Royalty Pharma (RPRX) 10-Q 11 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 06, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-39329
Entity Registrant Name	Royalty Pharma plc
Entity Incorporation, State or Country Code	X0
Entity Tax Identification Number	98-1535773
Entity Address, Address Line One	110 East 59th Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	883-0200
Title of 12(b) Security	Class A ordinary shares, par value $0.0001
Trading Symbol	RPRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001802768
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		427,005,888
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		180,166,365

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 1,142,281	$ 1,008,680
Marketable securities	842,685	983,279
Financial royalty assets	596,851	587,193
Accrued royalty receivable	34,143	33,155
Available for sale debt securities	68,702	69,984
Other royalty income receivable	10,694	6,011
Other current assets	12,098	8,596
Total current assets	2,707,454	2,696,898
Financial royalty assets, net	12,932,077	12,368,084
Intangible royalty assets, net	17,262	28,666
Equity securities	184,042	298,689
Available for sale debt securities	202,498	163,016
Investments in non-consolidated affiliates	465,620	454,936
Other assets	5,960	9,997
Total assets	16,514,913	16,020,286
Current liabilities
Distribution payable to non-controlling interest	117,378	126,366
Accounts payable and accrued expenses	9,393	10,775
Interest payable	42,904	42,146
Accrued purchase obligation	110,000	110,000
Other current liabilities	4,314	18,600
Total current liabilities	283,989	307,887
Long-term debt	5,825,559	5,816,584
Total liabilities	6,109,548	6,124,471
Commitments and contingencies
Shareholders’ equity
Deferred shares, $0.000001 par value, 355,217 and 316,407 issued and outstanding, respectively	0	0
Additional paid-in capital	3,415,598	2,865,964
Retained earnings	2,291,966	1,920,635
Non-controlling interest	4,671,686	5,077,036
Accumulated other comprehensive income	28,672	34,395
Treasury interests	(2,662)	(2,317)
Total shareholders’ equity	10,405,365	9,895,815
Total liabilities and shareholders’ equity	16,514,913	16,020,286
Common Class A
Shareholders’ equity
Common stock	42	39
Common Class B
Shareholders’ equity
Common stock	0	0
Class R Redeemable Stock
Shareholders’ equity
Common stock	$ 63	$ 63

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) shares in Thousands	Jun. 30, 2021$ / sharesshares	Jun. 30, 2021£ / sharesshares	Dec. 31, 2020$ / sharesshares	Dec. 31, 2020£ / sharesshares
Deferred stock, par value (in dollars per share) | $ / shares	$ 0.000001		$ 0.000001
Deferred stock, issued (in shares)	355,217	355,217	316,407	316,407
Deferred stock, outstanding (in shares)	355,217	355,217	316,407	316,407
Common Class A
Common stock, par value (in dollars/pounds per share) | $ / shares	$ 0.0001		$ 0.0001
Common stock, issued (in shares)	427,006	427,006	388,135	388,135
Common stock, outstanding (in shares)	427,006	427,006	388,135	388,135
Common Class B
Common stock, par value (in dollars/pounds per share) | $ / shares	$ 0.000001		$ 0.000001
Common stock, issued (in shares)	180,166	180,166	218,976	218,976
Common stock, outstanding (in shares)	180,166	180,166	218,976	218,976
Class R Redeemable Stock
Common stock, par value (in dollars/pounds per share) | £ / shares		£ 1		£ 1
Common stock, issued (in shares)	50	50	50	50
Common stock, outstanding (in shares)	50	50	50	50

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues		$ 554,963	$ 510,932	$ 1,127,990	$ 1,011,811
Operating expenses
Provision for changes in expected cash flows from financial royalty assets		(243,762)	47,278	48,499	135,290
Research and development funding expense		3,122	5,776	5,763	13,415
Amortization of intangible assets		5,733	5,733	11,404	11,466
General and administrative expenses		44,921	42,799	88,077	80,864
Total operating (income)/expense, net		(189,986)	101,586	153,743	241,035
Operating income		744,949	409,346	974,247	770,776
Other (income)/expense
Equity in earnings of non-consolidated affiliates		(17,701)	(29,292)	(15,783)	(20,218)
Interest expense		37,426	34,189	74,841	87,773
Loss/(gain) on derivative financial instruments		1,909	(647)	4,464	32,798
Gain on equity securities		(55,495)	(193,895)	(1,309)	(40,729)
Unrealized gain on available for sale debt securities		(14,015)	0	(23,130)	0
Interest income		(14,037)	(2,724)	(30,635)	(5,582)
Other non-operating expense/(income), net		107	(261)	65	5,662
Total other (income)/expense, net		(61,806)	(192,630)	8,513	59,704
Consolidated net income before tax		806,755	601,976	965,734	711,072
Income tax expense		0	0	0	0
Consolidated net income		806,755	601,976	965,734	711,072
Net income attributable to non-controlling interest		365,979	159,902	455,839	197,758
Net income attributable to controlling interest		440,776	442,074	509,895	513,314
Other comprehensive income/(loss)
Reclassification of loss on interest rate swaps		0	0	0	4,066
Unrealized gain on available for sale debt securities		6,025	6,949	11,150	59,674
Reclassification of unrealized gain on available for sale debt securities		(13,299)	0	(28,790)	0
Other comprehensive (loss)/income		(7,274)	6,949	(17,640)	63,740
Other comprehensive (loss)/income attributable to non-controlling interest		(3,231)	1,624	(8,112)	11,296
Other comprehensive (loss)/income attributable to controlling interest		(4,043)	5,325	(9,528)	52,444
Comprehensive income attributable to controlling interest		$ 436,733	$ 447,399	$ 500,367	$ 565,758
Earnings per Class A ordinary share:
Basic (in dollars per share)	[1]	$ 1.08	$ 0.09	$ 1.28	$ 0.09
Diluted (in dollars per share)	[1]	$ 1.08	$ 0.09	$ 1.25	$ 0.09
Weighted average Class A ordinary shares outstanding:
Basic (in shares)	[1]	409,344	353,979	399,606	353,979
Diluted (in shares)	[1]	607,163	353,980	607,151	353,980
Financial Royalty Assets
Revenues		$ 503,414	$ 474,177	$ 1,033,039	$ 937,021
Intangible Royalty Assets
Revenues		40,127	33,445	76,188	68,428
Royalty Income, Other
Revenues		$ 11,422	$ 3,310	$ 18,763	$ 6,362
[1]	Prior year figures represent earnings per Class A ordinary share and weighted average Class A ordinary shares outstanding for the period from June 16, 2020 through June 30, 2020, the period following our initial public offering (“IPO”). See Note 13–Earnings per Share.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Class R Redeemable Stock	Common StockCommon Class A	Common StockCommon Class B	Common StockClass R Redeemable Stock	Deferred Shares	Additional Paid-In Capital	Shareholders’ Contributions	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income	Non-Controlling Interest	Treasury Interests
Beginning balance (in shares) at Dec. 31, 2019				0	0	0	0
Beginning balance at Dec. 31, 2019	$ 6,141,438	$ (192,705)		$ 0	$ 0	$ 0	$ 0	$ 0	$ 3,282,516	$ 2,825,212	$ (192,705)	$ 2,093	$ 35,883	$ (4,266)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions													1,133,628
Distributions													(251,425)
Transfer of interests													1,037,161
Net income (loss)													37,856
Unrealized gain on available for sale debt securities													9,672
Ending balance (in shares) at Mar. 31, 2020				0	0	0	0
Ending balance at Mar. 31, 2020	7,162,693			$ 0	$ 0	$ 0	$ 0	0	2,553,001	2,561,971		49,212	2,002,775	(4,266)
Beginning balance (in shares) at Dec. 31, 2019				0	0	0	0
Beginning balance at Dec. 31, 2019	6,141,438	$ (192,705)		$ 0	$ 0	$ 0	$ 0	0	3,282,516	2,825,212	$ (192,705)	2,093	35,883	(4,266)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions	1,447,965								307,646				1,140,319
Distributions	(689,684)									(313,408)			(376,276)
Transfer of interests	0								(1,037,161)				1,037,161
Initial share issuance upon registration of plc (in shares)						50,000
Initial share issuance upon registration of Royalty Pharma plc	63					$ 63
Share based compensation and related issuance of Class A ordinary shares (in shares)				71,000
Share based compensation and related issuance of Class A ordinary shares	3,740							3,740
