Royalty Pharma PLC (RPRX) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Royalty Pharma third-quarter earnings conference call. I would like now to turn the conference call over to George Grofik, Senior Vice President, Head of Investor Relations and Communications. Please go ahead, sir.

女士們、先生們，感謝你們的耐心等待。歡迎參加 Royalty Pharma 第三季財報電話會議。現在我將把電話會議交給高級副總裁兼投資者關係和傳播主管喬治·格羅菲克。請繼續，先生。

Good morning and good afternoon to everyone on the call. Thank you for joining us to review Royalty Pharma's third-quarter 2025 results. You can find a press release with our earnings results and slides of this call on the Investors page of our website at royaltypharma.com.

各位參會人員，早安/下午好。感謝您與我們一起回顧 Royalty Pharma 2025 年第三季的業績。您可以在我們網站 royaltypharma.com 的投資者頁面上找到包含我們收益結果的新聞稿和本次電話會議的幻燈片。

On slide 2, I'd like to remind you that information presented in this call contains forward-looking statements that involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from these statements. We refer you to our most recent 10-K on file with the SEC for a description of these risks.

在第 2 張投影片中，我想提醒各位，本次電話會議中提供的資訊包含前瞻性陳述，這些陳述涉及已知和未知的風險、不確定性以及其他因素，這些因素可能導致實際結果與這些陳述有重大差異。有關這些風險的描述，請參閱我們向美國證券交易委員會提交的最新 10-K 表格。

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 reconciliations of these measures to our GAAP financials is provided in the earnings press release available on our website.

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。我們將使用非公認會計準則流動性指標來幫助您了解我們的財務業績，這些指標與公認會計準則財務數據的調節表可在我們網站上發布的盈利新聞稿中找到。

And with that, please advance to slide 3. Our speakers on the call today are Pablo Legorreta, Chief Executive Officer and Chairman of the Board; Marshall Urist, EVP, Head of Research and Investments; Chris Hite, EVP, Vice Chairman; and Terry Coyne, EVP, Chief Financial Officer.

那麼，請翻到第3張投影片。今天參加電話會議的發言人有：執行長兼董事會主席 Pablo Legorreta；執行副總裁兼研究與投資主管 Marshall Urist；執行副總裁兼副董事長 Chris Hite；以及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. Chris will then discuss our development stage pipeline, and Terry will review the financials. Following concluding remarks from Pablo, we will hold the Q&A session. And with that, I'd like to turn the call over to Pablo.

Pablo 將討論主要亮點，之後 Marshall 將提供投資組合最新情況。接下來，克里斯將討論我們的開發階段產品線，特里將審查財務數據。在巴勃羅作完總結發言後，我們將進行問答環節。接下來，我想把電話交給巴布羅。

Thank you, George, and welcome to everyone on the call. I am delighted to report another successful quarter of execution on our goal to be the premier capital allocator in life sciences with consistent compounding growth. Slide 5 summarizes our strong business momentum in the third quarter. Starting with the financials, we delivered 11% growth in both Portfolio Receipts, our top line, and Royalty Receipts, which are recurring cash flow. The sustained momentum was driven by the strength of our diversified portfolio. We're also now starting to report on a quarterly basis our Return on Invested Capital and Return on Invested Equity. In the third quarter, we maintained strong returns in our business with Return on Invested Capital of 15.7% and Return on Invested Equity of 22.9% for the last 12 months.

謝謝你，喬治，也歡迎各位參加電話會議。我很高興地報告，我們又一個季度成功地實現了成為生命科學領域首屈一指的資本配置者的目標，並實現了持續的複合成長。第 5 張投影片總結了我們第三季強勁的業務發展勢頭。從財務數據來看，我們的投資組合收入（即總收入）和版稅收入（即經常性現金流）均實現了 11% 的成長。這一持續成長勢頭得益於我們多元化投資組合的強勁表現。我們現在也開始按季度報告我們的投資資本報酬率和投資權益報酬率。第三季度，我們的業務維持了強勁的回報，過去 12 個月的投資資本回報率為 15.7%，投資權益回報率為 22.9%。

Turning to capital allocation. We deployed capital of $1 billion in the quarter on value-creating royalty transactions, taking our total to $1.7 billion in the first nine months. And we repurchased 4 million shares in the quarter, taking the total value of share repurchases to $1.15 billion in the first nine months.

接下來討論資本配置。本季我們投入了 10 億美元的資金用於創造價值的特許權使用費交易，使我們前九個月的總投入達到了 17 億美元。本季我們回購了 400 萬股股票，使得前九個月的股票回購總額達到 11.5 億美元。

Looking at our portfolio, we remain very active in the growing market for royalties. We acquired a royalty interest on Amgen's lung cancer drug, Imdelltra, for up to $950 million. We entered into a funding agreement for up to $300 million with Zenas Biopharma for its development-stage autoimmune drug obexelimab. And since the quarter ended, we acquired a royalty on Alnylam's Amvuttra, a blockbuster therapy for TTR amyloidosis for $310 million. We're excited by each of these three transactions, and Marshall will take you through the details momentarily.

從我們的投資組合來看，我們在不斷成長的特許權使用費市場中仍然非常活躍。我們以高達 9.5 億美元的價格收購了安進公司肺癌藥物 Imdelltra 的特許權使用費權益。我們與 Zenas Biopharma 達成了一項高達 3 億美元的融資協議，用於其處於研發階段的自身免疫藥物 obexelimab。自本季結束以來，我們以 3.1 億美元的價格收購了 Alnylam 公司治療 TTR 澱粉樣變性的重磅藥物 Amvuttra 的特許權使用費。我們對這三筆交易都感到非常興奮，馬歇爾稍後會詳細介紹。

On the back of this busy year, our development-stage pipeline has expanded to 17 therapies, and as Chris will highlight, we're looking forward to multiple pivotal readouts in the relatively near future. Lastly, we're pleased to raise our full-year 2025 top-line guidance. This is the third time we have raised guidance this year and the 14th since our IPO in 2020. We now expect Portfolio Receipts to be between $3.2 billion and $3.25 billion, which represents impressive growth of around 14% to 16%, driven by our diversified portfolio. Consistent with our standard practice, our guidance is based on our current portfolio and does not include the benefit of any future transactions. Slide 6 is one I keep coming back to as it demonstrates our consistent double-digit growth on average since our IPO. As you heard at our Investor Day in September, we have delivered this impressive record year in and year out regardless of the market backdrop. This reflects our ability to execute successfully and consistently against our strategy.

在今年的繁忙工作之後，我們的研發管線已擴展到 17 種療法，正如 Chris 將要強調的那樣，我們期待在不久的將來獲得多個關鍵性結果。最後，我們很高興上調 2025 年全年營收預期。這是我們今年第三次調升業績預期，也是 2020 年上市以來的第 14 次。我們現在預計投資組合收入將在 32 億美元至 32.5 億美元之間，這代表著約 14% 至 16% 的顯著增長，這得益於我們多元化的投資組合。按照我們的慣例，我們的績效指引是基於我們目前的投資組合，並不包括任何未來交易帶來的收益。第 6 張投影片是我經常參考的，因為它顯示了自我們 IPO 以來平均兩位數的持續成長。正如您在9月份的投資者日上聽到的那樣，無論市場環境如何，我們都年復一年地取得了這一令人矚目的業績。這體現了我們能夠成功且持續地執行我們的策略。

With that, I will hand it over to Marshall.

