Royalty Pharma PLC (RPRX) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Royalty Pharma's second-quarter 2025 earnings conference call.

女士們、先生們，感謝你們的支持。歡迎參加 Royalty Pharma 2025 年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 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 royaltypharma.com.

各位電話會議中的嘉賓，大家早安，下午好。感謝您與我們一起回顧 Royalty Pharma 2025 年第二季的業績。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. We refer you to our most recent 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. 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.

移至幻燈片 3。我想提醒您，本次電話會議中提供的資訊包含前瞻性陳述，涉及已知和未知的風險、不確定性和其他可能導致實際結果與這些陳述有重大差異的因素。我們請您參閱我們向美國證券交易委員會提交的最新 10-K 文件，以了解這些風險的描述。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。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結果，並且這些指標與我們的公認會計準則財務狀況的對帳在我們網站上的收益新聞稿中提供。

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; and Terry Coyne, EVP, Chief Financial Officer.

接下來，請看投影片 4。今天電話會議的發言人是創辦人兼執行長 Pablo Legorreta、執行副總裁兼研究與投資主管 Marshall Urist 和執行副總裁兼財務長 Terry Coyne。

Pablo will discuss the key highlights, after which Marshall will provide a portfolio update and Terry will review the financials. Following concluding remarks from Pablo, we will hold a Q&A session in which we will also be joined by Chris Hite, EVP, Vice Chairman.

帕布羅將討論主要亮點，之後馬歇爾將提供投資組合更新，特里將審查財務狀況。在 Pablo 做完總結發言後，我們將舉行問答環節，執行副總裁兼副董事長 Chris Hite 也將參加。

And with that, I'd like to turn the call over to Pablo.

現在，我想把電話轉給 Pablo。

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.

謝謝你，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成為生命科學領域領先的創新融資合作夥伴的願景。

Slide 6 summarizes our strong business momentum in the second quarter. In terms of the financials, we delivered 20% growth in Portfolio Receipts, our top line, to $727 million, and 11% growth in Royalty Receipts to $672 million. This was ahead of the guidance we provided last quarter for Portfolio Receipts of $700 million to $725 million due to the strength of our diversified portfolio.

投影片 6 總結了我們第二季強勁的業務動能。在財務方面，我們的投資組合收入（即我們的營業收入）成長了 20%，達到 7.27 億美元，特許權使用費收入成長了 11%，達到 6.72 億美元。由於我們多元化投資組合的實力，這一數字高於我們上個季度提供的 7 億至 7.25 億美元投資組合收入的預期。

Turning to capital allocation. We purchased another eight million shares in the second quarter, taking our total share repurchase this year to $1 billion. At the same time, in the second quarter, we deployed capital of just under $600 million on value-creating royalty transactions.

轉向資本配置。我們在第二季又回購了 800 萬股，使今年的股票回購總額達到 10 億美元。同時，在第二季度，我們投入了近 6 億美元的資金用於創造價值的特許權使用費交易。

Looking at our portfolio, we completed the acquisition of our external manager, which combined our leading royalty portfolio with our valuable investment platform to become an integrated company, an important milestone in our evolution. In addition, we announced a groundbreaking collaboration with Revolution Medicines, which we believe represents a new funding paradigm for innovative biotech companies.

縱觀我們的投資組合，我們完成了對外部經理的收購，將我們領先的特許權使用費投資組合與我們寶貴的投資平台相結合，成為一家綜合性公司，這是我們發展過程中的一個重要里程碑。此外，我們宣布與 Revolution Medicines 建立開創性合作關係，我們相信這代表了創新生物技術公司的一種新的融資模式。

Under this agreement, we will provide up to $2 billion of flexible funding anchored by a synthetic royalty on the exciting Phase 3 oncology therapy, daraxonrasib. We also received encouraging clinical news on several portfolio therapies, including positive Phase 3 results for Gilead's Trodelvy in first-line metastatic triple-negative breast cancer.

根據該協議，我們將提供高達 20 億美元的彈性資金，以令人興奮的 3 期腫瘤療法 daraxonrasib 的合成特許權使用費作為支撐。我們也收到了有關幾種組合療法的令人鼓舞的臨床消息，包括吉利德的 Trodelvy 在治療一線轉移性三陰性乳癌方面取得的積極 3 期結果。

Lastly, we are pleased to raise our full year 2025 top-line guidance. We now expect Portfolio Receipts to be between $3.05 and $3.15 billion, which represents growth of around 9% to 12%. We're also improving our guidance for full-year operating and professional costs to a range of 9% to 9.5% of Portfolio Receipts compared with around 10% previously. This reflects immediate cost savings of our internalization transaction.

最後，我們很高興提高 2025 年全年營收預期。我們現在預計投資組合收入將在 30.5 億美元至 31.5 億美元之間，成長率約為 9% 至 12%。我們還將全年營運和專業成本的指導範圍從先前的 10% 左右提高到投資組合收入的 9% 至 9.5%。這反映了我們內部化交易的直接成本節約。

Third, we'll provide further guidance of the significant savings in operating and professional costs for the remainder of the year and beyond. Consistent with our standard practice, our guidance is based on our current portfolio and does not include the benefit of any future transactions.

第三，我們將對今年剩餘時間及以後大幅節省營運和專業成本提供進一步指導。與我們的標準做法一致，我們的指導是基於我們目前的投資組合，不包括任何未來交易的利益。

Slide 7 shows our consistent track record of average double-digit growth since our IPO. As I noted earlier, we delivered 11% growth in Royalty Receipts in the second quarter. This takes us to 11% growth in the first half of 2025, which supports our confidence in delivering our updated full-year guidance.

幻燈片 7 顯示了我們自 IPO 以來一直保持的平均兩位數增長的記錄。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%。這使我們在 2025 年上半年的成長率達到 11%，這增強了我們對提供更新的全年指導的信心。

I would also highlight that we have delivered this impressive track record of consistent growth, irrespective of the economic and financial markets backdrop. This really demonstrates our ability to execute successfully and consistently against our strategy in the growing market for biopharma royalties.

我還要強調的是，無論經濟和金融市場背景如何，我們都取得了令人印象深刻的持續成長記錄。這確實證明了我們有能力在不斷增長的生物製藥特許權使用費市場中成功且持續地執行我們的策略。

With that, I will hand it over to Marshall.

說完這些，我就把權力交給馬歇爾。

Thanks, Pablo. I want to focus today on our innovative partnership with Revolution Medicines.

謝謝，巴勃羅。今天我想重點談談我們與 Revolution Medicines 的創新合作關係。

Slide 9 gives a high-level view of our deal. We will provide up to $2 billion in long-term funding that will help the company aggressively pursue clinical development and commercialization of its practice-changing therapy daraxonrasib in RAS-mutant pancreatic and lung cancers. Of this amount, $1.25 billion is comprised of synthetic royalty funding, including $250 million we've already paid upfront. The remaining $750 million is senior secured debt that becomes available over time, beginning with FDA approval.

投影片 9 給出了我們交易的整體概況。我們將提供高達 20 億美元的長期資金，幫助該公司積極推進其改變實踐的療法 Daraxonrasib 在 RAS 突變型胰腺癌和肺癌方面的臨床開發和商業化。其中，12.5 億美元為合成特許權使用費，包括我們已經預付的 2.5 億美元。剩餘的 7.5 億美元是優先擔保債務，從獲得 FDA 批准開始，隨著時間的推移即可使用。

Royalty Pharma expects to generate an internal rate of return in the teens, with peak potential annual royalties in excess of $170 million. We and the street see daraxonrasib as a multi-blockbuster based on stellar Phase 1 efficacy, and we anticipate the first Phase 3 readout in second-line metastatic pancreatic cancer in 2026.

Royalty Pharma 預計內部報酬率將達到十幾歲，高峰潛在年特許權使用費將超過 1.7 億美元。我們和市場都認為 Daraxonrasib 是一款基於出色 I 期療效的重磅藥物，我們預計該藥物將於 2026 年在二線轉移性胰腺癌治療中首次獲得 III 期療效數據。

At a broader level, we think this will serve as a blueprint for a new funding approach that allows the most innovative biopharma companies to access large-scale capital while keeping full control of pipeline development and global commercialization and retaining full strategic optionality, thus capturing more value for shareholders. Pablo used the term groundbreaking to describe this partnership, and it's indeed getting lots of attention across the industry.

