Shares of Royalty Pharma plc (NASDAQ: RPRX) surged over 5% in pre-market trading on Monday, following the biopharmaceutical company's mixed third-quarter earnings report and raised full-year guidance.

For the third quarter of fiscal 2024, Royalty Pharma reported adjusted earnings per share of $1.04, beating Wall Street's expectations of $0.93. However, the company's revenue came in at $565 million, falling short of analysts' estimates of $696.1 million, though it represented a 5.41% increase compared to the same period last year.

Despite the revenue miss, investors were encouraged by Royalty Pharma's decision to raise its full-year 2024 portfolio receipts guidance to a range of $2.75 billion to $2.8 billion. This upward revision reflects the company's confidence in its diversified portfolio of royalty interests in various pharmaceutical products.