然後，我將把它交給馬歇爾。

Thanks, Pablo. We've had a busy last few months, and I want to provide more color on our recent deal activity. The breadth of these transactions totaling approximately $1.6 billion in announced value across three very different disease areas really highlights the power of Royalty Pharma's therapeutic area agnostic investment approach that focuses on innovative important new medicines to drive our diversified, sustainable and attractive growth profile.

謝謝你，帕布羅。過去幾個月我們一直很忙，我想更詳細地介紹我們最近的交易活動。這些交易的總價值約為 16 億美元，涵蓋三個截然不同的疾病領域，充分體現了 Royalty Pharma 不拘泥於特定治療領域的投資策略的強大實力，該策略專注於創新且重要的新藥，以推動我們多元化、可持續且具有吸引力的增長前景。

Slide 8 takes you through our Imdelltra transaction. This is a great example of a large investment in the kind of transformational medicines that are the foundation of our market-leading portfolio. Amgen's Imdelltra was approved in 2024 as a first-in-class targeted immunotherapy for small cell lung cancer, where median survival is only one year after initial therapy. We acquired an existing royalty of about 7% of sales from BeOne for up to $950 million, including an upfront of $885 million. BeOne has the option to sell an additional portion of the royalty to us for up to $65 million.

第 8 張投影片將帶您了解我們的 Imdelltra 交易。這是對變革性藥物進行大規模投資的絕佳例證，這類藥物是我們市場領先產品組合的基礎。安進公司的Imdelltra於2024年獲批，成為治療小細胞肺癌的首創標靶免疫療法，該療法治療小細胞肺癌後，患者的中位存活期僅為一年。我們從 BeOne 收購了約 7% 的現有銷售額特許權使用費，金額高達 9.5 億美元，其中包括 8.85 億美元的預付款。BeOne可以選擇將額外部分特許權使用費以最高6500萬美元的價格出售給我們。

Imdelltra has strong clinical data in the second-line setting, and looking ahead, we have high conviction for expansion into newly diagnosed patients with the ongoing Phase 3 trials beginning to read out in 2027. Imdelltra has had a strong launch, currently annualizing at over $700 million with consensus sales reaching $2.7 billion by 2035. Based on this outlook, we expect the transaction to deliver an unlevered return in the low-double-digit range, consistent with our target for transactions on approved products.

Imdelltra 在二線治療方面擁有強大的臨床數據，展望未來，我們非常有信心將其推廣至新診斷的患者，目前正在進行的 3 期試驗將於 2027 年開始公佈結果。Imdelltra 上市後表現強勁，目前年銷售額超過 7 億美元，預計到 2035 年銷售額將達到 27 億美元。基於此展望，我們預計該交易將帶來兩位數低段的無槓桿回報，這與我們對已批准產品的交易目標一致。

On slide 9, I want to turn to our most recent transaction in which we acquired Blackstone's 1% royalty on Alnylam's Amvuttra for $310 million. Amvuttra is approved for TTR amyloidosis, a progressive, debilitating, and fatal rare disease and is already a blockbuster medicine. The clinical data shows a compelling patient benefit with dosing once a quarter and an approximately 35% reduction in all-cause mortality for patients with the most common form of the disease, TTR cardiomyopathy.

在第 9 張幻燈片中，我想談談我們最近的一筆交易，我們以 3.1 億美元的價格收購了黑石集團在 Alnylam 旗下 Amvuttra 項目上 1% 的特許權使用費。Amvuttra 已獲準用於治療 TTR 澱粉樣變性，這是一種進行性、致殘性和致命性的罕見疾病，並且已成為一種重磅藥物。臨床數據顯示，每季給藥一次可顯著改善患者狀況，對於最常見的 TTR 心肌病變患者，全因死亡率可降低約 35%。

Alnylam recently reported very strong third-quarter sales with TTR franchise guidance rising to between $2.475 billion and $2.525 billion for 2025 with Amvuttra just in its third year on the market. Consensus sales are expected to reach over $8 billion in 2030. We expect an unlevered IRR in the low-double digits or better, that factors in significant potential competition from Alnylam's follow-on therapy, nucresiran.

Alnylam 近期公佈了非常強勁的第三季銷售業績，預計到 2025 年，TTR 特許經營收入將達到 24.75 億美元至 25.25 億美元，而 Amvuttra 進入市場才三年。普遍預期到 2030 年，銷售額將超過 80 億美元。我們預計未槓桿內部收益率將達到兩位數低點或更高，這其中已考慮到了 Alnylam 的後續療法 nucresiran 可能帶來的重大競爭。

The third transaction is our agreement with Zenas Biopharma for obexelimab, an exciting Phase 3 product for autoimmune disease. Slide 10 sets out the key elements. Obexelimab is potentially the first nondepleting B-cell modulating therapy for a rare autoimmune disorder called IgG4-related disease with Phase 3 results expected around the end of this year. We will provide up to $300 million to acquire a 5.5% synthetic royalty on worldwide obexelimab sales.

第三筆交易是我們與 Zenas Biopharma 就 obexelimab 達成的協議，obexelimab 是一種用於治療自體免疫疾病的令人興奮的 3 期產品。第 10 張投影片列出了關鍵要素。Obexelimab 可能是首個用於治療罕見自體免疫疾病（稱為 IgG4 相關疾病）的非耗竭性 B 細胞調節療法，預計今年年底左右公佈 3 期臨床試驗結果。我們將提供高達 3 億美元的資金，用於收購 obexelimab 全球銷售額 5.5% 的合成特許權使用費。

Importantly, consistent with our careful approach to risk management, this investment is staged with an upfront of $75 million and the remainder to be paid on the achievement of certain clinical and regulatory milestones. The Phase 2 proof-of-concept data in IgG4-RD are strong, and Zenas' recent Phase 2 results in relapsing multiple sclerosis, which showed an impressive near complete suppression of active inflammatory disease further increases our conviction in obexelimab's mechanism of action.

重要的是，為了貫徹我們謹慎的風險管理方法，這項投資將分階段進行，首期投入 7,500 萬美元，剩餘款項將在達到某些臨床和監管里程碑後支付。IgG4-RD 的 2 期概念驗證數據非常有力，Zenas 最近在復發性多發性硬化症的 2 期試驗中也取得了令人矚目的成果，幾乎完全抑制了活動性發炎疾病，這進一步增強了我們對 obexelimab 作用機制的信心。

Commercially, we see blockbuster potential in IgG4-RD given a patient population of more than 20,000 and still low uptake of advanced therapies. As a result, we expect to deliver an unlevered IRR in the teens, consistent with our target for development-stage therapies. So to close, three very different transactions but all consistent with our commitment to creating value for shareholders by investing in innovative therapies with high patient impact.

從商業角度來看，鑑於 IgG4 疾病患者人數超過 20,000 人，且先進療法的接受度仍然很低，我們認為 IgG4 疾病具有巨大的商業潛力。因此，我們預期未槓桿內部報酬率將達到十幾個百分點，這與我們對研發階段療法的目標一致。綜上所述，這三筆交易雖然性質迥異，但都符合我們透過投資對病患影響巨大的創新療法來為股東創造價值的承諾。

With that, let me hand it over to Chris.