從更廣泛的層面來看，我們認為這將成為一種新的融資方式的藍圖，使最具創新性的生物製藥公司能夠獲得大規模資本，同時完全控制管道開發和全球商業化，並保留完全的戰略選擇權，從而為股東創造更多價值。帕布羅用「開創性」一詞來描述這一合作關係，它確實引起了整個行業的廣泛關注。

Now let's turn to slide 10 to take a closer look at the details. What's really powerful about this agreement is both the scale and the flexibility. It is a true win-win for both Revolution Medicines and Royalty Pharma. The royalty structure on daraxonrasib provides an attractive risk-reward for both of us with additional funding becoming available upon clinical and regulatory progress as well as sales thresholds. Importantly, for our partner, most of this additional funding is optional and comes at a successively lower cost of capital.

現在讓我們翻到第 10 張投影片來仔細看看細節。該協議真正強大的地方在於其規模和靈活性。對於 Revolution Medicines 和 Royalty Pharma 來說，這是真正的雙贏。Daraxonrasib 的專利權結構為我們雙方提供了相當吸引力的風險回報，隨著臨床和監管進展以及銷售門檻的提高，我們還將獲得額外資金。重要的是，對於我們的合作夥伴來說，大部分額外資金都是可選的，資本成本會逐漸降低。

On top of that, we'll receive royalties on a second pipeline therapy zoldonrasib once it is approved in an overlapping indication. Daraxonrasib consensus models show over $7 billion in worldwide sales by 2035, which translates to as much as $170 million in peak annual royalties to Royalty Pharma. The full details of this transaction are shown in the appendix of this presentation. The credit facility further scales the capital available to Revolution Medicines. It's tranche based on achievement of product approvals and to sales thresholds, so it grows as the company grows. We have the flexibility to syndicate some or all of this six-year loan with other investors.

除此之外，一旦第二種藥物 zoldonrasib 在重疊適應症中獲得批准，我們將獲得特許權使用費。Daraxonrasib 共識模型顯示，到 2035 年，該藥物的全球銷售額將超過 70 億美元，這意味著 Royalty Pharma 每年的最高特許權使用費將高達 1.7 億美元。此交易的完整細節顯示在本簡報的附錄中。此信貸額度進一步擴大了 Revolution Medicines 可用的資本。它是根據產品批准的實現情況和銷售門檻而劃分的部分，因此它會隨著公司的發展而增長。我們可以靈活地與其他投資者聯合發行部分或全部六年期貸款。

Slide 11 gets to the core of why there is so much excitement surrounding daraxonrasib. The unmet need in pancreatic cancer is profound. According to the American Cancer Society, the five-year survival is just 13%, and it's now the third leading cause of cancer-related deaths in the US. The opportunity is substantial with around 56,000 new pancreatic cancer patients diagnosed each year, and for most chemotherapy is the only option. Assuming success in Phase 3, Revolution Medicines would have a significant first-to-market advantage.

第 11 張幻燈片揭示了 Daraxonrasib 引起如此多關注的核心原因。胰臟癌領域尚未滿足的治療需求十分龐大。根據美國癌症協會的數據，癌症的五年存活率僅為 13%，目前已成為美國癌症死亡的第三大原因。每年有大約 56,000 名新的胰臟癌患者被診斷出來，這是一個巨大的機會，對大多數人來說，化療是唯一的選擇。假設第三階段取得成功，Revolution Medicines 將擁有顯著的先發優勢。

We see a similar dynamic in non-small cell lung cancer, where chemotherapy is the only option for second-line treatment for most patients. Here, Revolution Medicines is currently enrolling a Phase 3 study in the second and third-line setting with primary completion expected by the end of 2027. As I also noted, if development in other RAS-driven tumors succeeds, we also benefit.

我們在非小細胞肺癌中也看到了類似的動態，化療是大多數患者二線治療的唯一選擇。目前，Revolution Medicines 正在進行二線和第三線治療的 3 期臨床試驗，預計主要試驗將於 2027 年底完成。正如我所指出的，如果其他 RAS 驅動的腫瘤發展成功，我們也會受益。

To summarize, we think daraxonrasib can transform care for RAS-mutant cancers, especially in metastatic pancreatic cancer where patients desperately need new options. It's a high-impact program with significant commercial potential, and we are proud to be a part of it.

總而言之，我們認為 daraxonrasib 可以改變 RAS 突變癌症的治療方法，尤其是對於轉移性胰臟癌患者來說，這種疾病迫切需要新的治療選擇。這是一個具有巨大商業潛力、影響力巨大的項目，我們很榮幸能成為其中的一員。

With that, I'll hand it over to Terry.

說完這些，我就把它交給特里。

Thanks, Marshall. Let's move to Slide 13. 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 were the strong performances of Voranigo, Trelegy, Evrysdi, and Tremfya.

謝謝，馬歇爾。讓我們轉到第 13 張投影片。這張投影片展示了我們高效的商業模式如何產生大量可供再投資的現金流。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。關鍵驅動因素是 Voranigo、Trelegy、Evrysdi 和 Tremfya 的強勁表​​現。

In addition, we benefited from a one-time payment of approximately $50 million in milestones and other contractual receipts, which was anticipated within our prior guidance. This resulted in Portfolio Receipts, our top line, of $727 million, which was growth of 20%.

此外，我們還受益於一次性支付約 5000 萬美元的里程碑款項和其他合約收入，這在我們先前的指導中是預期的。這使得我們的投資組合收入（頂線）達到 7.27 億美元，成長了 20%。

As we move down the column, operating and professional costs equated to 12.9% of Portfolio Receipts. This included approximately $35 million of one-time expense related to the internalization transaction. Excluding this item, the ratio would have been just over 8% of Portfolio Receipts, within our historical range.

隨著我們向下移動，營運和專業成本相當於投資組合收入的 12.9％。其中包括與內部化交易相關的約 3500 萬美元的一次性費用。不包括這一項，該比率將略高於投資組合收入的 8%，在我們的歷史範圍內。

Net interest was a small positive of $8 million in the quarter, reflecting the semi-annual timing of our interest payment schedule with payments primarily in the first and third quarters and the interest we received for the cash on our balance sheet.

本季淨利息為 800 萬美元的小幅正值，反映了我們的利息支付計劃的半年時間（主要在第一季和第三季支付）以及我們資產負債表上的現金所獲得的利息。

Moving further down the column, we have consistently stated that when we think of the cash generated by the business to then be redeployed into value-enhancing royalties, we look to Portfolio Cash Flow, which is Adjusted EBITDA less net interest paid. This amounted to $641 million in the quarter, equivalent to a margin of around 88%. This reflects a high underlying level of cash conversion and 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，我們會考慮投資組合現金流，即調整後的 EBITDA 減去支付的淨利息。本季這一數字達到 6.41 億美元，相當於利潤率約 88%。這反映了較高的現金轉換水平，並再次強調了我們商業模式的效率。

Capital deployment in the quarter was $595 million. This primarily included the $250 million upfront for Revolution Medicines, a $200 million manufacturing milestone payment related to adstiladrin, and R&D funding for litifilimab. Lastly, our weighted average share count declined by 35 million shares, largely as a result of our share buyback program.

本季資本部署為 5.95 億美元。這主要包括 Revolution Medicines 的 2.5 億美元預付款、與 adstiladrin 相關的 2 億美元製造里程碑付款以及 litifilimab 的研發資金。最後，我們的加權平均股數減少了 3500 萬股，這主要是由於我們的股票回購計畫。

Slide 14 provides more detail on the evolution of our top line in the second quarter. Royalty Receipts, which we consider our recurring cash inflows, grew by 11%, helped by the strength of our diversified portfolio, which I highlighted earlier. I would also note that one of the drivers this quarter was Voranigo, which was $26 million in Royalty Receipts after being launched by Servier only last August. We are excited to see the profound impact it is having for glioma patients as it quickly becomes one of our top royalties and is on track to rapidly become a blockbuster.

投影片 14 提供了有關第二季營業收入變化的更多詳細資訊。特許權使用費收入（我們將其視為經常性現金流入）增長了 11%，這得益於我們多元化投資組合的強勁增長，這一點我之前強調過。我還要指出的是，本季的驅動因素之一是 Voranigo，該公司自去年 8 月由 Servier 推出以來，特許權使用費收入就達到了 2,600 萬美元。我們很高興看到它對膠質瘤患者的深遠影響，因為它很快就成為我們的最高版稅之一，並有望迅速成為重磅藥物。

Portfolio Receipts, which grew by 20% in the quarter, benefited from the one-time payment that I described earlier and is slightly ahead of the range we guided to for the quarter. This takes our top-line growth for the first six months to 18% and supports our confidence in delivering another strong year of growth.

