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Pharmaceutical royalties

The 5 companies in this industry listed on the NYSE and Nasdaq are worth $44 bn combined; the largest are Royalty Pharma (RPRX), Ligand Pharmaceuticals (LGND) and Zymeworks Inc. (ZYME). For each one: what it does, revenue, margin, free cash flow over the last five years and a score from 0 to 10.

Data as of October 2026

Clear leader
5 companies value 44 bn revenue 3.3 bn margin 36.8% free cash flow 3.2 bn avg. score 4.4
RPRX holds 78.9% of the group's value, 5.8x the runner-up
Rank Ticker Company Share Value Revenue Margin FCF 5 years FCF/px Yield What it does · why it is here
1 RPRX Royalty Pharma
United States · score 6.1
79% 35 bn 2.5 bn 32.0% 3.0 bn 8.6% — Buying drug royalties · Buys the rights to royalties on already-approved drugs
2 LGND Ligand Pharmaceuticals
United States · score 4.3
14% 5.9 bn 0.3 bn 67.9% 0.1 bn 2.2% — Drug royalties and technology licensing · Portfolio of royalties and technologies licensed to other drugmakers
3 ZYME Zymeworks Inc.
United States · score 0.0
4% 1.8 bn 0.0 bn -404.0% -0.1 bn -6.7% — Biotech developing multifunctional biotherapeutics · Delaware — revenue of $37m
4 INVA Innoviva, Inc.
United States · score 7.1
4% 1.5 bn 0.4 bn 81.2% 0.2 bn 12.4% — Diversified biopharma with a royalty portfolio · California — revenue of $440m
5 TXMD TherapeuticsMD, Inc.
United States · score 4.3
0% 0.0 bn 0.0 bn -6.6% 0.0 bn 14.4% — Royalties and licensing of women's health hormone drugs sold by a partner · Florida — revenue of $3m

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What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.

The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.

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