DRI Healthcare Reports Third Quarter 2025 Results
- Subsequent to the end of the quarter, DRI Healthcare acquired a royalty interest in the U.S. net sales of veligrotug and VRDN-003, for up to $300 million
- Portfolio assets generated Total Income of $48.7 million
- Reactivated NCIB and repurchased ~394 K units for $4.1 million
TORONTO, Nov. 5, 2025 /CNW/ - DRI Healthcare Trust (TSX: DHT.UN) (TSX: DHT.U) ("DRI Healthcare") today announced its financial results for the quarter ended September 30, 2025. DRI Healthcare's third quarter 2025 financial statements and Management's Discussion & Analysis ("MD&A") have been filed on SEDAR+ (www.sedarplus.ca). All dollar amounts are expressed in U.S. dollars unless otherwise indicated.
"Following a transformative period in which DRI Healthcare completed the previously announced internalization of its investment management function, the recently announced acquisition underscores our disciplined and efficient approach to capital deployment and our focus on creating long-term value for unitholders" said Ali Hedayat, DRI Healthcare's Chief Executive Officer. "We are very excited for the opportunities ahead as we continue to strengthen our curated and well-diversified portfolio. "
Q3 Highlights
- Total Income of $48.7 million;
- Total Cash Receipts of $43.6 million1;
- Adjusted EBITDA of $36.7 million1;
- Comprehensive Loss of $57.7 million;
- Adjusted Cash Earnings per Unit of $0.55 (basic and diluted)1,2;
- Completed the transaction to internalize its investment management function, terminated the management agreement with Persis Capital Inc. (formerly, DRI Capital Inc.) ("Persis Capital") for a termination fee of $48 million, and acquired certain relevant assets of Persis Capital for a purchase price of $1 million;
- Funded the Ekterly one-time optional payment of $22 million which increases DRI Healthcare's royalty entitlement on net sales up to and including the first $500 million from 5.0% to 6.0% and the potential one-time sales-based milestones payment to KalVista from $50 million to $57 million, bringing the total investment in Ekterly to $127 million;
- Repurchased 393,618 Units under its Normal Course Issuer Bid ("NCIB") at an average price of $10.30, totaling $4.1 million under the Automated Purchase Plan ("AUPP");
- Paid a quarterly cash distribution of US$0.10 per Unit on October 20, 2025.
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1 Total Cash Receipts and Adjusted EBITDA are non-GAAP financial measures. Adjusted Cash Earnings (Loss) per Unit is a non-GAAP ratio. These measures are not standardized measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. The reconciliation of these measures can be found later in this press release and in DRI Healthcare's MD&A. |
2 The weighted average number of basic and diluted units for the purposes of calculating Earnings (Loss) per Unit for the three months ended September 30, 2025 were 55,351,226 Units. |
Subsequent to Quarter End
- Increased the credit available under the acquisition credit facility by $70 million by converting and merging the term credit facility into the acquisition credit facility;
- Deployed $55.0 million in connection with the acquisition of a royalty interest in the U.S. net sales of veligrotug and VRDN-003 from Viridian Therapeutics, Inc.;
- Repurchased 53,076 Units under its NCIB at an average price of $10.28, totaling $0.5 million under the AUPP;
- Declared a quarterly cash distribution of US$0.10 per Unit for the fourth quarter of 2025, payable on January 20, 2026 to unitholders of record on December 31, 2025.
