Royalty Pharma PLC (RPRX) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Royalty Pharma first-quarter 2026 earnings conference call. I would like now to turn the conference over to George Grofik, Senior Vice President, Head of Investor Relations and Communications. Please go ahead, sir.

各位女士、先生，感謝您耐心等候。歡迎參加 Royalty Pharma 2026 年第一季財報電話會議。現在我想把會議交給 George Grofik，資深副總裁、投資人關係與傳播主管。先生，請開始。

Good morning and good afternoon to everyone on the call. Thank you for joining us to review Royalty Pharma's first quarter results. You can find the press release with our earnings results and slides of this call on the Investors page of our website at royaltypharma.com. 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. 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, Chairman, Partnering & Investments; Marshall Urist, EVP, Head of Research & Investments; and Terry Coyne, EVP, Chief Financial Officer. Pablo will discuss the key highlights, after which Chris will discuss the growing opportunity for R&D co-funding. 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. And with that, I'd like to turn the call over to Pablo.

各位與會者，早安與午安。感謝各位加入我們，一同回顧 Royalty Pharma 第一季業績。您可在 royaltypharma.com 我們網站的投資人頁面找到本次財報新聞稿與本次電話會議的簡報投影片。在第 2 頁投影片，我想提醒各位，本次電話會議所呈現的資訊包含前瞻性陳述，涉及已知與未知的風險、不確定性及其他因素，可能導致實際結果與這些陳述存在重大差異。關於這些風險的說明，請參閱我們向美國證券交易委員會（SEC）提交的最新 10-K 年報。所有前瞻性陳述均以 Royalty Pharma 目前可得資訊為基礎，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 流動性衡量指標以協助您理解我們的財務結果，且這些指標與 GAAP 財務數字之間的調節表已載於我們網站上的財報新聞稿中。接下來，請翻到第 3 頁投影片。今天的講者包括：執行長暨董事長 Pablo Legorreta；合作與投資部主席 Chris Hite；研究與投資部執行副總裁（EVP）暨主管 Marshall Urist；以及執行副總裁暨財務長 Terry Coyne。Pablo 將先說明重點摘要，之後 Chris 將談論研發（R&D）共同出資的成長機會。接著 Marshall 將提供投資組合更新，Terry 將回顧財務表現。在 Pablo 的結語之後，我們將進行問答環節。那麼，現在我把電話會議交給 Pablo。

Thank you, George, and welcome to everyone on the call. I am happy to report a strong start to 2026 as we execute towards our goal to be the premier capital allocator in life sciences, with consistent compounding growth. Slide 5 summarizes our strong business momentum in the first quarter. Starting with the financials, we delivered 10% growth in Portfolio Receipts, our top line and 13% growth in Royalty Receipts, which are our recurring cash flows. The sustained double-digit momentum was driven by strength of our diversified portfolio. We also maintained strong returns in our business with Returns on Invested Capital of around 14% and Returns on Invested Equity of around 20%. By combining strong growth and attractive returns, we're confident that we have a clear path to drive shareholder value creation. Turning to capital allocation. We had a busy quarter with $1.25 billion of announced transactions on three attractive therapies, while capital deployed was in excess of $0.5 billion. We also repurchased one million shares for $50 million in the quarter and increased our dividend by 7%.

謝謝你，George，也歡迎各位參加本次電話會議。我很高興報告，2026 年開局強勁；我們正朝著成為生命科學領域首屈一指的資本配置者之目標邁進，並實現持續的複利成長。第 5 頁投影片總結了我們第一季強勁的業務動能。先從財務面來看，我們的投資組合收款（Portfolio Receipts，營收端）成長 10%，而權利金收款（Royalty Receipts，亦即我們的經常性現金流）成長 13%。持續的雙位數動能來自我們多元化投資組合的強勁表現。我們也維持了良好的報酬表現，投入資本報酬率（ROIC）約 14%，投入股權報酬率（ROE）約 20%。結合強勁成長與具吸引力的報酬，我們有信心具備清晰路徑來推動股東價值創造。接著談資本配置。本季相當忙碌，我們就三項具吸引力的療法宣布了總額 12.5 億美元的交易，而實際投入資本超過 5 億美元。我們也在本季以 5,000 萬美元回購 100 萬股，並將股利提高 7%。

Moving to our portfolio. We're thrilled to see a number of positive clinical and regulatory updates, including the extraordinary Phase 3 results for Revolution Medicines' daraxonrasib in pancreatic cancer and FDA approval of Denali's Avlayah in Hunter syndrome. We also expanded our portfolio through R&D co-funding agreements with Teva, which we discussed on our previous earnings call and recently with J&J for their autoimmune therapy ‘4804. Chris will highlight the growing market opportunity for R&D co-funding with global biopharma. Lastly, we were pleased to acquire a royalty on Jazz and BeOne's Ziihera, an approved cancer therapy with blockbuster potential. Looking ahead, we're increasing our 2026 full year guidance based on the strong business momentum I just highlighted. Slide 6 is one that I keep coming back to each quarter 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 investment selection and our unique business model. In the first quarter, we also took major steps to strengthen our global platform and capabilities in partnering the Asia Pacific region and artificial intelligence. We have brought in exceptional new leaders to our team with Greg Butz, Ken Sun and Lucas Glass. Their expertise will support our long-term growth ambitions and help to strengthen our competitive moats as the undisputed leader in the biopharma royalty market. Chris Hite, who has served as our Vice Chairman throughout our journey as a public company, has moved into a new role as Chairman, Partnering & Investments. In this role, he will continue to expand our global relationship network and play a central role in transactions. Chris has been an incredible partner, and I'm delighted that he will continue to provide strong leadership and leverage his relationships in this role.

接著看我們的投資組合。我們很振奮地看到多項正面的臨床與法規進展，包括 Revolution Medicines 的 daraxonrasib 在胰臟癌的第 3 期臨床試驗取得非凡結果，以及 Denali 的 Avlayah 獲得 FDA 核准用於亨特氏症候群（Hunter syndrome）。我們也透過與 Teva 的研發共同出資協議擴充了投資組合（我們在上一季財報電話會議已討論），並且近期也與 J&J 就其自體免疫療法 ‘4804’ 達成協議。Chris 將重點說明與全球生物製藥公司進行研發共同出資的市場機會正在擴大。最後，我們也很高興取得 Jazz 與 BeOne 的 Ziihera 之權利金；這是一項已獲核准、具備成為重磅產品（blockbuster）潛力的癌症療法。展望未來，基於我剛才強調的強勁業務動能，我們上調 2026 年全年財測指引。第 6 頁投影片是我每季都會回顧的一頁，因為它顯示自我們 IPO 以來平均維持一致的雙位數成長。無論市場環境如何，我們年復一年都交出這項亮眼成績。這反映了我們投資標的選擇的品質，以及我們獨特的商業模式。第一季我們也採取重大步驟，強化我們在亞太地區合作拓展以及人工智慧方面的全球平台與能力。我們延攬了卓越的新領導者加入團隊，包括 Greg Butz、Ken Sun 與 Lucas Glass。他們的專業將支持我們的長期成長企圖，並協助強化我們的競爭護城河，使我們作為生物製藥權利金市場無可爭議的領導者地位更加穩固。Chris Hite 自我們成為上市公司以來一直擔任副董事長，現已轉任新職務：合作與投資部主席（Chairman, Partnering & Investments）。在此職務中，他將持續擴大我們的全球關係網絡，並在交易中扮演核心角色。Chris 一直是非常出色的夥伴，我很高興他將在此職務中持續提供強而有力的領導，並運用其人脈關係。

With that, I will hand it over to Chris.

接下來，我把時間交給 Chris。

Thanks, Pablo. I'm genuinely excited about the new capabilities we're building and the opportunity to forge even stronger, more meaningful relationships across the biopharma ecosystem. For my section today, I want to focus on the major opportunity we see for R&D co-funding with global biopharma. Beginning on slide 9, we see R&D co-funding as a win-win solution for global biopharma and for Royalty Pharma. This market has enormous potential with over $1 trillion of cumulative projected R&D spend by global biopharma in the next five years.

謝謝你，Pablo。我對我們正在打造的新能力，以及在整個生物製藥生態系中建立更強大、更有意義的合作關係之機會，感到非常振奮。我今天的部分想聚焦於我們所看到、與全球生物製藥公司進行研發共同出資的重大機會。從第 9 頁投影片開始，我們認為研發共同出資對全球生物製藥公司與 Royalty Pharma 而言是雙贏的解決方案。這個市場潛力龐大：未來五年全球生物製藥公司的累計預估研發支出將超過 1 兆美元。

Co-funding arrangements allow biopharma to share risk at scale, to enhance program return on investment, to expand R&D capacity and to diversify pipelines. From Royalty Pharma's perspective, we see multiple potential benefits. These include unlocking a new market opportunity, gaining access to high-priority clinical programs, leveraging our partners' global development and commercialization expertise and the ability to conduct deep diligence to drive high conviction in our investments. Slide 10 illustrates the strong momentum for this funding modality. The demand by biopharma was impacted by accounting uncertainty for the last decade. But over the last several years, more clarity around contra R&D accounting treatment has resulted in a surge for co-funding deals. As an example, in the first quarter alone, we signed deals with J&J and Teva totaling $1 billion in announced value. On the right-hand side of this slide, you can see that the number of global biopharma companies that have utilized this funding modality has doubled since 2020, which underscores the growing acceptance of this form of funding.