那麼，現在讓我把麥克風交給克里斯。

Thanks, Marshall. It's my pleasure to provide an update on our development-stage pipeline. As a reminder, at our Investor Day, we highlighted that our pipeline is expected to generate over $36 billion in cumulative peak sales, which translates to over $2 billion in peak royalties to Royalty Pharma. So there's really significant potential in this pipeline.

謝謝你，馬歇爾。我很高興向大家報告我們處於開發階段的產品線進度。再次提醒大家，在我們的投資者日上，我們重點提到，我們的產品線預計將產生超過 360 億美元的累積高峰銷售額，這意味著 Royalty Pharma 將獲得超過 20 億美元的峰值特許權使用費。所以這條產品線確實蘊藏著巨大的潛力。

Slide 12 illustrates that three of our five royalty transactions this year have been on development-stage therapies, namely litifilimab, daraxonrasib, and obexelimab. This expands our total pipeline to 17 therapies, most of which have become -- most of which have multi-blockbuster potential. Without going into the details of each deal, there are a few key takeaways. First, all three transactions include a synthetic royalty component. This speaks to the growing recognition of this attractive, nondilutive funding paradigm which we pioneered and allows us to tailor solutions for our partners.

第 12 張投影片顯示，我們今年的五筆特許權使用費交易中有三筆是針對處於研發階段的療法，即 litifilimab、daraxonrasib 和 obexelimab。這使我們的產品線擴展到 17 種療法，其中大多數療法都具有成為多重磅藥物的潛力。無需贅述每筆交易的細節，以下是一些關鍵要點。首先，這三筆交易都包含合成特許權使用費部分。這表明，我們首創的這種有吸引力的、非稀釋性融資模式正日益受到認可，它使我們能夠為合作夥伴量身定制解決方案。

At our Investor Day, we presented findings from the Deloitte survey, which highlighted that the biopharma industry is evolving towards a more diversified funding model in which royalties, and particularly synthetic royalties, are becoming a growing part of the capital structure. Our deal activity in 2025 underscores this point. We have so far this year announced synthetic royalty transactions of up to $1.8 billion, which have already far exceeded 2024 as our best year ever.

在我們的投資者日上，我們展示了德勤調查的結果，該調查強調，生物製藥行業正在向更加多元化的融資模式發展，其中特許權使用費，特別是合成特許權使用費，正在成為資本結構中越來越重要的組成部分。我們在 2025 年的交易活動也印證了這一點。今年到目前為止，我們已宣布的合成特許權使用費交易額高​​達 18 億美元，遠遠超過了 2024 年我們有史以來業績最好的一年。

The second point here is about risk mitigation. Each of these three therapies is in Phase 3 development, which carries a lower risk profile. We only consider development-stage investments if there is a compelling proof-of-concept data in an area of unmet patient need and if the range of commercial scenarios we model supports returns in the teens or better.

第二點是關於風險緩解。這三種療法均處於第三期臨床試驗階段，風險較低。我們只考慮在未滿足患者需求的領域內有令人信服的概念驗證數據，並且我們模擬的商業場景範圍支持十幾或更高的回報時，才會考慮開發階段的投資。

Third, the broad spread of indications highlights our therapy area agnostic approach. In fact, since 2020, we have invested in 60 different disease areas. Without the therapy area constraints of most biopharma companies, we view the entire biopharma market as our pipeline of opportunities.

第三，適應症範圍廣泛，凸顯了我們不拘泥於治療領域的原則。事實上，自 2020 年以來，我們已在 60 個不同的疾病領域進行了投資。由於不受大多數生物製藥公司治療領域的限制，我們將整個生物製藥市場視為我們的發展機會。

Slide 13 shows the balance of our capital deployment between approved and development stage investments. The mix varies significantly on a year-to-year basis given the timing of opportunities but has typically been a roughly 65-35 split over time between approved products and development stage therapies. We see this as generally a good rule of thumb for our capital deployment mix. However, this split does not tell the whole story. In fact, as a result of our success rate and development stage investment, our portfolio risk is low overall.

第 13 張投影片顯示了我們資金部署在已批准投資和開發階段投資之間的平衡。鑑於機會出現的時機，每年的產品組合都會有很大的變化，但從長遠來看，已獲批准的產品與處於研發階段的療法之間的比例通常約為 65:35。我們認為這通常是我們資本配置組合的一個良好經驗法則。然而，這種分歧並不能說明全部。事實上，由於我們的成功率和發展階段的投資，我們的投資組合風險總體較低。

For example, 86% of our current capital at work is related to approved products, and this ratio has been very stable, averaging around 90% since 2012. Only 11% of our capital -- current capital at work is related to development-stage products, of which around 2% have already received positive pivotal readouts.

例如，我們目前投入營運的資金中有 86% 與已批准的產品相關，而且這一比例一直非常穩定，自 2012 年以來平均約為 90%。我們目前投入的資本中只有 11% 與研發階段的產品有關，其中約 2% 的產品已經獲得了積極的關鍵結果。

Slide 14 expands on my earlier comments on risk mitigation. Here you see the industry probability of approval at each phase of development. Importantly, and in contrast with biopharma, we don't invest in Phase 1 or Phase 2. Instead, we focus our investments where industry success rates are highest. By following this disciplined risk reward approach, and by layering on top additional risk mitigation through deal structuring, we've built a strong track record of success. This explains why we continue to beat industry benchmarks with around 90% of our development-stage investments going on to receive approval.

第 14 張投影片詳細闡述了我之前關於風險緩解的評論。這裡顯示的是每個開發階段的行業審批機率。重要的是，與生物製藥不同，我們不投資於第 1 期或第 2 期臨床試驗。相反，我們將投資重點放在產業成功率最高的領域。透過遵循這種嚴謹的風險回報方法，並透過交易結構增加額外的風險緩解措施，我們取得了良好的成功記錄。這就解釋了為什麼我們持續超越產業基準，約 90% 的開發階段投資最終都能獲得批准。

On slide 15, I want to close by highlighting the multiple pivotal readouts that we expect for our development-stage investments over the next couple of years. In the fourth quarter of 2025 and 2026, we expect six Phase 3 readouts with deucrictibant first up in hereditary angioedema, followed by obexelimab in IgG4-related disease. Additionally, 2026 readouts include the first outcomes trial for our investment in the Lp(a) class of drugs with Novartis' pelacarsen as well as Phase 3 results for litifilimab in lupus, and aficamten in nonobstructive hypertrophic cardiomyopathy.

在第 15 張投影片上，我想最後重點介紹一下我們預計在未來幾年內，我們的開發階段投資將取得的多個關鍵性成果。在 2025 年和 2026 年的第四季度，我們預計將有 6 個 3 期臨床試驗結果公佈，其中 deucrictibant 將首先用於治療遺傳性血管性水腫，隨後 obexelimab 將用於治療 IgG4 相關疾病。此外，2026 年的發表結果包括我們投資的 Lp(a) 類藥物（諾華公司的 pelacarsen）的首個結果試驗，以及 litifilimab 治療狼瘡和 aficamten 治療非梗阻性肥厚型心肌病變的 3 期結果。

Among these six therapies, three have the potential to generate peak annual royalties of up to $200 million, while daraxonrasib for pancreas cancer could be well above $200 million. For 2027, we expect pivotal readouts from a host of potential blockbusters, including our second Lp(a) investment olpasiran, as well as frexalimab in MS, and daraxonrasib in lung cancer, to name just three.