投資組合收入在本季度增長了 20%，這得益於我之前描述的一次性付款，並且略高於我們本季預期的範圍。這使我們上半年的營收成長率達到 18%，並增強了我們實現另一年強勁成長的信心。

Slide 15 shows that we continue to maintain significant financial capacity to execute our strategy. In total, we have access to approximately $3.4 billion through a combination of cash on our balance sheet, the cash our business generates, and access to the debt markets.

投影片 15 顯示我們持續保持強大的財務能力來執行我們的策略。總體而言，我們可以透過資產負債表上的現金、業務產生的現金以及債務市場融資獲得約 34 億美元的資金。

At the end of the second quarter, we had cash and equivalents of $632 million. In terms of our borrowing position, we have investment-grade debt outstanding of $8.2 billion. Our leverage now stands at around 3 times total debt to EBITDA, or 2.7 times on a net basis. We also have undrawn financial capacity from our $1.8 billion revolver.

截至第二季末，我們的現金及等價物為 6.32 億美元。就我們的借貸狀況而言，我們未償還的投資等級債務為 82 億美元。我們的槓桿率目前約為總負債與 EBITDA 比率的 3 倍，或淨槓桿的 2.7 倍。我們還擁有 18 億美元循環信貸額度尚未提取的財務能力。

Lastly, as you heard earlier, under our dynamic capital allocation framework, we continue to take advantage of the fundamental disconnect in our share price and repurchased shares in the quarter, taking our total repurchase activity to $1 billion for the first six months. We also grew our dividend and continued to deploy capital on attractive royalty deals. In total, we returned $1.26 billion to shareholders in the first six months, a record for Royalty Pharma.

最後，正如您之前所聽到的，在我們的動態資本配置框架下，我們繼續利用本季股價和回購股票之間的根本脫節，使前六個月的總回購活動達到 10 億美元。我們還增加了股息，並繼續將資金投入有吸引力的特許權使用費交易。總體而言，我們在前六個月向股東返還了 12.6 億美元，創下了 Royalty Pharma 的最高紀錄。

On slide 16, we are raising our full-year 2025 financial guidance. We now expect Portfolio Receipts to be in the range of $3.05 billion to $3.15 billion. Let me walk you through our assumptions.

在第 16 張投影片上，我們提升了 2025 年全年財務指引。我們現在預計投資組合收入將在 30.5 億美元至 31.5 億美元之間。讓我向您介紹一下我們的假設。

Starting with Portfolio Receipts, we are expecting growth of around 9% to 12%, up from 6% to 12% previously, based on the strong momentum of our diversified portfolio. This takes into account the recent launch of Promacta generics as well as a range of scenarios for the launch of Alyftrek and the impact of Medicare Part D redesign.

從投資組合收入開始，基於我們多元化投資組合的強勁勢頭，我們預計成長率將從先前的 6% 至 12% 上升至 9% 至 12% 左右。這考慮到了最近推出的 Promacta 仿製藥以及推出 Alyftrek 的一系列情景和 Medicare Part D 重新設計的影響。

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 acquisitions.

重要的是，與我們的標準做法一致，該指南基於我們今天的投資組合，並未考慮任何未來特許權使用費收購的利益。

Turning to operating costs. Payments for operating and professional costs are now expected to be approximately 9% to 9.5% Portfolio Receipts in 2025, down from 10% in our previous guidance. Keep in mind that in the first half of this year, operating and professional costs were greater than 12% of Portfolio Receipts, driven by the one-time expenses related to the internalization and the sale of the MorphoSys Development Funding Bonds.

談到營運成本。目前預計，2025 年營運和專業成本的支付將佔投資組合收入的約 9% 至 9.5%，低於我們先前預測的 10%。請記住，今年上半年，營運和專業成本超過了投資組合收入的 12%，這是由與內部化和出售 MorphoSys 發展融資債券相關的一次性費用所致。

Collectively, these items are expected to impact full year costs by approximately $70 million or a little more than 2% of Portfolio Receipts. We expect operating and professional costs to be between 5% to 6% in the second half of the year as we begin to realize the full benefits of the internalization.

總的來說，這些項目預計將對全年成本產生約 7,000 萬美元的影響，或略高於投資組合收入的 2%。隨著我們開始充分認識到內部化帶來的好處，我們預計下半年營運和專業成本將在 5% 至 6% 之間。

Interest paid in 2025 is now expected to be around $275 million with around $126 million to be paid in the third quarter and $8 million in the fourth quarter. This guidance includes the additional quarterly interest expense for the debt assumed as part of the internalization but does not take into account interest received on our cash balance, which was $21 million in the first half.

目前預計 2025 年支付的利息約為 2.75 億美元，其中第三季支付約 1.26 億美元，第四季支付 800 萬美元。該指引包括作為內部化一部分所承擔的債務的額外季度利息支出，但未考慮我們現金餘額所收到的利息，該利息在上半年為 2,100 萬美元。

In summary, we have delivered a strong second quarter and first half, which puts us on track to deliver another full year of excellent financial performance in 2025 as reflected in our raised guidance.

總而言之，我們在第二季和上半年表現強勁，這使我們能夠在 2025 年全年實現出色的財務業績，正如我們上調的預期所反映的那樣。

Now before I hand it over to Pablo, I should also note that we did not receive from Vertex the full royalty to which we are entitled on Alyftrek, specifically the royalty related to deuterated ivacaftor.

現在，在我將其交給 Pablo 之前，我還應該指出，我們並未從 Vertex 收到我們有權獲得的 Alyftrek 的全部特許權使用費，特別是與氘代 ivacaftor 相關的特許權使用費。

As we have previously stated, we believe we are entitled to a royalty of 8% on sales of Alyftrek. However, Vertex only paid us a royalty of 4%. As a result, we commenced the dispute resolution process contemplated by the agreements relating to our royalties on Vertex's cystic fibrosis products.

正如我們之前所說，我們認為我們有權獲得 Alyftrek 銷售額 8% 的版稅。然而，Vertex 僅向我們支付了 4% 的專利費。因此，我們啟動了與 Vertex 囊性纖維化產品特許權使用費相關的協議所設想的爭議解決程序。

That process is subject to confidentiality obligations and so we do not expect to provide any updates until the matter is resolved, which we anticipate by around the end of 2026. We continue to receive our full royalties on Trikafta, Kalydeco, Symdeko, and Orkambi.

該過程受保密義務約束，因此我們預計在問題解決之前不會提供任何更新，我們預計問題將在 2026 年底左右解決。我們將繼續獲得 Trikafta、Kalydeco、Symdeko 和 Orkambi 的全部版稅。

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

說完這些，我想把電話交還給 Pablo。

Thanks, Terry. To conclude, I am delighted with our strong performance so far in 2025.

謝謝，特里。總而言之，我對我們在 2025 年迄今為止的出色表現感到非常高興。

We have again delivered double-digit growth, and we've entered into a groundbreaking partnership and acquired a royalty to one of the most exciting oncology assets in clinical development. On top of this, we significantly increased the return of capital to our shareholders, and we're now an integrated company with all the benefits that it brings to our shareholders and our people.

我們再次實現了兩位數的成長，並建立了開創性的合作夥伴關係，並獲得了臨床開發中最令人興奮的腫瘤學資產之一的特許權使用費。除此之外，我們也大幅提高了股東的資本報酬率，現在我們已經成為一家綜合公司，為股東和員工帶來了許多好處。

On slide 18, I want to highlight an important event in partnership with MIT that took place in the second quarter and reflects our role in advancing the health care ecosystem. In June, we sponsored our fifth annual Accelerating Bio-Innovation Conference. The aim of this three-day conference is to facilitate discussions on translational science and drug development and to connect diverse parties in the biopharma ecosystem.

在第 18 張投影片上，我想強調第二季度與麻省理工學院合作舉辦的一次重要活動，該活動反映了我們 在推進醫療保健生態系統方面所發揮的作用。六月，我們贊助了第五屆加速生物創新會議。為期三天的會議旨在促進轉化科學和藥物開發的討論，並聯繫生物製藥生態系統中的各方。

This year, we had a tremendous turnout of nearly 350 life sciences executives, including 127 CEOs, 79 scientists, and 4 Nobel laureates. The audience was balanced between industry, academia, and investment professionals.

