Royalty Pharma PLC (RPRX) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Royalty Pharma fourth-quarter earnings conference call.

女士們、先生們，感謝各位的耐心等待，歡迎參加 Royalty Pharma 第四季財報電話會議。

I would like now to turn the conference over to George Grofik, Senior Vice President, Head of Investor Relations & Communications. Please go ahead, sir.

現在我將把會議交給高級副總裁兼投資者關係與傳播主管喬治·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 fourth-quarter and full-year 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.

各位早安，各位下午好。感謝您與我們一起回顧 Royalty Pharma 2025 年第四季和全年業績。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. 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.

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。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GAAP流動性指標來幫助您了解我們的財務表現。這些措施與我們 GAAP 財務數據的核對情況已在公司網站上發布的盈利新聞稿中提供。

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; Chris Hite, EVP, Vice Chairman; Marshall Urist, EVP, Head of Research and Investments; 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；執行副總裁兼副董事長 Chris Hite；執行副總裁兼研究與投資主管 Marshall Urist；以及執行副總裁兼財務長 Terry Coyne。

Pablo will discuss the key highlights, after which Chris will discuss our transaction pipeline. Marshall will then provide a portfolio update, and Terry will review the financials. Following concluding remarks from Pablo, we will hold a Q&A session.

Pablo 將介紹重點內容，之後 Chris 將介紹我們的交易流程。然後，馬歇爾將提供投資組合最新情況，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。

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

接下來，我想把電話交給巴布羅。

Thank you, George, and welcome to everyone on the call. 2025 was truly a landmark year for Royalty Pharma as we executed successfully towards our goal to be the premier capital allocator in life sciences with consistent compounding growth.

謝謝喬治，也歡迎各位參加本次電話會議。 2025年對於Royalty Pharma來說的確是具有里程碑意義的一年，我們成功實現了成為生命科學領域首屈一指的資本配置者的目標，並維持了持續的複合成長。

Slide 5 summarizes our strong momentum over the year. Starting with the financials, we delivered strong double-digit growth in both Portfolio Receipts, our top line, and Royalty Receipts, which are our recurring cash flows. We raised our guidance three times in the year and delivered full-year results slightly above the top end of our most recent update. This tremendous momentum was driven by the strength of our diversified portfolio.

第 5 張投影片總結了我們今年的強勁發展勢頭。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）均實現了強勁的兩位數成長。我們一年內三度調高業績預期，最終全年業績略高於最近一次預期的上限。這一強勁的成長勢頭得益於我們多元化投資組合的實力。

We maintained strong returns in our business with Return on Invested Capital of 15.8% and Return on Invested Equity of 22.8% for the year. By combining strong growth and attractive returns, we believe we have a clear path to drive shareholder value creation.

本年度，我們的業務維持了強勁的回報，投資資本回報率為 15.8%，投資權益回報率為 22.8%。我們相信，透過強勁的成長和可觀的回報，我們能夠清楚地實現股東價值的創造。

Looking ahead, our 2026 full-year guidance implies 3% to 8% growth in Royalty Receipts, which reflects the strength of our base business. As usual, our guidance is based on our current portfolio and does not include the benefit of any future transactions.

展望未來，我們對 2026 年全年業績的預測意味著特許權使用費收入將成長 3% 至 8%，這反映了我們基礎業務的強勁勢頭。像往常一樣，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。

In 2025, we also completed one of the most transformative steps in our company's evolution through the internalization of our external manager. This brought together our valuable intellectual capital and our unique royalty portfolio. We are already seeing benefits from improved alignment and governance, as well as from a significant reduction in costs.

2025年，我們也完成了公司發展歷程中最具變革意義的步驟之一，即外部經理人的內部化。這使我們將寶貴的知識資本和獨特的版稅組合結合在一起。我們已經看到，透過改善協調和治理，以及大幅降低成本，我們獲得了許多好處。

Turning to capital allocation. We announced $4.7 billion of transactions on attractive therapies during the year and deployed capital of $2.6 billion. At the same time, we returned $1.7 billion of capital to shareholders. We repurchased 37 million shares for a total of $1.2 billion and paid over $500 million in dividends. And we increased our dividend by 7% in the first quarter of 2026, consistent with our mid-single-digit growth target.

接下來討論資本配置。年內，我們宣布了價值 47 億美元的有吸引力療法交易，並投入了 26 億美元的資金。同時，我們向股東返還了 17 億美元的資本。我們回購了 3,700 萬股股票，總計 12 億美元，並支付了超過 5 億美元的股息。我們在 2026 年第一季將股息提高了 7%，這與我們中等個位數的成長目標相符。

We're also delighted to see multiple positive clinical and regulatory updates across our portfolio, including FDA approval of Myqorzo and positive Phase 3 results on Tremfya, TEV-'749, deucrictibant, and Trodelvy. Looking ahead, we see the potential to unlock significant additional value from our large and, we think, underappreciated development-stage pipeline where, as Marshall will highlight, we expect multiple pivotal readouts in the relatively near future.

我們也很高興地看到，我們的產品組合中出現了多項積極的臨床和監管進展，包括 FDA 批准 Myqorzo 以及 Tremfya、TEV-'749、deucrictibant 和 Trodelvy 的積極 3 期臨床試驗結果。展望未來，我們看到了從我們龐大且我們認為被低估的研發階段產品線中釋放巨大額外價值的潛力，正如馬歇爾將要強調的那樣，我們預計在不久的將來會有多個關鍵性結果公佈。

As many of you know, slide 6 is a particularly favorite of mine, as it demonstrates our consistent double-digit growth on average since our IPO. We have delivered this impressive record year in, year out, regardless of the market backdrop. This speaks to the quality of our asset selection and our unique business model.

正如你們許多人所知，我特別喜歡第 6 張投影片，因為它展示了自我們 IPO 以來平均持續兩位數的成長。無論市場環境如何，我們年復一年地都取得了這令人矚目的成就。這體現了我們資產選擇的品質和我們獨特的商業模式。

Slide 7 underscores an important trend. In 2025, the biopharma market reached $10 billion in announced transaction value for the first time ever. The strong growth trajectory is clear. Over the past five years, the average annual value nearly doubled versus the prior five years, and is nearly triple the level of 15 years ago. This is a market that Royalty Pharma pioneered and that we continue to lead in both share and innovation. Most importantly, we expect this growth to continue, driven by the increasing recognition of the benefits of biopharma royalties, the huge demand for capital in life sciences, and the incredible pace of scientific innovation.

第 7 張投影片強調了一個重要趨勢。2025年，生物製藥市場公佈的交易額首次達到100億美元。強勁的成長軌跡顯而易見。過去五年，平均年值比前五年幾乎翻了一番，幾乎是 15 年前的三倍。這是 Royalty Pharma 開創的市場，我們至今仍在市場份額和創新方面保持領先地位。最重要的是，我們預計這種成長勢頭將會持續下去，這得益於人們對生物製藥特許權使用費的益處的日益認識、生命科學領域對資金的巨大需求以及科學創新的驚人速度。

On slide 8, my final slide, we show that we're executing exceptionally well against our financial targets. On our 2022 Investor Day, we introduced clear targets for top-line growth and Capital Deployment. And I am pleased to report that we delivered on both. We achieved compounded annual Portfolio Receipts growth of 13%, squarely within our target range of 11% to 14% for the first half of this decade. Importantly, we remain well on track to achieve our long-term outlook of 10% or greater top-line growth over the decade as a whole.

在第 8 張投影片（也是我的最後一張投影片）中，我們展示了我們在實現財務目標方面表現出色。在 2022 年投資者日上，我們提出了明確的營收成長和資本部署目標。我很高興地報告，我們兩項目標都實現了。我們實現了 13% 的年複合投資組合收入成長，完全符合我們本十年上半葉 11% 至 14% 的目標範圍。重要的是，我們仍有望實現未來十年營收成長 10% 或以上的長期目標。

We have also reached our five-year Capital Deployment target of $10 billion to $12 billion, approximately one year ahead of schedule. Furthermore, I'm incredibly proud of the breadth and quality of the deals we have announced, and our transaction pipeline remains strong. I could not be more excited for the potential to scale our Capital Deployment given the strong fundamental tailwinds underpinning our business.

我們也提前約一年實現了五年內100億至120億美元的資本部署目標。此外，我對我們已宣布的交易的廣度和品質感到無比自豪，而且我們的交易儲備依然強勁。鑑於我們業務背後強勁的基本面利好因素，我對擴大資本部署規模的潛力感到無比興奮。

Now, before turning the call over to Chris, I'd like to offer a bigger-picture perspective on Royalty Pharma, particularly in an environment of significant uncertainty. Royalty Pharma is a unique compounding machine. We grow consistently year in and year out and delivered an impressive 16% growth last year. Our business delivers consistent returns to our shareholders. As you will hear later from Marshall, we have also a number of potential value-enhancing pipeline readouts in the near term. Our business is resilient, and in a time of uncertainty, we believe we offer a very compelling investment proposition.

現在，在將電話交給克里斯之前，我想就 Royalty Pharma 提供更宏觀的視角，尤其是在當前充滿不確定性的環境下。Royalty Pharma 是一台獨特的配藥機。我們年復一年持續成長，去年實現了令人矚目的 16% 的成長。我們的業務為股東帶來持續穩定的回報。正如馬歇爾稍後會提到的，我們近期還有一些可能提升價值的研發管線數據公佈。我們的業務具有很強的韌性，在當前充滿不確定性的時期，我們相信我們能提供極具吸引力的投資方案。

And with that, I will hand it over to Chris.

然後，我就把它交給克里斯了。

Thanks, Pablo. It's my pleasure to give an update on our transaction pipeline and the growing demand for synthetic royalties, the attractive non-dilutive funding paradigm that we pioneered.