在這六種療法中，有三種療法有可能產生高達 2 億美元的年度特許權使用費峰值，而用於治療胰腺癌的 daraxonrasib 的特許權使用費可能遠遠超過 2 億美元。2027 年，我們預計將公佈一系列潛在重磅藥物的關鍵性結果，其中包括我們投資的第二款 Lp(a) 藥物 olpasiran，以及用於治療多發性硬化症的 frexalimab 和用於治療肺癌的 daraxonrasib，僅舉三例。

To conclude, the next few years we'll see multiple events that have the potential to unlock substantial value from our development-stage pipeline. And with that, I'd like to hand it over to Terry.

總之，未來幾年我們將看到多項事件，這些事件有可能從我們的研發階段產品線中釋放出巨大的價值。接下來，我想把麥克風交給特里。

Thanks, Chris. Let's move to slide 17. 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 third quarter, reflecting the excellent momentum of our diversified portfolio. Key drivers were the strong growth of Voranigo, Tremfya, and the cystic fibrosis franchise.

謝謝你，克里斯。我們來看第17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可觀的現金流以供再投資。正如你從 Pablo 那裡聽到的，第三季版稅收入成長了 11%，反映了我們多元化投資組合的良好發展勢頭。關鍵驅動因素是 Voranigo、Tremfya 和囊性纖維化產品線的強勁成長。

Milestones and other contractual receipts were modest, both in this quarter and the prior year quarter. As a result, we also delivered 11% growth in Portfolio Receipts, our top line to $814 million. As we move down the column, operating and professional costs equated to 4.2% of Portfolio Receipts. This reflected cash savings from the internalization transaction and compares with over 12% in the first six months of the year. Net interest paid was $123 million in the quarter, reflecting the semiannual timing of our interest payment schedule with payments primarily in the first and third quarters and the interest we received for our -- the cash on our balance sheet.

本季和上年同期，里程碑款項和其他合約收入都比較少。因此，我們的投資組合收入也成長了 11%，總收入達到 8.14 億美元。向下看，營運和專業成本相當於投資組合收入的 4.2%。這反映了內部化交易帶來的現金節省，與今年前六個月超過 12% 的節省相比。本季淨利息支出為 1.23 億美元，反映了我們半年一次的利息支付計劃，主要在第一季度和第三季度支付利息，以及我們資產負債表上現金所收到的利息。

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 $657 million in the quarter, equivalent to a margin of around 81% and reflects a high underlying level of cash conversion and efficiency.

繼續向下看。我們一直強調，當我們考慮將企業產生的現金重新投入到能夠提升價值的特許權使用費中時，我們會關注投資組合現金流，即調整後的 EBITDA 減去支付的淨利息。該季度達到 6.57 億美元，相當於約 81% 的利潤率，反映出較高的現金轉換率和效率。

Capital deployment in the quarter was just over $1 billion. This primarily included the $885 million upfront from Imdelltra, $75 million upfront for obexelimab, and R&D funding for litifilimab. Lastly, our weighted average share count declined by 33 million shares versus the third quarter of 2024, reflecting the impact of our share buyback program.

本季資本投入略高於10億美元。這主要包括 Imdelltra 支付的 8.85 億美元預付款、obexelimab 支付的 7,500 萬美元預付款以及 litifilimab 的研發經費。最後，與 2024 年第三季相比，我們的加權平均股份數量減少了 3,300 萬股，這反映了我們股票回購計畫的影響。

On slide 18, I am pleased to share our first quarterly update on portfolio returns. We introduced these new metrics at our Investor Day, and I hope the message came across loud and clear. We are in the returns business, and every capital allocation decision we make is in an effort to create economic value for shareholders. Return on Invested Capital has been remarkably stable at around 15% on average from 2019 to 2024. And in the third quarter was 15.7% for the last 12-month period ending September 30.

在第 18 張投影片中，我很高興與大家分享我們第一季的投資組合收益更新報告。我們在投資者日上推出了這些新指標，我希望大家已經清楚地了解這個訊息。我們從事的是回報型業務，我們所做的每項資本配置決策都是為了創造股東經濟價值。從 2019 年到 2024 年，投資資本回報率一直保持著非常穩定的水平，平均約為 15%。截至 9 月 30 日的過去 12 個月期間，第三季成長率為 15.7%。

Return on Invested Equity, which shows the impact of conservative leverage on our equity returns has been consistently in the low 20% range and was 22.9% for the last 12-month period ending September 30. We believe these new metrics facilitate a deeper understanding of the cash yield for our business and demonstrate that we are continuing to invest at attractive returns that will drive long-term value for our shareholders.

投資權益報酬率（即保守槓桿對我們權益回報的影響）一直穩定在 20% 左右，截至 9 月 30 日的過去 12 個月期間為 22.9%。我們相信這些新指標有助於更深入地了解我們業務的現金收益率，並表明我們正在繼續進行具有吸引力的回報投資，這將為我們的股東創造長期價值。

Slide 19 shows that we continue to maintain the financial flexibility to execute our strategy and return capital to shareholders. At the end of the third quarter, we had cash and equivalents of $939 million. In terms of borrowings, we have investment-grade debt outstanding of $9.2 billion, including the $2 billion of notes we issued in the third quarter and a weighted average duration of around 13 years.

第 19 張投影片顯示，我們繼續保持財務靈活性，以執行我們的策略並向股東返還資本。第三季末，我們擁有現金及現金等價物9.39億美元。就借款而言，我們有 92 億美元的投資等級債務未償還，其中包括我們在第三季發行的 20 億美元票據，加權平均久期約為 13 年。

Our leverage now stands at around 3.2 times total debt to Adjusted EBITDA or 2.9 times on a net basis. We also have access to our $1.8 billion revolver, which is undrawn. Taken together, we have access to approximately $2.9 billion of financial capacity through cash on our balance sheet, the cash our business generates and access to the debt markets.

目前我們的槓桿率約為總負債與調整後 EBITDA 比率的 3.2 倍，淨槓桿比率為 2.9 倍。我們也可以動用尚未動用的18億美元循環信貸額度。綜合來看，我們透過資產負債表上的現金、業務產生的現金以及進入債務市場，擁有約 29 億美元的財務能力。

Turning to our capital allocation framework. We have deployed $1.7 billion of capital on attractive royalty deals in the first nine months of 2025. We have also returned a record $1.5 billion to our shareholders in the first nine months of this year, including share repurchases of $1.15 billion and our growing dividend.

接下來，我們來看看資本配置框架。2025 年前九個月，我們已投入 17 億美元資金用於極具吸引力的特許權使用費交易。今年前九個月，我們也向股東返還了創紀錄的 15 億美元，其中包括 11.5 億美元的股票回購和不斷增長的股息。

On slide 20, we are raising our full-year 2025 financial guidance by approximately 4% at the midpoint. We now expect Portfolio Receipts to be in the range of $3.2 billion to $3.25 billion, an increase from $3.05 billion to $3.15 billion previously, representing growth of around 14% to 16%. The increase from our previous guidance primarily reflects the strong momentum of our diversified portfolio.

