Royalty Pharma plc (RPRX)

Industry: Biotechnology Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
ALNY	17	Alnylam Pharmaceut	3,210	1,375.87	1,375.87	328.19	328.19	41.59	231.29
UTHR	18	United Therapeutic	3,128	14.44	11.83	9.97	8.20	10.95	9.47
FTRE	19	Fortrea Holdings I	2,760	-	-	-	-	-	-
1801.HK	20	Innovent Biologics	2,680	-	-	-	-	38.95	-
068270.KS	21	Celltrion, Inc.	2,639	51.54	47.91	25.29	22.23	33.27	42.53
1530.HK	22	3SBio Inc.	2,483	13.02	8.67	10.22	6.77	10.34	6.91
600866.SS	23	Star Lake Bioscien	2,355	9.84	6.30	6.41	4.01	18.81	6.04
RPRX	24	Royalty Pharma plc	2,350	20.36	25.21	14.49	16.46	13.43	16.66
BLU	25	BELLUS Health Inc.	2,302	-	-	-	-	-	-
EXEL	26	Exelixis, Inc.	2,288	15.87	11.77	12.24	9.01	11.16	9.60
MRNA	27	Moderna, Inc.	2,221	-	-	-	-	-	-
300759.SZ	28	Pharmaron Beijing	1,914	41.67	38.42	25.08	21.58	33.11	34.32
2096.HK	29	Simcere Pharmaceut	1,909	-	-	8.86	8.86	8.53	25.70
BIOCON.BO	30	Biocon Limited	1,820	89.92	95.18	16.38	14.01	38.58	14.63
ALKS	31	Alkermes plc	1,786	14.62	14.62	10.11	6.09	12.37	12.29
PTCT	32	PTC Therapeutics,	1,779	6.41	6.41	4.99	4.99	377.43	5.87

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.62	11.83	10.11	8.20	15.59	9.60
Full Range Median Multiple	15.25	13.22	10.22	8.86	25.96	12.29
Industry Multiple	163.32	161.70	41.61	39.45	52.92	36.24
Market Implied Multiple	22.35	27.67	15.45	17.55	14.32	17.76
Company (RPRX) Multiple	20.36	25.21	14.49	16.46	13.43	16.66
(*) Net Income / EBITDA / Revenue	765	618	1,583	1,394	1,709	1,378
Winsorized Enterprise Value	N/A	N/A	16,013	11,434	26,633	13,227
Full Range Median Enterprise Value	N/A	N/A	16,185	12,354	44,355	16,935
(-) Net Debt	7,371	7,371	7,371	7,371	7,371	7,371
Winsorized Equity Value	11,181	7,307	8,643	4,064	19,263	5,856
Full Range Median Equity Value	11,662	8,169	8,814	4,984	36,985	9,564
(/) Shares Outstanding	432	432	432	432	432	432
Winsorized Fair Value	$25.87	$16.90	$19.99	$9.40	$44.56	$13.55
Full Range Median Fair Value	$26.98	$18.90	$20.39	$11.53	$85.56	$22.12
Current Price	$39.55	$39.55	$39.55	$39.55	$39.55	$39.55
Upside / Downside	-34.60%	-57.26%	-49.45%	-76.23%	12.67%	-65.75%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$18.11	$11.83	$13.99	$6.58	$31.19	$9.48
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy