Royalty Pharma plc announced that it is raising its full year 2023 Adjusted Cash Receipts (non-GAAP) guidance to between $2.85 billion and $2.95 billion, up from $2.375 billion and $2.475 billion previously (excluding transactions announced subsequent to the date of this release), after receiving a $475 million accelerated milestone payment from Pfizer Inc (NYSE:PFE).
The buyer of biopharmaceutical royalties said the Pfizer payment follows the US Food and Drug Administration (FDA) approval of Zavzpret (zavegepant), a calcitonin gene-related peptide (CGRP) receptor antagonist nasal spray for the acute treatment of migraine.
“We are pleased that Zavzpret was approved by the US FDA, which provides another important new treatment option for migraine patients,” Royalty Pharma CEO Pablo Legorreta said in a statement.
“Furthermore, this accelerated return on our Zavzpret R&D funding provides additional capital that can be redeployed to create long-term shareholder value,” he added.
Royalty Pharma noted it will now receive royalties on net sales of both Nurtec ODT and Zavzpret.
Contact Sean at sean@proactiveinvestors.com