謝謝你，帕布羅。我很高興向大家介紹我們的交易進度以及對合成特許權使用費日益增長的需求，這是我們首創的一種極具吸引力的非稀釋性融資模式。

Beginning on slide 10, this provides a broad overview of the investments we made in 2025 and our transaction funnel. As you can see, we were incredibly busy and reviewed more than 480 potential royalty transactions. This resulted in 155 confidentiality agreements signed, 109 in-depth reviews, and 35 proposals submitted. Our disciplined and highly selective approach resulted in us executing eight transactions for nine therapies, or just 2% of our initial reviews, for an announced value of $4.7 billion.

從第 10 張投影片開始，我們將全面概述我們在 2025 年進行的投資以及我們的交易管道。如您所見，我們非常忙碌，審查了超過 480 筆潛在的版稅交易。最終簽署了 155 份保密協議，進行了 109 次深入審查，並提交了 35 份提案。我們採取嚴謹且高度選擇性的方法，最終完成了九種療法的八項交易，僅占我們最初審查總數的 2%，宣布的交易額為 47 億美元。

Slide 11 expands on the funnel with a longer-term perspective on our investment activity. Since 2020, the year of our IPO, the team has nearly doubled the volume of initial reviews conducted and has more than doubled the number of in-depth reviews.

第 11 張投影片從更長遠的角度擴展了我們的投資活動漏斗圖。自 2020 年我們上市以來，團隊已將初步審查的數量增加了近一倍，並將深度審查的數量增加了一倍以上。

The growth in our funnel has come during periods of both strong and more restrictive capital markets, highlighting how the benefits of royalties are becoming more widely recognized. Furthermore, we are encouraged that the growth in our in-depth reviews, which is where our team spends more time and due diligence, has kept pace with initial reviews, indicating that an increasing number of high-quality biopharma companies are evaluating royalties as part of their capital structure.

我們的銷售管道成長經歷了資本市場強勁和較為緊縮的時期，這凸顯了特許權使用費的益處正日益得到廣泛認可。此外，我們感到鼓舞的是，我們投入更多時間和精力進行深入審查的審查數量與初步審查數量保持同步增長，這表明越來越多的高品質生物製藥公司正在評估特許權使用費作為其資本結構的一部分。

Moving to slide 12. 2025 was our strongest year ever for synthetic royalty transactions, with four synthetic deals totaling more than $2 billion. This was over five times higher than the transaction value in 2020. In each of the four transactions, we acquired a royalty on a potentially transformative, best-in-class therapy. And 2026 has continued in a similar fashion with a synthetic deal on Teva's potential vitiligo therapy, TEV-'408, for up to $500 million.

翻到第 12 張投影片。 2025 年是我們合成特許權使用費交易最強勁的一年，共有四筆合成交易，總額超過 20 億美元。這比 2020 年的交易額高出五倍多。在這四筆交易中，我們都獲得了具有潛在變革意義的同類最佳療法的特許權使用費。2026 年也延續了類似的趨勢，Teva 公司就其潛在的白斑症 TEV-'408 達成了一項價值高達 5 億美元的合成交易。

Let's look more broadly at the synthetic royalty opportunity on slide 13. 2025 set a new record for synthetic royalty transactions, with the market value jumping by about 50% versus the prior year to $4.7 billion. The graphic on the right shows that over the past five years, biopharma funding has been dominated by equity, licensing deals, and debt. Synthetic royalties have been a small part, just 5%.

讓我們更廣泛地看一下第 13 頁投影片中的合成特許權使用費機會。 2025 年合成特許權使用費交易創下新紀錄，市值比前一年增長了約 50%，達到 47 億美元。右側的圖表顯示，在過去的五年裡，生物製藥的融資主要以股權、許可交易和債務為主。合成版稅只佔很小一部分，僅佔 5%。

From our ongoing partnership discussions, we see synthetic royalties being routinely discussed at the Board level and C-suites as an important and growing funding modality. Why is this? Simply put, synthetic royalties solve funding problems in a way that equity and debt can't and are increasingly being recognized as an important part of a biopharma company's capital structure.

從我們持續進行的合作討論中，我們看到，合成特許權使用費作為一種重要且不斷增長的融資方式，正在董事會和高管層中被頻繁討論。這是為什麼呢？簡而言之，合成特許權使用費以股權和債務無法做到的方式解決了融資問題，並且越來越被認為是生物製藥公司資本結構的重要組成部分。

More specifically, compared with traditional debt and equity financing, they offer greater flexibility, no operational restrictions, they are non-dilutive to equity holders, and they can be tailored to the individual needs of a company. This drove our groundbreaking transaction with Revolution Medicines.

更具體地說，與傳統的債務和股權融資相比，它們提供了更大的靈活性，沒有營運限制，不會稀釋股權持有人的權益，並且可以根據公司的特定需求進行客製化。這促成了我們與 Revolution Medicines 的突破性交易。

And given our leadership in this space, we believe we are optimally positioned to benefit from this important paradigm shift in biotech funding. So to close, we are confident that synthetics will be an important growth driver in the coming years.

鑑於我們在該領域的領先地位，我們相信我們已做好充分準備，從生物技術融資領域的這一重要範式轉變中獲益。最後，我們相信合成材料將在未來幾年成為重要的成長驅動力。

With that, let me hand it over to Marshall.

那麼，就讓我把麥克風交給馬歇爾。

Thanks, Chris. I want to discuss two important aspects of our portfolio today: first, a look back at 2025 Capital Deployment to highlight some key themes; and then, second, to look forward toward important 2026 events in our broad development stage portfolio.

謝謝你，克里斯。今天我想討論我們投資組合的兩個重要面向：首先，回顧 2025 年的資本部署，重點介紹一些關鍵主題；其次，展望我們廣泛的開發階段投資組合在 2026 年的重要事件。

Slide 15 demonstrates how well we executed against our Capital Deployment strategy in 2025. We deployed capital of close to $900 million in the fourth quarter alone, highlighting our scalable and flexible diligence and deal execution capabilities. We acquired existing royalties on approved products: Amvuttra for ATTR amyloidosis, Evrysdi for SMA, as well as a synthetic royalty on the expected approval of Denali's groundbreaking therapy for a rare condition called Hunter syndrome. We also acquired existing royalties on Nuvalent's two lung cancer therapies that are expected to be FDA approved in 2026 and 2027.

第 15 張投影片展示了我們在 2025 年資本部署策略的執行情況。僅在第四季度，我們就投入了近 9 億美元的資金，這凸顯了我們可擴展和靈活的盡職調查和交易執行能力。我們獲得了已獲批准產品的現有特許權使用費：用於治療 ATTR 澱粉樣變性的 Amvuttra、用於治療 SMA 的 Evrysdi，以及 Denali 公司針對一種名為 Hunter 綜合徵的罕見疾病的突破性療法預期獲批後的合成特許權使用費。我們也收購了 Nuvalent 的兩款肺癌療法的現有特許權使用費，這兩款療法預計將於 2026 年和 2027 年獲得 FDA 批准。

This busy quarter took our total Capital Deployment for the year to $2.6 billion which resulted, as Pablo highlighted, in the achievement of our five-year capital deployment target of $10 billion to $12 billion one year ahead of schedule. Taking a step back shows how we were able to deliver balanced Capital Deployment to our shareholders year in and year out, with 67% of our 2025 investments in approved products and 33% in development-stage therapies right in line with our historical average.

本季業務繁忙，使我們全年的資本部署總額達到 26 億美元，正如 Pablo 所強調的那樣，這使我們提前一年實現了五年內 100 億至 120 億美元的資本部署目標。回顧過去，我們能夠年復一年地為股東提供均衡的資本部署，2025 年我們 67% 的投資投向已獲批准的產品，33% 投資於研發階段的療法，這與我們的歷史平均水平完全一致。

What's also remarkable is the diversity of investments underlying our $4.7 billion in announced transaction value. As a reminder, announced value is a broader measure than Capital Deployment that includes potential future payments and obligations in addition to upfront amounts. 2025 is also the first year that synthetic royalties exceeded existing royalties and committed capital, reinforcing Chris's comments about the important role of synthetic royalties in the biopharma funding ecosystem.

同樣引人注目的是，我們已公佈的 47 億美元交易額所對應的投資項目非常多元化。需要提醒的是，已公佈的價值是一個比資本部署更廣泛的衡量指標，它除了包含預付款外，還包括潛在的未來付款和義務。 2025年也是合成特許權使用費首次超過現有特許權使用費和承諾資本的一年，這進一步印證了克里斯關於合成特許權使用費在生物製藥融資生態系統中發揮重要作用的觀點。

Slide 16 summarizes the four exciting transactions that we completed over the last three months for a combined announced value of $1.4 billion. The first thing to note is that the transactions cover four very different therapeutic areas, marketers, and development stages, showing how our investment approach consistently produces diversity in our royalties. Second, two of the four transactions are synthetic royalty deals, including Denali and most recently Teva's potentially transformative vitiligo therapy, TEV-'408. The existing royalty transactions cover Nuvalent's two development stage drugs for small cell lung cancer and the residual royalty in Roche's blockbuster Evrysdi.

第 16 頁總結了我們在過去三個月完成的四項令人興奮的交易，總宣布價值達 14 億美元。首先值得注意的是，這些交易涵蓋了四個截然不同的治療領域、行銷人員和開發階段，這表明我們的投資方法如何持續地為我們的特許權使用費帶來多樣性。其次，這四筆交易中有兩筆是合成特許權使用費交易，包括 Denali 和最近 Teva 具有潛在變革意義的白斑療法 TEV-'408。現有的特許權使用費交易涵蓋了 Nuvalent 的兩款處於研發階段的小細胞肺癌藥物，以及羅氏重磅藥物 Evrysdi 的剩餘特許權使用費。

Third, these largely are or are expected by consensus to be blockbuster medicines. This highlights our disciplined focus on innovative, first- or best-in-class medicines to drive our diversified, sustainable, and attractive growth profile.