共同出資安排讓生物製藥公司得以在規模化的情況下分攤風險、提升專案投資報酬率、擴大研發產能並分散產品線（pipeline）。從 Royalty Pharma 的角度來看，我們看到多項潛在效益。包括開啟新的市場機會、取得高優先順序的臨床專案、運用合作夥伴在全球開發與商業化方面的專業能力，以及能進行深入盡職調查以提升我們投資的高信心程度。第 10 頁投影片說明了此種資金模式的強勁動能。過去十年，生物製藥公司的需求受到會計處理不確定性的影響。但在過去幾年，隨著對研發抵減（contra R&D）會計處理方式更為明確，共同出資交易出現激增。例如，僅第一季我們就與 J&J 與 Teva 簽署交易，宣布價值合計達 10 億美元。在本頁右側，您可以看到，自 2020 年以來，採用此種資金模式的全球生物製藥公司數量已翻倍，凸顯市場對此類融資形式的接受度正在提升。

Slide 11 shows our capital deployment mix by funding modality and has -- and how this has changed over time and where we see it heading in the future. At the start of the 2000s, we were a business focused almost exclusively on acquiring existing royalties. Today, existing royalties remain a stable and important component of our capital deployment but we have evolved into a more diversified business with a growing emphasis on providing capital through innovative funding structures, most notably synthetic royalties with emerging biopharma companies, which has been a key growth driver.

第11頁展示了我們按資金提供方式（funding modality）劃分的資本部署組合，以及這一組合隨時間如何變化，並說明我們預期其未來走向。在2000年代初期，我們的業務幾乎完全聚焦於收購既有權利金（existing royalties）。如今，既有權利金仍是我們資本部署中穩定且重要的組成部分，但我們已演進為更為多元化的業務，並日益強調透過創新的融資架構提供資金，最具代表性的是與新興生物製藥公司合作的合成權利金（synthetic royalties），這一直是關鍵的成長驅動力。

While R&D co-funding with large biopharma companies has historically represented a smaller share of our activity, we see a clear opportunity to scale this significantly in response to increasing demand. Importantly, this shift creates meaningful upside potential. In addition, potential business from acquiring existing royalties that have originated in China, where we are actively building a platform, represents another avenue for future growth that could drive the existing royalty market significantly.

雖然與大型生物製藥公司的研發共同出資（R&D co-funding）在歷史上僅占我們活動較小的比重，但我們看到因應需求增加而大幅擴張的明確機會。重要的是，這一轉變帶來可觀的上行潛力。此外，收購源自中國的既有權利金所帶來的潛在業務——我們正在積極打造相關平台——也代表另一條未來成長途徑，並可能顯著推動既有權利金市場的發展。

Slide 12 highlights a number of the R&D co-funding agreements that we have entered into since 2022. Together, these five highlighted deals at the time of announcement had the potential to provide up to $1.8 billion in capital to our partners, including up to $1 billion alone in the Teva and J&J transactions that we announced in the first quarter this year, as I previously noted. As you can see, these deals check the core elements of our investment framework. Specifically, each transaction involves a biopharma with deep clinical expertise and global commercial infrastructure and provides Royalty Pharma with royalty rights to a potentially transformative therapy covering a diverse range of indications.

第12頁重點列示了我們自2022年以來簽訂的多項研發共同出資協議。在公告時點，這五筆重點交易合計有潛力為我們的合作夥伴提供最高達18億美元的資金，其中包括我先前提到、我們在今年第一季宣布的Teva與J&J兩筆交易，單獨合計最高可達10億美元。如各位所見，這些交易符合我們投資框架的核心要素。具體而言，每筆交易都涉及具備深厚臨床專業與全球商業化基礎設施的生物製藥公司，並使Royalty Pharma取得可能具變革性的療法之權利金權益，涵蓋多元適應症範圍。

On slide 13, I want to close by highlighting why we are so confident that Royalty Pharma is well positioned to scale R&D co-funding. Remember that we have been partnering with biopharma for approximately 30 years as we pioneered the royalty market. When we think about the depth of our relationships, our brand reputation, our responsiveness and our flexibility in structuring, Royalty Pharma is the clear leader. In addition, we take a long-term view with royalties and milestones paid over many years, and we have a cost of capital similar to pharma, so we can offer competitive pricing and win more deals. For these reasons, we expect to be able to capitalize strongly on this tremendous growth opportunity in the coming years.

在第13頁，我想以強調我們為何對Royalty Pharma具備擴大研發共同出資規模的良好定位充滿信心作結。請記得，我們在開創權利金市場的過程中，已與生物製藥公司合作約30年。就我們關係的深度、品牌聲譽、回應速度以及在架構設計上的彈性而言，Royalty Pharma是無可爭議的領導者。此外，我們以長期視角看待權利金與里程碑款（milestones），其支付跨越多年；同時我們的資金成本與製藥公司相近，因此能提供具競爭力的定價並贏得更多交易。基於上述原因，我們預期未來幾年將能強力把握這一龐大的成長機會。

With that, let me hand it over to Marshall.

接下來，我把時間交給Marshall。

Thanks, Chris. I want to focus today on several exciting updates to our portfolio. First, our recent royalty deal for Ziihera, an approved cancer therapy; second, the incredible Phase 3 data that was recently disclosed by our partner, Revolution Medicines for daraxonrasib in pancreatic cancer; and third, a look forward to important upcoming events across our broad development-stage portfolio.

謝謝，Chris。今天我想聚焦於我們投資組合的幾項令人振奮的最新進展。第一，我們近期針對Ziihera（一項已獲核准的癌症療法）的權利金交易；第二，我們的合作夥伴Revolution Medicines近期披露的daraxonrasib在胰臟癌上的驚人第3期（Phase 3）數據；第三，展望我們廣泛的開發階段投資組合中即將到來的重要里程碑事件。

Beginning on slide 15, we entered into a strategic funding agreement in March with Zymeworks, where we provided $250 million upfront in return for 30% of their royalty on Jazz and BeOne's Ziihera, which translates to a low to mid-single-digit royalty for Royalty Pharma. For those less familiar, Ziihera is a HER2-targeted bispecific antibody, which is FDA approved for a rare tumor, metastatic biliary tract cancer. From a patient and commercial perspective, the real excitement here is that Ziihera was recently submitted for approval in gastric cancer, which represents a particularly high unmet need with a five-year survival rate of less than 10%. The pivotal study in this indication demonstrated an impressive five- to seven-month, or nearly 40% overall survival advantage over currently available therapies. In our view, this positions Ziihera to become the standard of care in this very tough-to-treat indication, supporting blockbuster potential. Consensus models include peak sales of Ziihera of greater than $2 billion. Based on this outlook, we expect the transaction to deliver attractive returns with an unlevered IRR in the low double digits.

從第15頁開始，3月我們與Zymeworks簽訂策略性資金協議：我們提供2.5億美元的預付款，以換取其就Jazz與BeOne之Ziihera所取得權利金的30%，折算後相當於Royalty Pharma取得低至中個位數百分比的權利金。對不太熟悉的各位，Ziihera是一種以HER2為標的的雙特異性抗體，已獲FDA核准用於一種罕見腫瘤——轉移性膽道癌。從病患與商業角度來看，真正令人振奮的是，Ziihera近期已提交胃癌適應症的核准申請；該領域存在特別高的未被滿足醫療需求，五年存活率低於10%。該適應症的關鍵性研究（pivotal study）顯示，相較於現有療法，整體存活期（overall survival）提升了令人印象深刻的5至7個月，約接近40%的優勢。我們認為，這使Ziihera有望成為此一極難治療適應症的標準治療（standard of care），並支持其具備重磅藥（blockbuster）潛力。市場共識模型（consensus models）納入的Ziihera峰值銷售額（peak sales）超過20億美元。基於此一展望，我們預期該交易將帶來具吸引力的回報，其不含槓桿IRR（unlevered IRR）可達低雙位數。

Moving to daraxonrasib on slide 16. Revolution Medicines recently reported unprecedented results from the RASolute Phase 3 trial in second-line pancreatic cancer. On our last earnings call, I said that daraxonrasib has the potential to revolutionize this devastating disease, and these Phase 3 results certainly support this. The key headline is that daraxonrasib nearly doubled overall survival from just under seven months with chemotherapy to over 13 months. These are truly remarkable outcomes for patients in a disease that has seen no true innovation for decades.

接著看第16頁的daraxonrasib。Revolution Medicines近期公布了RASolute第3期試驗在二線胰臟癌中的前所未見結果。在我們上次財報電話會議中，我曾表示daraxonrasib有潛力徹底改變這種毀滅性的疾病，而這些第3期結果確實支持此一觀點。最關鍵的重點是：daraxonrasib幾乎使整體存活期倍增，從化療下略低於7個月提升至超過13個月。對於一種數十年來未見真正創新的疾病而言，這對病患而言是極為卓越的成果。

The next step for Revolution Medicines is to submit for approval by global regulatory agencies, including the FDA under the Commissioner's National Priority Voucher that has the potential to speed the time to approval. In terms of the implications for Royalty Pharma, as a reminder, we agreed in 2025 to provide up to $2 billion in long-term funding to Revolution Medicines to help the company aggressively pursue clinical development and commercialization of daraxonrasib.

Revolution Medicines的下一步是向全球監管機構提交核准申請，包括透過FDA的「署長國家優先審查憑證」（Commissioner's National Priority Voucher），該機制有望加速核准時程。就對Royalty Pharma的意涵而言，提醒各位，我們於2025年同意向Revolution Medicines提供最高達20億美元的長期資金，以協助該公司積極推進daraxonrasib的臨床開發與商業化。

With the positive data, Royalty Pharma has now invested a total of $500 million for a synthetic royalty that begins at 4.55% on sales up to $2 billion and then tiers down from there. Based on consensus peak annual sales of greater than $10 billion, we expect peak potential annual royalties to be in the range of approximately $180 million based on the currently funded amount and up to $340 million if they draw the additional $750 million of synthetic royalty funding. We are excited to see what the future holds for this incredible medicine backed by a phenomenal team.