在第 20 張投影片中，我們將 2025 年全年財務預期中位數上調約 4%。我們現在預計投資組合收入將在 32 億美元至 32.5 億美元之間，比之前的 30.5 億美元至 31.5 億美元有所增加，增幅約為 14% 至 16%。此次上調業績預期主要反映了我們多元化投資組合的強勁成長動能。

Milestones and other contractual receipts are now expected to be around $125 million compared with $110 million previously. 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.

里程碑款項和其他合約收入預計現在約為 1.25 億美元，而此前為 1.1 億美元。重要的是，與我們的慣例一致，該指導意見基於我們目前的投資組合，並未考慮未來任何特許權使用費收購帶來的收益。

Turning to operating costs. Payments for operating and professional costs are still expected to be 9% to 9.5% of Portfolio Receipts in 2025. As a reminder, costs in the first half of the year were greater than 12% of Portfolio Receipts, driven by approximately $70 million of one-time expenses related to the internalization and other one-time items. Collectively, these items are expected to impact full-year cost by a little more than 2% of Portfolio Receipts.

接下來談談營運成本。預計到 2025 年，營運和專業費用支出仍將佔投資組合收入的 9% 至 9.5%。提醒一下，今年上半年的成本超過了投資組合收入的 12%，這主要是由於與內部化相關的約 7000 萬美元的一次性支出和其他一次性項目造成的。預計這些項目加起來將對全年成本產生略高於投資組合收入 2% 的影響。

Lastly, interest paid in 2025 is expected to be around $275 million with around $7 million to be paid in Q4. This guidance does not take into account interest received on our cash balance, which was $28 million in the first nine months. In summary, we delivered a strong third quarter and nine months, which puts us on track to achieve another year of strong financial performance in 2025, reflected in our raised guidance.

最後，預計 2025 年支付的利息約為 2.75 億美元，其中約 700 萬美元將在第四季支付。該指引並未考慮我們現金餘額所收到的利息，前九個月的現金餘額為 2,800 萬美元。總而言之，我們第三季和前九個月的業績表現強勁，這使我們能夠在 2025 年繼續保持強勁的財務業績，這也體現在我們上調的業績預期中。

To close, I want to highlight a few factors for 2026 to help with your modeling. First, we expect minimal royalties from Promacta next year, which is facing the launch of generics in the United States and Europe in 2025. And second, we currently anticipate interest paid to be between $350 million to $360 million in 2026, which includes interest payments on the $2 billion of senior secured notes issued in September 2025.

最後，我想重點介紹幾個影響 2026 年的因素，以幫助您進行建模。首先，我們預計明年從 Promacta 獲得的特許權使用費將非常少，因為 Promacta 將於 2025 年在美國和歐洲推出仿製藥。其次，我們目前預計 2026 年支付的利息將在 3.5 億美元至 3.6 億美元之間，其中包括 2025 年 9 月發行的 20 億美元優先擔保票據的利息支付。

We plan to provide full-year 2026 guidance when we report fourth-quarter 2025 earnings early next year. Consistent with our standard practice, this guidance will exclude contributions from any future investments. With that, I would like to hand the call back to Pablo.

我們計劃在明年年初公佈 2025 年第四季財報時，提供 2026 年全年業績指引。根據我們的慣例，本指南將不包括對未來任何投資的貢獻。那麼，我把電話交還給巴勃羅。

Thanks, Terry. To conclude, I'm delighted with our performance in the quarter. We maintained our double-digit momentum, we expanded our portfolio, and we again raised our guidance. We also hosted a successful Investor Day where we were thrilled to share our plans for shareholder value creation.

謝謝你，特里。總之，我對本季的業績非常滿意。我們保持了兩位數的成長勢頭，擴大了投資組合，並再次提高了業績預期。我們也成功舉辦了投資者日活動，並在會上與大家分享了我們為股東創造價值的計劃，我們感到非常興奮。

On that note, I want to close by reiterating some of the key messages from the day. We're the clear leader in an expanding market with strong fundamental tailwinds reflecting huge demand for funding life sciences innovation in even more creative ways. We have a best-in-class platform for investing in the most exciting and innovative products marketed by premier biopharma companies and expect to remain the undisputed leader.

最後，我想重申今天提出的一些關鍵訊息。我們在這個不斷擴張的市場中處於絕對領先地位，強勁的基本面推動因素反映出對以更具創造性的方式資助生命科學創新的巨大需求。我們擁有業內一流的平台，可以投資於頂尖生物製藥公司推出的最令人興奮和最具創新性的產品，並期望繼續保持無可爭議的領先地位。

We have announced an outstanding track record of delivering consistent and attractive returns, including an IRR and Return on Invested Capital in the mid-teens, and Return on Invested Equity of over 20%.

我們宣布取得了卓越的業績記錄，實現了持續且具有吸引力的回報，包括內部收益率 (IRR) 和投資資本回報率均達到 15% 左右，以及投資權益回報率超過 20%。

Lastly, we're on track to deliver strong low volatility growth through 2030 and beyond. Together, we think this adds up to a very attractive investment proposition with a potential for annualized total shareholder returns at least in the mid-teens over the next five years. With that, we would be happy to take your questions.

最後，我們預計在 2030 年及以後實現強勁且低波動性的成長。我們認為，總而言之，這構成了一個非常有吸引力的投資方案，未來五年內，股東年化總回報率至少有望達到十幾個百分點。那麼，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.

現在我們將開放提問環節。接線員，請回答第一個問題。

(Operator Instructions) Asad Haider, Goldman Sachs.

（操作說明）阿薩德·海德爾，高盛。

Congrats on all the progress. Just maybe a couple on the external environment. Recently, we are seeing a bit of an uptick in biotech M&A and we're also moving into a lower interest rate environment. So could you perhaps speak to the pushes and pulls that these changing backdrop across these external factors presents for royalty-driven deal activity and how you're thinking about the opportunity set and your target returns?

祝賀你們取得的所有進展。或許只有少數幾個與外在環境有關。最近，我們看到生物科技領域的併購活動增加，同時我們也正步入低利率環境。那麼，您能否談談這些外部因素帶來的不斷變化的背景對版稅驅動型交易活動的影響，以及您如何看待這些機會和目標回報？

And then just second, just any updated thoughts on how you're thinking about the China opportunity that you discussed at your Investor Day back in September. Any updates or insights around your China strategy as it relates to the types of investments that you're considering there would be helpful and how, if at all, the external environment impact that?

其次，關於您在9月份投資者日上討論的中國市場機遇，您有什麼最新的想法嗎？關於您在中國的投資策略，特別是您正在考慮的投資類型，以及外部環境對此有何影響（如果有的話），您能否提供一些最新進展或見解？

Thank you for the question. Chris, why don't you take this question, both of them.

