Great. Good morning, everybody, and thank you for joining our next session with Royalty Pharma. My name's Dave Risinger, I'm responsible for diversified biopharmaceuticals at SVB. It's very much my pleasure to welcome the company's CFO, Terry Coyne. I've asked Terry to run through slides for about 15 or 20 minutes, and then we're gonna go into some questions. With that, let me turn it over to you, Terry. Great. Thanks, Dave, and to everyone at SVB Securities for hosting us today. If we flip to slide 3, these are our forward-looking statements. Let's move on to slide 4. This lays out our vision and our mission. Royalty Pharma's vision is to be the leading partner funding innovation in life sciences, and our mission is to accelerate innovation in life sciences and transform patient lives globally. We like to remind ourselves that this is, you know, this is why we come to work every day, and we think that this business is playing a very important role in the broader life sciences ecosystem. Moving to slide 5. This is an overview of Royalty Pharma. The company has been public for a little over 2 years, actually coming on 3 years now. We were private actually for 25 years prior to going public. The company was founded in 1996. We have 75 employees. It's a very efficient business, as you can see. Our portfolio consists of over 45 approved and development stage therapies, and 15 of those are blockbusters with sales of $1 billion or more. We think blockbusters is a very important sort of type of product to invest in because these tend to be the products that marketers put the biggest resources behind in terms of clinical development and also commercially maximizing the opportunity. From a financial perspective, our business had, we just reported our 2022 year-end results yesterday. We had $2.8 billion of Adjusted Cash Receipts. That's our top line. We had $2.6 billion of Adjusted EBITDA, 92% EBITDA margins. Really speaks to the efficiency of the business. $2.2 billion of Adjusted Cash Flow, which is what we view as our bottom line, and that represents a net margin of 80%. Looking to the right on this slide, you can see that our business is diversified across products and therapeutic areas. Rare diseases make up 33% of our portfolio. The biggest component within the rare disease segment is our royalties on Vertex's cystic fibrosis franchise. Cancer is 22%, neurology is 17%, immunology is 6%, and growing with the strong performance of both Tremfya and Entyvio. Hematology is 7%, respiratory is 4%, and that's another area where we would expect a fair amount of growth, given that the Trelegy transaction that we completed in 2022 is our largest transaction last year. It's a very exciting product with a lot of growth ahead of it. We're very pleased with the, you know, the overall financial health of Royalty Pharma. If we move on to slide 6, let me review the accomplishments of the business over the past year. From a financial perspective, we grew our Adjusted Cash Receipts by 10% prior to the accelerated payment that we received as a result of Pfizer's acquisition of Biohaven. That added $458 million to our top line last year. If we include those, we reported growth as 31%. We actually reported growth as 31%. Our Adjusted EBITDA similarly grew 10% and 32%, including Biohaven. Adjusted Cash Flow grew 15% and 42% if we included Biohaven. From a portfolio perspective, we had a great year in terms of adding new therapies. We added six new therapies to the portfolio, including the blockbuster Trelegy that I mentioned. That was the deal. That was a $1.3 billion deal and our largest deal of the year last year. Pfizer acquired Biohaven, and that was a very important financial development for Royalty Pharma. It accelerated our payments related to... We had commercial launch funding, which is a type of capital that we offer to companies, where Biohaven was going to pay us fixed payments over many quarters, and Pfizer's acquisition accelerated those payments, and ultimately, you know, resulted in an increase of $458 million last year, as I mentioned. Similarly, this year, if intranasal zavegepant is approved, it has a PDUFA date later this quarter, that would bring forward another $475 million of milestone payments this year. That's not included actually in our financial guidance, but we're very optimistic that that will ultimately be approved. Just sort of summarizing what the impact of that is on our Biohaven transaction, it would result in we deployed over four different transactions, about $800 million. With the acceleration of these payments, we also made an equity investment in Biohaven. That generated a very nice return. We will receive a 1.8x by the middle of this year, assuming that intranasal zavegepant is approved, we would receive a 1.8x on our $800 million investment, and then have 15 year plus of future royalties on Nurtec and zavegepant, which we think is very, very attractive and will be, you know, one of our better investments