Q3 2024 Dri Healthcare Trust Earnings Call Transcript
Key Points
- DRI Healthcare Trust (DHTRF) completed two innovative transactions for Casgevy and Sebetralstat royalties, deploying $162 million with a potential deal size of up to $241 million.
- The trust expanded its credit facilities from $500 million to $632 million, with nearly $300 million still available, providing significant additional capital for future opportunities.
- The portfolio's cash royalty receipts increased by 54% year-over-year, driven by strong sales of Orserdu, Empaveli, and Omidria.
- The trust declared a quarterly distribution of $0.085 per unit, reflecting its commitment to returning value to unit holders.
- DRI Healthcare Trust has surpassed $1 billion in capital deployment, showcasing its growth and ability to execute on its investment strategy.
- The trust experienced a 10% decrease in cash royalty receipts from the previous quarter, reflecting normal volatility in biopharma sales cycles.
- Oracea royalty receipts decreased by 47% year-over-year due to litigation and generic competition, impacting cash flows.
- Spinraza receipts declined 8% year-over-year, with Biogen noting some weakness related to one-time events in Russia.
- The trust incurred additional legal and investigation-related costs of $2.2 million, impacting its adjusted EBITA margin.
- Eylea royalties are expected to continue trending downwards due to patent litigation and a large step down in royalty rates.
(technical difficulty) Responses to questions may contain forward-looking statements within the meaning of the safe harbour provisions of Canadian provincial securities laws. Forward-looking statements involve risks and uncertainties, and interior reliance should not be placed on such statements.
Certain material factors or assumptions are applied in making forward-looking statements. And actual results may differ materially from those express or implied in such statements. For additional information about factors that may cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements.
Please consult the MDNA for this quarter. The risk factors section of the annual information form and DRI Healthcare Trust, other filings with Canadian securities regulators.
DRI Healthcare Trust does not undertake to update any forward-looking statements. Such statements speak only as of the date made. Today's presentation also references non-GAAP measures, reconciliation of these measures to measures recognized
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