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DRI Healthcare Trust: A Diversified Pharmaceutical Royalty Portfolio Adding a New Thyroid Eye Disease Stream

Maker Capital Research2026-10-2010 min read
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Pharmaceutical Royalties TSX: DHT.UN | TSX: DHT.U

Royalty streams
28
on 22 products (Jun 30, 2026)
Q2 2026 cash receipts
US$46.5M
vs US$40.2M in Q2 2025
Adj. EBITDA margin
92%
Q2 2026, non-GAAP, vs 76% in Q2 2025
Ekterly put price
~US$178M
received Aug 11, 2026

Three things to know

  1. The Trust held 28 royalty streams on 22 products at June 30, 2026, and reported Q2 2026 Total Cash Receipts of $46.5 million, compared with $40.2 million in Q2 2025.
  2. The FDA approved Lumvoa (veligrotug) on June 26, 2026. The Trust holds a 7.50% royalty on annual U.S. net sales up to $600 million and paid a $75 million milestone on July 10, 2026.
  3. The Company expects the Eylea royalties to end in Q1 2027 and Zytiga and Rydapt in Q2 2028. It received approximately $178 million for Ekterly on August 11, 2026 and agreed on September 21, 2026 to acquire a tavapadon royalty for $316 million at closing.

Company Profile

DRI Healthcare Trust (TSX: DHT.UN | TSX: DHT.U) is a Toronto-based trust that buys royalties paid on sales of pharmaceutical products. Its units trade on the TSX in Canadian dollars (DHT.UN) and U.S. dollars (DHT.U). The Trust reports in U.S. dollars, and all figures below are in U.S. dollars unless marked C$.

According to the Company's Q2 2026 MD&A, dated August 7, 2026, the portfolio held 28 royalty streams on 22 products as at June 30, 2026. The marketers include Biogen, GSK, Johnson & Johnson, Novartis, Roche, Sanofi, Vertex, Menarini and Viridian Therapeutics. On July 1, 2025, the Trust internalized its management, paying a $48 million termination fee to its former external manager, which the MD&A says eliminated management and performance fees.

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DRI Healthcare Trust: A Diversified Pharmaceutical Royalty Portfolio Adding a New Thyroid Eye Disease Stream | Maker Capital Research