在正面數據的支持下，Royalty Pharma目前已合計投資5億美元，以取得一項合成權利金：在銷售額達20億美元以內時，權利金率自4.55%起算，之後再分級下調（tiers down）。基於市場共識的年度峰值銷售額超過100億美元，我們預期在目前已撥付金額下，年度峰值權利金潛力約為1.8億美元；若其額外動用7.5億美元的合成權利金資金，則最高可達約3.4億美元。我們很期待看到這款由卓越團隊支持的非凡藥物未來的發展。

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 a deep and innovative pipeline. Slide 17 shows that in addition to daraxonrasib, our portfolio has delivered a number of successful clinical readouts and regulatory approvals already in 2026. Just yesterday, we were thrilled to see the positive top line results for Myqorzo in its pivotal trial in non-obstructive hypertrophic cardiomyopathy. Other highlights include positive clinical trial results for Zenas' obexelimab in IgG4-related disease, positive Phase 2 results for Biogen's litifilimab in cutaneous lupus, FDA approval of Denali's Avlayah in Hunter syndrome and the filing of Nuvalent's neladalkib in ALK-positive non-small cell lung cancer. As you can see, there are plenty more events anticipated this year, and we expect these to lead to several new royalty-generating launches in 2026 and 2027. To highlight positive news on one of our pipeline products, last week, Teva announced the acquisition of Emalex for up to $900 million with regulatory submission planned for Emalex's ecopipam for Tourette's in the second half of the year. As a reminder, Royalty Pharma is entitled to royalties of 6% on ecopipam sales up to $400 million and 10% on sales of $400 million or greater. And we are excited to see ecopipam in the hands of Teva, a marketer with deep commercial expertise in neuroscience.

接下來，我將談到我們的開發階段產品線（pipeline）與即將到來的事件。憑藉深厚且具創新性的產品線，我們在下一波價值創造上具備極佳的有利位置。第17頁顯示，除daraxonrasib之外，我們的投資組合在2026年迄今已取得多項成功的臨床讀出（clinical readouts）與監管核准。就在昨天，我們很高興看到Myqorzo在非阻塞性肥厚型心肌病（non-obstructive hypertrophic cardiomyopathy）的關鍵性試驗中取得正面的主要結果（top line results）。其他亮點包括：Zenas的obexelimab在IgG4相關疾病中的正面臨床試驗結果、Biogen的litifilimab在皮膚型狼瘡（cutaneous lupus）中的正面第2期結果、Denali的Avlayah獲FDA核准用於亨特氏症（Hunter syndrome），以及Nuvalent的neladalkib在ALK陽性非小細胞肺癌（non-small cell lung cancer）的申報（filing）。如各位所見，今年預期還有更多事件，我們預期這些將在2026年與2027年帶來數個新的可產生權利金收入的上市（royalty-generating launches）。為了強調我們某項產品線資產的正面消息，上週Teva宣布以最高9億美元收購Emalex，並計畫於今年下半年就Emalex的ecopipam用於妥瑞氏症（Tourette's）進行監管申報。提醒各位，Royalty Pharma有權就ecopipam銷售額在4億美元以內部分收取6%權利金，並就達到或超過4億美元的銷售額部分收取10%權利金。我們也很期待看到ecopipam交由Teva這家在神經科學領域具深厚商業化專長的行銷方來推進。

Expanding on this theme, slide 18 shows that there is much more to come from our development-stage pipeline with multiple major pivotal readouts expected over 2026 and 2027. Over the remainder of 2026, we'll see the results of the outcomes trial for Novartis' pelacarsen. We continue to believe that the Lp(a) class can be the next major class of drugs in cardiovascular disease, and we're perfectly positioned with the two lead pipeline products in pelacarsen and Amgen's olpasiran. We'll also see Phase 3 data for litifilimab in systemic lupus.

延伸這個主題，第18頁投影片顯示，我們的開發階段產品線仍有更多進展可期，並預計在2026年與2027年將有多項重要的關鍵性試驗讀出結果。在2026年剩餘期間，我們將看到諾華（Novartis）的 pelacarsen 之結局試驗（outcomes trial）結果。我們仍然相信，Lp(a) 類別有望成為心血管疾病領域下一個主要藥物類別，而我們在 pelacarsen 與安進（Amgen）的 olpasiran 這兩項領先的產品線資產上具備絕佳布局。我們也將看到 litifilimab 用於系統性紅斑性狼瘡的第3期數據。

In 2027, we expect pivotal data from Sanofi's frexalimab in multiple sclerosis and from J&J's seltorexant in major depressive disorder. We also expect Phase 3 results from daraxonrasib in non-small cell lung cancer and litifilimab in cutaneous lupus. Each of these potentially transformative therapies would add significant royalties to our top line. So to close, we see tremendous potential for our pipeline to unlock substantial value in the near term.

在2027年，我們預期將取得賽諾菲（Sanofi）的 frexalimab 用於多發性硬化症，以及嬌生（J&J）的 seltorexant 用於重度憂鬱症（major depressive disorder）的關鍵性數據。我們也預期將取得 daraxonrasib 用於非小細胞肺癌，以及 litifilimab 用於皮膚型狼瘡的第3期結果。上述每一項可能具變革性的療法，都將為我們的營收帶來可觀的權利金貢獻。總結而言，我們看見產品線在短期內釋放可觀價值的巨大潛力。

With that, I'd like to hand it over to Terry.

接下來，我想把時間交給 Terry。

Thanks, Marshall. 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 13% in the first quarter, reflecting the strength of our diversified portfolio. Portfolio Receipts, our top line, grew 10% in the quarter, which was strong performance considering a sizable year-over-year decline in milestones and other contractual receipts.

謝謝，Marshall。我們來看第20頁投影片。這張投影片顯示，我們高效率的商業模式如何產生可觀的現金流，以便再投資。第一季權利金收入（Royalty Receipts）成長13%，反映我們多元化投資組合的強勁表現。本季投資組合收入（Portfolio Receipts，亦即我們的營收）成長10%；考量到里程碑款與其他合約性收入較去年同期大幅下滑，這仍屬強勁表現。

As we move down the column, operating and professional costs were 3.9% of Portfolio Receipts in the first quarter. This is a clear reflection of the benefit of the cash savings we are delivering from the internalization transaction, which we completed last May.

沿著欄位往下看，第一季營運與專業成本占投資組合收入的3.9%。這清楚反映我們透過內部化交易所帶來的現金節省效益；該交易已於去年5月完成。

Net interest paid was $167 million in the quarter. This reflects the semiannual timing of our interest payment schedule with payments primarily in the first and third quarters. 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 $722 million for the quarter. Our net margin of around 78% again demonstrates the high underlying level of cash conversion and efficiency in the business. Capital deployment in the quarter of $528 million mainly reflected upfront payments for the Ziihera and Avlayah transactions and a milestone payment related to Trelegy. Lastly, our weighted average share count declined by approximately 4% in the quarter versus the prior year period, reflecting the impact of our share buyback program.

本季支付的淨利息為1.67億美元。這反映我們利息支付時點為每半年一次，付款主要集中在第一季與第三季。再往下看，我們一再強調，當我們思考企業所產生的現金如何再部署至提升價值的權利金資產時，我們會關注投資組合現金流（Portfolio Cash Flow），其定義為調整後 EBITDA 減去已支付的淨利息。本季該數字為7.22億美元。約78%的淨利潤率再次顯示本業現金轉換率與營運效率的高水準。本季資本部署金額為5.28億美元，主要反映 Ziihera 與 Avlayah 交易的預付款，以及與 Trelegy 相關的一筆里程碑付款。最後，本季加權平均流通股數較去年同期約下降4%，反映我們庫藏股回購計畫的影響。

Slide 21 provides more detail on the evolution of our top line in the first quarter. Royalty Receipts, which we consider our recurring cash inflows, grew by 13%. Key drivers were the strong performances of Tremfya, Voranigo and Evrysdi. In the case of Evrysdi, on top of the underlying growth, we benefited from the additional royalties we acquired in December. I should also note that we were able to absorb a 3% headwind to Royalty Receipts due to the loss of exclusivity of Promacta and still delivered double-digit growth. Moving to Portfolio Receipts. These grew by 10%, reflecting the lower onetime milestones and other contractual receipts.

第21頁投影片提供第一季營收變動的更多細節。我們視為經常性現金流入的權利金收入（Royalty Receipts）成長13%。主要驅動因素為 Tremfya、Voranigo 與 Evrysdi 的強勁表現。以 Evrysdi 而言，除基本面成長外，我們也受惠於12月所收購的額外權利金。我也要指出，儘管 Promacta 失去獨占性對權利金收入造成3%的不利影響，我們仍達成雙位數成長。接著看投資組合收入（Portfolio Receipts）。其成長10%，反映一次性里程碑款與其他合約性收入較低。

Slide 22 updates our portfolio return metrics for the quarter. Return on Invested Capital was 14.1% for the last 12 months ending in the first quarter of 2026 and Return on Invested Equity, which shows the impact of conservative leverage on our equity returns, was 19.7% for the last 12 months ending in the first quarter. As I've previously stated, 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.

第22頁投影片更新本季的投資組合報酬指標。截至2026年第一季的過去12個月，投入資本報酬率（Return on Invested Capital）為14.1%；投入股權報酬率（Return on Invested Equity），用以呈現保守槓桿對股權報酬的影響，為19.7%。如我先前所述，我們從事的是報酬的事業，而這些指標顯示我們持續以具吸引力的報酬率進行投資，並將為股東帶來長期價值。

Slide 23 shows that we continue to maintain the financial flexibility to execute our strategy and return capital to shareholders. At the end of March 2026, we had cash and equivalents of $586 million. In terms of borrowings, we have investment-grade debt outstanding of $9.2 billion and weighted average -- the weighted average duration is around 12 years. Importantly, Fitch recently upgraded our credit rating to BBB from BBB-. Our leverage now stands at 2.9 times total debt to adjusted EBITDA or 2.7 times on a net basis. We also have access to our $1.8 billion revolver, which is undrawn.

