NEW YORK (AP) — NEW YORK (AP) — Royalty Pharma (RPRX) on Tuesday reported first-quarter profit of $341 million.
The New York-based company said it had profit of 56 cents per share. Earnings, adjusted for non-recurring costs, came to $1.60 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.32 per share.
The company posted revenue of $684 million in the period. Its adjusted revenue was $1.13 billion, which also topped Street forecasts. Three analysts surveyed by Zacks expected $914.7 million.
Royalty Pharma expects full-year revenue in the range of $2.85 billion to $2.95 billion.
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