that we've ever made. From a capital deployment perspective, last year we announced up to $3.5 billion of transactions, $2 billion of that was upfront, the rest was in milestones across 9 deals. We also at our investor day in May, we increased our capital deployment target over the next five years. When we went public, we said that we think we can invest over $7 billion over five years. We have, and I'll touch on this later in the presentation, but we've significantly exceeded that already. We increased our guidance in May 2022 to deploy $10 billion-$12 billion over the next five years. It's about a 50% increase there. We've also maintained a leading share of the biopharma royalty funding market, which we think is very important. Let's move to the next slide. This lays out the opportunity for Royalty Pharma to fund innovation, which we think is immense. If you start at the top on the left, over the next 10 years, academics and not-for-profits are expected to spend over $1 trillion. This is usually, you know, this is typically in basic research, but this is gonna lead to many, many future royalty opportunities 'cause as we all know, a lot of the innovation is happening in academia. If you move down, pharma companies, profitable biopharma companies are expected to spend over $1 trillion in R&D over the next decade. Pharmas are expected to spend over $2 trillion and unprofitable biopharmas are expected to spend over $1 trillion. These are areas where we can actually work directly with those companies. In the case of pharma, we can fund trials in exchange for royalties. In the case of small and mid-cap biotech companies, we can fund trials in exchange for royalties and also fund launches in exchange for royalties. We see a very big opportunity there. On the right-hand side of the slide, you can see that the global pharma market, by early next decade is expected to have over $2 trillion of annual sales, which is speaks to the scale of the opportunity. We just wanna capture a little piece of that. Moving on to slide 8, we've seen significant growth in the royalty market over the past couple of years. If you look back from 2015 to today, the number of transactions has increased 6-fold, the dollar value of transactions over that time has increased over 10-fold. This really speaks to the strong momentum that we're seeing in the royalty market. Our role over that period has actually stayed pretty constant, which we think is also really important. Our share over that period has represented, you know, over 50%. That's what our share was in 2022. Sorry, over 50% of the transaction value, so those are dollars spent, and over a quarter of the transaction volume. What that tells you is that we tend to have a bigger share of the bigger deals. If you move on to the next slide, George, slide 9. One area where we see a big growth opportunity is in the area of synthetic royalties. A synthetic royalty is basically the creation of a royalty that does not already exist. We go to a pharma company or a biotech company and tell them, "We will give you $X hundred million of capital now or over the next couple of years to fund development in exchange for a future royalty." There's a lot of attractive elements of this to our partners from a cost of capital perspective, we think it competes well with other alternative sources of capital. We can provide capital at scale, we take out, you know, the market risk, and we're truly partners alongside of them. If the product works, then we succeed and they succeed. If the product fails, then, you know, our capital is completely at risk. Over the past 5 years, synthetic royalties have only represented around 2% of the total biopharma industry funding. It's a very small slice. If you move to the right, we expect that over the next 5 years, the cumulative capital need of biopharma is gonna be over $450 million. If you sort of put that in context in terms of our, you know, the share and just to contextualize the opportunity, if synthetic royalties represent 4% share, then that would mean an $18 billion market opportunity. That's a doubling, but it's still a pretty small piece of the overall market. If synthetic royalties represent 8%, it would be a $36 billion opportunity. The scale is pretty significant, and we think we can play a very important role in that market over time. If you go to slide 10. This is what we think could ultimately be a model for many successful biotech companies over time, where Royalty Pharma where royalties become a very important component of their overall capital structure. If you look at some of the companies like Immunomedics, Biohaven, Cytokinetics and BioCryst, these companies have needed to raise significant capital over their lifetimes. Royalties represented around 25% of the total capital that they raised. We think that this really could be the future of the industry, and we expect to play a very important role. One of the things that we've noticed over the past 5 years is