今年，我們迎來了近 350 名生命科學領域的高階主管，其中包括 127 名執行長、79 名科學家和 4 名諾貝爾獎得主。觀眾由工業界、學術界和投資專業人士組成。

As with our previous conferences, the feedback we received was hugely positive and sets Royalty Pharma up well for future dialogue with many of the leading innovators in biopharma. This is another example of our win-win approach and keeps us front of mind for those seeking a partner to fund their innovation.

與我們之前的會議一樣，我們收到的回饋非常積極，並為 Royalty Pharma 未來與生物製藥領域的許多領先創新者進行對話奠定了良好的基礎。這是我們雙贏方法的另一個例子，並讓我們成為那些尋求合作夥伴資助其創新的人的首選。

On my final slide, I want to remind you of our coming Investor Day on September 11. We have an exciting agenda, which will provide you with a comprehensive deep dive into our plans to drive shareholder value creation in the large and growing market for funding biopharma innovation. We think it's a truly unique and compelling story, and we hope you can join us.

在我的最後一張投影片中，我想提醒大家我們即將於 9 月 11 日舉行的投資者日。我們有一個令人興奮的議程，它將帶您全面深入了解我們的計劃，以推動在龐大且不斷增長的生物製藥創新融資市場中創造股東價值。我們認為這是一個真正獨特且引人入勝的故事，我們希望您能加入我們。

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

我們很樂意回答您的問題。

We will now open up the call to your questions. Operator, please take the first question.

我們現在將開始回答您的問題。接線員，請回答第一個問題。

(Operator Instructions) Chris Schott, JPMorgan.

（操作員指示）摩根大通的 Chris Schott。

I just had two here. Maybe first, coming back to the Revolution Medicines deal. I'm just interested in your capacity to do these types of deals. I know it's a smaller initial upfront but could be a sizable amount of capital with obviously very attractive returns if it all works out. So should we think about this as kind of more like one-off type of transactions? Or could we think about Royalty doing kind of a wider range of these kind of end-to-end type of structures like this?

我這裡剛有兩個。也許首先，回到 Revolution Medicines 交易。我只是對你做這類交易的能力感興趣。我知道這筆初始投資較小，但如果一切順利的話，可能會產生相當可觀的資金，並且顯然會帶來非常可觀的回報。那麼我們是否應該將其視為一種一次性交易？或者我們可以考慮讓 Royalty 採取更廣泛的此類端到端結構？

My second question was on China innovation and how Royalty is thinking about this. It seems like we're seeing a larger and larger percent of the industry's, at least early-stage pipeline coming from China. How do you think about this from a Royalty perspective? So specifically, do these companies have the same royalty opportunities you've seen with maybe more traditional US or European biotechs? And as a company, do you have the resources to diligence and develop relationships with some of these emerging companies?

我的第二個問題是關於中國創新以及 Royalty 對此有何看法。我們似乎看到該行業至少是早期階段的管道中越來越多的部分來自中國。從皇室的角度來看，您如何看待這個問題？那麼具體來說，這些公司是否擁有與更傳統的美國或歐洲生技公司相同的特許權使用費機會？作為一家公司，您是否擁有資源來盡職調查並與這些新興公司建立關係？

Chris, thank you for your excellent questions. And I'm going to take the first one, and I'll ask Marshall to take the second one.

克里斯，謝謝你提出的精彩問題。我將回答第一個問題，然後請馬歇爾回答第二個問題。

So with respect to the Revolution Medicines transaction, it's incredibly exciting for us. And as we shared with investors when we closed the deal in our press release, we believe this is groundbreaking. It's a new paradigm for us, for the industry, for biotech, exciting biotech companies seeking funding because it really puts Royalty Pharma as a very viable alternative to a big pharma partnership where companies typically give up a very significant portion of the economics. It could be 50-50 shared economics with a big pharma partner. Often, big pharmas also take a much larger share of the ex-US economics because they have worldwide distribution and they -- when they're discussing transactions with biotechs, they present that as an advantage they have.

因此，就 Revolution Medicines 交易而言，這對我們來說是無比令人興奮的。正如我們在新聞稿中與投資者分享交易完成時所說的那樣，我們相信這是開創性的。對於我們、對整個產業、對生物技術來說，這是一個新的範例，它讓尋求資金的生物技術公司興奮不已，因為它確實使 Royalty Pharma 成為大型製藥合作夥伴的一個非常可行的替代方案，在大型製藥合作夥伴中，公司通常會放棄很大一部分經濟利益。它可能與大型製藥公司合作夥伴共享 50% 的經濟利益。通常，大型製藥公司在美國以外地區的經濟中佔有更大的份額，因為它們擁有全球分銷能力，而且當他們與生物技術公司討論交易時，他們會將此作為自己的優勢。

Also what happens in this big pharma partnerships is that you now have a partner that will have opinions and maybe in how -- in terms of how to develop the drug, and maybe their opinions do not coincide with the opinions of the biotech management, and it becomes complicated.

此外，在大型製藥公司合作關係中，你現在有一個合作夥伴，他會有自己的意見，也許在如何開發藥物方面，他們的意見可能與生物技術管理層的意見不一致，情況就變得複雜了。

So what's so interesting about this is that we provided funding at scale up to $2 billion for this very exciting product and this great company with a fantastic management team that puts us -- creates this win-win partnership with this company.

有趣的是，我們為這款令人興奮的產品提供了高達 20 億美元的資金，這家擁有出色管理團隊的偉大公司擁有一支優秀的管理團隊，我們與這家公司建立了雙贏的合作夥伴關係。

But to more precisely, just a touch on one of your questions is, can we do more of this? And absolutely, we can. We're actually having active discussions with many other potential partners. Obviously, when something like this happens, people notice, and they realize that they could be another Revolution Medicines. And we do have the capacity to do many more. We have the capacity to analyze these deals and negotiate them. And we're very excited about this. And I don't see this as a one-off. Obviously, transactions take time and for us to agree on terms with partners, it requires a lot of things that have to fall in place. But I do expect that we will see more of this in the coming years. And that's something that Royalty Pharma is extremely well positioned to do based on our scale, cost of capital, and also knowledge.

但更準確地說，只需觸及您的一個問題，我們能做更多這樣的事嗎？當然，我們可以。實際上，我們正​​在與許多其他潛在合作夥伴進行積極討論。顯然，當這樣的事情發生時，人們會注意到，並意識到他們可能成為另一個革命藥物。我們確實有能力做更多的事情。我們有能力分析這些交易並進行談判。我們對此感到非常興奮。我並不認為這只是一次性事件。顯然，交易需要時間，為了與合作夥伴就條款達成一致，我們需要做很多事情。但我確實預計未來幾年我們會看到更多這樣的情況。憑藉我們的規模、資本成本和知識，Royalty Pharma 完全有能力做到這一點。

One very last thing that I will mention is that we've invested a lot of money over the last five, six, seven years in data. And one of the things that we're doing is data that we acquire and then use it to analyze our investments, but also on a data analytics team that is expensive and it's great people that we've gathered. And we're using that for our own benefit but also sharing that with our partners. And again, something that differentiates Royalty Pharma from other capital providers.

我最後要提到的一點是，過去五、六、七年來我們在數據方面投入了大量資金。我們正在做的事情之一是獲取數據，然後用它來分析我們的投資，同時我們也組建了一支昂貴且優秀的數據分析團隊。我們不僅利用它為自己謀利，也與我們的合作夥伴分享。這也是 Royalty Pharma 與其他資本提供者的區別所在。

So I'll turn it now over to Marshall to answer your second question.

現在我將把問題交給馬歇爾來回答你的第二個問題。

Hey, Chris. Good morning. Thanks for the question on China. So no, it's a great question, and it probably won't surprise you to hear that something we've been focused on -- that we've been focused on for a while now. I think we are really excited to see the new product development and the kind of globalization of biopharma innovation.

嘿，克里斯。早安.感謝您提出有關中國的提問。所以，不，這是一個很好的問題，當你聽到我們一直在關注的事情——我們已經關注了一段時間的事情時，你可能不會感到驚訝。我認為我們真的很高興看到新產品的開發和生物製藥創新的全球化。

And what's happening in China is exciting, and we are definitely focused on it helping us to grow the Royalty Pharma business. And I think it's a great example of how our open and flexible business model allows us to shift and focus on innovation wherever it happens around the world.