第23頁投影片顯示，我們持續維持財務彈性，以執行策略並回饋股東。截至2026年3月底，我們持有現金及約當現金5.86億美元。在借款方面，我們有92億美元的投資等級未償債務，加權平均—加權平均存續期間約為12年。重要的是，惠譽（Fitch）近期將我們的信用評等由 BBB- 上調至 BBB。我們目前槓桿倍數為總債務對調整後 EBITDA 的2.9倍，或以淨額計為2.7倍。我們亦可動用18億美元的循環信貸額度（revolver），目前尚未動用。

Taken together, we have access to approximately $4 billion of financial flexibility through cash on our balance sheet, the cash our business generates and access to the debt markets. Turning to our capital allocation framework, we deployed $528 million of capital on attractive royalty deals in the quarter. At the same time, we returned approximately $186 million to our shareholders, including share repurchases of $50 million and our growing dividend.

綜合而言，透過資產負債表上的現金、企業所產生的現金，以及進入債務市場的能力，我們約有40億美元的財務彈性可運用。談到資本配置框架，本季我們在具吸引力的權利金交易上部署了5.28億美元資本。同時，我們也向股東返還約1.86億美元，包括5,000萬美元的股票回購以及持續成長的股利。

On slide 24, we are raising our full year 2026 financial guidance. We now expect Portfolio Receipts to be in the range of $3.325 billion to $3.45 billion, up from $3.275 billion to $3.425 billion previously. This assumes growth in Royalty Receipts of around 4% to 8%, which reflects the strong underlying momentum of our diversified portfolio. 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.

在第24頁投影片，我們上調2026年全年財務指引。我們目前預期投資組合收入（Portfolio Receipts）將介於33.25億至34.50億美元，高於先前的32.75億至34.25億美元。此假設權利金收入（Royalty Receipts）成長約4%至8%，反映我們多元化投資組合的強勁基本動能。我們的指引已納入 Promacta 失去獨占性、美國市場生物相似藥 Tysabri 的上市，以及 IRA 可能帶來的影響。

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.

同時也反映里程碑款與其他合約性收入預期將由2025年的1.28億美元下降至2026年約6,000萬美元。重要的是，且符合我們一貫的標準作法，本指引係以截至今日的投資組合為基礎，未納入任何未來權利金收購可能帶來的效益。

For modeling purposes, we would remind you that several of our largest royalties, such as the CF franchise, Trelegy, Evrysdi and others are upward tiering royalties, which means they reset to a lower rate in the first quarter. As our Royalty Receipts lag reported sales by the marketers by one quarter, this has the effect of decreasing royalties sequentially in the second quarter. Given these dynamics, we are providing guidance for the second quarter Portfolio Receipts, which we expect to be between -- sorry, which we expect to be between $740 million and $760 million. Turning to expenses. Payments for operating and professional costs are still expected to be in the range of approximately 5.5% to 6.5% of Portfolio Receipts in 2026, reflecting cost savings from the internalization of the manager.

就建模而言，我們提醒各位，我們數項最大的權利金（例如 CF 產品系列、Trelegy、Evrysdi 等）屬於向上分級（upward tiering）權利金，這表示它們會在第一季重設至較低的費率。由於我們的權利金收入相較於行銷方所揭露的銷售額落後一季，這會使得第二季的權利金按季下降。基於這些動態，我們提供第二季投資組合收入指引，預期介於—抱歉，預期介於7.40億至7.60億美元。接著談費用。2026年營運與專業成本的支付金額仍預期約為投資組合收入的5.5%至6.5%，反映管理人內部化所帶來的成本節省。

Interest paid is still expected to be around $350 million to $360 million in 2026. Based on our semiannual payment cycle, we anticipate interest paid to be around $175 million in the third quarter with de minimis amounts payable in Q2 and Q4. This guidance does not take into account interest received on our cash balance, which was $6 million in the first quarter. To close, we have had a great start to the year. We have again raised our guidance, and we expect to deliver another full year of strong financial performance in 2026.

2026 年的已付利息仍預期約為 3.5 億至 3.6 億美元。根據我們的半年付息週期，我們預期第三季的已付利息約為 1.75 億美元，而第二季與第四季僅需支付極小金額。此指引未納入我們現金餘額所產生的利息收入，該收入在第一季為 600 萬美元。最後，我們今年開局表現非常強勁。我們再次上調指引，並預期在 2026 年再交出全年強勁的財務表現。

Now before I hand it over to Pablo, I want to provide a brief update on the timing of the arbitration with Vertex. Based on the arbitration panel's final schedule, we now expect the dispute to be resolved by around the middle of 2027.

在我把電話交給 Pablo 之前，我想就與 Vertex 的仲裁時程提供一個簡短更新。根據仲裁小組的最終排程，我們目前預期該爭議將在 2027 年年中左右解決。

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

接下來，我想把電話交回給 Pablo。

Thanks, Terry. To conclude, I am delighted with our strong start to 2026. We have again delivered strong growth and returns. We've continued to diversify our portfolio of attractive biopharma royalties, and we have strengthened our leadership team and capabilities. I want to close on slide 26 with a reminder of why we believe we're well positioned to drive strong value creation.

謝謝你，Terry。總結來說，我對我們 2026 年的強勁開局感到非常振奮。我們再次實現了強勁的成長與回報。我們持續分散我們具吸引力的生物製藥權利金投資組合，並強化了我們的領導團隊與能力。我想在第 26 張投影片作結，提醒各位為何我們相信自己已具備良好定位以推動強勁的價值創造。

First, we're 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. I am confident that the expansion of our global platform and capabilities that I talked about today will further strengthen our position at the forefront of our industry.

第一，我們是快速擴張的生物製藥權利金市場中明確的領導者，且具備強勁的基本面順風，反映出對生命科學創新資金的龐大需求。第二，我們擁有同級最佳的平台，可投資於由頂尖生物製藥公司商業化的、最具變革性與創新性的產品，我們預期將持續保持無可爭議的領導地位。我有信心，我今天談到的全球平台與能力的擴張，將進一步強化我們在產業前沿的領先地位。

Third, we expect to deliver strong, low volatility top and bottom-line growth through 2030 and beyond. Lastly, 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 in the 20%-plus range.

第三，我們預期在 2030 年及其後，能實現強勁且低波動的營收與獲利成長。最後，我們擁有卓越的長期紀錄，能持續交出穩健且具吸引力的回報，包括內部報酬率（IRR）與投入資本報酬率（ROIC）約在 10% 中段，以及股東權益報酬率（ROE）在 20% 以上的區間。

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

接下來，我們很樂意回答各位的問題。

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

我們現在開始開放提問。接線員，請接第一個問題。

(Operator Instructions)

（接線員指示）

Christopher Schott, JPMorgan.

JPMorgan 的 Christopher Schott。

Hi. This is Hardik Parikh in for Chris Schott. Thank you for taking our question. I think you set, like, a Portfolio Receipts target for 2030 of approaching $5 billion. I was just wondering now with these recent updates you've had in your development pipeline, can you talk about how much of that 2030 target is derisked? And how much do you think it comes from investments that are already commercial? Thank you.

嗨。我是代替 Chris Schott 的 Hardik Parikh。謝謝讓我們提問。我想你們設定了 2030 年投資組合收款（Portfolio Receipts）接近 50 億美元的目標。我想請教，考量你們近期在研發管線上的更新，能否談談這個 2030 年目標目前有多少已經去風險化（derisked）？以及你們認為其中有多少來自已經商業化的投資？謝謝。

Terry, that's a question for you, if you can please take it.

Terry，這題請你回答，可以麻煩你接一下嗎？

Yeah. So Hardik, we feel like we're really on track to meet or exceed that target. The portfolio is doing really well. We've had a lot of positive developments. We've executed some great deals. So we haven't gotten into specifics on that at this point but feel like we're very much on track, feel very confident in meeting or exceeding that long-term guidance.

好的。Hardik，我們覺得我們確實正朝著達成或超越該目標的方向前進。投資組合表現非常好。我們有很多正面的進展。我們也完成了一些很棒的交易。所以目前我們還不便就此提供更具體的細節，但我們認為進度非常符合預期，並且對達成或超越這項長期指引非常有信心。

Mike Nedelcovych, TD Cowen.

TD Cowen 的 Mike Nedelcovych。

Hi. Thanks so much for the questions. I have three, if you’ll allow me. My first is on the arbitration update you just provided. Can you provide any insight into the reason for the pushout? Then my second question is on Myqorzo. How much of an advantage do you think approval in the non-obstructive HCM setting could be relative to Camzyos? And did you assume success of the ACACIA trial in your internal valuation? And then my third question is on frexalimab. The multiple sclerosis category is evolving somewhat rapidly, especially with the prospect of oral BTK inhibitors gaining approval. Has anything changed relative to your initial assumptions around frexalimab's competitive positioning, assuming it succeeds in the clinic? Thank you.

嗨。非常感謝讓我提問。如果可以的話，我有三個問題。第一個是關於你們剛才提供的仲裁更新。你們能否說明一下時程延後的原因？第二個問題是關於 Myqorzo。你們認為在非阻塞型 HCM（肥厚型心肌病）適應症獲批，相較於 Camzyos 會有多大的優勢？以及你們在內部估值中是否假設 ACACIA 試驗會成功？第三個問題是關於 frexalimab。多發性硬化症領域正在相當快速地演變，尤其是口服 BTK 抑制劑可能獲批的前景。相較於你們最初對 frexalimab 競爭定位的假設（假設其臨床成功），目前是否有任何改變？謝謝。

Thanks for the questions, Mike. And I guess, Terry, you can take the question on arbitration and then Marshall will take the question on Myqorzo and frexalimab.