Financial Highlights
Three months ended | Nine months ended | |||
(thousands of US dollars, except per Unit amounts) | September 30, | September 30, | September 30, | September 30, |
Total income | 48,745 | 41,555 | 136,903 | 125,226 |
Management fees | — | 1,470 | 6,733 | 8,459 |
Performance fees | — | — | 533 | 231 |
Amortization of royalty assets | 26,326 | 26,098 | 75,822 | 76,823 |
Impairment of royalty assets | 13,691 | 901 | 13,691 | 6,101 |
Other expenses | 18,828 | 14,778 | 50,629 | 44,578 |
Gain (loss) on preferred securities | — | — | (971) | 2,176 |
Other loss | — | — | — | (1,575) |
Termination fee | (48,000) | — | (48,000) | — |
Net earnings (loss) before tax | (58,100) | (1,692) | (59,476) | (10,365) |
Income tax recovery | 240 | — | 240 | — |
Net earnings (loss) after tax | (57,860) | (1,692) | (59,236) | (10,365) |
Net unrealized gain (loss) on derivative instruments | 184 | (1,632) | (972) | (207) |
Comprehensive earnings (loss) | (57,676) | (3,324) | (60,208) | (10,572) |
Net earnings (loss) per Unit – basic | (1.05) | (0.03) | (1.06) | (0.18) |
Net earnings (loss) per Unit – diluted | (1.05) | (0.03) | (1.06) | (0.18) |
Total Cash Receipts1 | 43,645 | 38,921 | 145,787 | 145,393 |
Adjusted EBITDA1 | 36,725 | 31,310 | 118,756 | 119,677 |
Adjusted EBITDA Margin1 | 84 % | 80 % | 81 % | 82 % |
Adjusted Cash Earnings (Loss) per Unit – Basic1 | 0.55 | 0.45 | 1.49 | 1.42 |
Adjusted Cash Earnings (Loss) per Unit – Diluted1 | 0.55 | 0.45 | 1.49 | 1.42 |
Weighted average number of Units – Basic | 55,351,226 | 56,293,275 | 55,944,375 | 56,359,017 |
Weighted average number of Units – Diluted | 55,351,226 | 56,293,275 | 55,944,375 | 56,359,017 |
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1 Total Cash Receipts and Adjusted EBITDA are non-GAAP financial measures. Adjusted EBITDA Margin and Adjusted Cash Earnings (Loss) per Unit are non-GAAP ratios. These measures and ratios are not standardized measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. The reconciliation of these measures can be found later in this press release and in DRI Healthcare's MD&A. |
Asset Performance
As at September 30, 2025, DRI Healthcare's portfolio included 28 royalty streams on 21 products that address a variety of therapeutic areas, such as oncology, neurology, ophthalmology, endocrinology, hematology, dermatology, lysosomal storage disorders and immunology. On September 30, 2025, the royalty asset portfolio had a book value, net of accumulated amortization, of $756.4 million, which during the three and nine months ended September 30, 2025 generated Total Cash Royalty Receipts1 of $43.6 million and $145.8 million, respectively, and royalty income of $46.9 million and $131.3 million, respectively. On September 30, 2025, the financial royalty asset had a book value of $55.4 million and generated a gain on the change in its fair value of $1.2 million and $2.8 million, respectively, during the three and nine months ended September 30, 2025.
Portfolio
(thousands of US dollars) | Cash Receipts | |||||
Three months ended | Nine months ended | |||||
Royalty Asset | Therapeutic Area | Marketer(s) | September 30, | September 30, | September 30, | September 30, |
Casgevy | Hematology | Vertex Pharmaceuticals | — | — | 5,000 | — |
Empaveli/Syfovre | Hematology/Ophthalmology | Apellis, Sobi | 1,715 | 1,716 | 2,987 | 4,291 |
Eylea I | Ophthalmology | Regeneron, Bayer, Santen | 1,245 | 1,442 | 3,925 | 4,170 |
Eylea II | Ophthalmology | Regeneron, Bayer, Santen | 268 | 312 | 847 | 902 |
Natpara | Endocrinology | Takeda | 385 | 439 | 886 | 1,702 |
Omidria | Ophthalmology | Rayner Surgical | 8,314 | 9,580 | 25,301 | 29,401 |
Oracea | Dermatology | Galderma | 1,175 | 1,463 | 3,755 | 5,799 |
Orserdu I[4] | Oncology | Menarini | 8,110 | 6,462 | 23,030 | 19,797 |
Orserdu II1 | Oncology | Menarini | 8,769 | 4,742 | 38,098 | 31,913 |
Rydapt[5] | Oncology | Novartis | 813 | 603 | 2,749 | 4,779 |
Spinraza | Neurology | Biogen | 3,727 | 3,954 | 11,470 | 11,069 |
Vonjo I | Hematology | Sobi | 2,890 | 3,053 | 8,538 | 8,842 |
Vonjo II1 | Hematology | Sobi | 623 | 650 | 1,974 | 6,870 |
Xenpozyme | Lysosomal Storage Disorder | Sanofi | — | — | 1,913 | 662 |
Xolair | Immunology | Roche, Novartis | 3,808 | 3,011 | 8,343 | 7,123 |
Zejula | Oncology | GSK | 1,228 | 1,053 | 3,280 | 2,947 |
Zytiga | Oncology | Johnson & Johnson | — | — | 2,230 | 3,546 |
Other Products3 | Various | Various | 575 | 441 | 1,461 | 1,580 |
Total Cash Royalty Receipts, Cash Receipts and Normalized Cash Receipts4 | 43,645 | 38,921 | 145,787 | 145,393 | ||