謝謝你的提問。克里斯，你來回答這兩個問題吧。

Thanks for the question. You're right, there has been an uptick in the M&A marketplace. And that really has very little impact on anything that we're doing. What you've seen is, obviously, large pharma is looking to fill some of their pipelines and LOE exposure. And we actually see that as beneficial to what we're doing. I think in the sense of it's just the companies out there need a lot of capital. There's a variety of ways in which they can get capital. We're clearly providing a key source of capital in the sector, which we're super excited about. So increased M&A uptick really doesn't impact the royalty market.

謝謝你的提問。你說得對，併購市場確實出現了成長。而這實際上對我們正在做的事情幾乎沒有任何影響。很明顯，你所看到的是，大型製藥公司正在尋求填補其研發管線和減少研發投入缺口。我們實際上認為這對我們正在做的事情是有益的。我認為，問題在於這些公司確實需要大量資金。他們可以透過多種方式獲得資金。我們顯然為該行業提供了重要的資金來源，對此我們感到非常興奮。因此，併購活動的增加實際上並不會影響特許權使用費市場。

In the sense of China, you're right. We're super excited. That's going to be -- and we've seen a lot of growth in the out licensing out of China to multinationals. We see that as another leg of growth on the existing royalty marketplace. As you know, we spend a lot of time looking at companies and investing companies post proof of concept. I made some remarks in the prepared remarks about what stage of development we invest in. A lot of those deals out of China have been early-stage development deals. We're going to track those transactions and those molecules as they progress with the companies that in-license them. And there certainly will be opportunities to acquire those royalties as there's more known about the compounds that were out-licensed to the multinationals. So we're super excited. We've had multiple teams go to China this year, multiple times, building relationships for that opportunity set. So we're excited about the opportunity. We see it just as another leg of growth on the existing royalty marketplace.

從中國的角度來看，你是對的。我們超級興奮。那將會是——而且我們已經看到中國向跨國公司授權的規模大幅成長。我們認為這是現有版稅市場成長的另一個動力。如您所知，我們會在概念驗證後花費大量時間研究公司並投資公司。我在事先準備好的演講稿中就我們投資的發展階段發表了一些看法。來自中國的許多交易都是早期開發階段的交易。我們將追蹤這些交易和這些分子在獲得許可的公司中的進展。隨著人們對授權給跨國公司的化合物了解得越來越多，肯定會有機會獲得這些特許權使用費。我們都非常興奮。今年我們已經派出多個團隊多次前往中國，為抓住機會建立人脈關係。所以我們對這個機會感到非常興奮。我們認為這只是現有版權市場成長的另一個階段。

Hardik Parikh, JPMorgan.

Hardik Parikh，摩根大通。

This is Hardik Parikh in for Chris Schott. Just wondering, I know Merck had recently announced a royalty deal with one of your peers. And you guys have also done a couple of R&D collaborations with Biogen and Merck in the past. Do you think the frequency of these types of collaborations with large pharma will increase as those names head towards their patent cycles? What type of factors drive these deals from pharma's perspective?

哈迪克·帕里克替補克里斯·肖特上場。我只是好奇地問，我知道默克公司最近宣布與你們的一位同行達成了一項特許權使用費協議。你們過去也曾與 Biogen 和 Merck 進行過一些研發合作。你認為隨著大型製藥公司專利週期的推進，這類與大型製藥公司合作的頻率會增加嗎？從製藥公司的角度來看，哪些因素促成了這些交易？

Yes. Thank you for the question. And I think I'll start by just saying that as the largest royalty buyer in the market, you can sort of assume that we look at every deal. This product is also a competitor to Trodelvy, where we have a royalty, we funded the Phase 3, so we're very familiar with the space. And regarding the deal specifically, what I would say is that it's just great to see how this idea of using royalties to fund trials, not only with biotech companies, but also with big pharma is really becoming mainstream, which speaks to the big opportunity that we have in front of us. And I think this is going to just continue to grow, and it's a really big opportunity if you think of the scale of capital needed required by these companies. So we're very optimistic about these transactions continuing to happen. And I think with respect to the transaction specifically, as I said, we actually looked at it but decided at the end that it was not for us, and continue to be very active with many big pharmas to talk about this kind of funding.

是的。謝謝你的提問。我想先說明一點，作為市場上最大的版權費買家，你們可以認為我們會仔細審查每一筆交易。該產品也是 Trodelvy 的競爭對手，我們擁有 Trodelvy 的專利使用費，我們資助了其第三階段，因此我們非常熟悉這個領域。至於這項交易的具體內容，我想說的是，很高興看到利用專利費來資助試驗的想法，不僅在生物技術公司，而且在大型製藥公司中也逐漸成為主流，這表明我們面前存在著巨大的機遇。我認為這種情況還會繼續發展，考慮到這些公司所需的資本規模，這確實是一個很大的機會。因此，我們對這些交易繼續發生感到非常樂觀。至於這筆交易本身，正如我所說，我們確實考慮過，但最終決定它不適合我們，我們將繼續積極與許多大型製藥公司洽談此類融資事宜。

Geoff Meacham, Citi.

傑夫‧米查姆，花旗銀行。

I guess, Terry or maybe Pablo, on the IRR, I'm assuming that's likely to tick up. And by the way, thanks for presenting that data. It's likely to tick up as you hit a tipping point of new launches. I guess the bigger picture is, does that change Royalty's willingness to look to maybe moderately earlier programs or maybe just take bigger risks. I know you're not obviously going to materially change the model, but the question is more of a tilt going forward on the risk side.

我猜，Terry或Pablo，關於內部報酬率（IRR），我估計它可能會上升。順便說一句，謝謝你提供這些數據。隨著新產品發布數量的激增，這個數字可能會上升。我想，更重要的問題是，這是否會改變 Royalty 考慮提前啟動專案或承擔更大風險的意願。我知道你顯然不會對模型進行實質的改變，但問題更多的是未來風險的一個傾斜方向。

Sure. Why don't you take that question, Terry. But I think just one very top-level comment about it. You can imagine that we've been actually tracking this for three decades. And it really doesn't change much our behavior. If we see an attractive transaction in an approved product or an attractive transaction in a product that is in development, we will do it. And the fact that this calculation, these returns are going to move up and down a little bit, will not really impact our behavior in terms of us looking at transactions and deploying capital. But go ahead, Terry.

當然。特里，你來回答這個問題吧。但我認為只有一條非常重要的評論。你可以想像，我們其實已經追蹤此事長達三十年了。但這其實並不會改變我們的行為。如果我們發現已獲批准的產品中有有吸引力的交易機會，或者在開發中的產品中有有吸引力的交易機會，我們就會進行交易。而且，這種計算結果，這種回報，會略有上下波動，但這並不會真正影響我們看待交易和部署資本的行為。特里，你繼續。

Yeah, Pablo, that's exactly the point. And I would say on the specifics on the Return on Invested Capital and Return on Invested Equity metrics that we've started to highlight, I think the thing that we're most proud of really is the stability and the consistency. And so as we've continued to scale our investments, it's remained remarkably stable. And we think that it's going to bounce around a little bit quarter in and quarter out. But it should remain for return on invested capital in that mid-teens range for the foreseeable future, which we think really speaks to the value creation of our business model.

