Royalty Pharma Acquires Remaining Royalty Interest in Roche’s Evrysdi for $240 Million and Potential Milestones

Rhea-AI Summary

Royalty Pharma (Nasdaq: RPRX) acquired the remaining portion of PTC Therapeutics’ royalty on Roche’s Evrysdi for $240 million upfront plus up to $60 million in sales‑based milestones. Following the deal, Royalty Pharma will own 100% of a tiered 8%–16% royalty on worldwide net sales of Evrysdi.

Evrysdi is an oral SMN2 splicing modifier for spinal muscular atrophy, FDA approved in 2020 and used by >21,000 patients. Evrysdi reported CHF 1.6 billion (~$1.9B) sales in 2024, +18% year‑over‑year at constant FX, and analyst consensus projects CHF 2.3 billion (~$2.9B) by 2030. The increased royalty structure applies starting Q1 2026, based on Q4 2025 product sales.

Positive

• Acquired 100% of Evrysdi royalty (tiered 8%–16%)
• Transaction: $240M upfront plus up to $60M milestones
• Evrysdi sales CHF 1.6B (2024), +18% YoY

Negative

• Royalty floor 8% applies only until <$500M sales
• Up to $60M in milestones are contingent on future sales

Key Figures

Upfront payment $240 million Final portion of PTC’s Evrysdi royalty acquired by Royalty Pharma

Milestone potential Up to $60 million Additional sales-based milestones tied to Evrysdi performance

Evrysdi royalty rate 8%–16% of net sales Tiered royalty on Roche’s worldwide Evrysdi sales

2024 Evrysdi sales CHF 1.6B ($1.9B) Global sales in 2024 for Evrysdi

2024 sales growth 18% year-over-year Evrysdi sales growth at constant exchange rates

2030 sales projection CHF 2.3B ($2.9B) Analyst consensus for Evrysdi sales by 2030

Patients treated Over 21,000 patients Worldwide patients treated with Evrysdi since approval

Royalty tiers 8–16% across sales brackets 8% ≤$500M, 11% $500M–$1B, 14% $1B–$2B, 16% >$2B

Market Reality Check

$38.86 Last Close

Volume Volume 1,628,066 is about 0.38x the 20-day average, indicating subdued trading ahead of this announcement. low

Technical Shares trade above the 200-day MA of 35.6 and sit 5.24% below the 52-week high of 41.24.

Peers on Argus

Peers show mixed moves: BNTX up 0.98% while GMAB, INCY, SMMT, and INSM are down between about 0.72% and 1.12%, suggesting stock‑specific rather than sector‑wide drivers.

Common Catalyst Only one peer, GMAB, reported a portfolio prioritization update; no broad sector theme appears across peers.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 16	Royalty acquisition	Positive	-0.4%	Acquired Nuvalent TKIs royalty interest for up to $315M from a third party.
Dec 04	Funding agreement	Positive	-1.1%	Agreed to provide $275M synthetic royalty funding to Denali for MPS II drug.
Nov 26	Investor conferences	Neutral	+0.8%	Scheduled presentations at Citi and Evercore healthcare investor conferences in early December.
Nov 05	Earnings update	Positive	+6.8%	Reported Q3 2025 11% growth in Portfolio and Royalty Receipts and raised 2025 guidance.
Nov 04	Royalty acquisition	Positive	+1.4%	Acquired 1% royalty on AMVUTTRA worldwide net sales for $310M from Blackstone.

Pattern Detected

Recent news—especially royalty acquisitions—has typically produced modest single‑day moves, with both small gains and small declines, while strong earnings updates have coincided with a larger positive reaction.

Recent Company History

Over the past few months, Royalty Pharma has consistently deployed capital into royalties, including deals on AMVUTTRA ($310M) and Nuvalent TKIs (up to $315M), alongside a major internalization of its external manager approved in May 2025. Q3 2025 results showed Portfolio Receipts of $814M, up 11%, and raised full‑year guidance to $3.20B–$3.25B. Against this backdrop, the new Evrysdi royalty acquisition adds another branded, commercial asset to the portfolio, fitting the recent pattern of scaling royalty income streams.

Market Pulse Summary

This announcement adds a full, tiered 8%–16% royalty on Roche’s Evrysdi to Royalty Pharma’s portfolio, following several recent royalty acquisitions. Evrysdi generated CHF 1.6B ($1.9B) in 2024 sales with 18% year‑over‑year growth and has treated over 21,000 patients. Historically, acquisition‑related news has led to modest single‑day moves. Investors may monitor future Portfolio Receipts, capital deployment pace, and any updates on Evrysdi’s sales trajectory versus the CHF 2.3B ($2.9B) 2030 consensus projection.

Key Terms

spinal muscular atrophy medical

"splicing modifier for the treatment of spinal muscular atrophy."