Net income (loss)	711,072
Issuance of Class B shares to Continuing Investor Partnerships (in shares)					535,383,000
Issuance of Class B ordinary shares to Continuing Investors Partnerships	1				$ 1
Effect of exchange by Continuing Investors of Class B shares for Class A shares and reallocation of historical equity (in shares)				294,176,000	(294,176,000)		294,176,000
Effect of exchange by Continuing Investors of Class B ordinary shares for Class A ordinary shares and reallocation of historical equity	(1)			$ 30	$ (1)			1,402,762	(2,553,001)	(1,261,014)		(24,022)	2,433,098	2,147
Issuance of Class A ordinary shares sold in IPO, net of offering costs (in shares)				71,652,000
Issuance of Class A ordinary shares sold in IPO, net of offering costs	1,909,332			$ 7				1,150,735					758,590
Unrealized gain on available for sale debt securities	59,674											48,378	11,296
Reclassification of loss on interest rate swaps	4,066											4,066
Reclassification of unrealized gain on available for sale debt securities	0
Ending balance (in shares) at Jun. 30, 2020				365,899,000	241,207,000	50,000	294,176,000
Ending balance at Jun. 30, 2020	9,394,961			$ 37	$ 0	$ 63	$ 0	2,557,237	0	1,571,399		30,515	5,237,829	(2,119)
Beginning balance (in shares) at Mar. 31, 2020				0	0	0	0
Beginning balance at Mar. 31, 2020	7,162,693			$ 0	$ 0	$ 0	$ 0	0	2,553,001	2,561,971		49,212	2,002,775	(4,266)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions	6,691												6,691
Distributions	(296,483)									(171,632)			(124,851)
Initial share issuance upon registration of plc (in shares)						50,000
Initial share issuance upon registration of Royalty Pharma plc	63					$ 63
Share based compensation and related issuance of Class A ordinary shares (in shares)				71,000
Share based compensation and related issuance of Class A ordinary shares	3,740							3,740
Net income (loss)	601,976
Issuance of Class B shares to Continuing Investor Partnerships (in shares)					535,383,000
Issuance of Class B ordinary shares to Continuing Investors Partnerships	1				$ 1
Effect of exchange by Continuing Investors of Class B shares for Class A shares and reallocation of historical equity (in shares)				294,176,000	(294,176,000)		294,176,000
Effect of exchange by Continuing Investors of Class B ordinary shares for Class A ordinary shares and reallocation of historical equity	(1)			$ 30	$ (1)			1,402,762	(2,553,001)	(1,261,014)		(24,022)	2,433,098	2,147
Issuance of Class A ordinary shares sold in IPO, net of offering costs (in shares)				71,652,000
Issuance of Class A ordinary shares sold in IPO, net of offering costs	1,909,332			$ 7				1,150,735					758,590
Unrealized gain on available for sale debt securities	6,949											5,325	1,624
Reclassification of loss on interest rate swaps	0
Reclassification of unrealized gain on available for sale debt securities	0
Ending balance (in shares) at Jun. 30, 2020				365,899,000	241,207,000	50,000	294,176,000
Ending balance at Jun. 30, 2020	9,394,961			$ 37	$ 0	$ 63	$ 0	2,557,237	$ 0	1,571,399		30,515	5,237,829	(2,119)
Beginning balance (in shares) at Dec. 31, 2020				388,135,000	218,976,000	50,000	316,407,000
Beginning balance at Dec. 31, 2020	9,895,815			$ 39	$ 0	$ 63	$ 0	2,865,964		1,920,635		34,395	5,077,036	(2,317)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions													3,253
Distributions													(145,378)
Other exchanges													(65,072)
Net income (loss)													89,860
Unrealized gain on available for sale debt securities													2,413
Reclassification of unrealized gain on available for sale debt securities													(7,294)
Ending balance (in shares) at Mar. 31, 2021				392,857,000	214,255,000	50,000	321,128,000
Ending balance at Mar. 31, 2021	9,837,033			$ 39	$ 0	$ 63	$ 0	2,931,249		1,923,771		29,452	4,954,818	(2,359)
Beginning balance (in shares) at Dec. 31, 2020				388,135,000	218,976,000	50,000	316,407,000
Beginning balance at Dec. 31, 2020	9,895,815			$ 39	$ 0	$ 63	$ 0	2,865,964		1,920,635		34,395	5,077,036	(2,317)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions	14,772												14,772
Distributions	(316,186)												(316,186)
Dividends	(138,564)									(138,564)
Other exchanges (in shares)				38,810,000	(38,810,000)		38,810,000
Other exchanges	0			$ 3				548,200				3,805	(551,663)	(345)
Share based compensation and related issuance of Class A ordinary shares (in shares)				61,000
Share based compensation and related issuance of Class A ordinary shares	1,434							1,434
Net income (loss)	965,734									509,895			455,839
Unrealized gain on available for sale debt securities	11,150											6,060	5,090
Reclassification of loss on interest rate swaps	0
Reclassification of unrealized gain on available for sale debt securities	(28,790)											(15,588)	(13,202)
Ending balance (in shares) at Jun. 30, 2021			50,000	427,006,000	180,166,000	50,000	355,217,000
Ending balance at Jun. 30, 2021	10,405,365			$ 42	$ 0	$ 63	$ 0	3,415,598		2,291,966		28,672	4,671,686	(2,662)
Beginning balance (in shares) at Mar. 31, 2021				392,857,000	214,255,000	50,000	321,128,000
Beginning balance at Mar. 31, 2021	9,837,033			$ 39	$ 0	$ 63	$ 0	2,931,249		1,923,771		29,452	4,954,818	(2,359)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions	11,519												11,519
Distributions	(170,808)												(170,808)
Dividends	(72,581)									(72,581)
Other exchanges (in shares)				34,089,000	(34,089,000)		34,089,000
Other exchanges	0			$ 3				483,628				3,263	(486,591)	(303)
Share based compensation and related issuance of Class A ordinary shares (in shares)				60,000
Share based compensation and related issuance of Class A ordinary shares	721							721
Net income (loss)	806,755									440,776			365,979
Unrealized gain on available for sale debt securities	6,025											3,348	2,677
Reclassification of loss on interest rate swaps	0
Reclassification of unrealized gain on available for sale debt securities	(13,299)											(7,391)	(5,908)
Ending balance (in shares) at Jun. 30, 2021			50,000	427,006,000	180,166,000	50,000	355,217,000
Ending balance at Jun. 30, 2021	$ 10,405,365			$ 42	$ 0	$ 63	$ 0	$ 3,415,598		$ 2,291,966		$ 28,672	$ 4,671,686	$ (2,662)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Dividends declared and paid (in dollars per share)		$ 0.17
Common Class A
Dividends declared and paid (in dollars per share)	$ 0.17	$ 0.34

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Cash collections from financial royalty assets	$ 1,094,094	$ 1,003,504
Cash collections from intangible royalty assets	75,200	69,646
Other royalty cash collections	14,088	8,548
Distributions from non-consolidated affiliates	22,003	31,840
Interest received	2,332	3,597
Derivative collateral received	11,470	45,252
Derivative collateral posted	(9,340)	0
Termination payments on derivative instruments	0	(35,448)
Ongoing development-stage funding payments	(5,763)	(13,415)
Payments for operating and professional costs	(81,764)	(69,985)
Interest paid	(64,500)	(83,431)
Net cash provided by operating activities	1,057,820	960,108
Cash flows from investing activities:
Distributions from non-consolidated affiliates	523	15,084
Investments in non-consolidated affiliates	(17,427)	(29,262)
Purchases of equity securities	0	(50,000)
Proceeds from equity securities	109,367	0
Purchases of available for sale debt securities	(35,170)	0
Proceeds from available for sale debt securities	31,250	0
Purchases of marketable securities	(728,025)	(703,934)
Proceeds from sales and maturities of marketable securities	868,689	336,012
Acquisitions of financial royalty assets	(683,741)	(574,620)
Milestone payments	(18,600)	0
Net cash used in investing activities	(473,134)	(1,006,720)
Cash flows from financing activities:
Distributions to shareholders/unitholders	0	(285,355)
Distributions to non-controlling interest	(238,197)	(284,546)
Distributions to non-controlling interest- other	(86,978)	(28,055)
Dividends to shareholders	(138,564)	0