that royalties are a part of the conversation at every emerging biotech company in terms of how they are going to fund themselves in the future. We're doing a lot to drive that, and we think that there is a really big opportunity going forward. Let's move to slide 11. This, and we dig a little bit deeper into our funnel, which is always an area of investor interest. In 2022, we announced transactions of $3.5 billion. We looked at 350 million, sorry, 350 initial reviews. We signed 106 CDAs. We did 70 in-depth reviews. We ultimately submitted proposals on 38 of those reviews. We executed on 9 transactions, which represents around a 3% sort of hit rate versus the top of the funnel. That's actually been something that's been pretty consistent over the years. We tend to transact on, you know, low single digit percentage of the deals that we initially look at. It really speaks to the high bar and the selectivity and the, you know, really deep due diligence process that the team has. We find that, you know, if we want to win a transaction, we should be able to win because we have the lowest cost of capital. You know, there is that, there is that drop off from proposals to submitted versus executed transactions. There's a lot of reasons why things drop off there. You know, typically, if we have conviction, then we're very confident that we can win these deals. Let's move to the next slide and dig a little deeper on the trends. If you look at the initial reviews from 2019 to 2022, these are up 75%. From 200 initial reviews to 350. The in-depth reviews are also up 75%, so 40 goes to 70. The announced transaction value is up almost 60%. We feel like the momentum is there. There's a lot of tailwinds in the industry. Certainly the challenging capital markets over the last year and a half have been helpful. If anything, we feel like this is just helping to accelerate a trend that was already there as more and more companies think about royalties as a way that they can fund themselves going forward. If we move to slide 13. Capital deployment is a key metric that we look at as a business. Over the past 10+ years, we've deployed $24 billion. Sorry, we've announced transactions of $24 billion. That's split across both approved products and development stage therapies. Over this period, we've around 55% of the deals that we've announced have been in approved products and around 45% have been in development stage products. Most of these development stage products ultimately went on to be approved, and they've led to some of the, you know, most important products in our portfolio, like Tremfya. Sorry, like TRIKAFTA and IMBRUVICA and TRODELVY and Nurtec, and the list goes on. The middle panel shows where we guided, I mentioned this before, but it shows where we guided in terms of capital deployment at the time of our IPO. We guided to $7 billion over five years. You can see that from 2020 through 2023, we actually announced transactions of $10 billion. We blew through this number. We knew it was conservative, but we wanted to make sure that we delivered as a new public company. Looking ahead, now we've increased that guidance, as I mentioned, to $10 billion-$12 billion, so around $2 billion-$2.5 billion per year over the next five years. Since January 2022, we've announced transactions of $4.5 billion. We're well on our way to this new target. What we said at our investor day in May is that over the long term, we see an opportunity to double our annual spending target again. $2 billion-$2.5 billion, double that to $4 billion-$5 billion. We haven't given a timeline on that because we don't, you know, deploying capital for the sake of deploying capital is not our business. We wanna make sure we're investing in great assets that are gonna drive, you know, long-term value for the business and, you know, generate attractive returns. We do really see that a line of sight to getting to that type of scale for the business, which we think will be pretty powerful.Moving to slide 14. This is an area where we think, you know, is unique about our business and underestimated by investors sometimes, is our ability to replenish the portfolio. If you look on the left-hand side, you can see some of the transactions that we've done over the past 3 years. We added products like Entyvio, Nurtec, CABOMETYX, ORLADEYO, Tremfya. Just this past year, we added Trelegy. Re cently, in the beginning of this year, we added SPINRAZA. These are some of the, you know, most exciting products in the industry, that have, you know, great growth ahead of them. We've also invested in a number of development-stage therapies. One of them on the left side, Evrysdi, ultimately was approved. We have a number of readouts coming up as well. If you move to the right side, you can see the power of the investments that we've made over this period. We expect that the deals that we did on the left side are gonna generate royalties on the right side of $1 billion by 2025. That will represent