NEW YORK (AP) — NEW YORK (AP) — Royalty Pharma (RPRX) on Thursday reported first-quarter profit of $5 million.

The New York-based company said it had net income of 1 cent per share. Earnings, adjusted for non-recurring costs, came to 98 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 96 cents per share.

The company posted revenue of $568 million in the period. Its adjusted revenue was $717 million.

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