Contributions from non-controlling interest- R&D	4,080	5,114
Contributions from non-controlling interest- other	8,574	29,984
Scheduled repayments of long-term debt	0	(94,200)
Repayments of long-term debt	0	(5,170,396)
Proceeds from issuance of long-term debt	0	6,040,000
Debt issuance costs and other	0	(8,819)
Proceeds from issuance of Class A ordinary shares upon IPO, net of offering costs	0	1,918,229
Net cash (used in)/provided by financing activities	(451,085)	2,121,956
Net change in cash and cash equivalents	133,601	2,075,344
Cash and cash equivalents, beginning of period	1,008,680	246,199
Cash and cash equivalents, end of period	$ 1,142,281	$ 2,321,543

Organization and Purpose

Organization and Purpose	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Purpose	Organization and Purpose Royalty Pharma plc is an English public limited company incorporated under the laws of England and Wales that was created for the purpose of consolidating our predecessor entities and facilitating the IPO of our Class A ordinary shares that was completed in June 2020. Following our IPO, we control Royalty Pharma Holdings Ltd. (“RP Holdings”), a private limited company incorporated under the laws of England and Wales and U.K. tax resident through our ownership of RP Holdings’ Class A ordinary shares (the “RP Holdings Class A Interests”) and RP Holdings’ Class B ordinary shares (the “RP Holdings Class B Interests”). We conduct our business through RP Holdings and its subsidiaries and include RP Holdings and its subsidiaries in our condensed consolidated financial statements. RP Holdings is the sole owner of Royalty Pharma Investments 2019 ICAV (“RPI 2019 ICAV”), which is an Irish collective asset management entity formed to facilitate our Exchange Offer Transactions (defined below), and is the successor to Royalty Pharma Investments, an Irish unit trust (“Old RPI”), for accounting and financial reporting purposes. RP Holdings is owned by RPI US Partners 2019, LP, a Delaware limited partnership, RPI International Holdings 2019, LP, a Cayman Islands exempted limited partnership (together, the “Continuing Investors Partnerships”), and Royalty Pharma plc. Old RPI is a unit trust established in August 2011 under the laws of Ireland and authorized by the Central Bank of Ireland pursuant to the Unit Trusts Act, 1990. Prior to the Exchange Offer Transactions, Old RPI was owned by various partnerships (the “Legacy Investors Partnerships”). RP Management, LLC (the “Manager”), a Delaware limited liability company, is an external adviser which is responsible for our management. RP Management (Ireland) Ltd. (“RP Ireland”), is the manager of Old RPI and equivalent to the board of directors of a company or general partner of a partnership and is responsible for the day to day operations of Old RPI. Its functions can be delegated to third parties. RP Ireland delegated responsibility for investment management of Old RPI to its parent company, the Manager, in accordance with the investment objectives and policies of Old RPI. “Royalty Pharma,” the “Company,” “we,” “us” and “our” refer to Royalty Pharma plc and its subsidiaries on a consolidated basis. After the consummation of the Reorganization Transactions (defined below) and before the consummation of the IPO, “Royalty Pharma,” the “Company,” “we,” “us” and “our” refer to RPI 2019 ICAV. Prior to the Reorganization Transactions, “Royalty Pharma,” the “Company,” “we,” “us” and “our” refer to Old RPI. We are the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry. We fund innovation in the biopharmaceutical industry both directly and indirectly—directly when we partner with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when we acquire existing royalties from the original innovators. Reorganization Transactions In connection with our IPO, we consummated an exchange offer on February 11, 2020 (the “Exchange Date”). Through the exchange offer, investors representing 82% of the aggregate limited partnership in the Legacy Investors Partnerships, exchanged their limited partnership interests in the Legacy Investors Partnerships for limited partnership interests in the Continuing Investors Partnerships. The exchange offer transaction together with (i) the concurrent incurrence of indebtedness under our new credit facility and (ii) the issuance of additional interests in Continuing Investors Partnerships to satisfy performance payments payable in respect of assets acquired prior to the date of the IPO are referred to as the “Exchange Offer Transactions.” As a result of the Exchange Offer Transactions, we own, through our subsidiary RPI 2019 Intermediate Finance Trust, a Delaware statutory trust (“RPI Intermediate FT”), an 82% economic interest in Old RPI. Through our 82% indirect ownership of Old RPI, we are legally entitled to 82% of the economics of Old RPI’s wholly-owned subsidiaries, RPI Finance Trust, a Delaware statutory trust (“RPIFT”) and RPI Acquisitions (Ireland), Limited (“RPI Acquisitions”), an Irish private limited company, and 66% of Royalty Pharma Collection Trust, a Delaware statutory trust (“RPCT”). The remaining 34% of RPCT is owned by the Legacy Investors Partnerships and Royalty Pharma Select Finance Trust, a Delaware statutory trust (“RPSFT”), which is wholly owned by Royalty Pharma Select, an Irish unit trust. From the Exchange Date until the expiration of the Legacy Investors Partnerships’ investment period on June 30, 2020 (the “Legacy Date”), the Legacy Investors Partnerships were offered to participate proportionately in any investment made by Old RPI. Following the Legacy Date, Old RPI ceased making new investments and each of Old RPI and the Legacy Investors Partnerships became legacy entities. Following the Legacy Date, we have made and plan to make new investments through our subsidiaries, including RPI Intermediate FT. As part of the Exchange Offer Transactions, the Legacy Investors Partnerships and RPI Intermediate FT entered into new credit facilities in the amount of $1.3 billion and $6.0 billion, respectively, the proceeds of which were used to repay the $6.3 billion outstanding debt of RPIFT and, in the case of RPI Intermediate FT, were also available to be used to fund investments. As part of the new credit facilities, RPI Intermediate FT repaid $5.2 billion, its pro rata portion of RPIFT’s outstanding debt and accrued interest. RPIFT also terminated all outstanding interest rate swaps in connection with the debt refinancing. Prior to, and as a condition precedent to the closing of the IPO, various reorganization transactions became effective, including the following: • the Exchange Offer Transactions (as described above); and • the execution of a new management agreement with the Manager (the “Management Agreement”). We refer to these transactions collectively as the “Reorganization Transactions.” As Old RPI is our predecessor for financial reporting purposes, we have recorded Old RPI’s assets and liabilities at the carrying value reflected on Old RPI’s balance sheet as of the Exchange Date. The references in the following notes for the periods prior to the Exchange Date refer to the financial results of Old RPI for the same periods. IPO On June 18, 2020, we completed our IPO on the Nasdaq Global Select Market under the ticker symbol “RPRX”, in which we issued 89,334 thousand shares of Class A ordinary shares at a price to the public of $28.00 per share, of which 71,652 thousand and 17,682 thousand shares were offered by the Company and selling shareholders, respectively. We used the net proceeds from the IPO to acquire RP Holdings Class A Interests and, as a result, we own 100% of RP Holdings Class A Interests.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of preparation and use of estimates The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In the opinion of management, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal and recurring adjustments. Certain information and footnote disclosures have been condensed or omitted as permitted under U.S. GAAP. