Royalty Pharma receives $475M milestone from Pfizer on Zavzpret approval, raises 2023 guidance

Royalty Pharma plc

Received $475M accelerated milestone payment from Pfizer following FDA approval of Zavzpret (zavegepant) for acute migraine.
Raised full-year 2023 Adjusted Cash Receipts guidance to $2,850M-$2,950M from prior $2,375M-$2,475M.
Royalty Pharma will now earn royalties on net sales of both Nurtec ODT and Zavzpret.
CEO Pablo Legorreta noted the milestone provides additional capital for redeployment to create long-term shareholder value.
Guidance excludes contributions from future transactions and assumes no major unforeseen adverse events.

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