中國正在發生的事情令人興奮，我們絕對致力於它來幫助我們發展 Royalty Pharma 業務。我認為這是一個很好的例子，說明我們的開放和靈活的商業模式如何使我們能夠轉變並專注於世界各地的創新。

And so a couple of points to make. I think one is, definitely, we're excited to see this as a whole new source of both royalty creation and new royalties for us to potentially invest in, in the future. But then also, there's definitely going to be opportunities over time to work directly with companies there like you've seen us do -- like you're seeing us do here in the US and Europe. So we're definitely excited about that. And like I said, we've been focused on it for a while, and we're already actively engaged in developing relationships there and potential investments there. So I think it's a place you'll continue to see focus from us in terms of new opportunities and something that we're excited to see as a part of our business in the future.

有幾點要說明。我認為，首先，我們非常高興地看到這是一個全新的版稅創造來源，也是我們未來可能投資的新版稅來源。但同時，隨著時間的推移，肯定會有機會直接與那裡的公司合作，就像您看到我們在美國和歐洲所做的那樣。所以我們對此感到非常興奮。正如我所說的，我們已經關注這個問題有一段時間了，並且我們已經積極地在那裡發展關係和潛在投資。因此，我認為，您將繼續看到我們關注這個領域的新機遇，我們也很高興看到它成為我們未來業務的一部分。

Terence Flynn, Morgan Stanley.

摩根士丹利的特倫斯弗林。

Congrats on all the progress. I have two. The first is, there's been a growing focus on the bladder cancer market given a number of innovative drugs that have been launched and are launching. I know you guys have some exposure there with Adstiladrin royalties. Just wondering if you can disclose what that royalty is tracking on a dollar basis right now? And then maybe how you see the non-muscle invasive segment evolving just given some upcoming competitors that might be entering?

祝賀你取得的所有進展。我有兩個。首先，隨著大量創新藥物的上市和即將上市，膀胱癌市場受到越來越多的關注。我知道你們在 Adstiladrin 版稅方面有一定的知名度。我只是想知道您是否可以透露目前該版稅的美元追蹤情況？那麼，考慮到一些即將進入的競爭對手，您如何看待非肌肉侵入領域的發展？

And then the second one is just on the operating expenses. Is the 5% to 6% range that you talked about, Terry, for second half of '25, is that the run rate we should think about for '26? And then how are you thinking about additional share repos from here?

第二個是關於營運費用。特里，您所說的 25 年下半年的 5% 到 6% 的範圍是我們應該考慮的 26 年的運行率嗎？那麼，您如何考慮從這裡開始增加股票回購？

Thanks for the question. So Terry, why don't you take this question about operating expenses, and then Marshall can talk about bladder cancer.

謝謝你的提問。那麼特里，你為什麼不回答這個關於營運費用的問題，然後馬歇爾可以談談膀胱癌。

Sure. So we -- yeah, we're now starting to really see the benefits of the internalization on that sort of operating margin with 5% to 6% Portfolio Receipts going to expenses in the second half of this year. I think that we haven't given guidance yet for next year, but we do feel like this is -- it's a strong trend and heading in a direction that will reach -- when we did the transaction, we said that we could ultimately get to 4% to 5% of Portfolio Receipts. And I think we're heading there. So we feel really good about that.

當然。所以——是的，我們現在開始真正看到內部化對這種營業利潤率的好處，今年下半年 5% 到 6% 的投資組合收入將用於支出。我認為我們還沒有為明年提供指導，但我們確實覺得這是一個強勁的趨勢，並且正朝著一個方向發展——當我們進行交易時，我們說過我們最終可以達到投資組合收入的 4% 到 5%。我認為我們正朝著這個目標前進。所以我們對此感到非常高興。

And then the question on share repurchases, as we've discussed a number of times in the past, it's going to be very dynamic. I think what we're really excited about right now, and you see it with the Revolution Medicines deal is the opportunities ahead of us. And so we're really excited about the pipeline. And I think that we're going to try to strike the right balance and look at our capital allocation framework as sort of a guidepost there and look at the attractiveness of royalty deals and the attractiveness of our share price relative to intrinsic value. And we do feel really good about where the pipeline is right now. And so I think that that's something that we're very excited about.

然後是關於股票回購的問題，正如我們過去多次討論過的那樣，它將非常動態。我認為我們現在真正興奮的是，從 Revolution Medicines 交易中你可以看到，我們面前有巨大的機會。因此，我們對這條管道感到非常興奮。我認為我們將努力取得適當的平衡，將我們的資本配置框架視為一種指導方針，並考慮特許權使用費交易的吸引力以及我們的股價相對於內在價值的吸引力。我們對於管道目前的狀況確實感到非常滿意。所以我認為這是讓我們非常興奮的事情。

And then Terrance, your question -- the second part of the question on Adstiladrin. So we have not disclosed the nominal royalties for that, but I can certainly provide some thoughts on how we thought about that market and how we see it developing.

然後是 Terrance，你的問題——關於 Adstiladrin 問題的第二部分。因此，我們尚未披露其名義版稅，但我可以提供一些關於我們對該市場的看法以及我們對其發展的看法。

So we are excited to be a part of Adstiladrin and Ferring has done great work building this market. This is a market that hasn't seen innovation in this area for some time, and Ferring is doing a good job with the launch and building the market.

因此，我們很高興成為 Adstiladrin 的一部分，Ferring 在建立這個市場方面做出了巨大貢獻。這個市場已經有一段時間沒有出現該領域的創新了，而輝凌在啟動和建立這個市場方面做得很好。

And as a reminder, our view here and what we got excited about Adstiladrin was kind of three or four things. And first one was this was first to market with a real advantage in terms of a -- what we think is a compelling combination of both efficacy and patient experience in terms of safety and convenience, which comes together to be, we think, a really exciting package. Certainly, when we made this investment, we were aware that there are other products coming to market. But this is one where we see that as a positive in the sense that as more companies are focused on this market, we see it growing with patients seeing multiple lines of therapy and certainly not a zero-sum game in any way. And so we are excited about Adstiladrin and excited to see how the non-muscle-invasive breast cancer market develops from here.

提醒一下，我們對 Adstiladrin 的看法和興奮點主要有三、四點。首先，這是第一個在市場上具有真正優勢的產品——我們認為它在安全性和便利性方面將功效和患者體驗完美地結合在一起，我們認為這是一個真正令人興奮的產品組合。當然，當我們進行這項投資時，我們意識到還有其他產品即將進入市場。但我們認為這是一個積極的方面，因為隨著越來越多的公司關注這個市場，我們看到它正在成長，患者可以看到多種治療方法，這絕對不是零和遊戲。因此，我們對 Adstiladrin 感到非常興奮，並且很高興看到非肌層浸潤​​性乳癌市場從現在開始如何發展。

Jason Gerberry, Bank of America.

美國銀行的 Jason Gerberry。

Maybe one more on the RevMed deal. Curious how important to the upfront deal consideration was frontline PDAC? How you view derisking of dara combo with chemo, specifically in the frontline PDAC setting? Or is that kind of more factored into the sort of the downstream optionality when you consider that? And then maybe just when we think about 2025 Portfolio Receipt guidance, can you identify what is the single biggest variable in that 3% delta?

也許還有更多關於 RevMed 交易的內容。好奇前線 PDAC 對於前期交易考量有多重要？您如何看待 dara 與化療合併治療的風險降低，特別是在前線 PDAC 治療中？或者當您考慮到這一點時，這是否會更多地影響下游可選性？然後也許當我們考慮 2025 年投資組合收據指引時，您能否確定 3% 增量中最大的變數是什麼？

Sure. So Marshall, why don't you take the Revolution Medicines question? And then Terry, you can take the second question.

當然。那麼馬歇爾，你為什麼不回答革命藥物的問題呢？然後特里，你可以回答第二個問題。

Sure. Hey, Jason. Good morning. So on the Revolution Medicines deal, and I just want to reiterate how excited we are both about this product, what it means for patients and how innovative this deal is and like one of the earlier questions asked about, we really see this as a new approach for companies to develop and access large-scale capital for exciting drugs.

當然。嘿，傑森。早安.因此，關於 Revolution Medicines 交易，我只想重申我們對這款產品感到多麼興奮，它對患者意味著什麼，這筆交易有多麼創新，就像之前提出的問題之一一樣，我們確實認為這是公司開發和獲取令人興奮的藥物大規模資本的新方法。

Specifically on the first-line question, so we are really excited about the first-line opportunity. And I think certainly, the patient need there is just as great. And so we are excited to see Revolution Medicines develop at there. Won't go into a lot of detail on that except to say, yes, that's something we are excited -- we are certainly excited about beyond second line.