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2020, included in our Annual Report on Form 10-K. The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of income, revenues and expenses during the reporting period. Actual results may differ from those estimates. The results for the interim periods are not necessarily indicative of results for the full year. The precise extent to which the COVID-19 pandemic will impact our operational and financial performance will depend on various factors. To date, the pandemic has not materially impacted our financial performance and we do not believe it is reasonably likely to in the future. Due to the nature of our business, the effect of the COVID-19 pandemic may not be fully reflected in certain of our results of operations until future periods. Basis of consolidation The unaudited condensed consolidated financial statements include the accounts of Royalty Pharma and all majority-owned and controlled subsidiaries, as well as variable interest entities, where we are the primary beneficiary. We consolidate based upon evaluation of our power, through voting rights or similar rights, to direct the activities of another entity that most significantly impact the entity’s economic performance. For consolidated entities where we own or are exposed to less than 100% of the economics, we record Net income attributable to non-controlling interest in our unaudited condensed consolidated statements of comprehensive income equal to the percentage of the economic or ownership interest retained in such entities by the respective non-controlling parties. Following management’s determination that a high degree of common ownership existed in Royalty Pharma both before and after the Exchange Date, Royalty Pharma recognized Old RPI’s assets and liabilities at the carrying value reflected on Old RPI’s balance sheet as of the Exchange Date. Prior to the Exchange Offer Transactions, our only historical non-controlling interest was attributable to a de minimis interest in RPCT held by RPSFT. As a result of the Exchange Offer Transactions in February 2020, a new non-controlling interest was created related to the Legacy Investors Partnerships’ ownership of approximately 18% in Old RPI. Following the consummation of our IPO in June 2020, two new non-controlling interests were created: (1) a non-controlling interest related to the Continuing Investors Partnerships’ ownership in RP Holdings through their ownership of the RP Holdings Class B Interests, which amounted to approximately 30% as of June 30, 2021 and (2) a non-controlling interest related to RPI EPA Holdings, LP (“EPA Holdings”), an affiliate of the Manager through its ownership of the RP Holdings’ Class C ordinary share (the “RP Holdings Class C Special Interest”). Income will not be allocated to the latter non-controlling interest until certain conditions are met, which we do not expect to occur for several years. All intercompany transactions and balances have been eliminated in consolidation. Adjustment to prior period presentation In connection with the preparation of our condensed consolidated interim financial statements for the three months ended September 30, 2020, we identified an adjustment to the classification of our short-term investments on our consolidated balance sheet, as of December 31, 2019 based on the original maturity dates of the investments. The adjustments resulted in an increase of $66.7 million and a decrease of $17.7 million in cash activity related to Purchases of marketable securities and Proceeds from sales and maturities of marketable securities , respectively, within Net cash used in investing activities for the six months ended June 30, 2020, with a net impact on net cash flow from investing of $84.4 million. We evaluated the adjustment and determined that, based on our quantitative and qualitative analysis, it was not material to the condensed consolidated financial statements as of and for the six months ended June 30, 2020. Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. Concentrations of credit risk Financial instruments that subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, financial royalty assets and receivables. Our cash management and investment policy limits investment instruments to investment-grade securities with the objective to preserve capital and to maintain liquidity until the funds are needed for operations. Our cash and cash equivalents and marketable securities balances as of June 30, 2021 and December 31, 2020 were held with State Street and Bank of America. Our primary operating accounts significantly exceed the Federal Deposit Insurance Corporation limits. The majority of our financial royalty assets and receivables arise from contractual royalty agreements that entitle us to royalties on the sales of underlying biopharmaceutical products in the United States, Europe and the rest of the world, with concentrations of credit risk limited due to the broad range of marketers responsible for paying royalties to us and the variety of geographies from which our royalties on product sales are derived. The products in which we hold royalties are marketed by leading industry participants, including, among others, AbbVie, Amgen, Bristol-Myers Squibb, Gilead, Johnson & Johnson, Lilly, Merck, Pfizer, Novartis, Biogen, Roche/Genentech and Vertex. As of June 30, 2021 and December 31, 2020, Vertex was the marketer and payor making up the largest balance of our current portion of Financial royalty assets, net , accounting for 29% and 27%, respectively, as the marketer and payor of our royalties on the cystic fibrosis franchise. We monitor the financial performance and creditworthiness of the counterparties to our royalty agreements so that we can properly assess and respond to changes in their credit profile. To date, we have not experienced any significant losses with respect to the collection of income or revenue on our royalty assets. Recently adopted and issued accounting standards Upon the January 1, 2020 adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), we recorded a cumulative adjustment to Retained earnings of $192.7 million to recognize an allowance for current expected credit losses on the portion of our portfolio of financial royalty assets that is subject to credit risk. Refer to Note 7–Cumulative Allowance for Changes in Expected Cash Flows from Financial Royalty Assets for additional discussion. Significant Accounting Policies

Available for Sale Debt Securit

Available for Sale Debt Securities	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Available for Sale Debt Securities	Available for Sale Debt Securities Series A Biohaven Preferred Shares On April 5, 2019, RPIFT funded the purchase of 2,495 Series A Biohaven Preferred Shares from Biohaven Pharmaceutical Holding Company Ltd. (“Biohaven”) at a price of $50,100.00 per preferred share, for a total of $125.0 million (the “First Tranche”). The approval of Nurtec ODT (rimegepant) by the U.S. Food and Drug Administration (“FDA”) in February 2020 results in a payment due to us of two times the original purchase price of the Series A Biohaven Preferred Shares payable in equal quarterly installments beginning on March 31, 2021 through December 31, 2024. In the three months ended March 31, 2021, we began receiving payment from the quarterly redemption of the Series A Biohaven Preferred Shares. If Biohaven effects any change of control event, then we will have the option to cause Biohaven to redeem, in a single payment, any outstanding Series A Biohaven Preferred Shares at a price equal to two times the original purchase price of the Series A Biohaven Preferred Shares. Biohaven may redeem at their election, any outstanding Series A Biohaven Preferred Shares, in a single payment, at a price equal to two times the original purchase price. In