沒錯，帕布羅，這正是關鍵所在。至於我們開始專注於的投資資本報酬率和投資權益報酬率指標的具體細節，我認為我們最引以為傲的是其穩定性和一致性。因此，儘管我們不斷擴大投資規模，但它仍然保持了驚人的穩定性。我們認為比賽開始和結束時，比分可能會有些波動。但在可預見的未來，投資報酬率應該會保持在十幾個百分點的水平，我們認為這真正體現了我們商業模式的價值創造。

Thanks, guys.

謝謝各位。

Umer Raffat, Evercore.

Umer Raffat，Evercore。

This is Mike DiFiore in for Umer. Two for me. I want to drill down on the Amvuttra deal. You mentioned significant competition from nucresiran potentially, but could you provide any color on the range of scenarios that factor in significant competition from this asset. And in the scenario where it does get approved and launches in 2030, how quickly might you see Amvuttra eroding?

這是代替烏默爾上場的麥克·迪菲奧雷。我兩個。我想深入了解Amvuttra的交易。您提到可能會面臨 Nucresiran 的重大競爭，但您能否詳細說明一下，考慮到該資產可能帶來的重大競爭，各種情況會如何發展？如果 Amvuttra 真的獲得批准並在 2030 年推出，你認為它會以多快的速度衰落？

And quickly, separately, any updates on the market for synthetic royalties in the obesity space?

另外，能否快速補充一下，肥胖症領域合成專利費市場的最新進展？

Marshall, why don't you take both questions?

馬歇爾，為什麼不兩個問題都回答一下呢？

Sure. Mike, thanks for the question. So specifically on how we thought about Amvuttra over its whole product life cycle. As we highlighted at the beginning of the call, we are really excited about this product. It's completely consistent with the kind of products that we've invested in in the past. And I think the strong launch in Alnylam's strong execution behind it are all examples of that.

當然。麥克，謝謝你的提問。所以具體來說，我們是如何考慮 Amvuttra 的整個產品的生命週期。正如我們在電話會議開始時所強調的那樣，我們對這款產品感到非常興奮。這與我們過去投資的產品類型完全一致。我認為 Alnylam 的強勢發布及其背後強有力的執行都是這方面的例證。

Specifically to your question, as we always do, we looked at a pretty broad range of scenarios for both timing and the slope of how nucresiran might enter the market. We obviously have a case study, a very recent case study of the Onpattro to Amvuttra transition to sort of to help us and guide us as one scenario. But we certainly looked at a lot of sensitivities around that as well with the message being and why we talked about that, that we're confident in an IRR of low-double digits or better when we look across that range of scenarios even baking in that range of nucresiran scenarios.

具體來說，針對您的問題，我們一如既往地研究了 Nucresiran 進入市場的時機和速度等一系列廣泛的情景。我們顯然有一個案例研究，一個非常近期的關於 Onpattro 到 Amvuttra 過渡的案例研究，可以幫助我們，並為我們提供一種場景指導。但我們當然也考慮了很多相關的敏感性，我們傳達的訊息以及我們談論這一點的原因在於，我們有信心在各種情景下，即使考慮到各種核能情景，內部收益率也能達到兩位數或更高。

Second, on the obesity market. So it continues to be -- I think message is very consistent with what we’ve said in the past, certainly on our radar looking for the right opportunities there. We don't just want to have a royalty on an obesity product for the sake of it, we want it to be an important product that differentiates itself in this space, and we'll be disciplined in waiting to find the right thing that creates value for our shareholders.

其次，關於肥胖症市場。所以，我認為這訊息與我們過去所說的非常一致，我們當然會密切關注那裡的合適機會。我們不想僅僅為了獲得專利而獲得肥胖症產品的專利費，我們希望它成為一款在這個領域脫穎而出的重要產品，我們將謹慎等待，直到找到能夠為股東創造價值的正確產品。

Great. Thank you.

偉大的。謝謝。

Terence Flynn, Morgan Stanley.

Terence Flynn，摩根士丹利。

Two for me. First, congrats on the Amvuttra deal. I think Blackstone originally signed a deal with Alnylam back in 2020. And Pablo, given your comments that you guys look at everything, I'm assuming you had a look at it back then. So I'm just wondering what's different now versus that 2020 deal?

我兩個。首先，恭喜你們達成Amvuttra的交易。我認為黑石集團最初是在 2020 年與 Alnylam 簽署協議的。巴勃羅，鑑於你之前說過你們會仔細查看所有東西，我猜你們當時肯定也看過這件事。所以我想知道現在的情況與2020年的協議有什麼不同？

And then on the Lp(a) front, probably a question for Marshall. Amgen, as I'm sure you guys heard last night talked about the olpasiran Phase 3 event rate tracking slower than expected. Just any thoughts there on your views on implications for probability of success here for this study?

至於 Lp(a) 方面，這或許該問 Marshall 了。正如我昨晚你們肯定聽到的，安進公司談到olpasiran 3期事件發生率的跟踪速度比預期要慢。您對此有何看法？您認為這會對本研究的成功機率產生什麼影響？

Sure. Marshall will take the second part of the question, but maybe to provide some color on the first one regarding Amvuttra? Yes, it is part of a larger deal that was done in 2020, which was about $1 billion. That actually related much more to inclisiran. And this small royalty 1% on Amvuttra was sort of an add-on to the transaction. It was sort of a $70 million part of the overall transaction. And we did look at that -- the whole deal at the time. But again, we decided it was not for us.

當然。馬歇爾將回答問題的第二部分，但或許可以就第一部分，也就是關於阿姆武特拉的一些細節進行補充說明？是的，這是 2020 年達成的一項更大交易的一部分，該交易金額約為 10 億美元。實際上，這與inclisiran的關係更為密切。而 Amvuttra 的這 1% 的小額版稅算是這筆交易的附加部分。這筆交易是整個交易中價值 7000 萬美元的一部分。我們當時確實研究過這件事——研究過整個事件。但我們最終還是覺得它不適合我們。

And I think one thing I will comment on because obviously, I think this provides some color regarding this question that we've had for -- since we went public five years ago about competition. And obviously, regarding the motivations of why Blackstone sold, you should ask them, but they've been in this investment for five years, and it's an attractive return given the investment they made specifically on this.

我想就一點發表評論，因為很明顯，我認為這為我們五年前公開談論競爭問題提供了一些參考。至於黑石集團出售的動機，你應該去問他們，但他們在這項投資上已經投入了五年時間，考慮到他們專門對這項投資進行的投入，這是一個很有吸引力的回報。

But I think one thing to comment on, as we highlighted in our Investor Day is that we do have a very unique structure as a company now, ongoing business. Perpetual versus many of our competitors that are structured as closed end funds where they have investment horizons that are much shorter than ours. And as you know, royalties are very, very long. It can be 10, 15 years. So what's very unique about Royalty Pharma is that were structured to actually invest in assets that are very long and hold them to maturity. And I think this really speaks to the differences in the business models where we are really set up to own royalties that are going to cash flow for 10, 15, or longer than that. And so we have sort of different investment horizons.