具體來說，關於一線問題，我們對一線機會感到非常興奮。我認為那裡的病人需求肯定也同樣大。因此，我們很高興看到 Revolution Medicines 在那裡發展。我不會對此進行過多的詳細說明，只能說，是的，這是讓我們興奮的事情——我們當然對二線以外的事感到興奮。

And then finally, just as a reminder, one of the tranches of the synthetic royalty deal is based on positive Phase 3 data in pancreatic cancer. So certainly -- in first-line pancreatic cancer. So certainly, that's something that was contemplated as part of our deal.

最後，提醒一下，合成特許權使用費協議的一部分是基於胰腺癌的積極第三階段數據。所以肯定是——在胰臟癌的第一線治療。所以當然，這是我們交易中考慮的事情。

And then, Jason, on your guidance question, we always try to look at a range of scenarios when we're providing our guidance. And so some of the factors that I mentioned before or certainly the Promacta generic is one, Part D redesign, FX. We really try to just kind of stress test all of the potential sales scenarios for a lot of our products when we're doing that. So that's how we came up with that range. Yeah, that's basically it.

然後，傑森，關於你的指導問題，我們在提供指導時總是嘗試考慮一系列場景。因此，我之前提到的一些因素，或者肯定是 Promacta 仿製藥的因素之一，即 D 部分重新設計、FX。在這樣做的時候，我們確實嘗試對許多產品的所有潛在銷售場景進行壓力測試。這就是我們得出該範圍的原因。是的，基本上就是這樣。

Umer Raffat, Evercore.

烏默·拉法特（Umer Raffat），Evercore。

I have several today, if that's okay. Maybe just step by step. First, Terry, you mentioned obviously the change in how Vertex is putting out the royalties now. I also see consensus tracking at about $900 million in royalty payments to Royalty Pharma for the foreseeable future, the next several years. I guess how would you recommend we think through that while you guys are in the arbitration process?

如果可以的話，我今天有好幾個。或許只是一步一步來。首先，特里，你顯然提到了 Vertex 現在支付版稅的方式的變化。我還看到，在可預見的未來，也就是未來幾年，向 Royalty Pharma 支付的專利使用費預計將達到 9 億美元。我想你會建議我們在仲裁過程中如何考慮這個問題？

Secondly, maybe this is for Pablo and Marshall. Obviously, congrats on the Rev Med deal and very intriguing structure of the deal around pancreatic data, pancreatic approval, et cetera. But there's one thing I can't seem to figure out, which is why were no tranches pegged to the Phase 3 lung cancer readout? And who decided that? Was it RevMed that decided that? Or was it Royalty Pharma?

其次，也許這是為 Pablo 和 Marshall 準備的。顯然，恭喜 Rev Med 交易，以及圍繞胰腺數據、胰腺批准等的非常有趣的交易結構。但有一件事我似乎無法理解，那就是為什麼沒有將分期付款與第三階段肺癌讀數掛鉤？那是誰決定的呢？這是 RevMed 的決定嗎？還是 Royalty Pharma？

And then finally, on Spinraza durability, Biogen is obviously really emphasizing, and so is Ionis, the salanersen program, which is the once annual version of Spinraza. And it prompted me to sort of go back and see how you guys structured the transaction. And at least based on what was put out there, it looks like it was specifically focused on nusinersen, which is Spinraza. So would you guys have to buy into that? Just trying to think about how to think about the Spinraza franchise durability, if I may?

最後，關於 Spinraza 的耐用性，Biogen 顯然非常重視，Ionis（salanersen 計劃）也是如此，它是 Spinraza 的年度版本。這促使我回過頭去看看你們是如何建構交易的。至少從目前發布的信息來看，它似乎特別關注 nusinersen，也就是 Spinraza。那你們會接受這個說法嗎？我只是想思考如何看待 Spinraza 特許經營的持久性，如果可以的話？

Umer, thanks for the question and good to hear you. Terry or maybe Marshall can take the RevMed question, including the Phase 3 lung cancer point and talk about Spinraza, and then Terry can come back to Vertex.

烏默爾，感謝您的提問，很高興聽到您的聲音。特里 (Terry) 或者馬歇爾 (Marshall) 可以回答 RevMed 的問題，包括第 3 階段肺癌要點並談論 Spinraza，然後特里可以回到 Vertex。

Sure. Umer, good morning. So on the first part of your question on the tranches and why they were tied to pancreatic cancer, I wouldn't read anything into that about our views on lung cancer. We're certainly excited about that.

當然。烏默爾，早安。因此，關於您問題的第一部分，即為什麼分期付款與胰腺癌有關，我不會從中解讀出我們對肺癌的看法。我們對此感到非常興奮。

It was -- the tranches and the triggers and the timing was really part of an extensive and collaborative discussion that we had with RevMed about fitting the capital and the cadence of the capital coming in to fit their needs as they're thinking about their broader development program. So that was really the trigger, and I think it's a good insight and a good question into how we develop these deals and these structures with our partners. So that's the right way to think about that.

事實上，分期付款、觸發條件和時間安排都是我們與 RevMed 進行的廣泛合作討論的一部分，討論內容是如何在他們考慮更廣泛的發展計劃時，調整資本和資本到位的節奏，以滿足他們的需求。所以這確實是個觸發因素，我認為這對我們如何與合作夥伴制定這些交易和結構提出了很好的見解和問題。這是思考這個問題的正確方法。

And on Spinraza, on that one, yes, we have certainly been following the -- we have certainly been following the developments on the next generation. And just a reminder that on the Spinraza, remember that is a -- that royalty, depending on the pelacarsen outcome, will end at a certain point when we have received -- when we've essentially gotten our capital back. So there is a limit on that royalty.

關於 Spinraza，是的，我們一直在關注——我們一直在關注下一代的發展。需要提醒的是，在 Spinraza 上，請記住，根據 pelacarsen 的結果，特許權使用費將在我們收到的某個時間點結束，即當我們基本上收回了資本時。因此，版稅是有限制的。

And then specifically on the next gen, let us come back to you off-line on the details on that one. And we can give you some more detail on the extent to which we have exposure to the next gen.

然後具體到下一代，讓我們在線下再向您詳細介紹一下。我們可以向您提供更多關於我們接觸下一代的程度的詳細資訊。

And then Umer, on CF, just to sort of clarify, when we look at our consensus, we see $850 million in 2026, declining to $750 million by 2030. As far as what investors should assume during the arbitration -- during the dispute resolution process, what we know right now is that we're getting a 4% royalty. I think that, that's what we know today. I think as this plays out, I think we'll just have to wait and see. But right now, it's a 4% royalty. We believe strongly that we are entitled to an 8% royalty, but we need to let this process play out.

然後，Umer，關於 CF，需要澄清的是，當我們看我們的共識時，我們預計 2026 年將達到 8.5 億美元，到 2030 年將下降到 7.5 億美元。至於投資者在仲裁期間——在爭議解決過程中應該承擔什麼，我們現在知道的是，我們將獲得 4% 的版稅。我想，這就是我們今天所知道的。我認為隨著事情的發展，我們只需要拭目以待。但目前，特許權使用費為 4%。我們堅信我們有權獲得 8% 的版稅，但我們需要讓這個過程順利進行。

Terry, maybe you need to point out the guidance you gave of $850 million, going $750 million or $700 million is based on what assumption in terms of the royalty rates.

特里，也許你需要指出，你給出的 8.5 億美元、7.5 億美元或 7 億美元的指引是基於特許費率的什麼假設。

That's based on consensus estimates.

這是基於一致的估計。

Based on what royalty rates?

基於什麼特許費率？

Royalty Pharma consensus estimates. I don't know.

Royalty Pharma 的一致估計。我不知道。

It's a low royalty.

這是一種低廉的版稅。

Yes. I assume that the royalty rate is -- that reflects the lower royalty.

是的。我認為版稅率是——這反映了較低的版稅率。

The lower royalty, it yes. Obviously, the outcome of this dispute will determine what the actual royalty rate will be and that will change this estimate.

較低的版稅，是的。顯然，這場爭議的結果將決定實際的專利使用費率，並將改變這個估計。

Mike Nedelcovych, TD Cowen.