the event that Biohaven defaults on any obligation to redeem Series A Biohaven Preferred Shares when required, the redemption amount shall accrue interest at the rate of 18% annually until the redemption price for such unredeemed Series A Biohaven Preferred Shares is paid in full, subject to applicable law. If any such default continues for at least one year, we will be entitled to convert all unredeemed Series A Biohaven Preferred Shares into common shares equal to the redemption price, plus accrued interest, divided by the five-day volume-weighted trading price immediately preceding the conversion date. The Series A Biohaven Preferred Shares are classified as Available for sale debt securities in our condensed consolidated balance sheets. The unrealized change in the fair value of the Series A Biohaven Preferred Shares is recorded in other comprehensive income within Unrealized gain on available for sale debt securities on the condensed consolidated statements of comprehensive income. Series B Biohaven Preferred Shares On August 7, 2020 we entered into a Series B Biohaven Preferred Share Purchase Agreement (“Series B Biohaven Preferred Share Agreement”) with Biohaven where we committed to acquire 3,992 shares of Series B Biohaven Preferred Shares at a price of $50,100 per preferred share (the “Commercial Launch Preferred Equity”), for a total of $200 million payable on a quarterly basis between March 31, 2021 and December 31, 2024. Our commitment to purchase the Series B Biohaven Preferred Shares is recognized as the Series B Forwards. In return, Biohaven will be required to redeem the Series B Biohaven Preferred Shares in a series of equal fixed quarterly payments between March 31, 2025 and December 31, 2030 at a price equal to approximately 1.8 times the original purchase price of the Series B Biohaven Preferred Shares. If Biohaven effects any change of control event, then we will have the option to cause Biohaven to issue to us all unissued Series B Biohaven Preferred Shares and to redeem, in a single payment, any outstanding Series B Biohaven Preferred Shares at a price equal to approximately 1.8 times the Series B original issue price per share. Biohaven may redeem at their election, any outstanding Series B Biohaven Preferred Shares, in a single payment, at a price equal to approximately 1.8 times the Series B original issue price. In the event that Biohaven defaults on any obligation to redeem Series B Biohaven Preferred Shares, the redemption amount shall accrue interest on the applicable original issue price at the rate of 18% annually until the redemption price for such unredeemed Series B Biohaven Preferred Shares is paid in full, subject to applicable law. If any such default continues for at least one year, we will be entitled to convert any or all unredeemed Series B Biohaven Preferred Shares into common shares equal to the redemption price, plus accrued interest, divided by the five-day volume-weighted trading price immediately preceding the conversion date. In the three months ended March 31, 2021, we began purchasing the Series B Biohaven Preferred Shares. As of June 30, 2021, we have acquired 702 shares of Series B Biohaven Preferred Shares. We have elected the fair value option to account for the Series B Forwards and the Series B Biohaven Preferred Shares, which are recorded in aggregate on the condensed consolidated balance sheets as Available for sale debt securities . We believe the fair value option most accurately reflects the nature of these instruments. The unrealized change in fair value of the Series B Biohaven Preferred Shares and Series B Forwards is recorded in earnings within Unrealized gain on available for sale debt securities on the condensed consolidated statements of comprehensive income. MorphoSys Development Funding Bonds On June 2, 2021, we announced a long-term strategic funding partnership with MorphoSys AG (“MorphoSys”) to support MorphoSys’ acquisition of Constellation Pharmaceuticals, Inc. (“Constellation”), which closed on July 15, 2021. As part of the funding agreement, we agreed to provide MorphoSys up to $350 million of capital (the “Development Funding Bonds”), which MorphoSys may draw over a one-year period from the close of its acquisition of Constellation. MorphoSys is required to draw a minimum of $150 million. Our commitment to fund at least $150 million of the Development Funding Bonds is recognized as the Development Funding Bond Forward. We expect to receive a return of 2.2 times the amount funded on the Development Funding Bonds payable on a quarterly basis over nine years, with the first payment beginning two years after the funding. We have elected the fair value option to account for the Development Funding Bond Forward as it most accurately reflects the nature of the instrument. The Development Funding Bond Forward is recorded within Available for sale debt securities in our condensed consolidated balance sheet. The unrealized change in fair value of the Development Funding Bond Forward is recorded in earnings within Unrealized gain on available for sale debt securities on the condensed consolidated statements of comprehensive income. The table below summarizes our available for sale debt securities recorded at fair value as of June 30, 2021 and December 31, 2020 (in thousands): Cost (1) Unrealized gains Fair Value Current Assets Non-Current Assets Total As of June 30, 2021 Series A Biohaven Preferred Shares $ 143,211 $ 51,089 $ 194,300 $ 68,702 $ 125,598 $ 194,300 Series B Biohaven Preferred Shares 35,170 10,930 46,100 — 46,100 46,100 Series B Forwards — 21,500 21,500 — 21,500 21,500 Development Funding Bond Forward — 9,300 9,300 — 9,300 9,300 Total available for sale debt securities $ 178,381 $ 92,819 $ 271,200 $ 68,702 $ 202,498 $ 271,200 As of December 31, 2020 Series A Biohaven Preferred Shares $ 145,647 $ 68,753 $ 214,400 $ 69,984 $ 144,416 $ 214,400 Series B Forwards — 18,600 18,600 — 18,600 18,600 Total available for sale debt securities $ 145,647 $ 87,353 $ 233,000 $ 69,984 $ 163,016 $ 233,000

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments We have historically managed the impact of foreign currency exchange rate and interest rate risk through various financial instruments, including derivative instruments such as treasury rate lock contracts, interest rate swap contracts and foreign currency forward contracts. Our policy is to use derivatives strategically to hedge existing and future interest rate exposure and to minimize volatility in cash flow arising from our exposure to interest rate risk and foreign currency risk. We may also acquire other financial instruments that are classified as derivatives. We do not enter into derivative instruments for trading or speculative purposes. Treasury rate lock contracts In June 2021, we entered into treasury rate lock contracts with notional amounts totaling $600.0 million to manage the impact of fluctuations in the underlying benchmark interest rate associated with the 2021 Notes issuance (as further discussed in Note 11–Borrowings and Note 18–Subsequent Events). The treasury rate lock contracts were not designated as hedge instruments. The treasury rate lock contracts were recognized by individual counterparty at a fair value of $0.6 million within Other current assets and $1.6 million within Other current liabilities on the condensed consolidated balance sheet as of June 30, 2021. Under our International Swaps and Derivatives Association (“ISDA”) agreements, we have the right of setoff on the fair value of derivative instruments in a gain position and those in a loss position with the same counterparty. We have elected to offset such derivative instrument fair values by counterparty in the condensed consolidated balance sheets. All of the treasury rate lock contracts had collateral requirements. We elected not to offset fair value amounts of any outstanding derivatives against the related cash collateral