奮。一是表現非常強勁。您剛才看到，我們在年中將預期金額大幅調高了 1 億美元，在 26 億美元和 27 億美元的基礎上，又增加了 1.75 億美元。

We're also super excited about the opportunities we're seeing in very high-quality assets and our ability to continue to dominate this market. Very excited about the very strong relationships we're building with management teams in the biotech and pharma and our continued ability to partner with them and deploy capital. And believe that when you look at the price today of our stock, there is significant upside because it really only reflects the value of our portfolio.

我們對優質資產中看到的機會以及繼續主導這個市場的能力也感到非常興奮。我們與生物技術和製藥領域的管理團隊建立了非常牢固的關係，我們能夠繼續與他們合作並部署資本，這讓我感到非常興奮。並且相信，當您看到我們股票的今日價格時，您會發現它有很大的上漲空間，因為它實際上只反映了我們投資組合的價值。

And this business has really two components of the portfolio that we own. And then the ability of this team that helps me run the business and their very strong qualifications, their experience, the network, the connections they have throughout the industry, and that come to work every day at Royalty Pharma to deliver for you, our investors, and make this a great business and successful business over the very long term.

這項業務實際上包含我們投資組合的兩個組成部分。然後這個團隊的能力幫助我經營公司，他們擁有非常強大的資格、經驗、網絡和整個行業的人脈，他們每天都來 Royalty Pharma 工作，為你們，我們的投資者提供服務，並使這家公司在很長一段時間內成為一家偉大的公司和成功的公司。

So I'll finish with that and just say that if you have any other questions, please feel free to reach out to George Grofik. Thank you, everyone.

所以我就講到這裡，如果您還有其他問題，請隨時聯繫喬治·格羅菲克 (George Grofik)。謝謝大家。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。