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1 Cash receipts for Orserdu II and Orserdu I for the nine months ended September 30, 2025 include $17,593 and $633, respectively, for reclamation of previous royalty deductions. Cash receipts for the nine months ended September 30, 2024 include milestone royalty receipts of $2,104 from Orserdu I, $18,939 from Orserdu II and $5,000 from Vonjo II received in Q1 2024. |
2 Cash receipts for the nine months ended September 30, 2024 includes $1,000 in additional cash receipts related to a one-time payment received in Q1 2024. |
3 Other Products includes royalty income from certain other royalty assets as well as royalty assets which are fully amortized and, where applicable, the entitlements to which have generally expired. Comparative figures for royalty assets Simponi, Stelara and Ilaris are included in Other products. |
4 Total Cash Receipts, Total Cash Royalty Receipts and Normalized Total Cash Receipts are non-GAAP financial measures. These measures are not standardized measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. The reconciliation of these measures can be found later in this press release and in the DRI Healthcare's MD&A. |
Liquidity and Capital
On September 30, 2025, DRI Healthcare had cash and cash equivalents of $35.6 million. DRI Healthcare's credit facility had an outstanding principal balance of $347.8 million on September 30, 2025. DRI Healthcare's preferred securities had an outstanding principal balance of $107.9 million on September 30, 2025.
Subsequent to September 30, 2025, DRI Healthcare amended its amended credit agreement to, among other things, convert and merge the term credit facility into the acquisition credit facility. The total credit available under the acquisition credit facility increased by $70.0 million and the outstanding amount under the acquisition credit facility increased by an amount corresponding to the outstanding amount under the term credit facility as at October 3, 2025, which was $63.3 million. The maturity date was also extended by two years to October 3, 2029, and certain other terms were adjusted to provide DRI Healthcare with greater flexibility.
Also subsequent to September 30, 2025, DRI Healthcare drew $50.0 million from its credit facility to partially fund the veligrotug and VRDN-003 transaction.
DRI Healthcare had 55,149,552 Units issued and outstanding on September 30, 2025.
Distributions
On August 13, 2025, the board of trustees approved a quarterly cash distribution of $0.10 per Unit to unitholders of record as of September 30, 2025, which was paid on October 20, 2025. DRI Healthcare also announced today that its board of trustees has declared a quarterly cash distribution in the amount of $0.10 per Unit for the fourth quarter of 2025, payable on January 20, 2026, to unitholders of record as of December 31, 2025.
Normal Course Issuer Bid
During the three months ended September 30, 2025, DRI Healthcare repurchased and cancelled 393,618 Units under its NCIB for an aggregate amount of $4.1 million at a weighted average price of $10.30 per Unit. As previously announced, DRI Healthcare received approval on May 9, 2025 from the TSX to acquire, from time to time, if considered advisable, up to an aggregate of 3,148,536 Units for cancellation. Purchases will conclude on the earlier of the date on which DRI Healthcare has purchased the maximum number of Units permitted under the NCIB and May 19, 2026. In connection with the NCIB, DRI Healthcare established an AUPP where by Units of DRI Healthcare may be repurchased at the discretion of a dealer to the AUPP using commercially reasonable efforts and subject to trading parameters defined in the AUPP.
Subsequent to September 30, 2025, DRI Healthcare repurchased an additional 53,076 Units at an average price of $10.28, totaling $0.5 million under the AUPP.
Veligrotug and VRDN-003 Royalty Transaction
Subsequent to September 30, 2025, DRI Healthcare acquired a royalty interest in the U.S. net sales of veligrotug and VRDN-003 from Viridian Therapeutics, Inc. ("Viridian") for an aggregate purchase price of up to $300 million, including a $55.0 million upfront payment and up to $115.0 million in near-term clinical and regulatory milestone payments. The transaction entitles DRI Healthcare to 7.50% on annual U.S. net sales up to and including $600.0 million, 0.80% on annual U.S. net sales above $600.0 million and up to and including $900.0 million and 0.25% on annual U.S. net sales above $900.0 million and up to and including $2.0 billion Royalty receipts will be collected quarterly on a one-quarter lag, with the first royalty receipt being paid in the quarter immediately following the first commercial sale of veligrotug in the US.