謝謝你的問題，Mike。我想，Terry 你可以回答仲裁的問題，然後 Marshall 會回答 Myqorzo 和 frexalimab 的問題。

Sure. So on the timing of the arbitration, it's just simply based on the availability of the arbitration panel.

當然。關於仲裁的時程，純粹是因為仲裁小組的檔期安排。

Hi, Mike, good morning. So on your other two questions. So first, thanks for the question on Myqorzo. There were, I think, multiple parts to it, but just to give you our thoughts, we were really excited to see the data yesterday. And I think it's clear evidence that by the strength of the team in a well-designed trial and a really good medicine in aficamten. So multiple parts to your question. I think the first one was, did we assume that in our base thesis when we made the investment. The answer to that is no. The base investment was really premised on the obstructive, or the currently approved indication and its potential there. And I think the early evidence that we saw from the early launch with Cytokinetics yesterday is evidence of that, that the team is doing a great job launching into that market, and we're really excited to see where that goes. The adding non-obstructive to the label can only be helpful, right? It gives a broader label. It provides another patient population for doctors to use the medicine in. And overall, we will certainly be helpful in the launch and certainly upside to our original estimates when we made that partnership with Cytokinetics. Your third question was on frexalimab and on the multiple sclerosis market in general. No real change. I think if you go back in our view, despite some of the changes that are going on with oral medicines there. What we said at the time of that investment was what really excited us and what we saw as an unmet need and what continues to be an unmet need in that market is novel mechanisms that aren't solely focused on B cells. And so I think that opportunity in the market very clearly still exists, and we're really excited about frexalimab and seeing that data next year.

嗨，Mike，早安。關於你另外兩個問題。首先謝謝你對 Myqorzo 的提問。我想你的問題包含好幾個部分，但先分享我們的看法：我們對昨天看到的數據感到非常興奮。我認為這清楚證明了團隊的實力、試驗設計的完善，以及 aficamten 這款藥物本身的優異性。回到你的問題有幾個部分。我想第一個是：我們在投資時的基本投資論點是否已假設這一點。答案是否定的。我們的基本投資假設主要是建立在阻塞型（也就是目前已核准的適應症）及其潛力之上。我認為我們昨天從 Cytokinetics 早期上市表現所看到的初步證據也支持這點：團隊在切入該市場的上市推進上做得非常好，我們也很期待後續發展。將非阻塞型納入標籤適應症只會帶來幫助，對吧？它讓適應症標籤更廣。也為醫師提供另一個可使用該藥物的病患族群。整體而言，這肯定會有助於上市推進，並且相較於我們與 Cytokinetics 建立合作時的原始估計，帶來上行空間。你的第三個問題是關於 frexalimab 以及整體多發性硬化症市場。目前沒有實質改變。我認為如果回到我們當時的觀點，儘管口服藥物方面出現一些變化。我們在投資當時所說、也是讓我們最興奮的點，以及我們看到的未被滿足需求、且至今仍然存在的未被滿足需求，是具有新穎作用機轉、而非僅僅聚焦於 B 細胞的療法。因此我認為市場上的這個機會仍然非常明確地存在，我們也對 frexalimab 以及明年將看到的數據感到非常期待。

Thanks so much.

非常感謝。

Geoff Meacham, Citi.

Geoff Meacham，花旗。

Morning, guys. Thanks for the questions. I just had a couple. The first one, maybe for Terry. You guys had a higher level of capital deployment this quarter or last quarter looking forward. Are you at the upper end of the range leverage-wise? Or is there a capacity constraint or just status quo? And then the second one, I guess, maybe for Marshall. In deals like RevMed or Servier where the royalties could really ramp pretty quickly based on the strong launch. Are there considerations on some of these types of products where you could add additional royalty investments depending on the pace of the launch? I think that -- I don't know if that's been under consideration before, but that seems like you'd want to add capital to drugs that are launching pretty quickly. Thank you.

早安，各位。謝謝讓我提問。我有兩個問題。第一個可能問 Terry。你們本季或上季的資本部署水準較高，往前看也是如此。就槓桿而言，你們是否已在區間上緣？或者是有容量限制，或只是維持現狀？第二個問題我想可能問 Marshall。像 RevMed 或 Servier 這類交易，若因強勁上市而使權利金可能很快大幅攀升。對於這類產品，是否會考量依上市進度再追加更多權利金投資？我想這個——我不確定以前是否有考慮過，但看起來你們會想把資本加碼到上市速度很快的藥物上。謝謝。

Terry and Marshall, do you want to go ahead?

Terry 和 Marshall，你們要先回答嗎？

Yeah. So Geoff, so on your leverage question, we're actually have quite low leverage right now, 2.9 times total debt to adjusted EBITDA. And so, we have a lot of financial flexibility. If deal flow increases, we feel like we absolutely will be prepared to invest if the right opportunities come along. I think we laid out in our slides that we have $4 billion of financial capacity, and that grows every quarter, as you can imagine. So we feel like we're -- the balance sheet has never been stronger. We're in a really great position there.

好的。Geoff，關於你問的槓桿問題，我們目前其實槓桿相當低，總負債對調整後 EBITDA 為 2.9 倍。因此我們有很大的財務彈性。如果交易案源增加，我們認為只要有合適的機會出現，我們絕對會做好投資準備。我想我們在簡報中也提到，我們有 40 億美元的財務容量，而且如你所想，每一季都會增加。所以我們覺得——資產負債表從未如此強健。我們在這方面處於非常有利的位置。

And Geoff, good morning, on your other two questions. So on launching products and opportunities to deploy additional capital. So nothing specific with respect to the ramp. But I would say that the Voranigo launch, as you pointed out, has gone incredibly well, and we're so excited to have that as part of the portfolio. As a reminder, there is a sharing component to that one. So we do share a portion of the royalty above $1 billion with -- back to Agios. And then second, RevMed, we are -- as we talked about in the prepared remarks, we are really excited about those data, agree with you that the unmet need is so great that this could be a really rapid launch. As a reminder, the RevMed deal, we've done $500 million of the $1.25 billion of synthetic royalty. There are additional opportunities that will come at FDA approval, which we expect to see this year and then with a certain sales milestone and then there's a label expansion later on. So there are other opportunities. However, the future tranches are all at the option of Revolution Medicines. So -- and it was one of the really, I think, attractive and exciting parts of our partnership with them that it gave our partner lots of flexibility in terms of access to capital going forward. So there certainly is that potential, and we will see what happens in the months and years to come.

Geoff，早安，關於你另外兩個問題。關於上市產品以及部署額外資本的機會。就加速爬坡本身而言，沒有特別針對性的安排。但我會說，如你所指出，Voranigo 的上市表現非常出色，我們也很興奮能把它納入投資組合。提醒一下，這筆交易有分成機制。也就是說，當權利金超過 10 億美元後，我們會把其中一部分與——回饋給 Agios 共享。第二，RevMed，我們——如同在事先準備的發言中提到的，我們對那些數據非常振奮，也同意你所說，未被滿足的醫療需求非常大，因此這可能會是一個非常快速的上市。提醒一下，RevMed 這筆交易，我們已完成 12.5 億美元合成權利金中的 5 億美元。在 FDA 核准時（我們預期今年會看到）還會有額外機會，之後在達到某個銷售里程碑時也會有，另外後續還有一次適應症標籤擴增。所以還有其他機會。不過，未來各期（tranches）都由 Revolution Medicines 自行選擇是否執行。所以——我認為這也是我們與他們合作中非常有吸引力且令人興奮的一點：它讓合作夥伴在未來取得資本方面擁有很大的彈性。因此確實存在這種可能性，我們將觀察未來幾個月與幾年會如何發展。

Thank you.

謝謝。

Jason Gerberry, Bank of America.

Jason Gerberry，美國銀行。

Hi. Good morning, guys. Thanks for taking my questions. First is the policy question. I'm just curious how you guys are thinking about forecasting underwriting value for OUS launches around MFN risk, just given that we haven't really seen how pharma companies' launch behaviors and pricing strategies are mirroring in those select OUS markets. So in the absence of that concrete information, I'm just kind of curious how you guys navigate that risk. And then on the R&D co-funding deals flagged in the slides, the two recent deals, can you help us understand do the IRR expectations meaningfully differ at all for the co-funding structure versus, say, a traditional royalty acquisition? And if those two deals have like royalty payment capping mechanism embedded in them? Thanks.

嗨。早安，各位。謝謝回答我的問題。第一個是政策問題。我很好奇，在 MFN 風險的背景下，你們如何思考並預測 OUS（美國以外）上市的承銷價值，因為我們還沒有真正看到製藥公司在那些特定 OUS 市場的上市行為與定價策略會如何相互映照。所以在缺乏具體資訊的情況下，我想了解你們如何管理這個風險。另外，關於投影片中標示的研發共同出資（R&D co-funding）交易，最近兩筆交易，你們能否協助我們理解：相較於傳統的權利金收購，共同出資結構的 IRR 期望是否有顯著差異？以及那兩筆交易是否內含權利金支付上限（capping）機制？謝謝。

Sure, Jason. Marshall, I think both questions are for you, the one on ex-US launches and also on co-funding.

好的，Jason。Marshall，我想這兩個問題都是問你：一個是美國以外的上市，另一個是共同出資。

Sure, Jason. Thanks for those two questions. So on your first policy question on MFN, it's certainly something that we, I think, like the rest of the industry is thinking through. Agree with you. There isn't a lot of precedent. So we've taken the approach that we always have, which is to think through a lot of different scenarios and make sure that given the wide range of possibilities in the future that we're still comfortable with the investment.