receivable or payable. As of June 30, 2021, we had a receivable of $0.6 million in cash collateral previously posted to counterparties and an obligation to return $2.7 million in cash collateral to counterparties that were recorded in Other current assets and Other current liabilities on the condensed consolidated balance sheet, respectively. The treasury rate lock contracts were unwound and settled in connection with the 2021 Notes issuance (as further discussed in Note 11–Borrowings and Note 18–Subsequent Events) and the resulting net loss was recognized in earnings in the same period. We paid $16.1 million in July 2021 to terminate our treasury rate lock contracts. Interest rate swaps As of June 30, 2021, we do not hold any interest rate swap contracts. In connection with the Exchange Offer Transactions described in Note 1–Organization and Purpose, RPIFT terminated all outstanding interest rate swaps in February 2020. We paid $35.4 million to terminate our swaps and reclaimed $45.3 million of collateral that was held by the respective counterparties. We did not apply hedge accounting and recognized change in fair value through earnings. During the three and six months ended June 30, 2020, we recorded unrealized losses of $10.9 million on interest rate swaps in the condensed consolidated statements of comprehensive income. Epizyme put option and warrant In November 2019, RPIFT made an equity investment in Epizyme Inc. (“Epizyme”) of $100.0 million. Under the terms of its agreement with Epizyme, RPIFT made an upfront payment of $100.0 million for (1) shares of Epizyme common stock, (2) a warrant to purchase an additional 2.5 million shares of Epizyme common stock at $20 per share over a three-year term, and (3) Epizyme’s royalty on sales of Tazemetostat in Japan payable by Eisai Co., Ltd (“Eisai”). In addition, Epizyme had an 18 month put option to sell an additional $50.0 million of its common stock to RPIFT at then prevailing prices, not to exceed $20 per share, which Epizyme exercised in February 2020. The warrant was recognized at fair value of $1.9 million and $5.4 million within the Other Assets on the condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020, respectively. We recorded an unrealized loss on derivative financial instruments of $0.9 million and $3.5 million related to the change in the fair value of the warrant on the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2021, respectively. We recorded an unrealized gain on derivative financial instruments of $0.6 million and an unrealized loss on derivative financial instruments of $16.1 million related to the change in the fair value of the warrant on the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2020, respectively. Summary of derivatives and reclassifications The tables below summarize the change in the fair value of derivatives for the three and six months ended June 30, 2021 and 2020 and the line items within the condensed consolidated statements of comprehensive income where the losses/(gains) on derivatives are recorded (in thousands). For the three months ended June 30, Condensed Consolidated Statements of Comprehensive Income location 2021 2020 Derivatives not designated as hedging instruments Warrant: Change in fair value of warrant $ 941 $ (647) Loss/(gain) on derivative financial instruments Treasury rate lock contracts: Change in fair value of treasury rate lock contracts 968 — Loss/(gain) on derivative financial instruments For the six months ended June 30, Condensed Consolidated Statements of Comprehensive Income location 2021 2020 Derivatives in hedging relationships (1) Interest Rate Swaps: Amount of loss reclassified from Accumulated Other Comprehensive Income into income $ — $ 4,066 Loss/(gain) on derivative financial instruments Change in fair value of interest rate swaps — (73) Loss/(gain) on derivative financial instruments Interest expense — 114 Interest expense Derivatives not designated as hedging instruments Interest Rate Swaps: Change in fair value of interest rate swaps — 6,908 Loss/(gain) on derivative financial instruments Interest expense — 408 Interest expense Warrant: Change in fair value of warrant 3,496 16,097 Loss/(gain) on derivative financial instruments Forward purchase contract: Change in fair value of forward purchase contract — 5,800 Loss/(gain) on derivative financial instruments Treasury rate lock contracts: Change in fair value of treasury rate lock contracts 968 — Loss/(gain) on derivative financial instruments (1) Certain interest rate swaps were previously designated as cash flow hedges. These swaps became ineffective as debt refinancings occurred between 2013 and 2016. As a result of the termination of interest rate swaps in February 2020, all amounts associated with interest rate swaps previously designated as cash flow hedges and recorded in Accumulated other comprehensive income

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements and Financial Instruments	Fair Value Measurements and Financial Instruments Fair value measurements The summary below presents information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020, and the valuation techniques we utilized to determine such fair value. • Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Our Level 1 assets consist of equity securities with readily determinable fair values and money market funds. • Level 2: Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. Our Level 2 assets generally include marketable securities, warrants, derivatives, treasury rate lock contracts, and, historically, our interest rate swap contracts. • Level 3: Prices or valuation that require inputs that are both significant to the fair value measurement and unobservable. Our Level 3 assets consist of our investments in the Series A Biohaven Preferred Shares, Series B Biohaven Preferred Shares, the Series B Forwards and the Development Funding Bond Forward. See Note 3–Available for Sale Debt Securities for a description of these investments. For financial instruments which are carried at fair value, the level in the fair value hierarchy is based on the lowest level of inputs that is significant to the fair value measurement in its entirety. Fair value hierarchy The following is a summary of the inputs used to value our financial assets and liabilities measured at fair value as of June 30, 2021 and December 31, 2020 (in thousands): As of June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 510,092 $ — $ — $ 510,092 Certificates of deposit — 10,001 — 10,001 Marketable securities Commercial paper — 165,658 — 165,658 Certificates of deposit — 677,027 — 677,027 Available for sale debt securities — — 68,702 68,702 Treasury rate lock contracts (1) — 616 — 616 Total current assets $ 510,092 $ 853,302 $ 68,702 $ 1,432,096 Equity securities $ 184,042 $ — $ — $ 184,042 Available for sale debt securities — — 171,698 171,698 Forwards (2) — — 30,800 30,800 Warrant (3) — 1,944 — 1,944 Total non-current assets $ 184,042 $ 1,944 $ 202,498 $ 388,484 Liabilities: Treasury rate lock contracts (1) — 1,584 — 1,584 Total current liabilities $ — $ 1,584 $ — $ 1,584 (1) The treasury rate lock contracts are recorded by counterparty within Other current assets and Other current liabilities in the condensed consolidated balance sheet as of June 30, 2021, respectively. See Note 4–Derivative Instruments for additional discussion. (2) The Series B Forwards and the Development Funding Bond Forward, recorded within Available for sale debt securities in the condensed consolidated balance sheet as of June 30, 2021, relate to our obligation to fund the acquisition of the Series B Biohaven Preferred Shares and $150 million of the Morphosys Development Funding Bonds, respectively. See Note 3–Available for Sale Debt Securities for additional discussion. (3) Related to the Epizyme transaction as described in Note 4–Derivative Instruments and recorded in Other assets in the condensed consolidated