A genetic condition in which the “wiring” between the spinal cord and muscles fails, causing progressive loss of muscle strength and motor skills from infancy through adulthood as the nerve cells that move muscles deteriorate. Investors pay attention because the condition creates a clear, long-term need for specialized therapies, diagnostics and ongoing care — meaning successful drugs or tests can attract premium pricing, sustained demand and significant regulatory and reimbursement scrutiny that materially affect biotech and healthcare valuations.

survival motor neuron-2 medical

"an orally administered survival motor neuron-2 (SMN2) splicing modifier"

A gene that makes a protein important for keeping nerve cells that control muscles alive and functioning. It acts like a backup copy: when the main gene fails, this one can still produce some of the needed protein, affecting how severe a muscle-weakening condition becomes and how well treatments work. Investors watch it because therapies that boost or modify this gene’s output can change clinical outcomes, regulatory paths, and market value for related drugs.

SMN2 medical

"survival motor neuron-2 (SMN2) splicing modifier for the treatment"

SMN2 is a human gene that acts like a weaker backup copy of the main SMN gene responsible for producing a protein vital to motor nerve cell survival. For investors, SMN2 matters because the number and behavior of its copies affect disease severity and are a key target for diagnostics and therapies; treatments that boost its output can change patient outcomes, regulatory paths, and commercial value in the biotech market.

splicing modifier medical

"orally administered survival motor neuron-2 (SMN2) splicing modifier for"

A splicing modifier is a drug designed to change how a cell edits the messenger instructions (RNA) that come from a gene, so the cell produces a different form or amount of a protein. For investors, these drugs matter because they represent a targeted way to fix or alter disease processes—like reprogramming a recipe to make a better dish—and success or failure in trials drives a company’s commercial value and regulatory risk.

AI-generated analysis. Not financial advice.

Royalty Pharma will now own 100% of the 8% to 16% Evrysdi royalty following multiple transactions with PTC since 2020

NEW YORK, Dec. 29, 2025 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) today announced that it has acquired the final portion of PTC Therapeutics’ remaining royalty on Roche’s Evrysdi for $240 million upfront and up to $60 million in sales-based milestones.

Evrysdi, marketed by Roche, is an orally administered survival motor neuron-2 (SMN2) splicing modifier for the treatment of spinal muscular atrophy. Evrysdi was approved by the FDA in 2020 and has treated over 21,000 patients worldwide. In 2024, Evrysdi generated sales of approximately CHF 1.6 billion ($1.9 billion), representing 18% year-over-year growth at constant exchange rates, and is projected to reach CHF 2.3 billion ($2.9 billion) of sales by 2030 based on analyst consensus.

Transaction Terms

Following today’s transaction, Royalty Pharma will own 100% of the tiered 8% to 16% royalty paid by Roche on worldwide net sales of Evrysdi. Royalty Pharma will be entitled to royalties of 8% on sales up to $500 million, 11% on sales between $500 million and $1 billion, 14% on sales between $1 billion and $2 billion, and 16% on sales over $2 billion. Royalty Pharma will receive the increased royalty starting in the first quarter of 2026, based on Evrysdi product sales in the fourth quarter of 2025.

Advisors

Goodwin and Maiwald acted as legal advisors to Royalty Pharma.  

About Royalty Pharma

Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly - directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta and Alyftrek, Johnson & Johnson’s Tremfya, GSK’s Trelegy, Roche’s Evrysdi, Servier’s Voranigo, Biogen’s Tysabri and Spinraza, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Pfizer’s Nurtec ODT, and Gilead’s Trodelvy, among others, and 20 development-stage product candidates. For more information, visit www.royaltypharma.com.   

Royalty Pharma Investor Relations and Communications

+1 (212) 883-6637
ir@royaltypharma.com

FAQ

What did Royalty Pharma announce about Evrysdi (RPRX) on December 29, 2025?

Royalty Pharma announced it bought the remaining PTC royalty on Roche’s Evrysdi for $240M upfront plus up to $60M in sales‑based milestones, gaining 100% of the tiered 8%–16% royalty.

How much did Evrysdi sell in 2024 and what was the growth rate referenced in the RPRX announcement?

Evrysdi generated CHF 1.6 billion (~$1.9B) in 2024, representing 18% year‑over‑year growth at constant exchange rates.

When will Royalty Pharma start receiving the increased Evrysdi royalties under the RPRX deal?

The increased royalty structure begins in Q1 2026, based on Evrysdi product sales from Q4 2025.

What are the royalty tiers Royalty Pharma will receive for Evrysdi (RPRX)?

Royalty Pharma will receive 8% on sales up to $500M, 11% on $500M–$1B, 14% on $1B–$2B, and 16% on sales over $2B.

How many patients has Evrysdi treated as noted in the RPRX announcement?

Evrysdi has treated over 21,000 patients worldwide.

What is the projected Evrysdi sales figure cited in the Royalty Pharma announcement for 2030?

Analyst consensus cited in the announcement projects Evrysdi sales of CHF 2.3 billion (~$2.9B) by 2030.