好的，Jason。謝謝你這兩個問題。關於你第一個 MFN 的政策問題，這確實是我們——我想和產業其他公司一樣——正在思考的議題。我同意你的看法。目前沒有太多先例可循。因此我們採取一貫的方法：推演許多不同情境，並確保在未來各種可能性範圍很廣的情況下，我們仍對這項投資感到安心。

So I think certainly something that we are taking into account and making sure that we structure and protect us and all of our shareholders appropriately when we think about all the ways this could play out in the future. It is still very new. So I think we're in the same boat with everyone else trying to think this through. Your second question on R&D co-funding. So the first part of your question was on IRR expectations. I think as Chris outlined, our -- the answer to your question is no. We have said that our return expectations for products that are not approved are kind of greater than the low double digits. And so we certainly see returns in the IRR co-funding is very consistent with what we've communicated publicly in terms of return expectations. And so that's one of the reasons that we're really excited about that opportunity. In terms of capping, you asked about some of the structural features. We haven't disclosed all of the structural features for these. So it's a little hard to comment generally. But I think our philosophy when we put these together is we're investing in a Phase 3 program, and we certainly want to have every opportunity to explore and benefit from the full potential of these products, both in the near term as the indications that are certainly being pursued right now play out. But then in the long term, as there's potential for label expansion, geographic expansion and general market expansion of what we invest in.

所以我認為，這確實是我們會納入考量的因素，並確保在思考未來可能的各種發展路徑時，我們能在結構設計上適當保護我們以及所有股東。這仍然非常新。所以我想我們和其他人一樣，都在同一條船上，努力把這件事想清楚。你第二個問題是關於研發共同出資。你問題的第一部分是 IRR 期望。我想如 Chris 所說，你的答案是否定的。我們曾表示，對於尚未核准的產品，我們的報酬期望大致是高於低雙位數（low double digits）。因此我們看到共同出資的 IRR 報酬與我們對外公開溝通的報酬期望非常一致。這也是我們對這個機會感到非常興奮的原因之一。至於你問到的上限（capping）以及一些結構性特徵。我們尚未揭露這些交易的所有結構性特徵。所以要做一般性的評論有點困難。但我想我們在設計這些交易時的理念是：我們投資的是一個第三期（Phase 3）計畫，我們當然希望有充分機會去探索並受益於這些產品的全部潛力，不僅是短期內目前正在推進的適應症進展所帶來的機會。也包括長期來看，隨著適應症標籤擴增、地理市場擴張，以及我們所投資項目的整體市場擴張的潛力。

So our philosophy and our discipline in terms of how we structure these and how we make sure that we're getting appropriate risk-adjusted returns for us and for our shareholders are very much consistent with how we've been operating.

因此，我們在結構設計上的理念與紀律，以及我們如何確保為我們與股東取得適當的風險調整後報酬，都與我們一貫的運作方式高度一致。

Great. Thanks, guys.

太好了。謝謝，各位。

Ash Verma, UBS.

Ash Verma，瑞銀（UBS）。

Hi, good morning. This is Di, asking question on behalf of Ash. Congrats on the quarter. I have two questions. The first one, can you update us on your view on thoughts about like potential royalty stream from Myqorzo? So I guess with the positive result now on non-obstructive, do you believe there's a halo effect on their ongoing launch in the obstructive side? And then my second question is, what are your thoughts on the consolidation among the smaller royalty players like Ligand and then XOMA Royalty recently. Does this scale up in any way increase the competition for you in the smaller royalty transaction space?

嗨，早安。我是 Di，代表 Ash 提問。恭喜本季表現。我有兩個問題。第一個，能否更新一下你們對 Myqorzo 潛在權利金收入來源的看法與想法？我想，隨著目前在非阻塞型（non-obstructive）取得正面結果，你們是否認為這會對其在阻塞型（obstructive）適應症的持續上市推進產生光環效應（halo effect）？第二個問題，你們如何看待較小型權利金業者之間的整併，例如 Ligand 以及近期的 XOMA Royalty。這種規模擴大是否會在小型權利金交易領域以任何方式加劇你們所面臨的競爭？

Sure. So maybe I'll take briefly your question on competition, and then I'll turn it back to Marshall to talk about the Myqorzo launch. And in terms of competition, we did -- I mean, we follow it all the time, and it's not news to us. And in fact, that consolidation might even reduce competition when you have Ligand acquired XOMA. There will be less competition, one entity consolidating two companies. But the reality is that if you just think of those two players in the market, we have very significant advantages versus companies that are in the royalty space. Obviously, we've talked to many of these advantages in the past. Scale is one. But also another issue that companies that are interested in acquiring royalties have is that they're taxpayers. And as you know, we have a very efficient tax structure. And then other things like access to capital, in our case, it's significantly lower cost of capital and access to a lot more capital than the smaller players. So it's no real big change in competition. And at the end, as we said in the past many times, we think competition is a good thing. We welcome it because it just expands the market. It makes a lot of the potential partners that we do business with have many alternatives, and it just gives them comfort to know that it's a very dynamic market.

好的。那我先簡要回應你關於競爭的問題，接著再交給 Marshall 談 Myqorzo 的上市進展。就競爭而言，我們確實——我的意思是，我們一直都有在關注，這對我們來說也不是新聞。事實上，當 Ligand 收購 XOMA 時，這樣的整併甚至可能降低競爭。兩家公司整合成一個實體，競爭者會更少。但現實是，如果只看市場上的這兩個參與者，相較於權利金領域的公司，我們有非常顯著的優勢。顯然，我們過去已談過許多這些優勢。規模是一項。但另外一個對有意收購權利金的公司而言的問題是：他們是納稅主體（taxpayers）。而如你所知，我們有非常高效率的稅務架構。此外還有像資金取得等因素；以我們而言，我們的資金成本顯著更低，且可取得的資本規模也遠高於較小型的業者。因此競爭態勢並沒有什麼重大改變。最後，正如我們過去多次提到的，我們認為競爭是好事。我們歡迎競爭，因為它只會擴大市場。它讓我們往來的許多潛在合作夥伴有更多選擇，也讓他們更安心，因為這是一個非常活躍、動態的市場。

So I'll turn it back to Marshall now for the question on Myqorzo.

那我現在把 Myqorzo 的問題交回給 Marshall。

Yeah. So on Myqorzo, certainly, yes, we believe that the positive data yesterday provide an advantage to aficamten in the marketplace. Having a broader label, having experience in a broader selection of patients can really only help the medicine as Cytokinetics launches it. So we're excited about the way Cytokinetics is going to execute in the current indication of obstructive disease and then certainly, the broader label and the non-obstructive data is only a tailwind to that.

是的。關於 Myqorzo，當然，我們確實認為昨天的正面數據會讓 aficamten 在市場上更具優勢。擁有更廣泛的標示（label），以及在更廣泛病患族群中的使用經驗，只會對 Cytokinetics 推出這項藥物有所幫助。因此，我們對 Cytokinetics 在目前阻塞型疾病適應症上的執行方式感到振奮；而更廣的標示與非阻塞型數據，無疑只會成為順風（tailwind）。

Thank you.

謝謝。

Nick Jennings, Goldman Sachs.

Nick Jennings，高盛（Goldman Sachs）。

Thanks. Hi, it's Nick on for Asad and the Goldman team. We have two questions. First, Chris, congratulations on the new focus with global biopharma R&D co-funding. Our question is on the implications of this as a growing part of the portfolio. Should we expect the complexion of the overall portfolio to shift over time as more of these partnerships are done with global biopharma companies?

謝謝。嗨，我是 Nick，代表 Asad 與高盛團隊提問。我們有兩個問題。第一個，Chris，恭喜你們將重點聚焦在與全球生物製藥公司共同出資（co-funding）研發（R&D）。我們的問題是，當這成為投資組合中日益成長的一部分時，會帶來哪些影響？隨著與全球生物製藥公司進行更多此類合作，我們是否應預期整體投資組合的樣貌（complexion）會隨時間而改變？

And then second, how is the China market progressing? Any update on what types of assets you're looking at there? And when do you think we'll see the first deal? Thank you.

第二個，中國市場進展如何？能否更新一下你們在那裡正在尋找哪些類型的資產？以及你們認為何時會看到第一筆交易？謝謝。

Sure. Chris, why don't you take both questions?

好的。Chris，你要不要兩個問題都回答？

Okay. Great. Thanks for the question. In terms of the first one around the R&D co-funding, we have been investing in development-stage products since 2012. And for us, it's really just expanding the opportunity when we're now seeing more opportunity to co-fund R&D at the large pharma stage. If you look at our capital at work slide, and it's -- I think it's in the appendix, you can see that roughly 85% of our capital at work is in approved products today and 10% is in -- roughly 10% is in development stage. And roughly 3% of those in development stage has already had positive pivotal results. So that's exciting for us. I mean it's a huge opportunity. These companies need a lot of money to fund their R&D. So we certainly are excited about the opportunity, and that certainly could lead to a greater percentage of capital work but we're going to be very disciplined in how we approach that.

