• Royalty Pharma average operating margin for 2023 was 30.73%, a 25.36% increase from 2022.
• Royalty Pharma average operating margin for 2022 was 41.17%, a 41% decline from 2021.
• Royalty Pharma average operating margin for 2021 was 69.78%, a 15.99% decline from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.