balance sheet as of June 30, 2021. For the three and six months ended June 30, 2021, we recognized an unrealized gain of $28.3 million and unrealized loss of $10.7 million on equity securities still held as of June 30, 2021, respectively. For the three and six months ended June 30, 2020, we recognized an unrealized gain of $48.5 million and an unrealized loss of $57.5 million on equity securities still held as of June 30, 2021, respectively. As of December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 24,302 $ — $ — $ 24,302 Commercial paper — 77,176 — 77,176 Certificates of deposit — 74,502 — 74,502 Marketable securities Corporate debt securities — 32,754 — 32,754 Commercial paper — 444,554 — 444,554 Certificates of deposit — 505,971 — 505,971 Available for sale debt securities — — 69,984 69,984 Total current assets $ 24,302 $ 1,134,957 $ 69,984 $ 1,229,243 Equity securities (1) $ 298,689 $ — $ — $ 298,689 Available for sale debt securities — — 144,416 144,416 Forwards (2) — — 18,600 18,600 Warrant (3) — 5,439 — 5,439 Total non-current assets $ 298,689 $ 5,439 $ 163,016 $ 467,144 (1) Upon Gilead’s acquisition of Immunomedics in October 2020, our investment in Immunomedics common stock was redeemed, resulting in a gain of $292.3 million recognized within ( Gain)/loss on equity securities in the year ended December 31, 2020. (2) The Series B Forwards, recorded within Available for sale debt securities in the condensed consolidated balance sheet as of December 31, 2020, relate to our obligation to fund the acquisition of the Series B Biohaven Preferred Shares. (3) Related to the Epizyme transaction as described in Note 4–Derivative Instruments and recorded in Other assets in the condensed consolidated balance sheet as of December 31, 2020. The tables presented below summarize the change in the combined carrying value (current and non-current) of Level 3 financial instruments, which relate to available for sale debt securities and forwards (in thousands). For the three months ended For the six months ended 2021 2020 2021 2020 Debt Securities Balance at the beginning of the period $ 226,800 $ — $ 214,400 $ 131,280 Purchases 17,585 — 35,170 — Unrealized gains on available for sale debt securities (1) 6,525 — 11,650 52,725 Settlement of forwards (2) 5,115 — 10,430 — Transfer to Level 2 — — — (184,005) Redemption (15,625) — (31,250) — Balance at the end of the period $ 240,400 $ — $ 240,400 $ — For the three months ended For the six months ended 2021 2020 2021 2020 Forwards Balance at the beginning of the period $ 22,400 $ — $ 18,600 $ — Unrealized gains included in earnings (3) 13,515 — 22,630 — Settlement of forwards (2) (5,115) — (10,430) — Balance at the end of the period $ 30,800 $ — $ 30,800 $ — (1) The unrealized change in the fair value of the Series A Biohaven Preferred Shares is recorded in other comprehensive income within Unrealized gain on available for sale debt securities while the unrealized change in the fair value of the Series B Biohaven Preferred Shares is recorded in earnings within Unrealized gain on available for sale debt securities on the condensed consolidated statements of comprehensive income. (2) Reflects the fair value attributed to the Series B Forwards that were settled in the period as the Series B Biohaven Preferred Shares were acquired, which is included in the fair value of the Series B Biohaven Preferred Shares. See Note 3–Available for Sale Debt Securities. (3) Recorded in earnings within Unrealized gain on available for sale debt securities on the condensed consolidated statements of comprehensive income. Valuation inputs Below is a discussion of the valuation inputs used for financial instruments classified as Level 2 and Level 3 measurements in the fair value hierarchy. Investment in Series A Biohaven Preferred Shares The fair value of the Series A Biohaven Preferred Shares as of June 30, 2021 and December 31, 2020 was based on the cash flows due to us from Biohaven of two times (2x) the original purchase price of the Series A Biohaven Preferred Shares payable in equal quarterly installments of $15.6 million following the FDA approval and starting one-year after FDA approval, through December 31, 2024. The FDA approved Nurtec ODT (rimegepant) in February 2020, at which point we became entitled to receive a fixed payment amount of $250.0 million payable in equal quarterly payments from March 31, 2021 through December 31, 2024. The fair value of the Series A Biohaven Preferred Shares as of June 30, 2021 and December 31, 2020 was calculated using probability-adjusted discounted cash flow calculations incorporating Level 3 fair value measurements and inputs, including estimated risk-adjusted discount rates and the probability of a change of control event occurring during the investment term, which would result in accelerated payments and redemptions. Assessing the probability that there will be a change of control event over a four-year time period and developing a risk-adjusted discount rate requires significant judgement. Our estimate of a risk adjusted discount rate of 7.1% as of June 30, 2021 and 8.3% as of December 31, 2020 could reasonably be different than the discount rate selected by a market participant in the event of a sale of the Series A Biohaven Preferred Shares, which would mean that the estimated fair value could be significantly higher or lower. Our investment in the Series A Biohaven Preferred Shares was transferred from a Level 3 asset to a Level 2 asset in February 2020, when Nurtec ODT (rimegepant) received FDA approval, at which time we began using a discounted cash flow analysis that relied on observable inputs. During the three months ended December 31, 2020, information pertaining to Biohaven’s issuance of debt and its effective interest rate became available and we refined our valuation of the Series A Biohaven Preferred shares as of December 31, 2020 to incorporate this significant unobservable input. As a result, we reclassified the investment from a Level 2 to a Level 3 asset during the three months ended December 31, 2020. Investment in Series B Biohaven Preferred Shares The fair value of the Series B Biohaven Preferred Shares as of June 30, 2021 and the fair value of the Series B Forwards as of June 30, 2021 and December 31, 2020 were based on probability-adjusted discounted cash flow calculations using Level 3 fair value measurements and inputs, including estimated risk-adjusted discount rates and the probability that there will be a change of control event in different periods of time, which would result in accelerated payments and redemptions. Assessing the probability that there will be a change of control event over a 10-year time period and developing a risk-adjusted discount rate requires significant judgement. Our expectation of the probability and timing of the occurrence of a change of control event could reasonably be different than the timing of an actual change of control event, and if so, would mean that the estimated fair value could be significantly higher or lower than the fair value determined by management at any particular date. Our estimate of a risk adjusted discount rate could reasonably be different than the discount rate selected by a market participant in the event of a sale of the Series B Biohaven Preferred Shares or the Series B Forwards, which would mean that the estimated fair value could be significantly higher or lower. MorphoSys Development Funding Bonds The fair value of the Development Funding Bond Forward as of June 30, 2021 was based on a discounted cash flow calculation using an estimated risk-adjusted discount rate, which is a Level 3 fair value input. Our estimate of a risk adjusted discount rate could reasonably be different than the discount rate selected by a market participant in the event of a sale of the instrument, which would mean that the estimated fair value could be significantly higher or lower. We have elected