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(RTTNews) - Royalty Pharma plc (RPRX) on Thursday reported higher first-quarter earnings, supported mainly by growth in income from financial royalty assets.
Net income before tax increased to $468 million from $434 million previously.
Operating income rose to $563 million from $534 million in the prior-year quarter.
Net income attributable to Royalty Pharma climbed to $295 million from $239 million a year earlier.
Total income and other revenues grew to $631 million from $568 million last year.
Income from financial royalty assets increased to $595 million from $539 million, while other royalty income and revenues rose to $36 million from $29 million.
The company said Royalty Receipts grew 13% to $887 million in the first quarter, driven by Tremfya, Voranigo and Evrysdi.
Portfolio Receipts increased by 10% to $925 million.
For the full year, Royalty Pharma now expects Portfolio Receipts to be between $3.325 billion and $3.450 billion, up from the prior outlook of $3.275 billion - $3.425 billion.
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