好的。很好。謝謝你的提問。就第一個關於研發共同出資而言，我們自 2012 年起就一直投資於開發階段（development-stage）的產品。對我們來說，現在看到在大型藥廠階段共同出資研發的機會增加，這其實只是擴大了我們的機會集合。如果你看我們的「資本投入運用（capital at work）」投影片——我想在附錄裡——你會看到目前約 85% 的資本投入運用是在已核准（approved）的產品上，約 10% 在——大約 10% 在開發階段。而在這些開發階段中，約 3% 已經取得正面的關鍵性（pivotal）結果。這讓我們很振奮。我的意思是，這是一個巨大的機會。這些公司需要大量資金來支應其研發。因此我們當然對這個機會感到興奮，而這確實可能使資本投入運用的占比提高，但我們在推進方式上會非常嚴謹自律。

In terms of China, I'd just remind you, BeOne, obviously, we did the transaction with them last year that -- for Imdelltra, which is roughly $900 million. Obviously, that caught the attention of a lot of companies in China that look at BeOne as a great company originally coming out of China.

至於中國，我只想提醒你，BeOne——顯然，我們去年與他們完成了那筆交易——針對 Imdelltra，規模約 9 億美元。很明顯，這引起了中國許多公司的注意，因為他們把 BeOne 視為一家很優秀、最初源自中國的公司。

We hired Ken Sun. He starts actually next week. He was the former Head of Asia at Morgan Stanley. We're super excited to have him on board. He will hit the ground running. We've obviously been to China a lot, the existing teams here at Royalty Pharma. So we are monitoring all of the out-licensing that's ongoing from China to Western multinationals. We have tracking those very aggressively. And I think the BeOne transaction evidences to those companies in China, what a great opportunity is to potentially monetize those royalties they've created over the last five years or so. So, we're super excited about China. Ken coming on board will really catalyze that effort.

我們聘請了 Ken Sun。他其實下週就會到任。他曾任摩根士丹利（Morgan Stanley）亞洲區主管（Head of Asia）。我們非常期待他加入。他將立即投入工作、迅速上手。當然，我們 Royalty Pharma 現有團隊也已多次前往中國。因此，我們正在關注所有從中國對西方跨國公司進行的對外授權（out-licensing）活動。我們一直非常積極地追蹤這些動向。我認為 BeOne 的交易向中國的這些公司證明了一個很好的機會：把他們在過去五年左右所創造的那些權利金加以變現（monetize）。所以，我們對中國非常興奮。Ken 的加入將真正催化這項工作。

Terence Flynn, Morgan Stanley.

Terence Flynn，摩根士丹利（Morgan Stanley）。

Hi. Thanks for taking the questions. I guess two for me. Maybe first for Marshall, you could just provide your perspective on the J&J DUET data and what this ultimately might mean for the Tremfya tail given the co-formulation approach there. And then on the use of AI, I think many investors view the company as a beneficiary here. Are you able to provide any kind of case studies of how you're implementing AI across your enterprise and in terms of your processes and what that means in terms of number of deals or efficiencies that you can comment on? Thanks so much.

嗨。謝謝讓我提問。我這邊有兩個問題。也許先請 Marshall 談談你對 J&J DUET 數據的看法，以及考量到那裡的共配方（co-formulation）策略，這最終可能對 Tremfya 的長尾（tail）帶來什麼意義。另外關於 AI 的使用，我想許多投資人認為公司會是受益者。你們是否能提供一些案例研究（case studies），說明你們如何在整個企業內部導入 AI、在流程上如何應用，以及就交易數量或效率提升方面，有哪些可以評論的成果？非常感謝。

Sure. I'll take the first question or the second question on AI, and then I'll let Marshall take the other one. But data is extremely, extremely important for our business and for this whole ecosystem. Everything is based on data, as you know. And Royalty Pharma has been making significant investments in data for many years, decades. And we had in our Investor Day, a slide that actually provided a perspective on what we really mean by investing in data. We have about 200 million people's claims data for 200 million Americans. And we have relationships with great data providers that are feeding us this data continuously. We have electronic medical records for 44 million Americans and about nine years of longitudinal data. And the way we use this is for our own internal purposes to make better investments, understand better what's going on with the products and how we forecast them. But one of the very exciting things for Royalty Pharma is to actually use data with our partners and share insights that we gain as we do our analysis and as we follow the ecosystem. And we think that is a differentiating aspect that is important to us because we don't see ourselves like others as purely capital providers but we see ourselves as partners with the companies that we're partnering with, where we can provide -- we add value by sharing data and insights with them, and they appreciate that. And in some cases, that has led to better terms on transactions.

當然可以。我先回答第一個問題或第二個關於 AI 的問題，然後我會讓 Marshall 回答另一個。不過，數據對我們的業務以及整個生態系統都極其、極其重要。如你所知，一切都以數據為基礎。Royalty Pharma 多年來、甚至數十年來一直在數據方面進行重大投資。在我們的投資者日上，我們有一張投影片其實提供了我們所謂「投資數據」究竟指的是什麼的視角。我們擁有約 2 億人的理賠數據，涵蓋 2 億名美國人。而且我們與優秀的數據供應商建立了合作關係，持續不斷地向我們提供這些數據。我們也擁有 4,400 萬名美國人的電子病歷，以及約九年的縱向追蹤數據。我們使用這些數據，主要是為了內部用途：做出更好的投資決策、更好地理解產品的實際情況，以及如何進行預測。但對 Royalty Pharma 來說，其中一件非常令人振奮的事，是實際上與合作夥伴一起使用數據，並在我們進行分析、追蹤生態系統的過程中，分享我們獲得的洞見。我們認為這是一個對我們很重要的差異化因素，因為我們不像其他人那樣只把自己視為單純的資本提供者；我們把自己視為與所合作公司並肩的夥伴——我們透過分享數據與洞見來增值，而他們也很重視這一點。在某些情況下，這也帶來了交易條件的改善。

And we do have case studies, actually, I'll refer you to our Investor Day deck, a couple of them, where we have through claims data and other sources of information have been able to identify asymmetry of information where we see drugs that we believe could have much stronger launches or peak sales than what others see based on data. One of those is, for example, Voranigo, where we realized when we made that investment that in that form of cancer, there were about 1,500 patients being diagnosed each year.

而且我們確實有案例研究；其實我會建議你參考我們投資者日的簡報檔，其中有幾個案例，說明我們如何透過理賠數據與其他資訊來源，辨識出資訊不對稱——也就是基於數據，我們看到某些藥物的上市表現或峰值銷售可能遠強於他人所預期。其中一個例子是 Voranigo：當我們做出那筆投資時，我們意識到在那種癌症類型中，每年大約有 1,500 名患者被診斷出來。

But on the sidelines, about 15,000 patients that were not returning to treatment because the options were not attractive, drugs that were toxic safety issues and not that effective. And obviously, when Voranigo came to market, it gave patients the opportunity to be treated with a drug that was very safe and very efficacious. And it brought into the market this warehousing of patients that existed. And that -- as a result of that, we were able to forecast a much stronger launch for Voranigo than I think anybody was seeing and then higher peak sales. And that's a case study.

但在邊緣地帶，約有 15,000 名患者沒有回到治療端，因為可選方案並不吸引人——藥物毒性與安全性問題明顯，而且療效也不佳。而顯然，當 Voranigo 上市後，它讓患者有機會使用一款非常安全且非常有效的藥物接受治療。它也把原本存在的「患者囤積／觀望」帶回了市場。因此——也正因如此，我們得以對 Voranigo 的上市表現做出比我認為任何人當時所看到的更強勁的預測，並預期更高的峰值銷售。這就是一個案例研究。

But one of the -- I'll finish just by saying that we're very fortunate recently to have hired Lucas Glass as Head of AI for Royalty Pharma. And he's going to be responsible for developing and implementing AI capabilities across our business, including automating all of our diligence processes and strengthening how we evaluate and invest in royalties and also support our partners. Lucas comes from IQVIA, where he was the Head of AI for this huge company that serves our ecosystem. As you know, it's the biggest CRO with Quintiles, and also IMS Health, that part of the business was one of the biggest data providers in life sciences. So we're very excited about where we can take the business now with Lucas and the team that we're building in addition to the team that we already had.

不過我最後補充一句：我們最近很幸運聘請了 Lucas Glass 擔任 Royalty Pharma 的 AI 負責人。他將負責在我們整個業務中開發並落地 AI 能力，包括自動化我們所有的盡職調查流程、強化我們評估並投資權利金的方式，同時也支援我們的合作夥伴。Lucas 來自 IQVIA，他曾擔任這家服務我們生態系統的巨型公司的 AI 負責人。如你所知，它是最大的 CRO（包含 Quintiles），同時其 IMS Health 那部分業務也是生命科學領域最大的數據供應商之一。因此，我們對於在 Lucas 以及我們正在打造的團隊（再加上我們原本既有的團隊）之下，能把業務帶到什麼樣的新高度感到非常興奮。

And I'll turn it now to Marshall for the other question.

接下來我把另一個問題交給 Marshall。

Hey, Terence, thanks for the question on the J&J deal. So maybe just a general comment. I think this is a great example of exactly what Chris was talking about, right, that we get the opportunity to participate at scale in a first-in-class biologic combination blockbuster market that's backed by the world-class, one of the premier marketers in that space. And those are exactly the kind of opportunities that we're so excited about the biopharma partnerships creating for us. Specifically on the data, obviously, that was something during diligence that we spent a good amount of time with.

嗨，Terence，謝謝你關於 J&J 交易的提問。我先做個概括性的評論。我認為這正是一個很好的例子，完全呼應 Chris 剛才所說的：我們有機會以相當的規模參與一個同類首創（first-in-class）的生物製劑聯合療法、且有望成為重磅藥（blockbuster）的市場，而這背後有世界級、也是該領域頂尖之一的行銷團隊支持。這正是我們對生物製藥合作夥伴關係能為我們創造的機會感到如此興奮的原因。就數據而言，顯然這也是我們在盡職調查期間投入相當多時間研究的一部分。

And I think our view is we're excited about the biologics combination opportunity broadly. 4804 is the first of those. And I think you see the potential in what was a very refractory patient population who had been heavily, heavily pretreated, which when we look to continue Pablo's comments, when we look into our claims data is a really rapidly growing part of this market is patients who have been treated through multiple lines. And I think we see that growing. And certainly, by the time 4804 makes it to market, will -- is a really substantial opportunity that we're excited about.