around a third of our royalties, in 2025, you know, based on, based on our internal estimates. That does not include any future future transactions. The business's ability to, you know, constantly reinvent itself, find great new assets to add to the portfolio, to grow through patent expirations, which we think is a very unique element of our business, and we've shown our ability to do that. In 2022, we lost. Well, it was really in early 2021 that we lost our royalties on Gilead's HIV franchise. It was our 4th-largest franchise at the time, and we grew 18% that year. This past year, we lost our royalties on JANUVIA and JANUMET. That was also a top franchise for us. And we grew, excluding Biohaven by 10%, and including the Biohaven acquisition by 31%. We think that our ability to grow through these expirations is very unique, when you compare us to other large diversified biopharma companies. Slide 15. We've been transparent about what our return hurdles are when we're making new investments. When we invest in approved products, we're targeting unlevered IRRs of high single digits to low double digits. When we invest in development-stage products, we're targeting teens IRRs. What this blends to is a low teens average IRR over time. At our investor day in May, we showed the historical data that showed that we have actually been able to pretty consistently generate those sort of low teens to even mid-teens IRRs over an extended period of time. We have not seen those types of return, those returns contract. I will touch on competition in a second, that is always an area of investor focus is that competition is going to cause return to contract, and we simply haven't seen it. We're very confident in our ability to continue to, you know, target and deliver on these types of returns. Moving to the right, this is an area that we think is often overlooked, is the power of, you know, our capital structure and our ability to use conservative leverage to enhance returns. You know, if you start with a low teens blended return and then you add in leverage, even at today's rates, which are obviously much higher than where we, you know, previously borrowed at, if you add in conservative leverage, we've historically funded around a third of our transactions with low-cost debt. That drives our returns from the low teens to the high teens to low 20s. Like the unlevered returns, those returns tend to be very consistent as well. Moving on to the next slide. We are often asked about competition. We think our business is, has a strong moat, and it's driven by a few things. The first is the business model. We obviously, we're a publicly traded company. We invest in very long royalty durations. We have a low cost of capital, where we're borrowing at 2.25%. 60% of our debt matures in 2030 and beyond. We have a mid-single digit overall cost of capital. When you compare us to other royalty buyers, they often have, you know, a serial fund structure. They focus on shorter duration royalties, and they have a much higher cost of capital. Our scale is unique. We have over 45 approved and development-stage products in our portfolio. We are able to transact on the largest deals. In 2022, we did a $1.3 billion deal. In 2021, we did a nearly $2 billion transaction. We have deep access to the capital markets. Now we have obviously access to, you know, the deepest equity markets, but as a public company, we also have access to the deepest investment-grade bond markets. We also have the ability to lever our entire portfolio, which drives that lower cost of capital. The last thing is the platform. We have a long tenure team. We have a singular focus on biopharma, that's all we sort of live and breathe that every day. We have a long history in this industry. We're viewed as good partners. We have great industry relationships, and we think we are, you know, positioned as the partner of choice amongst, you know, the different biopharma royalty competitors out there. The last slide, 17, is a summary of why we think that Royalty Pharma is a unique way to invest in biopharma. We give investors exposure to transformative therapies. We have revenue and profit diversification. We have therapeutic area breadth. We're diversified across, you know, revenue, product area, therapeutic area, marketers. These are all very unique. We have a long duration portfolio, weighted average life north of 12 years. You know, many of our royalties go into the late 2030s. We've been able to deliver consistent and sustainable growth. In the last decade, 2010 to 2020, we delivered consistent 13% top-line growth. Throughout this decade, at our Investor Day, we guided to be able to deliver 10% or more growth throughout from 2020 to 2030, which we think is very, you know, very attractive. The management team has been around, been at this company for a long time. We've been doing this for a long time. We have significant equity investments in the business. Management owns 23% of Royalty