第三，這些藥物大多是或普遍預期會成為重磅炸彈級藥物。這凸顯了我們專注於創新、一流或最佳藥物的嚴謹態度，以推動我們多元化、可持續和具有吸引力的成長前景。

Next, I'll turn to our development-stage pipeline and upcoming events. We're exceptionally well positioned for our next wave of value creation with one of the deepest and most innovative development-stage pipelines in the industry. Slide 17 shows that our portfolio already delivered a number of successful Phase 3 readouts and regulatory approvals in 2025; most recently, the FDA approval and launch of Cytokinetics' Myqorzo in obstructive hypertrophic cardiomyopathy. And these events together will lead to several new royalty-generating launches this year.

接下來，我將介紹我們的開發階段流程和即將舉行的活動。我們擁有業界最深厚、最具創新性的研發階段產品線之一，這為我們下一波價值創造浪潮奠定了極為有利的地位。第 17 張幻燈片顯示，我們的產品組合已在 2025 年取得了多項成功的 3 期臨床試驗結果和監管批准；最近，FDA 批准了 Cytokinetics 的 Myqorzo 用於治療梗阻性肥厚型心肌病變。這些事件加在一起，將在今年促成幾項新的、能帶來版稅收入的產品發表。

Now, unlike many biopharma business models, Royalty Pharma is not defined by any single clinical trial outcome. Slide 18 shows that there is much more to come from our development-stage pipeline, with multiple pivotal readouts expected over the next 24 months.

與許多生物製藥商業模式不同，Royalty Pharma 的獲利模式並非由任何單一的臨床試驗結果決定。第 18 張投影片顯示，我們的研發階段產品線還有更多成果即將推出，預計未來 24 個月內將有多個關鍵性結果公佈。

2026 will be an exciting year. We'll see the first Phase 3 data on Revolution Medicine's daraxonrasib in pancreatic cancer, a drug which has the potential to revolutionize this devastating disease. We'll also see the results of the first outcomes trial for our investments in the Lp(a) class of drugs with Novartis' pelacarsen. We continue to believe that the Lp(a) class could be the next major class of cardiovascular disease drugs, and we're perfectly positioned with the two lead pipeline products in pelacarsen and Amgen's olpasiran.

2026年將是令人興奮的一年。我們將看到 Revolution Medicine 公司的 daraxonrasib 在胰臟癌治療中的首個 3 期臨床試驗數據，該藥物有可能徹底改變這種毀滅性疾病的治療現狀。我們也將看到我們投資的 Lp(a) 類藥物（諾華公司的 pelacarsen）的首個療效試驗結果。我們仍然相信 Lp(a) 類藥物可能是下一個主要的心血管疾病藥物類別，而我們憑藉 pelacarsen 和安進的 olpasiran 這兩個領先的在研產品，處於非常有利的地位。

We'll also see data for Biogen's litifilimab in lupus late this year or early next year. And while not on this slide, we expect to see data this year for Myqorzo in non-obstructive hypertrophic cardiomyopathy, which is a potentially large new indication.

今年稍後或明年年初，我們還將看到 Biogen 的 litifilimab 在治療狼瘡方面的數據。雖然這張投影片上沒有提到，但我們預計今年將看到 Myqorzo 在非阻塞性肥厚型心肌病變方面的數據，這可能是一個很大的新適應症。

In 2027, we expect pivotal data from Sanofi's frexalimab in multiple sclerosis and from J&J's seltorexant in major depressive disorder. We'll also see the Lp(a) outcomes trial from olpasiran. Each of these potentially transformative therapies would add very significant royalties to our top line. More broadly, when we look across our entire pipeline of 20 development stage therapies, we estimate combined peak sales of over $43 billion on a non-risk-adjusted basis, which could translate to over $2.1 billion in peak annual royalties to Royalty Pharma.

2027 年，我們預計將獲得賽諾菲的 frexalimab 在多發性硬化症方面的關鍵數據，以及強生的 seltorexant 在重度憂鬱症方面的關鍵數據。我們也將看到 olpasiran 的 Lp(a) 結果試驗。這些具有潛在變革意義的療法每一種都會為我們帶來非常可觀的專利使用費收入。更廣泛地說，當我們縱觀我們全部 20 種處於研發階段的療法時，我們估計，未經風險調整的峰值銷售額合計將超過 430 億美元，這可能轉化為 Royalty Pharma 每年超過 21 億美元的峰值特許權使用費。

So to close, there is really significant but underappreciated potential in our pipeline, and the next few years will see multiple events that could unlock substantial value. At the same time, this isn't it and our ongoing Capital Deployment will allow us to expand and repopulate our pipeline in the years to come.

最後總結一下，我們的產品線蘊藏著巨大的潛力，但這些潛力尚未被充分重視。未來幾年將會出現多個事件，這些事件可能會釋放巨大的價值。同時，這還不是全部，我們持續的資本部署將使我們能夠在未來幾年擴大和補充我們的產品線。

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

好了，現在我把它交給特里。

Thanks, Marshall.

謝謝你，馬歇爾。

Let's move to slide 20. This slide shows how our efficient business model generates substantial cash flow to be reinvested. Royalty Receipts grew by 17% in the fourth quarter and 13% for the year, reflecting the strength of our diversified portfolio. When we add in milestones and other contractual receipts, Portfolio Receipts, our top line, grew 18% in the quarter and 16% for the year.

我們來看第20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。第四季版稅收入成長了 17%，全年成長了 13%，反映了我們多元化投資組合的強勁表現。加上里程碑付款和其他合約款項後，我們的收入指標「投資組合收入」在本季度增長了 18%，全年增長了 16%。

As we move down the column, operating and professional costs equated to 6.7% of Portfolio Receipts in the fourth quarter and 8.9% for the year. The quarter clearly demonstrates the benefit of cash savings from the internalization transaction, which we completed in May.

往下看，營運和專業費用在第四季佔投資組合收入的 6.7%，全年佔 8.9%。本季清楚地表明了我們在 5 月完成的內部化交易帶來的現金節省效益。

Net interest paid was de minimis in the quarter. This reflects the semi-annual timing of our interest payment schedule, with payments primarily in the first and third quarters, together with the interest we received from the cash on our balance sheet. For the year, net interest paid was $242 million.

本季支付的淨利息微乎其微。這反映了我們每半年支付一次利息的安排，主要在第一季和第三季支付利息，以及我們從資產負債表上的現金中獲得的利息。該年度淨利息支出為 2.42 億美元。

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 $815 million for the quarter and $2.7 billion for the year. Our margin for the year of around 84%, again, demonstrates the high underlying level of cash conversion and efficiency in the business.

繼續往下看，我們一直強調，當我們考慮將企業產生的現金重新投入到增值特許權使用費中時，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。該季度營收為 8.15 億美元，全年營收為 27 億美元。本年度利潤率約為 84%，再次證明了公司現金轉換率和營運效率的高水準。

Capital Deployment in the quarter of $887 million took us to $2.6 billion on a full-year basis, reflecting the high level of transaction activity you heard about earlier. Lastly, our weighted average share count declined by approximately 6% in the quarter versus the prior year period and by 5% for the year, reflecting the impact of our shared buyback program.

本季資本部署額為 8.87 億美元，全年資本部署額達到 26 億美元，反映了您之前聽到的活躍交易活動。最後，本季我們的加權平均股份數量較上年同期下降了約 6%，全年下降了約 5%，這反映了我們股份回購計畫的影響。

Slide 21 provides more detail on the evolution of our top line in 2025. Royalty Receipts, which we consider our recurring cash inflows, grew by 13%. Key drivers were the strong performance of Voranigo, Trelegy, Tremfya, and the cystic fibrosis franchise, with very little contribution from new acquisitions made in the year. Portfolio Receipts grew by 16% at the high end of our guidance of 14% to 16% and well ahead of our initial guidance of around 4% to 9%.

第 21 張投影片提供了 2025 年我們營收成長的更多細節。我們認為版稅收入是經常性現金流入，成長了 13%。主要驅動因素是 Voranigo、Trelegy、Tremfya 和囊性纖維化業務的強勁表現，而本年度新收購的貢獻卻很小。投資組合收入成長了 16%，達到我們先前預期的 14% 至 16% 的上限，遠超過我們最初預期的 4% 至 9% 左右。

Slide 22 updates our recently introduced portfolio return metrics for the full year. Return on Invested Capital has been remarkably stable at around 15% on average from 2019 to 2025 and was 15.8% in 2025. Return on Invested Equity, which shows the impact of conservative leverage on our equity return, has been consistently in the low 20% range and was 22.8% in 2025.

第 22 頁更新了我們最近推出的全年投資組合報酬指標。從 2019 年到 2025 年，投資資本報酬率一直非常穩定，平均約 15%，2025 年為 15.8%。投資權益報酬率（衡量保守槓桿對我們權益報酬的影響）一直穩定在 20% 左右，2025 年達到 22.8%。

Both figures for 2025 included a benefit from the sale of the MorphoSys Development Funding Bonds. As a reminder, we sold the MorphoSys Development Funding Bonds in the first quarter for proceeds of $511 million, which resulted in an IRR of approximately 25% on our investment. As I have said previously, we are in the returns business, and these metrics show that we are continuing to invest at attractive returns that will drive long-term value for our shareholders.