我想我們的看法是：我們對生物製劑聯合療法的機會整體上都感到興奮，而 4804 是其中的第一個。而且你可以看到其潛力所在：這是一個非常難治（refractory）的患者族群，且先前接受過非常、非常多線治療；延續 Pablo 的評論，當我們查看理賠數據時，這類已經歷多線治療的患者其實是這個市場中成長非常快速的一部分。我們認為這個趨勢會持續。當然，等到 4804 上市時，這將——會是一個我們非常期待、且規模相當可觀的機會。

And we think there will be other -- certainly other biologic combinations to come that will look at other patient populations and other combinations. And so excited to see how that continues to expand the market and we're excited to be partners with J&J there. The last part of your question on the tail. I think for our base Tremfya royalty, just a reminder there that our royalty there is based on a separate set of IP that we acquired from MorphoSys. And so we've communicated that, that IP will expire in the early 2030s, 2031, 2032 time frame. So given the likely timelines for 4804, probably won't have a significant benefit to the Tremfya royalty, but I think we've created a whole new royalty on this product, and we'll continue to be able to participate in it through 4804. So thanks for the question.

我們也認為未來還會有其他——當然還會有其他生物製劑聯合療法出現，去針對其他患者族群與其他組合。因此，我們很期待看到這如何持續擴大市場，也很高興能在這方面與 J&J 成為合作夥伴。至於你問題最後一部分關於尾端（tail）。就我們的基礎 Tremfya 權利金而言，提醒一下：我們的權利金是基於我們從 MorphoSys 收購的一組獨立 IP。我們也已經對外溝通過，該 IP 將在 2030 年代初期到期，大約是 2031、2032 年的時間範圍。因此，考量 4804 可能的時間線，對 Tremfya 權利金本身大概不會帶來顯著的增益；但我認為我們已經在這個產品上創造了一條全新的權利金來源，並且我們將能透過 4804 持續參與其中。謝謝你的提問。

Umer Raffat, Evercore.

Umer Raffat，Evercore。

Hi, guys. Thanks for taking my question. I feel like there's been a good amount of discussion today on a lot of the effort Chris has been leading on R&D funding side. And I guess a question I have, maybe first for you, Pablo, how are you thinking about the split going forward for your capital deployment between R&D co-funding versus the traditional royalty investments? And to what extent is that driven by your heavier emphasis on doing larger checks? And then maybe a quick follow-up to that also. My understanding or at least the feedback I've heard from some of the big pharmas on their late-stage pipeline programs is that when they go into these R&D co-funding conversations, they're really talking high single-digit IRRs, type of thing. Could you maybe speak to your experience working on the J&J-4804? I don't want to comp the Teva vitiligo in there because it's much earlier stage, so I think the 4804 is a good example of the type of IRR you guys got, and maybe you can expand on that. Thank you.

嗨，各位。謝謝讓我提問。我覺得今天對於 Chris 在研發資金支持（R&D funding）方面所主導的許多工作，已經有相當多的討論。我想問的問題是，可能先請教你，Pablo：你如何看待未來資本配置在研發共同出資（R&D co-funding）與傳統權利金投資之間的比例分配？以及這在多大程度上是由於你們更強調開出更大額度支票（larger checks）所驅動？然後也想快速追問一下。我的理解——或至少我從一些大型藥廠那裡聽到的回饋是：他們在針對後期管線項目進行這類研發共同出資的討論時，談的其實是高個位數（high single-digit）的 IRR 之類。你能否談談你們在 J&J-4804 上的合作經驗？我不想把 Teva 的白斑（vitiligo）項目拿來類比，因為那要早期得多；所以我認為 4804 是一個很好的例子，能代表你們拿到的 IRR 類型，也希望你能進一步展開說明。謝謝。

Umer, so thanks for the question on allocation of capital. And in reality, the way we approach things is with a significant amount of flexibility because our business has the capacity to invest a huge amount of money. And I think, again, during our Investor Day, we actually had a slide -- interesting slide that showed that from now until 2030, we have the capability of investing something like $30 billion, of which $12 billion or so are going to be -- is what we've guided to, the $2 billion to $2.5 billion per year. And then when you add to that, the share repurchases and dividends, it takes us to a higher level but there is an additional sort of $10 billion of capacity that the business has that we might -- if the opportunities are there, just increase the investments every year. And it gives us, as I said, a capability of deploying more like $20 billion over the next five years in royalty acquisitions.

Umer，感謝你提出關於資本配置的問題。實際上，我們在做法上保有相當大的彈性，因為我們的業務具備投入龐大資金的能力。而且我想，再次提到，在我們的投資人日上，我們其實有一張投影片——一張很有意思的投影片——顯示從現在到2030年，我們有能力投資約300億美元，其中約120億美元——也就是我們所給出的指引——每年約20億到25億美元。再加上股票回購與股利，總額會更高；但此外，公司的資金運用能力還有額外約100億美元的空間，如果機會存在，我們可能會逐年提高投資。如我所說，這也讓我們有能力在未來五年於權利金收購上部署更接近200億美元的資金。

But I think at the end of the day, as we've said in the past, the critical thing for us is the product. And that's really what drives our excitement for investments if we find really attractive differentiated products that we think are going to do really well in the long term. And whether we end up making the investment because it's a royalty that sort of already exists, there's a license and a royalty holder, and we just acquired that royalty like in the case of Imdelltra with BeOne or whether we create the royalty by funding a clinical trial. For us, it doesn't matter really where it comes from. Now I would point out just to finish that when we put together our guidance and our business plan, there were several things that were really not included in a major way in our sort of $10 billion to $12 billion capital deployment guidance. And those things are China. It was not in our minds, and we didn't see that as an important driver of capital deployment and growth. And that is definitely now a real market and one that we're very excited about. And then the second one is deals with big pharma. Again, we were super conservative and didn't really include in our forecast, our business plan guidance, much of any capital deployment with big pharma but that is definitely becoming a big opportunity for us and one that we're very, very excited.

但我想歸根結底，正如我們過去所說，對我們而言最關鍵的是產品。如果我們找到真正具吸引力、具差異化、且我們認為長期表現會非常好的產品，這才是驅動我們投資熱情的核心。至於我們最後是否進行投資，是因為那是一項已存在的權利金——已有授權與權利金持有人，而我們只是像在Imdelltra與BeOne的案例中那樣收購該權利金——或是我們透過資助臨床試驗來創造權利金，對我們而言，來源其實並不重要。另外我補充一下作結：當我們制定指引與商業計畫時，有幾件事在我們約100億到120億美元的資本部署指引中，並未以主要方式納入。其中之一是中國。當時它不在我們的考量中，我們也不認為它會是資本部署與成長的重要驅動因素。但現在它確實已成為一個真實的市場，而且我們對此非常興奮。第二個是與大型製藥公司的交易。同樣地，我們當時非常保守，在預測與商業計畫指引中，幾乎沒有納入與大型藥廠相關的資本部署；但這確實正在成為我們的一大機會，也是我們非常、非常興奮的一點。

And I think as more deals like this get done, and you talked about the J&J one and also Teva and there's others. We did a deal with Merck several years ago. It actually is really starting to open that market. And we have noticed very significant excitement from many big pharmas that are now really looking at funding their trials with structures that we've developed R&D funding structures. And also, what's helped there is the fact that we've been for years working with the accounting firms to make sure that we have the right accounting treatment for those transactions that they can be accounted for as contra R&D. But we have been proactive. There was a bad decision made years ago with one company going to the SEC and with an accounting firm that actually set back the field. But because it's important to us, we decided to hire an expert on accounting. And with him, we have completely turned the tide. And now it is something that is -- when you look at the accounting, it's accounted for correctly.

而且我想，隨著更多像這樣的交易完成——你提到J&J那筆，還有Teva，以及其他案例——我們幾年前也與Merck做過一筆交易。這確實正在開始打開那個市場。我們也注意到，許多大型藥廠現在對於用我們所開發的研發資金（R&D funding）架構來資助其試驗，展現出非常顯著的興趣。此外，另一個助力是：多年來我們一直與會計師事務所合作，確保這些交易能採用正確的會計處理方式，使其可被認列為研發費用的抵減項（contra R&D）。但我們一直是主動推進的。多年前曾有一家公司與一家會計師事務所去找SEC，做出了一個不佳的決定，反而讓整個領域倒退。但因為這對我們很重要，我們決定聘請一位會計專家。在他的協助下，我們已經徹底扭轉局勢。現在，從會計角度來看，這些交易都能被正確地入帳。

So I'll stop there. But the reality is that we're super excited about the opportunities -- the universe of opportunities, which is clearly expanding.

我就先說到這裡。但事實是，我們對這些機會——也就是機會的整體範圍——感到非常興奮，而這個範圍顯然正在擴大。

Thank you.

謝謝。

Thank you. And there are no further questions in the queue. I will now turn the call back over to Pablo for closing remarks.

謝謝。目前佇列中沒有其他問題。我現在把電話交回給Pablo作結語。

Thank you, operator, and thanks to everyone on the call. And I'll just remind you that if there's any further questions or discussions you want to have, you should reach out to George Grofik and Dana, our IR team, and then we can get involved if it's appropriate. Thank you, everyone.

謝謝你，接線員，也感謝所有參與電話會議的各位。我也提醒大家，如果還有任何後續問題或想進一步討論，請聯繫我們投資人關係（IR）團隊的George Grofik與Dana，之後如有需要我們也會適時加入。謝謝各位。

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。感謝各位參與，現在可以掛線。