邁克·內德爾科維奇 (Mike Nedelcovych)，TD Cowen。

I have three. One is actually a follow-up on the Vertex dispute. In terms of timing, is end of 2026, the worst-case scenario is it within the realm of possibility, for example, that this dispute is settled much earlier than that? Or are there structural reasons why the arbitration absolutely must extend into 2026? That's my first question.

我有三個。其中一個實際上是對 Vertex 爭議的後續。就時間而言，最糟的情況是 2026 年底，例如，這場爭端在那之前得到解決是否有可能？或是否有結構性原因導致仲裁必須延長至 2026 年？這是我的第一個問題。

My second question is on aficamten. Bristol's Camzyos has been performing much better of late. And I wonder how you interpret those trends? Do you view them as positive for the market opportunity as a whole and likely to accrue to aficamten benefit as well? Or do you think it might make the competitor more difficult to dislodge either way? And what ways do you think aficamten might differentiate in the marketplace?

我的第二個問題是關於 aficamten 的。布里斯託的 Camzyos 近期表現好得多。我想知道您如何解讀這些趨勢？您是否認為它們對整個市場機會具有積極作用並且也可能為公眾帶來利益？或者您認為無論怎樣，這都會使競爭對手更難被取代？您認為 aficamten 可以在市場上以哪些方式脫穎而出？

And then my last question is actually on the ABI conference. It's very interesting. I'm curious if you might share with us one new thing that you learned at the conference about the industry that perhaps you have not heard in other venues?

我的最後一個問題實際上是關於 ABI 會議的。這很有趣。我很好奇，您是否可以與我們分享一個您在會議上了解到的有關該行業的新事物，而這些新事物您可能在其他場合沒有聽說過？

Sure. So regarding the timing estimate we gave you for the resolution of the Vertex dispute, it's a conservative time based on a lot of data on disputes of how much time it takes for this to get resolved. And obviously, there are scenarios where this could get resolved much quicker. But we wanted to give you what is sort of what actually happens in this kind of situation, and that's why we guided conservatively. And then Marshall can talk on the aficamten question.

當然。因此，關於我們為您提供的解決 Vertex 爭議的時間估計，這是一個保守的時間，基於大量爭議數據來確定解決爭議需要多長時間。顯然，有些情況下這個問題可以得到更快的解決。但我們想告訴您在這種情況下實際發生的情況，這就是我們採取保守指導的原因。然後馬歇爾可以談論非洲問題。

Okay. Great. Hey, Mike. Good morning. So first of all, just to confirm on Umer's last question. So Umer, the answer to your question is, yes, the next-generation Spinraza is included as part of our deal. So no concerns there on Spinraza's sustainability because it is included.

好的。偉大的。嘿，麥克。早安.首先，我只是想確認一下 Umer 的最後一個問題。所以 Umer，你的問題的答案是，是的，下一代 Spinraza 包含在我們的交易中。因此無需擔心 Spinraza 的可持續性，因為它已包含在內。

And then, Mike, on Camzyos. So yeah, we have been happy to see the uptake of Camzyos, and I think confirms our view of the market and the unmet need there and the size of that market. And so I think sets the stage for the aficamten launch nicely. So that's our view overall. And I think there's lots of parts to it. I think certainly having options in a market for physicians and for patients is always a powerful thing. I think some of the ease-of-use factors with aficamten are certainly going to be viewed positively by physicians. And then the set of data that Cytokinetics is developing around the product will certainly be helpful like you saw the beta blocker comparison study that read out positively earlier this year. So we remain really excited about aficamten and the success of Camzyos only confirms that for us.

然後，Mike，談談 Camzyos。所以，是的，我們很高興看到 Camzyos 的普及，我認為這證實了我們對市場以及該市場未滿足的需求和規模的看法。因此，我認為這為 aficamten 的推出奠定了良好的基礎。這就是我們的整體觀點。我認為它包含很多部分。我認為，在市場上為醫生和患者提供選擇始終是一件很有力量的事情。我認為阿菲卡姆滕的一些易用性因素肯定會受到醫師的正面評價。然後，Cytokinetics 圍繞該產品開發的數據集肯定會有所幫助，就像您在今年早些時候看到的積極的 β 受體阻斷劑比較研究一樣。因此，我們對 aficamten 仍然感到非常興奮，而 Camzyos 的成功也證實了這一點。

Ash Verma, UBS.

瑞銀的 Ash Verma。

So I wanted to ask about just broadly on the biopharma royalty news. I saw the transaction between HealthCare Royalty Partners and KKR. I'm just curious to get your thoughts on how competition scaling up impacts your ability to compete for new royalties, especially for large transactions?

所以我想廣泛詢問有關生物製藥特許權使用費的新聞。我看到了 HealthCare Royalty Partners 和 KKR 之間的交易。我只是好奇，您對競爭規模擴大如何影響您競爭新版稅的能力有何看法，尤其是對於大額交易？

Sure, Ash. Thank you for the question. So it's not a surprise to us. We've actually known HealthCare Royalty for probably two decades and know the team well, know the people. And it's not a surprise to us that they have now been acquired by KKR. We expected that. And what I would just say is that competition has been out in the market for decades, and we know really well how to operate with competitors. And there's been other things that have happened recently. There was another fund that was raised, $1 billion. But I think a few things to just remind you of. One is that Royalty Pharma has a very, very different structure than the rest of the competitors we have. We're a fully integrated company with a very low cost of capital, a WACC of 7%-ish, around 7%, maybe a little bit higher. And a cost of debt that is extremely, extremely low. Our overall cost of debt is a little bit north of 3%. And obviously, to raise new debt will be slightly higher given the interest rates today.

當然，阿什。謝謝你的提問。所以這對我們來說並不意外。事實上，我們認識 HealthCare Royalty 大概有二十年了，並且非常了解這個團隊和員工。他們現在被 KKR 收購，這對我們來說並不令人意外。我們預料到了這一點。我想說的是，市場競爭已經存在幾十年了，我們非常清楚如何與競爭對手合作。最近還發生了其他一些事情。另外也籌集了另一隻基金，金額為 10 億美元。但我想有幾件事需要提醒你。一是 Royalty Pharma 的結構與我們的其他競爭對手非常不同。我們是一家完全整合的公司，資本成本非常低，加權平均資本成本 (WACC) 為 7% 左右，可能略高一些。而且債務成本極低。我們的總債務成本略高於 3%。顯然，考慮到目前的利率，增加新債務的成本會略高一些。

But we also -- when you look at our debt, it's a weighted average duration of 13 years. So Royalty Pharma, with our current structure, gives us access to the biggest capital markets in the world, the US equity market, and also the biggest debt markets in the world where we can fund our business incredibly competitively. It's really a cost of capital equivalent to big pharma. So that puts us in a very unique position.

但我們也——當你查看我們的債務時，它的加權平均期限為 13 年。因此，Royalty Pharma 憑藉我們目前的結構，可以進入世界上最大的資本市場、美國股票市場以及世界上最大的債務市場，在這些市場中，我們可以以極具競爭力的方式為我們的業務提供資金。這實際上相當於大型製藥公司的資本成本。因此，這使我們處於非常獨特的地位。

Scale is another really important factor. We're doing deals that are multibillion dollars sometimes as an upfront. We've invested $2 billion in Evrysdi with PTC in the past. We bought royalty on Tysabri, sorry, for $2 billion of royalty and cystic fibrosis for close to $4 billion when you look at the two combined transactions we did. And you saw the Revolution Medicines transaction we announced a few weeks ago.

規模是另一個非常重要的因素。我們有時會進行數十億美元的預付款交易。我們過去曾與 PTC 合作向 Evrysdi 投資 20 億美元。我們買了 Tysabri 的專利權使用費，抱歉，是 20 億美元，而從我們進行的兩次合併交易來看，囊性纖維化專利權使用費則接近 40 億美元。大家看到了我們幾週前宣布的 Revolution Medicines 交易。

And that really shows how we can work with partners in transactions that are really large-scale transactions. And I would point out that many of our competitors, the entire fund they have is the size of one of the transactions that we do. So it just tells you how they need to do transactions that are much smaller because they're not going to put their entire fund in one transaction. They will probably put 10%, 15% of the size of the fund in one transaction.