2025 年的這兩個數字都包含了 MorphoSys 開發基金債券銷售的收益。提醒一下，我們在第一季出售了 MorphoSys 開發融資債券，獲得了 5.11 億美元的收益，使我們的投資獲得了約 25% 的內部收益率。正如我之前所說，我們從事的是回報型業務，這些指標表明，我們正在繼續進行回報可觀的投資，這將為我們的股東創造長期價值。

Slide 23 shows that we continue to maintain the financial flexibility to execute our strategy and return capital to shareholders. At the end of 2025, we had cash and equivalents of $619 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 the weighted average duration of our senior unsecured notes is around 13 years.

第 23 頁投影片顯示，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。截至 2025 年底，我們擁有現金及等價物 6.19 億美元。就借款而言，我們有 92 億美元的投資等級未償債務，其中包括我們在第三季發行的 20 億美元票據，我們的優先無擔保票據的加權平均久期約為 13 年。

Our leverage now stands at around three times total Debt to Adjusted EBITDA, or 2.8 times on a net basis. We also have access to our $1.8 billion revolver, which is undrawn. Taken together, we have access to over $3.5 billion of financial capacity through cash on our balance sheet, the cash our business generates, and access to the debt markets.

目前我們的槓桿比率約為總債務與調整後 EBITDA 比率的三倍，或淨值為 2.8 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，擁有超過 35 億美元的財務能力。

Turning to our capital allocation framework. We deployed $2.6 billion of capital on attractive royalty deals in 2025. At the same time, we returned a record $1.7 billion to our shareholders, including share repurchases of $1.2 billion and our growing dividend.

接下來，我們來看看資本配置框架。2025年，我們投入26億美元資金用於極具吸引力的特許權使用費交易。同時，我們向股東返還了創紀錄的 17 億美元，其中包括 12 億美元的股票回購和不斷增長的股息。

Slide 24 provides our full-year 2026 financial guidance. We expect Portfolio Receipts to be in the range of $3.275 billion to $3.425 billion. This assumes growth in Royalty Receipts of around 3% to 8%, reflecting the strong underlying momentum of our diversified portfolio.

第 24 頁提供了我們 2026 年全年財務預測。我們預計投資組合收入將在 32.75 億美元至 34.25 億美元之間。這假設版稅收入成長約 3% 至 8%，反映了我們多元化投資組合強勁的潛在成長動能。

Our guidance takes into account the loss of exclusivity for Promacta, as well as the launch of biosimilar Tysabri in the United States, and the potential impact of IRA. It also reflects an expected decrease in milestones and other contractual receipts from $128 million in 2025 to approximately $60 million in 2026. 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.

我們的指導考慮到了Promacta失去獨家銷售權、生物相似藥Tysabri在美國上市以及IRA可能產生的影響。這也反映出里程碑和其他合約收入預計將從 2025 年的 1.28 億美元減少到 2026 年的約 6,000 萬美元。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。

Payments for operating and professional costs are expected to be in the range of 5.5% to 6.5% of Portfolio Receipts in 2026. This significant reduction when compared with 8.9% in 2025 is primarily the result of cost savings from the internalization of the manager.

預計 2026 年營運和專業費用支出將佔投資組合收入的 5.5% 至 6.5%。與 2025 年的 8.9% 相比，這一顯著下降主要是由於經理內部化帶來的成本節約。

Lastly, interest paid is expected to be around $350 million to $360 million in 2026. Based on our semi-annual payment cycle, we anticipate interest paid to be around $175 million in each of the first and third quarters, with de minimis amounts payable in Q2 and Q4. The year-over-year increase reflects interest payments on the $2 billion of notes issued in September 2025, for which the first payment will be paid in the first quarter. This guidance does not take into account interest received on our cash balance, which was $34 million in 2025.

最後，預計到 2026 年支付的利息約為 3.5 億美元至 3.6 億美元。根據我們的半年付款週期，我們預計第一季和第三季支付的利息約為 1.75 億美元，第二季和第四季支付的利息微乎其微。同比增幅反映了 2025 年 9 月發行的 20 億美元票據的利息支付，第一筆款項將於第一季支付。該指引並未考慮我們現金餘額所收到的利息，該餘額在 2025 年為 3,400 萬美元。

As a final consideration, we expect to issue equity performance awards, which is our long-term incentive compensation program, due to the success of investments in 2020 and 2021. We expect equity performance awards to be approximately $85 million in 2026, with approximately half of that value reflected in the share count over the course of the year. This is very similar to the $81 million in equity performance awards that were earned in 2025.

最後，鑑於 2020 年和 2021 年的投資成功，我們預計將發放股權績效獎勵，這是我們的長期激勵薪酬計畫。我們預計 2026 年股權績效獎勵約為 8,500 萬美元，其中約一半的價值將在一年內體現在股票數量上。這與 2025 年獲得的 8,100 萬美元股權績效獎勵非常相似。

Slide 25, my final slide, drills down deeper into our 2026 top-line guidance. We expect Royalty Receipts to benefit from multiple growth drivers, including established royalty streams on Trelegy, Tremfya, and Evrysdi, as well as the strong launch trajectory of Voranigo and the recent royalty acquisitions on Imdelltra and Amvuttra. Together, we expect these drivers to allow us to absorb the impact of LOEs on Promacta and Tysabri, while still driving Royalty Receipts growth of 3% to 8%.

第 25 張投影片，也就是我的最後一張投影片，將更深入探討我們 2026 年的整體績效預期。我們預計，特許權使用費收入將受益於多種成長動力，包括 Trelegy、Tremfya 和 Evrysdi 的既定特許權使用費流，以及 Voranigo 的強勁上市勢頭和最近對 Imdelltra 和 Amvuttra 的特許權使用費收購。我們預計這些因素將使我們能夠吸收 LOE 對 Promacta 和 Tysabri 的影響，同時仍能推動特許權使用費收入成長 3% 至 8%。

Portfolio Receipts, of course, includes the more variable milestones and other contractual receipts, which are expected to be approximately $70 million lower in 2026, as I already noted.

當然，投資組合收入包括更不穩定的里程碑付款和其他合約收入，正如我之前提到的，預計到 2026 年這些收入將減少約 7,000 萬美元。

To close, we delivered a strong fourth quarter and full year, and our guidance for 2026 puts us well on track to achieve our long-term financial objectives.

綜上所述，我們第四季和全年業績表現強勁，我們對 2026 年的業績展望使我們有望實現長期財務目標。

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

那麼，我把電話交還給巴勃羅。

Thanks, Terry.

謝謝你，特里。

To conclude, I would like to stress how delighted I am with our performance in 2025. I started out by saying it was a landmark year on all key measures, growth, returns, strengthening our portfolio, and maintaining a market leadership. We delivered.

最後，我想強調我對我們2025年的表現感到非常滿意。我一開始就說，今年是具有里程碑意義的一年，在所有關鍵指標上都取得了顯著成就，包括成長、回報、增強投資組合以及保持市場領先地位。我們做到了。

I want to close on slide 27 with a reminder of why we believe we are well positioned to drive strong value creation. First, we are the clear leader in the rapidly expanding biopharma royalty market with strong fundamental tailwinds, reflecting the huge demand for funding life sciences innovation. Second, we have a best-in-class platform for investing in the most transformative and innovative products marketed by premier biopharma companies, and we expect to remain the undisputed leader. And looking ahead, we are excited about the prospect of expanding our team and platform in China. So stay tuned.

最後，我想在第 27 頁再次提醒大家，為什麼我們相信自己有能力創造強大的價值。首先，我們是快速成長的生物製藥特許權使用費市場的絕對領導者，擁有強勁的基本面利好因素，這反映了對生命科學創新資金的巨大需求。其次，我們擁有業界領先的平台，可以投資頂尖生物製藥公司推出的最具變革性和創新性的產品，我們期望繼續保持無可爭議的領先地位。展望未來，我們對在中國擴展團隊和平台的前景感到興奮。敬請期待。

Third, we have an incredible 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%. Lastly, we expect to deliver strong, low volatility, top- and bottom-line growth through 2030 and beyond. As a result, we are confident we are on track to generate annualized total shareholder returns of at least the mid-teens over the next five years. With the manager now internalized, our shareholders are positioned to benefit from durable value creation in 2026 and beyond.

第三，我們在持續提供具吸引力的回報方面有著令人矚目的記錄，包括內部報酬率和投資資本報酬率均在十幾個百分點，投資權益報酬率超過 20%。最後，我們預計到 2030 年及以後，將實現強勁、低波動性的營收和利潤成長。因此，我們有信心在未來五年內實現至少十幾個百分點的年化股東總回報率。隨著管理團隊的逐步組建完成，我們的股東預計將在 2026 年及以後從持續的價值創造中受益。

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

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) Geoff Meacham, Citi.

（操作說明）Geoff Meacham，花旗銀行。

All right. Great. Thanks for the question, guys. Just have two. The first, on dividend and buybacks, last year, you guys had a big step-up. How sustainable is that looking to 2026? Do you feel like that could have been better spent on royalty deals? I guess I'm just trying to get a sense for how the deployment mix can evolve.

好的。偉大的。謝謝大家的提問。就兩個吧。首先，關於分紅和股票回購，去年你們取得了很大的進步。到2026年，這種模式的可持續性如何？你覺得這筆錢如果用來買版稅會不會比較好？我只是想了解部署組合會如何演變。

And the second question is, you have thawing of the capital markets this year. Is there a creative way for Royalty to get more involved in say privates or crossovers or even IPOs? I wasn't sure how you view the returns there versus a more mature process. Thank you.

第二個問題是，今年資本市場是否有所解凍。皇室成員能否以更具創意的方式更多地參與私募股權、跨界合作甚至首次公開發行（IPO）？我不確定您如何看待那裡的回報與更成熟的流程相比有何不同。謝謝。

Sure, Geoff. Thanks for your question. Terry, why don't you take the first question, and then Chris can answer the second one on capital markets.