Pharma. When we went public, we agreed that we would lock up 80% of what we own for five years, which really speaks to our commitment to the business and our conviction in the long-term opportunity. The final thing is the opportunity that we have. We view the entire R&D ecosystem as our pipeline. If there's a product out there, we, you know, oftentimes can figure out how to get a royalty in that product. Then, you know, in terms of the things that we don't do, we don't take early-stage development risk. We have a very low R&D cost base. We don't have therapeutic area biases, and we're very highly competitive or sorry, oftentimes in when you look at pharma M&A, or BD, it's highly competitive, and we don't feel that ours has that same level of competition for some of the reasons that I discussed. And then the last thing is that we rarely, you know, or we don't have that sort of late-stage clinical binary risk, where, you know, where the stock is gonna go up 100% but maybe down 100%. That's, that's, you know, these are all the reasons why we think that Royalty Pharma is a very unique business model. With that, Dave, I, you know, happy to take your questions. Great. Well, thanks so much, Terry, for the comprehensive overview. Just two, because we are gonna be running out of time. Could you just touch on the Merck transaction and explain that one on the Merck asset, and then just remind us about management's targets for future deals and how you think about the potential split between approved drugs and development stage assets going forward? Sure. Yeah, we were really excited to announce that the Merck transaction in 2022. Just as a reminder for people who don't know, we announced that we would invest up to $425 million to help Merck fund Phase IIb and Phase III development of MK-8189, which is a product that's in development for schizophrenia that we think has a very unique profile. The way that that deal was structured is that we are investing $50 million upfront to help them fund the Phase IIb trial. It's a big Phase IIb trial, well-designed, placebo-controlled. We will, we will, you know, have a lot of data to sink our teeth into after that trial reads out. At that time, we would decide whether we want to fund the phase III trial. It's, it's, you know, if Merck decides to move ahead, we have the option to provide an additional $375 million of funding. We think it's a unique structure of de-risking, in that we'll have that phase IIb data and also Merck's commitment, before we move forward. We're excited about this as a product. We think that this could be very differentiated, particularly on the side effect profile. Sorry to interrupt. What royalty would you realize if it's successfully launched? We haven't said. Okay. You know, I think at, you know, the appropriate time, we would probably provide more information. Got it. If, you know, if this product is ultimately approved. Okay. We think that we would expect that it would generate a very attractive return to us. We also think that this is exciting because it's also a model for other larger biopharma companies. There was a little bit of a lull in terms of, you know, biopharma deals getting done, and we think that this, you know, this transaction provides a little bit of a roadmap for how these deals can work going forward. We're very excited about the opportunity to partner with other biopharma companies to fund their most exciting clinical development programs. You asked about the mix of approved versus development stage. I think, you know, to be honest, Dave, we don't know. We, we really are opportunistic. Mm-hmm. There could be years where it tilts, you know, more one way or the other. Over time, it actually, you know, when you look at it over 5, 10-year periods, it does end up being fairly consistent in that, you know, 40% to 45% of the deals we do are development stage. They're at different stages of development stage. Mm-hmm. There are some that already have their phase III trials that read out. We're, you know, helping them to build the commercial infrastructure. That's a different risk profile, obviously, than one where they don't have the phase III data. It's, it's a mix, but, you know, I would suspect over time it'll continue to be in that range. Any given year it could tilt, you know, more, you know, approved or development stage. That's the unique thing about our business model is that we really try to focus on the asset, the unmet need, the benefit that it would bring to patients and look at all of those dynamics to then select what we think will be the most important long-term products, and that ends up being a mix of approved and development stage. Makes a lot of sense. That's great. Well, that's a good spot to wrap up at. Once again, thank you very much for joining us. Thanks for the comprehensive rundown, and congrats on all the great momentum. Great. Thanks, Dave. Thanks for having us. All righty. Have a nice rest of the conference. You too. Bye. Thanks.