這確實表明了我們如何與合作夥伴合作進行真正大規模的交易。我想指出的是，我們的許多競爭對手，他們所擁有的全部資金都相當於我們進行的某筆交易的規模。所以它只是告訴你他們需要如何進行規模小得多的交易，因為他們不會把全部資金都投入到一次交易中。他們可能會在一次交易中投入基金規模的 10% 或 15%。

And the other things that I think make us very unique is the team that we have at Royalty Pharma, which is probably one of the biggest investment teams in life sciences that has been working in a very cohesive way with a great culture over decades. And so we feel really, really good about how Royalty Pharma is evolving and continues to evolve to stay ahead of the competition.

我認為讓我們非常獨特的另一個因素是 Royalty Pharma 的團隊，這可能是生命科學領域最大的投資團隊之一，幾十年來，該團隊一直以非常有凝聚力的方式和優秀的文化開展工作。因此，我們對 Royalty Pharma 的發展以及持續發展以保持競爭優勢感到非常非常滿意。

And again, we welcome competition. It's good for companies that are trying to do transactions and fund themselves to have multiple alternatives. And we tend to win when we like the asset because of the advantages we have, the low cost of capital, the scale, and our relationships, that's another really important thing that we build relationships with management teams over decades.

再次強調，我們歡迎競爭。對於試圖進行交易和自行融資的公司來說，擁有多種選擇是件好事。當我們看好某項資產時，我們往往會獲勝，因為我們擁有優勢，低資本成本，規模和關係，這是我們幾十年來與管理團隊建立的關係的另一個非常重要的事情。

But I'll stop there. Thank you for the question.

但我還是就此打住。謝謝你的提問。

Geoff Meacham, Citi.

花旗銀行的 Geoff Meacham。

I just have a couple. I wanted to get an updated view on kind of policy and impact. I think when you look at what ultimately could impact net pricing and then also consensus assumptions as MFN and perhaps PBM reform, and we may get that by year-end, so to what degree have you guys been proactive here to maybe assess the range of an impact?

我只有幾個。我想獲得有關政策及其影響的最新看法。我認為，當您研究最終可能影響淨定價的因素，以及諸如 MFN 和 PBM 改革等共識假設時，我們可能會在年底前實現這些目標，那麼你們在多大程度上積極主動地評估影響範圍？

And the second question, also another one on competition in the space. Does Royalty still see high interest in larger scale deals, i.e., like more than $1 billion? Pablo, this is where you guys are the most differentiated? And how would you rank synthetic deals as a strategic priority in this context? I think it used to be near the top, but I wanted to kind of get an update there.

第二個問題也是關於空間競爭的問題。Royalty 是否仍對更大規模的交易（例如超過 10 億美元的交易）抱持濃厚興趣？帕布羅，這就是你們最有差別的地方嗎？在此背景下，您如何將合成交易列為策略重點？我認為它曾經位於頂部附近，但我想在那裡獲得更新。

Yes, of course. So maybe just quickly on competition. We do believe that there will continue to be very large transactions in our space, $1 billion-plus. There's obviously fewer of those larger ones than transactions in the $250 million, $500 million range, where we have many of those per year.

是的當然。所以也許只是快速地進行競爭。我們確實相信，我們的領域將繼續出現大額交易，金額超過 10 億美元。顯然，大型交易的數量比 2.5 億美元、5 億美元的交易要少，而我們每年都會進行許多這樣的交易。

But what's interesting for me to see, Geoff, is that 10 years ago, 15 years ago, it was actually rare to have a transaction that was multibillion dollars. It would happen once every couple of years, every two, three years. And now it seems like every year, we have a transaction of that size, Voranigo was around that $900 million-plus. So it's large. And as I mentioned, we had Tremfya, which was over $1 billion; Trelegy, $1.3 billion; and then the transactions with PTC that added up to about, I think, $2.1 billion so far. So I think it's becoming more common that we have these large billion-dollar transactions every year.

但傑夫，讓我感興趣的是，10 年前、15 年前，數十億美元的交易其實是很少見的。每隔幾年、每兩年、每三年就會發生一次。現在似乎每年我們都會進行如此規模的交易，Voranigo 的交易金額約為 9 億美元以上。所以它很大。正如我所提到的，我們有 Tremfya，價值超過 10 億美元；Trelegy，價值 13 億美元；然後與 PTC 的交易，我認為到目前為止總計約為 21 億美元。所以我認為每年進行數十億美元的大筆交易正變得越來越普遍。

And I think I'm confident that that's going to continue because when I see the royalties that are being created when licenses are put in place -- there are large royalties, high single-digit, low double-digit royalties that when you look at a product that can be a multibillion-dollar product, those royalties will be worth $1 billion-plus and in some cases, multiple billions.

我認為，我有信心這種情況將會持續下去，因為當我看到許可證發放後產生的特許權使用費時——有大特許權使用費，有高的個位數特許權使用費，也有低的兩位數特許權使用費，當你看到一款產品的價值達到數十億美元時，這些特許權使用費的價值將達到 10 億美元，甚至在某些情況下達到數十億美元。

And I think what's also interesting, again, going back to the China question and China strategy, and we are -- Royalty Pharma has been working on a China strategy now for some time, and we think that's going to start to pay off. But when you look at all of the licensing deals that are happening between Chinese companies that are generating great assets and Western companies, these royalties are large and some of them will be royalties in blockbuster drugs, multibillion-dollar drugs, and they will be worth many billions of dollars. So I think that's another new source of potential investment for us, and we're excited about that.

我認為同樣有趣的是，再次回到中國問題和中國戰略，Royalty Pharma 已經研究中國戰略有一段時間了，我們認為這將開始獲得回報。但是，當你看到中國公司與西方公司之間正在進行的所有許可交易時，你會發現這些特許權使用費數額巨大，其中一些是重磅藥物的特許權使用費，價值數十億美元的藥物，其價值將達到數十億美元。所以我認為這對我們來說是另一個新的潛在投資來源，我們對此感到興奮。

And then there was the question on policy and MFN that Marshall will take.

然後是關於馬歇爾將採取的政策和最惠國待遇的問題。

Hey, Geoff. Thanks for the question on MFN and policy impact in general. So we've come at it in a couple of different ways. I think certainly, we're trying to stay as close to developments as we can with our advisers and consultants on the policy side in D.C. to think about various scenarios and what might happen. So I think staying informed is a certain part of it, and we've certainly been focused on that.

嘿，傑夫。感謝您提出有關最惠國待遇和整體政策影響的問題。因此我們採取了幾種不同的方法來解決這個問題。我認為，我們當然會盡可能與華盛頓的政策顧問和諮商師密切關注事態發展，思考各種情況以及可能發生的情況。所以我認為保持知情是其中的一部分，我們當然也一直專注於此。

And then second, we have been taking an approach that we described before, which is really a scenario-based approach and thinking about a wide range of scenarios as we consider new investments. But I think the thing that we continue to stay focused on is, first, being focused on the most high-impact important medicines out there like you saw us just do with Revolution Medicines because regardless of what ultimately may happen, we think those are the medicines that are going to be most successful if they're helping patients. If they're helping patients in important ways, they're going to be commercially successful as well.

其次，我們一直在採取先前描述過的方法，這是一種基於場景的方法，在考慮新投資時會考慮各種各樣的場景。但我認為，我們將繼續關注的事情首先是專注於最具影響力的重要藥物，就像您看到我們對 Revolution Medicines 所做的那樣，因為無論最終結果如何，我們認為這些藥物如果能夠幫助患者，那麼將是最成功的。如果他們能夠以重要方式幫助患者，他們也會獲得商業上的成功。

And then second, just to remind everyone, this kind of an environment, it does highlight the advantages of just our flexible model, and how we can focus our time and investments and innovation and on where the innovation is most attractive but also respond to policy changes in real time and incorporate them certainly in real time into new investments. So something we continue to watch, something we certainly are focused on and continue to watch carefully.

其次，需要提醒大家的是，這種環境確實凸顯了我們靈活模式的優勢，以及我們如何能夠將時間、投資和創新集中在最具吸引力的創新領域，同時還能即時回應政策變化，並將其實時納入新的投資中。因此，我們會繼續關註一些事情，我們肯定會專注於一些事情，並繼續仔細觀察。

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

我目前沒有其他問題。我想將電話轉回給 Pablo 做最後發言。

Thank you, operator, and thank you to everyone on the call for your continued interest in Royalty Pharma. If you have any follow-up questions, please feel free to reach out to George Grofik and his team. Thank you very much.

謝謝接線員，也感謝電話中所有人對 Royalty Pharma 的持續關注。如果您有任何後續問題，請隨時聯繫 George Grofik 和他的團隊。非常感謝。

This concludes today's conference call, and 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。