當然可以，傑夫。謝謝你的提問。特里，你先回答第一個問題，然後克里斯可以回答關於資本市場的第二個問題。

Sure, Geoff. So we -- at the time of the internalization, we laid out what we call our dynamic capital allocation framework. We're thinking about how we're going to deploy capital based on the relative attractiveness of the royalty opportunities weighed against the relative value of our stock price relative to intrinsic value.

當然可以，傑夫。因此，在內部化之時，我們制定了我們所謂的動態資本配置架構。我們正在考慮如何根據特許權使用費機會的相對吸引力，以及我們股票價格相對於內在價值的相對價值來部署資本。

So I think when you look at 2025, it's a pretty good example of how we think about it. We started the year -- deal activity in the beginning of the year was a little bit slower. And our stock price was, we thought, at a really attractive valuation. And so we accelerated our share repurchases in the beginning of the year, particularly in the first quarter and also into the second quarter. And then as deal activity picked up a lot in the second half of the year, we dialed back our share repurchases. And we spent a lot of capital on new investments, which we think will drive really attractive long-term returns. And I think going forward, we're going to continue to take the same approach. We're going to look at relative value. Right now, I would say we feel really, really excited about the pipeline and the opportunities for royalties. But we're going to continue to return capital to shareholders via share repurchases and dividends. But I think the priority right now is probably a little bit more biased towards the royalties.

所以我覺得，展望 2025 年，它很好地體現了我們對未來的思考方式。年初時，交易活動略顯緩慢。我們當時認為，我們的股價估值非常有吸引力。因此，我們在年初加快了股票回購速度，尤其是在第一季和第二季。然後，隨著下半年交易活動的增加，我們減少了股票回購。我們投入了大量資金進行新的投資，我們認為這將帶來非常可觀的長期回報。我認為今後我們將繼續採取同樣的做法。我們將考察相對價值。目前，我們對這條產品線以及由此帶來的版稅機會感到非常非常興奮。但我們會繼續透過股票回購和分紅的方式向股東返還資本。但我認為目前的優先事項可能更偏向版稅。

And on your second question, Geoff, the thawing of the capital markets, I mean, and whether we could get more involved potentially with private companies, we're very focused on high-quality pharmaceutical products, biopharmaceutical products. And if they're housed within a private company, we look at those all the time. And our focus really is on investing in high-quality assets.

關於你的第二個問題，Geoff，資本市場的解凍，我的意思是，我們是否有可能更多地參與到私人公司中來，我們非常專注於高品質的藥品和生物製藥產品。如果它們隸屬於一家私人公司，我們會一直關注這些公司。我們的重點確實是投資高品質資產。

We have made some investments on private companies over the years, small equity investments associated with potential royalties. And that's something we always do. But I think we're excited really with just the growth of the opportunity set, whether the markets are strong or weak. You've seen our reviews and our opportunity set grow in any environment in the capital markets. So that's really the focus. We're really hunting for really high-quality assets wherever they are.

這些年來，我們對一些私人公司進行了一些投資，都是與潛在特許權使用費相關的小額股權投資。而這正是我們一直以來所做的。但我認為，無論市場強弱，我們都對不斷成長的機會感到興奮。您已經看到，無論在資本市場的任何環境下，我們的評估和投資機會都在不斷增長。所以這才是重點。我們正在竭盡全力尋找真正高品質的資產，無論它們在哪裡。

Okay. Great. Thanks, guys.

好的。偉大的。謝謝各位。

Mike Nedelcovych, TD Cowen.

邁克·內德爾科維奇，TD Cowen。

Hi. Thanks for the questions. I have two. My first is on Alyftrek. I know the arbitration around the royalty is ongoing, so my question is not about the royalty, but rather about the products and market performance. We're now past one year into the launch of the drug. How has Vertex's conversion of CF patients over to Alyftrek been tracking relative to your assumptions? At peak, Vertex expects to convert the majority of patients. Do you agree with that outlook? And how long do you think it could take? That's my first question.

你好。謝謝大家的提問。我有兩個。我的第一篇是關於Alyftrek的。我知道關於版稅的仲裁還在進行中，所以我的問題不是關於版稅，而是關於產品和市場表現。該藥物上市至今已超過一年。Vertex 將 CF 患者轉化為 Alyftrek 的比例與您的預期相比如何？Vertex公司預計，在高峰期，大部分患者都能轉化成治療藥物。你同意這種觀點嗎？你覺得需要多長時間？這是我的第一個問題。

And then my second question relates to your view of the general medicine in cardiometabolic disease categories, which I know is kind of a broad topic. But there's something of a debate as to whether long-acting injectables or daily orals are best positioned to capture the largest slice of the commercial opportunity in diseases like high cholesterol, hypertension, and obesity. Do you have an opinion on this? If you were to wade more deeply into the chronic disease waters, should we expect Royalty Pharma to exhibit a strong opinion on drug delivery format, or would you try to diversify? Thank you.

我的第二個問題與您對心血管代謝疾病類別中一般醫學的看法有關，我知道這是一個相當廣泛的話題。但對於長效注射劑或每日口服劑更有利於在治療高膽固醇、高血壓和肥胖症等疾病方面佔據最大的商業機會，目前仍存在一些爭論。你對此有何看法？如果 Royalty Pharma 要更深入地涉足慢性病領域，我們是否應該期待 Royalty Pharma 對藥物傳遞形式表現出強烈的立場，還是會嘗試多元化發展？謝謝。

Thanks for your question, Mike. Terry, why don't you take the first one on Alyftrek, and then Marshall can take on the second question.

謝謝你的提問，麥克。特里，你先回答 Alyftrek 的第一個問題，然後馬歇爾再回答第二個問題。

Sure, Mike. So it's a great question. When Alyftrek first launched, I think there was, from investors, a lot of debate about how rapid the conversion would be. And I think there were many that thought that the conversion would be pretty rapid. And we had a different view at the time that we thought that it would be gradual. And it's really because Trikafta is just an amazing drug that's totally transformed that disease. And so it's sometimes hard to switch from something that's working really well.

當然可以，麥克。這是一個很好的問題。Alyftrek 剛推出時，我認為投資人對轉換速度究竟有多快有很多爭論。我認為很多人都認為這種轉變會非常迅速。而我們當時的看法則不同，我們認為這將是一個漸進的過程。這完全是因為Trikafta是一種非常神奇的藥物，它徹底改變了這種疾病。所以，有時候很難放棄一些運作良好的方法。

So I think, by and large, it's been pretty consistent with what we thought. It has -- it's been gradual but steady. I think it's tough for us to speculate at this point on what percent will ultimately go to Alyftrek. But I think either way, what we laid out at our Investor Day, I think, is how we think about it long term, where we think that by 2030, even with a lot of patients switching to Alyftrek and under a downside case where we are not successful in the arbitration, that we still would recognize Portfolio Receipts or Royalty Receipts from the CF franchise of around $800 million, which is above what our initial sort of downside range was a couple of years ago. So overall, we expect CF to remain a really important contributor over the long term. And it was great to see, in 2025, it actually grew, our Royalty Receipts actually grew 7% for the year, even in the face of conversion to Alyftrek where we're currently getting a lower royalty rate.

所以我覺得，總的來說，這和我們預想的相當一致。確實如此——雖然是漸進的，但很穩定。我認為目前我們很難推測最終會有多少百分比會歸 Alyftrek 所有。但我認為無論如何，我們在投資者日上闡述的內容，我認為，代表了我們對長期發展的看法，即到 2030 年，即使很多患者轉而使用 Alyftrek，並且在仲裁失敗的不利情況下，我們仍然會從 CF 特許經營權中獲得約 8 億美元的投資組合收入或特許權使用費最初收入，這高於我們幾年前收入的預期範圍。因此，總體而言，我們預計CF在長期內仍將是一個非常重要的貢獻者。令人欣慰的是，2025 年，我們的版稅收入實際上增加了 7%，即使在我們目前獲得較低版稅率的情況下，我們仍然實現了這一增長。

Great. Mike, good morning. And to your question on general medicine products and the cardiovascular and the cardiometabolic market specifically, first of all, I'd just make a general comment, which is, when we look at that whole area, general medicine, cardiovascular disease, cardiometabolic disease, we're certainly excited about that and see a lot of opportunity there in the future. And it's a place where we continue to look for opportunities like you've seen us do in the past.

偉大的。麥克，早安。至於您提出的關於普通藥品以及心血管和心血管代謝市場的具體問題，首先，我想就此發表一些看法，那就是，當我們審視整個領域，包括普通藥品、心血管疾病和心血管代謝疾病時，我們當然對此感到興奮，並看到了未來很多的機會。這裡是我們繼續尋找機會的地方，就像你們過去所看到的。

I think to your question specifically about what will sort of be a preferred delivery option, I would point to the lessons that we've seen from current markets. You look at next generation cholesterol agents, you have kind of two very different dosing profiles there and they've both found success.

我認為，針對你提出的具體問題，即哪種配送方式會成為首選，我會指出我們從當前市場中看到的經驗教訓。看看新一代降膽固醇藥物，你會發現它們有兩種截然不同的給藥方案，而且都成功了。

So I think the incredible thing about those markets is they're so big. There's such a diversity of patient need and preference that there's opportunities for lots of different profiles. And you'll see us approach it in the same way we've done in the past, which is finding a combination of a differentiated product that's important to patients in the hands of a marketer that we believe, certainly with our -- potentially with our partnership, could maximize the value of that product.

所以我覺得這些市場最不可思議的地方在於它們規模如此龐大。患者的需求和偏好多種多樣，因此有許多不同類型的從業人員有機會。你會看到我們採取的方式與過去一樣，那就是找到一種對患者來說很重要的差異化產品，並將其交給一個我們相信，透過我們的合作，可以最大限度地發揮該產品價值的營銷人員。

And we continue to look for those opportunities and we'll bring the same discipline and patience that we have in the past. And when we find the right thing, we will certainly go after it vigorously.