Veligrotug has shown clinically meaningful improvements across both active and chronic thyroid eye disease ("TED"). Veligrotug has met all primary and secondary endpoints across proptosis, Clinical Activity Score, and diplopia in each of its two pivotal phase 3 clinical trials, THRIVE-1 and THRIVE-2 for patients with active and chronic TED, respectively. The FDA has granted Breakthrough Therapy Designation to veligrotug, which may shorten certain aspects of the regulatory review process, including eligibility for priority review. If approved, veligrotug will be only the second approved biologic treatment for TED with the potential to improve patients' quality of life with fewer doses and less time required for a full treatment course.
Viridian is also advancing VRDN-003, a potential best-in-class subcutaneous therapy for the treatment of TED via a program including two ongoing global phase 3 pivotal clinical trials, REVEAL-1 and REVEAL-2, in patients with active and chronic TED, respectively. Viridian anticipates reporting topline results from these trials in the first half of 2026. Subject to positive outcomes and subsequent regulatory review, Viridian plans to submit a Biologics License Application by the end of 2026. If approved, VRDN-003 is expected to provide additional convenience benefits with a low-volume autoinjector designed for self-administration planned for commercial launch.
Third Quarter 2025 Conference Call & Webcast
As previously announced, management will hold a conference call on Thursday, November 6, 2025 at 8:00 a.m. (ET) to review DRI Healthcare's 2025 third quarter results. You can join the call by dialing 1-888-699-1199 or 416-945-7677 approximately 15 minutes prior to the call to secure a line.
A live webcast of the conference call, including a slide presentation, will be available at https://emportal.ink/4pOw5uK. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived on DRI Healthcare's website following the call date.
Non-GAAP Financial Measures
The reconciliations of non-GAAP financial measures and non-GAAP ratios for the three and nine months ended September 30, 2025 and 2024 to the most directly comparable measures calculated in accordance with IFRS are presented below.
Total Cash Receipts, Normalized Total Cash Receipts and Total Cash Royalty Receipts
Total Cash Receipts refers to Total Cash Royalty Receipts plus cash receipts from all products. Total Cash Receipts includes cash receipts from interest as well as non-recurring cash receipts. Total Cash Royalty Receipts refers to aggregate cash royalty receipts and milestone royalty receipts from DRI Healthcare's portfolio of royalty assets and forms part of Total Cash Receipts. Because of the lag between when DRI Healthcare records royalty income and receives the corresponding cash payments on its royalties and milestones, management believes Total Cash Receipts and Total Cash Royalty Receipts are useful measures when evaluating DRI Healthcare's operations, as they represent actual cash generated in respect of all royalty assets held during a period. DRI Healthcare also presents Normalized Total Cash Receipts, which refers to Total Cash Receipts adjusted to remove cash receipts that are not expected to recur in the normal course of operations. Management believes that Normalized Total Cash Receipts will assist readers in evaluating the period-over-period performance of DRI Healthcare's royalty portfolio since Normalized Total Cash Receipts only includes cash receipts generated by royalties and other amounts payable pursuant to the terms of DRI Healthcare's royalty assets. There were no adjustments required to normalize cash receipts for the three and nine months ended September 30, 2025 and 2024.
Three months ended | Nine months ended | |||
(thousands of US dollars) | September 30, | September 30, | September 30, | September 30, |
Total income | 48,745 | 41,555 | 136,903 | 125,226 |
[-] Other interest income | (253) | (596) | (907) | (1,895) |
[-] Unrealized gain on marketable securities | (435) | — | (1,855) | — |
[+] Royalties receivable, beginning of period | 49,647 | 43,542 | 62,362 | 64,082 |
[-] Royalties receivable, end of period | (52,886) | (45,580) | (52,886) | (45,580) |
[+] Financial royalty asset, beginning of period | 54,184 | — | 57,527 | — |
[-] Financial royalty asset, end of period | (55,357) | — | (55,357) | — |
[+] Acquired royalties receivable[8] | — | — | — | 3,560 |
Total Cash Receipts, Royalty Cash Receipts and Normalized Cash Receipts | 43,645 | 38,921 | 145,787 | 145,393 |
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1 Acquired royalties receivable represent DRI Healthcare's royalty entitlement to sales prior to the completion of the royalty transactions they relate to. |
Adjusted EBITDA and Adjusted EBITDA Margin
Management believes Adjusted EBITDA provides meaningful information about DRI Healthcare's operating cash flows as it eliminates the effects of other non-cash expenses and accruals and income and expenses that are not expected to recur, that have been recorded on the statement of net earnings (loss) and comprehensive earnings (loss). DRI Healthcare refers to EBITDA when reconciling its net earnings (loss) and comprehensive earnings (loss) to Adjusted EBITDA but does not use EBITDA as a measure of its performance. Management believes that Adjusted EBITDA Margin is a useful supplemental measure to demonstrate the operating efficiency of DRI Healthcare's business on a cash basis.
