• Royalty Pharma average pre-tax profit margin for 2023 was 33.51%, a 6.19% increase from 2022.
• Royalty Pharma average pre-tax profit margin for 2022 was 35.72%, a 50.66% decline from 2021.
• Royalty Pharma average pre-tax profit margin for 2021 was 72.39%, a 3.74% decline from 2020.

Pre-tax profit margin can be defined as earnings before taxes as a portion of total revenue.