我們將繼續尋找這些機會，並將秉持以往的自律和耐心。當我們找到合適的事情時，我們一定會全力以赴地去爭取。

Great. Thank you so much.

偉大的。太感謝了。

Terence Flynn, Morgan Stanley.

Terence Flynn，摩根士丹利。

Great. Thanks for taking the questions. I had two as well. Chris, you mentioned on one of your slides that this is the first year, I think, that synthetic royalties and announced value has exceeded traditional royalties. So just as you think about the trend this year, do you think that will continue on mix? I know it's a little bit opportunistic, but just how do you think about that on the forward?

偉大的。謝謝您回答問題。我也有兩個。克里斯，你在一張投影片中提到，今年是合成版稅和已公佈價值超過傳統版稅的第一年，我想是這樣。那麼，就你今年的趨勢來看，你認為這種趨勢會在混音中持續下去嗎？我知道這有點投機取巧，但你對前鋒位置的這個做法有什麼看法？

And then one for Marshall. On Lp(a), again, you guys are levered to a few of the late-stage products here. Novartis' trial, as everyone knows, was delayed to the second half of this year. So just how do you think about that in terms of likelihood of success for maybe this trial, but then any implications for the second readout, which I believe we're going to get from Amgen in '27? Thank you.

然後，再給馬歇爾一個。關於 Lp(a)，你們又一次與這裡的一些後期產品建立了聯繫。眾所周知，諾華公司的試驗被推遲到了今年下半年。那麼，您如何看待這次試驗成功的可能性，以及這對第二次結果（我相信我們會在 2027 年從安進公司獲得）有何影響？謝謝。

Yeah. Thanks for the question, Terence. And actually, it was actually Marshall on his slide that he commented on the one pie chart where synthetics were a little bit larger than the existing royalty Capital Deployment, at least around the announced value of the deals at 44% last year versus 40% for an existing royalty.

是的。謝謝你的提問，特倫斯。事實上，馬歇爾在他的幻燈片上評論了一個圓餅圖，其中合成資產比現有特許權使用費資本部署略大，至少在去年公佈的交易價值的 44% 左右，而現有特許權使用費為 40%。

The bottom line is we're super excited about the synthetic royalty market. As we've said at our Analyst Day and on these calls, I think you're really seeing that come through. The Deloitte survey really highlighted, I think, the growth and the awareness of how we can work with companies and why synthetic royalties are a better solution in some cases and a lot of cases compared to debt or equity financing for companies. And so we see the excitement in the sector every single day. We're getting calls every single day around that opportunity. And for us, it's really always just maintaining discipline and investing in really high-quality opportunities. But the opportunity set is there, and we see the growth continuing for sure.

總之，我們對合成版稅市場感到非常興奮。正如我們在分析師日和這些電話會議上所說，我認為你們真的已經看到了這一點。我認為，德勤的調查確實突顯了增長以及人們對我們如何與公司合作的認識，以及為什麼在某些情況下和很多情況下，合成特許權使用費比公司的債務或股權融資更適合作為解決方案。因此，我們每天都能看到這個行業的蓬勃發展。我們每天都會接到諮詢這個機會的電話。對我們來說，關鍵始終在於保持自律，並投資於真正高品質的機會。但機會就在那裡，我們肯定能看到成長動能持續下去。

And then, Terence, your question on Lp(a), so no change in our enthusiasm there as we've been highlighting. We are really excited about the potential of this class.

然後，Terence，關於 Lp(a) 的問題，正如我們一直強調的那樣，我們對此的熱情並沒有改變。我們對這門課的潛力感到非常興奮。

The news on the timing, I think, as we've talked about in the past, when you run a first-in-class outcomes trial, a big question is, of course, going to be the event rate. And specifically in this case, this is a population where the exact event rate hasn't really been characterized, certainly in a group of patients who are pretty well treated in terms of other factors like LDL cholesterol. So in our mind, there was already -- there was always a pretty significant range on what the event rate could be and what the timing would be. So to see it kind of shifting around a little bit here is not -- it doesn't come as a particularly surprise to us and doesn't change our view. We're still eagerly awaiting the results from Novartis this year.

關於時間安排方面的消息，我認為，正如我們過去討論過的，當你進行一項首創的結果試驗時，一個重要的問題當然是事件發生率。具體來說，在這個人群中，確切的事件發生率還沒有被真正描述出來，尤其是在低密度脂蛋白膽固醇等其他因素方面治療得相當好的患者群體中。所以在我們看來，事件發生率和發生時間一直有相當的範圍。所以，看到這種情況發生一些變化，我們並不感到特別驚訝，也不會改變我們的看法。我們仍在熱切期待諾華公司今年的檢測結果。

Thank you. Operator, next question, please.

謝謝。接線員，請問下一個問題？

Asad Haider, Goldman Sachs.

阿薩德·海德爾，高盛集團。

Great. Thanks for taking the questions, and congrats on all the continuing strong execution. I have two. First, for Marshall, just on the broader portfolio, appreciate all the framing on the catalyst part. But maybe just based on your own diligence and sizing of the markets and the opportunities, what assets do you think are still most underappreciated in current Wall Street models?

偉大的。感謝您回答問題，也恭喜您一直以來都表現出色。我有兩個。首先，就馬歇爾而言，就更廣泛的投資組合而言，要欣賞催化劑部分的所有框架。但或許僅憑你自己的勤奮研究和對市場規模及機會的評估，你認為在華爾街目前的模型中，哪些資產仍然被嚴重低估？

And then I have one for Chris. Chris, you've talked in the past about the China opportunity as an area of strategic importance and focus. Any updates there would be helpful. When could these opportunities start to become a funnel into the transaction pipeline? Thank you.

然後我還有一個給克里斯的。克里斯，你過去曾談到中國是一個具有戰略重要性和重點的領域。任何更新資訊都將不勝感激。這些機會何時才能開始轉化為交易管道？謝謝。

Great. Thanks, Asad. Good morning. So as we look at the pipeline, I think there are -- the biggest takeaway for us when we think about how the world looks at our pipeline is I think it's also just important to take a step back and think about the aggregate potential there.

偉大的。謝謝你，阿薩德。早安.所以，當我們審視這條管道時，我認為——當我們思考世界如何看待我們的管道時，我們最大的收穫是，我認為退一步思考它的整體潛力也很重要。

And I think that was -- one of the things that we wanted to highlight was there's very significant potential for value creation right now in our pipeline, as I mentioned -- as we mentioned in prepared remarks, about $2 billion or so of potential non-risk-adjusted peak royalties, you think about that in the context of where our top line is today, that's a very significant potential and we'll continue to add there. We'll continue to add to the development-stage portfolio and then, of course, the marketed portfolio as well.

我認為，我們想要強調的一點是，正如我之前提到的，正如我們在準備好的發言稿中提到的，我們目前的產品線中蘊藏著巨大的價值創造潛力，大約有 20 億美元左右的潛在未經風險調整的峰值特許權使用費。想想我們目前的營收水平，這是一個非常巨大的潛力，我們將繼續增加這方面的投入。我們將繼續增加處於研發階段的產品組合，當然，也會增加已上市產品組合。

When you look across here, we do get a significant number of questions on Lp(a) and Revolution Medicines, but the other ones we -- the other products we highlighted here, Biogen's litifilimab, we'll have Phase 3 results here coming up. Sanofi frexalimab, we've highlighted the post-CD20 or non-CD20 part of the market, and the real need for new targets in MS is exciting to us. And then another product that we highlighted was J&J, a depression product that is a little -- that is off the radar, but J&J has put a lot of development resources into and we'll have data for that next year. So what we really like is the diversity of it, the depth of our development-stage pipeline, and taking a step back and thinking about the aggregate potential for value creation for our shareholders in the next years.

當你看到這裡時，我們確實收到了很多關於 Lp(a) 和 Revolution Medicines 的問題，但是我們在這裡重點介紹的其他產品，例如 Biogen 的 litifilimab，我們很快就會公佈 3 期臨床試驗結果。賽諾菲 frexalimab，我們已經重點關注了 CD20 後或非 CD20 市場部分，而 MS 中對新靶點的真正需求令我們感到興奮。然後，我們重點介紹的另一款產品是強生公司的憂鬱症產品，這款產品目前還不太受關注，但強生公司投入了大量研發資源，我們明年將獲得相關數據。所以我們真正喜歡的是它的多樣性，我們處於研發階段的產品線的深度，以及退一步思考未來幾年為股東創造總價值的潛力。

And then on the China question, we are very excited about that opportunity. I showed a slide in the Analyst Day that, I think in 2020, there were only two out-licensing deals out of China into the Western sort of multinational companies that created royalties. And it's almost like every day you wake up and you're reading about a new deal where a Western multinational is in-licensing something out of China. So that opportunity set is -- we're very excited about it. I mentioned that multiple teams have gone to China multiple times last year. And so -- and then I think we did a deal last year with BeOne which certainly I think a lot of the Chinese companies look at BeOne as a leader and a company that formerly was based in China. And they saw that transaction we did for Imdelltra which was $885 million up front. And I think that definitely opened a lot of eyes of the Chinese companies that we've spoken to around the opportunity to monetize their royalty streams.