Three months ended | Nine months ended | |||
(thousands of US dollars) | September 30, | September 30, | September 30, | September 30, |
Comprehensive earnings (loss) | (57,676) | (3,324) | (60,208) | (10,572) |
[+] Amortization of intangible royalty assets | 26,326 | 26,098 | 75,822 | 76,823 |
[+] Impairment of intangible royalty assets | 13,691 | 901 | 13,691 | 6,101 |
[+] Depreciation of fixed assets and other intangible assets | 136 | — | 136 | — |
[-] Income tax recovery | (240) | — | (240) | — |
[-] Other interest income | (253) | (596) | (907) | (1,895) |
[+] Interest expense | 10,252 | 8,377 | 28,887 | 25,416 |
EBITDA | (7,764) | 31,456 | 57,181 | 95,873 |
[+] Royalties receivable, beginning of period | 49,647 | 43,542 | 62,362 | 64,082 |
[-] Royalties receivable, end of period | (52,886) | (45,580) | (52,886) | (45,580) |
[-] Performance fees payable, beginning of period | — | — | (1,665) | (5,918) |
[+] Performance fees payable, end of period | — | — | — | — |
[+] Financial royalty assets, beginning of period | 54,184 | — | 57,527 | — |
[-] Financial royalty assets, end of period | (55,357) | — | (55,357) | — |
[+] Unrealized loss (gain) on marketable securities | (435) | — | (1,855) | — |
[+] Acquired royalties receivable[9] | — | — | — | 3,560 |
[+] Unit-based compensation | 1,150 | 347 | 2,580 | 7,589 |
[+] Board of trustees' unit-based compensation2 | 370 | (87) | 926 | 465 |
[+] (Gain) Loss on preferred securities | — | — | 971 | (2,176) |
[+] Termination fee | 48,000 | — | 48,000 | — |
[-] Other loss | — | — | — | 1,575 |
[-] Net unrealized loss (gain) on derivative instruments | (184) | 1,632 | 972 | 207 |
Adjusted EBITDA | 36,725 | 31,310 | 118,756 | 119,677 |
[÷] Normalized Total Cash Receipts | 43,645 | 38,921 | 145,787 | 145,393 |
Adjusted EBITDA Margin | 84 % | 80 % | 81 % | 82 % |
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1 Acquired royalties receivable represent DRI Healthcare's royalty entitlement to sales prior to the completion of the royalty transactions they relate to. |
2 Certain members of the board of trustees elected to be compensated fully or partially in Deferred Units ("DUs") under DRI Healthcare's Omnibus Equity Incentive Plan. |
Adjusted Cash Earnings per Unit
Management believes that Adjusted Cash Earnings per Unit provides meaningful information about DRI Healthcare's performance as it provides a measure of the cash generated by DRI Healthcare's assets on a per Unit basis, excluding cash earnings that are not expected to recur.