但我認為有一點需要說明，正如我們在投資者日上所強調的那樣，我們現在作為一家公司擁有非常獨特的結構，即持續經營的業務。與我們許多競爭對手不同的是，Perpetual 基金採用封閉式基金結構，投資期限比我們的基金短得多。而且你也知道，版稅支付週期非常非常長。可能是10年，也可能是15年。Royalty Pharma 的獨特之處在於，我們的結構旨在投資長期資產並持有至到期。我認為這真正反映了商業模式的差異，我們目前的模式是擁有能夠帶來 10 年、15 年甚至更長現金流的版稅。因此，我們的投資期間也略有不同。

And I think the last thing I would say is that this transaction also highlights something unique about Royalty Pharma, which is that given our diligence process that has been honed over decades, we were able to develop a differentiated view about the sales trajectory and importantly, the persistence and duration of the Amvuttra royalties that maybe differs from other people's perspectives. And that's why we think this is a very attractive investment that will deliver attractive returns for us.

最後我想說的是，這筆交易也凸顯了 Royalty Pharma 的獨特之處，那就是憑藉我們數十年來不斷完善的盡職調查流程，我們能夠對 Amvuttra 的銷售軌跡，尤其是其特許權使用費的持續性和期限，形成一種與其他人不同的獨特見解。正因如此，我們認為這是一項非常有吸引力的投資，能夠為我們帶來可觀的回報。

But the other question for you, Marshall.

但還有一個問題想問你，馬歇爾。

Sure, Terence. Thanks for the question on Lp(a). So specifically, Amgen did talk about a slower event rate in that study last night. I think that probably shouldn't come necessarily as a surprise given our other -- given Novartis where we also have an investment in their Lp(a) product had a similar observation from their trial.

當然可以，特倫斯。感謝您提出關於 Lp(a) 的問題。具體來說，安進公司昨晚確實談到了該研究中事件發生率較低的情況。考慮到我們另一家公司——諾華公司（我們也投資了他們的 Lp(a) 產品）——在其試驗中也觀察到了類似的現象，我認為這或許並不令人驚訝。

I think when we did the initial diligence when you're running a first-in-class outcome study for a target in a population where there's not a lot of precedent, I think we were eyes open about the fact that there ultimately would be some uncertainty around timing and the exact event rate.

我認為，當我們進行初步盡職調查時，尤其是在針對一個沒有太多先例的目標人群進行首創性結果研究時，我們很清楚，最終在時間安排和確切的事件發生率方面會存在一些不確定性。

So what that means to us -- to your question is it doesn't change our view of the probability of success? And we continue to be really excited about having two royalties in the two leading therapies in this class that we think could be a very large, many multibillion-dollar class in the future, and we're really excited to be a part of it.

那麼，對於你的問題來說，這意味著什麼？這意味著它不會改變我們對成功機率的看法嗎？我們仍然非常興奮地擁有該類別中兩種領先療法的兩項專利使用費，我們認為該類別未來可能會發展成為一個非常龐大、價值數十億美元的類別，我們非常高興能參與其中。

Mike Nedelcovych, TD Cowen.

邁克·內德爾科維奇，TD Cowen。

I have two. My first is also on the Lp(a) space. And specifically, I'm wondering if the HORIZON trial fails in 2026, to what extent do you think differences in trial design could ride to the rescue as it relates to olpasiran's prospects in 2027?

我有兩個。我的第一個也是在 Lp(a) 空間上。具體來說，我想知道如果 HORIZON 試驗在 2026 年失敗，您認為試驗設計上的差異能在多大程度上幫助 olpasiran 在 2027 年取得進展？

And my second question is on obexelimab. This agent posted some very interesting Phase 2 MS data right after Royalty Pharma announced its deal. So I'm just curious if that has changed your thinking at all around peak potential or was MS upside already taken into account?

我的第二個問題是關於obexelimab。這家代理商在 Royalty Pharma 宣布交易後立即發布了一些非常有趣的 II 期 MS 數據。所以我很好奇，這是否改變了你對峰值潛力的看法，還是你已經考慮到了MS的上漲空間？

Sure. To answer the question again, this is for you, Marshall.

當然。再回答這個問題，這是給你的，馬歇爾。

Sure. Mike, thank you for the question. So specifically, your question on Lp(a), just for everyone very quickly who might not be familiar with all the details here. So Mike, your question is if the first outcomes trial that will read out HORIZON from Novartis were not to be positive, what would the implications be for the second one coming, which is Amgen's trial for olpasiran.

當然。麥克，謝謝你的提問。所以具體來說，關於 Lp(a) 的問題，為了方便可能不熟悉所有細節的人，我快速解釋一下。所以麥克，你的問題是，如果諾華公司 HORIZON 試驗的第一個結果不理想，那麼對於即將到來的第二個試驗（安進公司 olpasiran 試驗）會有什麼影響？

And I think there are certainly some differences in trial design. There are some differences in depth of Lp(a) lowering. So we are optimistic about both trials. But certainly, there are differences in the trial design, which could differentiate the olpasiran outcome from HORIZON and pelacarsen. Hard to comment really specifically on that right now until we see the details in what happens. So we are certainly optimistic and excited to see the first one next year.

我認為試驗設計方面肯定存在一些差異。Lp(a) 下降的深度有些差異。因此，我們對這兩項試驗都持樂觀態度。但試驗設計肯定存在差異，這可能會使 olpasiran 的結果與 HORIZON 和 pelacarsen 的結果有所不同。在看到事情的具體發展之前，現在很難對此做出具體評論。因此，我們非常樂觀和興奮地期待明年看到第一部作品。

Your second question on obexelimab. So yeah, we were, the MS data that Zenas reported looked great. And I think as we highlighted in the prepared remarks, it really kind of validates the underlying kind of scientific and clinical question here, which is if you have a non B-cell depleting but B-cell activity modulating antibody, what would be -- what would that mean for activity in various autoimmune diseases. And I think the MS data and really showing very strong suppression of disease activity is very validating of the view that this is a new and different way of treating autoimmune disease, which is exciting.

關於 obexelimab 的第二個問題。是的，Zenas 報告的 MS 數據看起來很棒。正如我們在準備好的演講稿中所強調的那樣，我認為這確實驗證了這裡潛在的科學和臨床問題，那就是，如果你有一種不消耗 B 細胞但能調節 B 細胞活性的抗體，那麼——這對各種自身免疫性疾病的活性意味著什麼。我認為 MS 數據確實顯示出對疾病活動的非常強效的抑製作用，這非常證實了這是一種治療自體免疫疾病的全新方法，這令人興奮。

The near-term launch, and I think what we were really working with Zenas on funding is certainly focused on IgG4-related disease. And so that was really the -- that was the focus of the deal because I think in a lot of ways, from a commercial perspective, that drives the near-term capital need. But they have a great team over there at Zenas and excited to see what they do with obexelimab in addition to IgG4-related disease.

近期推出的產品，我認為我們與 Zenas 合作籌集資金的重點，肯定是 IgG4 相關疾病。所以這才是這筆交易的真正重點，因為我認為從商業角度來看，這在許多方面都推動了近期的資金需求。但是 Zenas 的團隊非常出色，我很期待看到他們除了治療 IgG4 相關疾病之外，還能用 obexelimab 做些什麼。

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

謝謝。目前隊列中沒有其他問題了。現在我想把電話交還給巴勃羅，請他作總結發言。

Thank you, operator, and thanks 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. Thanks.

謝謝接線生，也感謝所有參與電話會議的各位對 Royalty Pharma 的持續關注。如果您有任何後續問題，請隨時聯繫喬治·格羅菲克。謝謝。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。