至於中國問題，我們對此機會感到非常興奮。我在分析師日上展示了一張幻燈片，我認為在 2020 年，中國向西方跨國公司進行的對外授權交易只有兩筆，這些交易產生了特許權使用費。幾乎每天醒來，你都會看到西方跨國公司從中國引進某種產品的新聞。所以，我們非常興奮能有這樣的機會。我曾提到去年有多隊多次前往中國。所以——然後我認為我們去年與BeOne達成了一項協議，當然，我認為很多中國公司都把BeOne視為領導者，而BeOne以前是一家總部位於中國的公司。他們看到了我們為 Imdelltra 完成的那筆交易，預付款高達 8.85 億美元。我認為這無疑讓許多與我們交談過的中國公司意識到，他們有機會將版稅收入變現。

And then I would just remind you that a lot of those transactions are somewhat of the earlier stage in nature. So we are really tracking and following those deals and how they progress within the multinationals, the Western multinationals' clinical pipelines. And we are eagerly awaiting the opportunity to put those into the funnel to your point. And then lastly, I would just say we are looking at expanding our team and our platform in China, and we hope to have an announcement on that in the very near term.

然後我想提醒您，許多這類交易都還處於早期階段。因此，我們一直在追蹤和關注這些交易以及它們在跨國公司，特別是西方跨國公司的臨床研發管線中的進展。我們熱切期盼有機會將這些內容納入您所說的流程。最後，我想說的是，我們正在考慮在中國擴大團隊和平台，我們希望在不久的將來發布相關公告。

Christopher Schott, JPM.

克里斯多福‧肖特，摩根大通。

Great. Thanks very much. You recently did a deal with Teva for its IL-15. Can you talk just a little bit more about what attracted you to that asset? And maybe as part of that, just bigger picture, I think this is a bit earlier than historically where Royalty Pharma has gone. And is that a trend we should be thinking about of Royalty looking maybe more mid-stage assets as you get larger and kind of can diversify the portfolio more?

偉大的。非常感謝。你最近與梯瓦製藥就其IL-15疫苗達成了一筆交易。能否再詳細談談是什麼吸引您對那項資產感興趣？或許從更宏觀的角度來看，我認為這比 Royalty Pharma 的歷史發展進展還要早。隨著公司規模擴大，Royalty 是否應該更專注於中期資產，從而實現投資組合的多元化？

The second one for me was on Voranigo. That launch has ramped really nicely. I think it's an asset that's a little bit less understood by the Street. Let me just elaborate a little bit more on just how you're thinking about growth for that product from here and how large of an asset that could become for Royalty Pharma over time. Thank you.

我的第二個目的地是沃拉尼戈島。這次發布進展非常順利。我認為這是華爾街尚未充分理解的資產。讓我再詳細闡述一下您是如何考慮該產品未來的成長，以及隨著時間的推移，它可能會成為 Royalty Pharma 的一項多麼巨大的資產。謝謝。

Sure. Chris, how are you? So Marshall will take the questions, but maybe -- yeah, go ahead, Marshall.

當然。克里斯，你好嗎？所以馬歇爾會回答問題，但也許——好的，請繼續，馬歇爾。

Sure. Chris, thanks for those two questions. So first of all, on Teva, so what attracted us there? I think it was a few basic things. First was vitiligo is a market that has real unmet need and there's real need in it that as an autoimmune indication where there just hasn't been enough innovation for patients.

當然。克里斯，謝謝你的兩個問題。首先，關於梯瓦製藥，是什麼吸引我們選擇它？我覺得就是一些基本問題。首先，白斑症是一個存在真正未滿足需求的市場，作為一種自體免疫疾病，它確實存在著巨大的需求，但針對患者的創新卻遠遠不夠。

And two, the science of it, not to get too far into the details, but the target IL-15 of the product that we invested in with Teva is really kind of fundamental to the biology and pathophysiology of vitiligo. And so that made a really strong story for us. And then third, like we said, we got a sense of some -- looking at the available data and that certainly intrigued and excited us. And that came together to get us really excited about this market that is underappreciated and has blockbuster potential.

第二，從科學角度來說，雖然不想過多贅述細節，但我們與梯瓦製藥共同投資的產品所針對的IL-15靶點，對於白斑的生物學和病理生理學而言，確實具有根本性的意義。所以，這為我們創造了一個非常精彩的故事。第三，正如我們所說，透過查看現有數據，我們了解到一些情況，這當然讓我們感到好奇和興奮。這一切讓我們對這個被低估且具有巨大潛力的市場感到非常興奮。

Are we -- and you asked about the structure and are we thinking about is this any sign of moving earlier. Not at all. I think it's consistent with what you've seen us do, which is be creative in structure to where we can tranche capital over time. And that's really effective, because if you think about it, we're making a relatively small investment here to help fund the Phase 2b of $75 million. And then we will have, following that, the option to significantly scale up that investment to help fund Phase 3.

我們正在考慮——你問到了結構方面的問題，我們正在考慮這是否是提前搬遷的跡象。一點也不。我認為這與你們所看到的我們的做法是一致的，即在結構上進行創新，以便我們可以分期投入資金。這確實很有效，因為如果你仔細想想，我們在這裡投入的資金相對較少，卻能幫助資助 7500 萬美元的 2b 期計畫。然後，我們將可以選擇大幅增加投資，以幫助資助第三階段。

So that's a very powerful mechanism to us and a very powerful structure. You've seen us do it. That allows us to access more innovation, be a better partner, be a more flexible partner in a way that doesn't at all change the kind of risk profile of our portfolio for our shareholders. So we think it's a very cool structure and another example of how we've been innovating with royalty-based financing to expand the opportunity and expand the role.

所以這對我們來說是一個非常強大的機制，也是一個非常強大的結構。你們都親眼看過我們這麼做。這使我們能夠獲得更多創新，成為更好的合作夥伴，成為更靈活的合作夥伴，而這完全不會改變我們投資組合對股東的風險狀況。所以我們認為這是一個非常棒的結構，也是我們如何透過基於版稅的融資方式進行創新，以擴大機會和擴大作用的另一個例子。

Your second question, thanks for asking about Voranigo. We are -- we couldn't be more thrilled with how that product is launched and how Servier has done with it. That product, again, another great example of serving a profound unmet need. So it's had a very strong launch. We continue to be excited about its potential.

感謝您提出的第二個問題，關於沃拉尼戈的問題。我們－我們對這款產品的上市方式以及施維雅公司在這方面的表現感到無比興奮。該產品再次成為滿足人們迫切需求的絕佳例證。所以它的上市表現非常強勁。我們依然對它的潛力感到興奮。

We've talked about how this is a drug that could have a very long duration of therapy as it kind of helps to control the growth of these low-grade gliomas and could be a -- we saw very significant commercial potential there. I think at our last update, we've shown it's very well on its way to being a blockbuster product. And if you look at the trajectory there, I think we still feel great about the trajectory that it's on and excited to see what the future holds.

我們已經討論過，這種藥物的治療週期可能非常長，因為它有助於控制低度膠質瘤的生長，而且——我們看到了它非常大的商業潛力。我認為在上次的更新中，我們已經證明它很有可能成為一款爆款產品。如果你看看它的發展軌跡，我認為我們仍然對它目前的軌跡感到非常滿意，並對未來充滿期待。

Ash Verma, UBS.

阿什維爾馬，瑞銀集團。

Hi. Thanks for taking my question. I had a portfolio question and one on the P&L. So maybe just on the portfolio, like Myqorzo, how are you thinking about the potential implication for this upcoming non-obstructive HCM study? There's a failure of heterogeneity in this patient population and Camzyos has also failed. So just curious if you're thinking about it as sort of like an upside driver or expect it to work.

你好。謝謝您回答我的問題。我有一個關於投資組合的問題和一個關於損益表的問題。那麼，就投資組合而言，例如 Myqorzo，您如何看待即將進行的這項非阻塞性 HCM 研究的潛在影響？該患者族群異質性不足，Camzyos 也因此失敗。所以我只是好奇，你是把它看作是一種有利因素，還是期望它能發揮作用。

And then on the operating and professional cost, the run rate that you provided for 2026, is this a good way to think about on a going-forward basis? Or is there any additional phasing out of the impact that's not reflected on the internalization front? Thanks.

那麼關於營運和專業成本，您提供的 2026 年運行率，這是否是展望未來的一個好方法？或者，是否存在一些未在內部化方面反映出來的額外影響逐步消除的措施？謝謝。

Sure. Thanks for the question, Ash. Marshall will answer the first one on Myqorzo, and then Terry can address the question on P&L and operating expenses.

當然。謝謝你的提問，Ash。Marshall 將回答關於 Myqorzo 的第一個問題，然後 Terry 可以回答關於損益表和營運費用的問題。

Hi, Ash. Good morning. Thanks for the question on Cytokinetics and Myqorzo. So first, just I think it highlights, as we mentioned in the prepared remarks, we're really happy to see that approval and it's a great example of how our development-stage portfolio can continue to drive and contribute to our top-line growth in Portfolio Receipts. We are super excited to see commercialization, and Cytokinetics has been a great partner for us and they've put together a great team.

嗨，Ash。早安.感謝您提出關於細胞動力學和Myqorzo的問題。首先，我認為這凸顯了，正如我們在準備好的演講稿中提到的那樣，我們非常高興看到這項批准，這是一個很好的例子，說明我們的開發階段投資組合如何能夠繼續推動和促進我們投資組合收入的營收成長。我們非常期待看到產品商業化，Cytokinetics 一直是我們很好的合作夥伴，他們組​​建了一支很棒的團隊。

Specifically to your question on non-obstructive cardiomyopathy, our base case when we made this investment was it was premised on the currently approved indication of obstructive disease. So we did not assume that this trial turned out positively when we made the investment.

具體來說，關於您提出的非阻塞性心肌病變的問題，我們進行這項投資的基本前提是目前已批准的阻塞性疾病適應症。因此，我們在進行投資時並沒有假定這項試驗會達到正面的結果。

That being said, I think the data that they've shown in Phase 2 is compelling. They've had the opportunity, I think, to learn from Camzyos' experience there. And so I think we are with you and the world waiting to see -- with excitement to see what this trial holds. But our basic thesis for this investment was really focused on obstructive disease.