Three months ended | Nine months ended | |||
(thousands of US dollars, except per Unit amounts) | September 30, | September 30, | September 30, | September 30, |
Comprehensive earnings (loss) | (57,676) | (3,324) | (60,208) | (10,572) |
[+] Amortization or royalty assets | 26,326 | 26,098 | 75,822 | 76,823 |
[+] Non-cash general and administrative expenses1 | 136 | — | 136 | — |
[+] Impairment of royalty assets | 13,691 | 901 | 13,691 | 6,101 |
[+] Unrealized loss (gain) on marketable securities | (435) | — | (1,855) | — |
[+] Unit-based compensation | 1,150 | 347 | 2,580 | 7,589 |
[+] Board of trustees' unit-based compensation2 | 370 | (87) | 926 | 465 |
[-] Change in fair value of financial royalty assets | (1,173) | — | (2,830) | — |
[+] Cash receipts on financial royalty assets | — | — | 5,000 | — |
[-] (Gain) Loss on preferred securities | — | — | 971 | (2,176) |
[-] Other loss | — | — | — | 1,575 |
[-] Termination fee | 48,000 | — | 48,000 | — |
[-] Net unrealized loss (gain) on derivative instruments | (184) | 1,632 | 972 | 207 |
Adjusted Cash Earnings (Loss) | 30,205 | 25,567 | 83,205 | 80,012 |
Adjusted Cash Earnings (Loss) per Basic Unit | 0.55 | 0.45 | 1.49 | 1.42 |
Adjusted Cash Earnings (Loss) per Fully Diluted Unit | 0.55 | 0.45 | 1.49 | 1.42 |
Weighted average number of Units – Basic | 55,351,226 | 56,293,275 | 55,944,375 | 56,359,017 |
Weighted average number of Units – Diluted | 55,351,226 | 56,293,275 | 55,944,375 | 56,359,017 |
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1 Included in general and administrative expenses are non-cash expenses related to the depreciation of fixed assets and amortization of other intangible assets. |
About DRI Healthcare
DRI Healthcare is a pioneer in global pharmaceutical royalty monetization. Since our founding in 1989, we have deployed more than $3.0 billion, acquiring more than 75 royalties on 50-plus drugs, including Ekterly, Eylea, Keytruda, Orserdu, Remicade, Spinraza, Stelara, Vonjo and Zytiga. DRI Healthcare's units are listed and trade on the Toronto Stock Exchange in Canadian dollars under the symbol "DHT.UN" and in U.S. dollars under the symbol "DHT.U". To learn more, visit drihealthcare.com or follow us on LinkedIn.
Caution concerning forward-looking statements
This news release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information can generally be identified by the use of words such as "expect", "continue", "anticipate", "intend", "aim", "plan", "believe", "budget", "estimate", "forecast", "foresee", "close to", "target" or negative versions thereof and similar expressions. Some of the specific forward-looking information in this news release may include, among other things, statements regarding DRI Healthcare's ability to execute on its strategy, the potential and timing of royalty payments, the anticipated royalty income and anticipated sales of the products underlying such royalties, expectations regarding Viridian's clinical results and regulatory submissions, and DRI Healthcare's normal course issuer bid. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond DRI Healthcare's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk that the internalization of DRI Healthcare's manager will not generate the levels of anticipated benefits for DRI Healthcare and its unitholders and those additional risks and uncertainties that are disclosed in DRI Healthcare's most recent annual information form and under "Risk Factors" in DRI Healthcare's Management's Discussion and Analysis. The anticipated royalty terms for products in our portfolio may be shorter than the period of patent protection for the applicable product, depending on many factors, including the entry of generic drugs into the marketplace and competition, all of which are outside our control. No assurance can be given that these are all the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance or achievements of DRI Healthcare could differ materially from the results expressed in, or implied by, any forward-looking statements. Certain assumptions underlying the forward-looking information in this news release include: DRI Healthcare's assumptions regarding demand and growth in pharmaceutical sales, R&D and opportunities for royalty investing; the competitive environment in which DRI Healthcare operates; DRI Healthcare's ability to implement its growth strategies; DRI Healthcare's ability to obtain financing and maintain its existing financing on acceptable terms; DRI Healthcare's ability to maintain good business relationships with marketers and other industry partners; timely receipt of cash royalty receipts; expectations regarding the duration of royalties; DRI Healthcare's ability to keep pace with changing consumer preferences; the absence of material adverse changes in DRI Healthcare's industry or the global economy; currency exchange and interest rates; the impact of competition; the changes and trends in DRI Healthcare's industry or the global economy; and stability in laws, rules, regulations and global standards in the pharmaceutical industry. All forward-looking information in this news release speaks as of the date of this news release. DRI Healthcare does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in DRI Healthcare's filings with securities regulators, including its latest annual information form and Management's Discussion and Analysis. These filings are also available at DRI Healthcare's website at drihealthcare.com.
SOURCE DRI Healthcare Trust