話雖如此，我認為他們在第二階段展示的數據很有說服力。我認為，他們有機會從 Camzyos 在那裡的經驗中學習。所以我想我們和你們以及全世界一樣，都滿懷期待地等待著──看看這場審判將會帶來什麼結果。但我們這項投資的基本邏輯其實是集中在阻塞性疾病上。

And then, Ash, on your question on operating and professional costs, we're very pleased with how things are tracking. At the time of the announcement in the internalization, we said we expected to realize $100 million in savings in 2026 and we're on track to realize that.

阿什，關於你提出的營運和專業成本問題，我們對目前的進展非常滿意。在宣佈內部化計畫時，我們曾表示預計到 2026 年將節省 1 億美元，目前我們正朝著這個目標穩步前進。

Looking out a little bit longer term, we continue to feel like we're on track to get to that 4% to 5% range over time. So things are going really well and we are realizing a lot of the benefits financially of the internalization.

從更長遠的角度來看，我們仍然覺得我們正朝著4%到5%的目標穩步前進。所以一切進展順利，我們在經濟上也享受了內部化帶來的許多好處。

Umer Raffat, Evercore.

Umer Raffat，Evercore。

Hi, guys. This is Mike DiFiore in for Umer. Two questions for me. Thanks for taking my questions. The first, on J&J, they're talking about what's next in immunology with their oral IL-23 icotide. Do you feel or view that as incremental market expansion or as a cannibalization risk to Tremfya over time?

嗨，大家好。這是代替烏默爾上場的麥克·迪菲奧雷。我有兩個問題。謝謝您回答我的問題。首先，強生公司正在討論其口服 IL-23 艾替肽在免疫學領域的下一步發展。您認為這是市場逐步擴張，還是隨著時間的推移對 Tremfya 構成蠶食風險？

And my second question concerns Trelegy. GSK described Trelegy as a durable, respiratory franchise and noted the Trelegy legacy team supporting the Nucala COPD launch while they invest behind longer-acting options. How do you think about Trelegy's contribution to your portfolio over the next few years given what I just said? Thank you.

我的第二個問題與特雷利吉有關。GSK 將 Trelegy 描述為一種持久的呼吸系統產品，並指出 Trelegy 的傳統團隊正在支持 Nucala COPD 的上市，同時他們也正在投資更長效的產品。鑑於我剛才所說的，您認為 Trelegy 在未來幾年對您投資組合的貢獻如何？謝謝。

Thanks, Mike, for those two questions on two great products. Go ahead, Marshall.

謝謝麥克，你提出的這兩個問題都非常棒。請繼續，馬歇爾。

Yeah. Hi, Mike. So your first question on the IL-23 oral at J&J and whether or not we saw that as market expanding or would it have an impact on Tremfya, we definitely see it as market expanding. I think that is a great product, but Tremfya is a great product as well, and you're seeing that in the very strong momentum in the inflammatory bowel disease launch for Tremfya.

是的。嗨，麥克。所以你的第一個問題是關於強生公司的 IL-23 口服製劑，以及我們是否認為它會擴大市場，或者會對 Tremfya 產生影響，我們絕對認為它會擴大市場。我認為那是一款很棒的產品，但 Tremfya 也是一款很棒的產品，這一點從 Tremfya 在發炎性腸道疾病領域的強勁銷售勢頭就能看出。

And I think that echoes J&J's comments that they see very significant potential for both products when they look forward. So we're still very enthusiastic about Tremfya's trajectory, and we think an oral product is a new option for patients, potentially even at different stages of their disease.

我認為這與強生公司的觀點不謀而合，他們展望未來，認為這兩款產品都具有非常大的發展潛力。因此，我們仍然對 Tremfya 的發展軌跡充滿信心，我們認為口服產品為患者提供了一種新的選擇，甚至可能適用於疾病的不同階段。

Your second question was on another product we really like, and that's Trelegy. GSK has one of the strongest respiratory franchises out there. You've seen that in Trelegy's performance, which has, I think, continued to outperform people's expectations in terms of the durability of that growth.

您的第二個問題與我們非常喜歡的另一款產品有關，那就是 Trelegy。葛蘭素史克擁有業界最強大的呼吸系統產品線之一。從 Trelegy 的業績中已經可以看出這一點，我認為，就成長的持久性而言，他的表現一直超出人們的預期。

And we are certainly excited about Trelegy's growth from here, even as GSK does what you would expect, which is continue to deepen and broaden their respiratory franchise. And we don't believe that's going to come. We don't believe Trelegy is going to pay any kind of price because of that.

我們當然對 Trelegy 的未來發展感到興奮，即便 GSK 正在按照預期繼續深化並拓展其呼吸系統產品線。我們認為這種情況不會發生。我們認為特雷利吉不會因此付出任何代價。

Great. Thank you.

偉大的。謝謝。

Jason Gerberry, Bank of America.

傑森‧格伯里，美國銀行。

Hi. Good morning. This is Dina Ramadane on for Jason. Thanks for taking our question. We just had two follow-ups to prior discussion points. I guess first on the China market, could you characterize how future deal structures may differ in China from the way you've kind of done historical deals, if at all? Are you finding that the diligence process comes with any added or expected process-related hurdles that impact normal efficiency?

你好。早安.這裡是迪娜·拉馬達內，為您報道傑森。感謝您回答我們的問題。我們剛剛對之前討論過的兩個要點進行了後續跟進。首先，關於中國市場，您能否描述一下未來在中國的交易結構與您以往的交易方式可能會有哪些不同（如果有的話）？您是否發現盡職調查過程中存在任何額外的或預期的與流程相關的障礙，從而影響了正常的效率？

And then second is just on the Lp(a) lowering class readouts. How important in your view is a treatment effect size coming above or below a 15% to 20% risk reduction to a commercial peak sales opportunity? Thank you.

其次，就 Lp(a) 降級讀數而言。您認為治療效果的大小高於或低於商業銷售高峰機會風險降低 15% 至 20% 的重要性有多大？謝謝。

Sure. Maybe I'll take your China question. We don't foresee any change in the way we structure transactions and how we actually diligence them. You asked also about diligence. It's exactly the same process that we follow for products. Just realize that what is likely to happen in China deals is that we would be buying a royalty from a Chinese company that licensed a product to a company in the US or Europe. And they did that because the vast majority of Chinese companies do not have clinical and marketing infrastructure in the US and Europe. They need a partner to help them run the trials in the US, in Europe, and eventually to market the products. So the payer of the royalty will be a US or European company, like in the case of the deal we did with BeOne, the marketer is Amgen. And for us, the payer is Amgen, the credit risk is Amgen. So we feel very comfortable.

當然。或許我可以回答你關於中國的問題。我們預計交易結構和盡職調查方式不會有任何變化。你還問到了勤奮的問題。這和我們生產產品的流程完全一樣。要知道，在中國的交易中，很可能發生的情況是，我們會從一家中國公司購買專利使用費，而這家中國公司已經將產品授權給了美國或歐洲的公司。他們這樣做是因為絕大多數中國公司在美國和歐洲沒有臨床和行銷基礎設施。他們需要合作夥伴來幫助他們在美國、歐洲進行試驗，並最終將產品推向市場。因此，支付專利費的將是美國或歐洲公司，就像我們與 BeOne 達成的交易一樣，行銷商是安進公司。對我們來說，付款方是安進公司，信用風險也是安進公司承擔的。所以我們覺得很舒服。

Now, in terms of being effective in that market, we have mentioned on this call that what we need is presence locally. And that's something that you will see very soon from us with a local team with exceptional people. And it's a market that we intend to build and really focus on because we do see very significant opportunities coming from China.

至於如何在這個市場取得成效，我們在這次電話會議中提到過，我們需要在當地建立影響力。很快，你們就會看到我們組建了一支由傑出人才組成的本地團隊，並為此做出貢獻。我們打算大力發展並真正專注於這個市場，因為我們確實看到了來自中國的巨大機會。

Thank you for the question.

謝謝你的提問。

And then your second question on scenarios around the effect size in the upcoming Novartis Lp(a) trial, there's no question, and it won't surprise you to hear us say that the effect size does matter. I think we should -- given that we're a few months away at this point from seeing this data, I think there will be a lot of discussion, I am sure, based on what it ultimately shows. And I think it will matter in the range that you talked about. The types of patients who benefited, were there any subgroups where particularly where there was particularly strong benefit or had a particular impact on benefit. And I think the physician community will work that out for who are the patients most likely to benefit.

至於你提出的第二個問題，即將進行的諾華 Lp(a) 試驗中效應大小的相關情況，毫無疑問，而且你也不會驚訝地聽到我們說，效應大小確實很重要。我認為我們應該這樣做——考慮到距離看到這些數據還有幾個月的時間，我相信最終的結果會引發很多討論。我認為這會在你提到的範圍內產生影響。哪些類型的患者受益？是否存在某些亞組患者受益特別顯著，或受益程度特別高？我認為醫學界會找出哪些患者最有可能從中受益。

So again, just I think it does highlight the incredible potential of our development-stage portfolio. We're really excited to see this. After waiting a few years at this point for this event, as you might imagine, we are eager to see it and discuss the data with everybody.

所以，我認為這確實凸顯了我們處於開發階段的投資組合的巨大潛力。我們對此感到非常興奮。經過幾年的等待，正如您所想，我們非常渴望看到這一事件，並與大家討論相關數據。

Thank you. I am showing no further questions in the queue. I would now like to turn the call back over to Pablo for closing remarks.

謝謝。隊列中不再顯示其他問題。現在我想把電話交還給巴勃羅，請他作總結發言。

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.

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·格羅菲克及其團隊。

Thank you, everyone.

謝謝大家。

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。