the fair value option to account for the Development Funding Bond Forward as it most accurately reflects the nature of the instrument. Other financial instruments We use third party pricing services for Level 2 inputs used to value cash equivalents, marketable securities, treasury rate lock contracts and borrowings, which provide documentation on an ongoing basis that includes, among other things, pricing information with respect to reference data, methodology, inputs summarized by asset class, pricing application and corroborative information. Warrants are valued using a Black-Scholes option pricing model which considers observable and unobservable inputs. Financial assets not measured at fair value Financial royalty assets are measured and carried on the condensed consolidated balance sheets at amortized cost using the effective interest method. The current portion of financial royalty assets approximates fair value. The fair value of financial royalty assets is calculated by management using the forecasted royalty payments we expect to receive based on the projected product sales for all royalty bearing products as estimated by sell-side equity research analysts’ consensus forecasts. These projected future royalty payments by asset are then discounted to a present value using appropriate individual discount rates. The fair value of our financial royalty assets is classified as Level 3 within the fair value hierarchy since it is determined based upon inputs that are both significant and unobservable. Estimated fair values based on Level 3 inputs and related carrying values for the non-current portion of our financial royalty assets as of June 30, 2021 and December 31, 2020 are presented below (in thousands). June 30, 2021 December 31, 2020 Fair value Carrying value, net Fair value Carrying value, net Financial royalty assets, net $ 19,082,368 $ 12,932,077 $ 18,718,179 $ 12,368,084

Financial Royalty Assets, Net

Financial Royalty Assets, Net	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Financial Royalty Assets, Net	Financial Royalty Assets, Net Financial royalty assets, net consist of contractual rights to cash flows relating to royalty payments derived from the expected sales of patent-protected biopharmaceutical products that entitle us and our subsidiaries to receive a portion of income from the sale of those products by unrelated companies. The gross carrying value, cumulative allowance for changes in expected cash flows, exclusive of the allowance for credit losses, and net carrying value for the current and non-current portion of financial royalty assets as of June 30, 2021 and December 31, 2020 are as follows (in thousands): June 30, 2021 Estimated royalty duration (a) Gross carrying value Cumulative allowance for changes in expected cash flows (Note 7) Net carrying value (e) Cystic fibrosis franchise 2037 (b) $ 5,322,478 $ — $ 5,322,478 Tysabri (c) 1,926,555 — 1,926,555 Imbruvica 2027-2029 1,425,298 (156,664) 1,268,634 Xtandi 2027-2028 1,126,241 (87,245) 1,038,996 Evrysdi 2030-2035 (d) 703,153 — 703,153 Promacta 2025-2028 645,626 (7,600) 638,026 Other 2020-2039 3,670,181 (680,145) 2,990,036 Total $ 14,819,532 $ (931,654) $ 13,887,878 Less: Cumulative allowance for credit losses (Note 7) (358,950) Total financial royalty assets, net $ 13,528,928 a) Dates shown represent management’s estimates of when a royalty will substantially end, which may depend on our estimates of patent expiration dates (which may include estimated patent term extensions) or other factors and may vary by geography. Royalty expiration dates can change due to patent, regulatory, commercial or other developments. There can be no assurances that our royalties will expire when expected. b) Royalty is perpetual; year shown represents Trikafta expected patent expiration and potential sales decline based on generic entry. c) Under terms of the agreement, RPIFT acquired a perpetual royalty on net sales of Tysabri. Management has applied an end date of 2031 for purposes of accreting income over the royalty term, which is periodically reviewed. d) Key patents on Evrysdi in the United States expire in 2035, but our royalty will cease when aggregate royalties paid to us equal $1.3 billion. e) The net carrying value by asset is presented before the allowance for credit losses. Refer to Note 7–Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets for additional information. December 31, 2020 Estimated royalty duration (a) Gross carrying value Cumulative allowance for changes in expected cash flows (Note 7) Net carrying value (e) Cystic fibrosis franchise 2037 (b) $ 5,274,896 $ — $ 5,274,896 Tysabri (c) 2,003,797 (112,720) 1,891,077 Imbruvica 2027-2029 1,406,291 (46,872) 1,359,419 Xtandi 2027-2028 1,150,335 (145,565) 1,004,770 Promacta 2025-2027 686,129 — 686,129 Evrysdi 2030-2035 (d) 675,440 — 675,440 Other 2020-2039 3,022,213 (634,950) 2,387,263 Total $ 14,219,101 $ (940,107) $ 13,278,994 Less: Cumulative allowance for credit losses (Note 7) (323,717) Total financial royalty assets, net $ 12,955,277 a) Dates shown represent management’s estimates of when a royalty will substantially end, which may depend on our estimates of patent expiration dates (which may include estimated patent term extensions) or other factors and may vary by geography. Royalty expiration dates can change due to patent, regulatory, commercial or other developments. There can be no assurances that our royalties will expire when expected. b) Royalty is perpetual; year shown represents Trikafta expected patent expiration and potential sales decline based on generic entry. c) Under terms of the agreement, RPIFT acquired a perpetual royalty on net sales of Tysabri. Management has applied an end date of 2031 for purposes of accreting income over the royalty term, which is periodically reviewed by the management. d) Key patents on Evrysdi in the United States expire in 2035, but our royalty will cease when aggregate royalties paid to us equal $1.3 billion. e) The net carrying value by asset is presented before the allowance for credit losses. Refer to Note 7–Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets for additional information.

Cumulative Allowance and the Pr

Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets	6 Months Ended
	Jun. 30, 2021
Credit Loss [Abstract]
Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets	Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets The cumulative allowance for changes in expected future cash flows from financial royalty assets is presented net within the non-current portion of Financial royalty assets, net on the condensed consolidated balance sheets and includes the following activities: • the movement in the cumulative allowance related to changes in forecasted royalty payments we expect to receive based on projected product sales for royalty bearing products as estimated by sell-side equity research analysts’ consensus forecasts, and • the movement in the cumulative allowance for current expected credit losses. The periodic movement in the cumulative allowance is presented on the condensed consolidated statements of comprehensive income as the Provision for changes in expected future cash flows from financial royalty assets . Upon the January 1, 2020 adoption of ASU 2016-13, we recorded a cumulative adjustment to Retained earnings of $192.7 million to recognize an allowance for current expected credit losses on our portfolio of financial royalty assets. The current period provision for changes in expected cash flows from financial royalty assets reflects the activity for the period that relates to the change in estimates applied to calculate the allowance for credit losses, namely any new financial royalty assets with limited protective rights and changes in the underlying cash flow forecasts used in the effective interest model to measure income from our financial royalty assets. The following table sets forth the activity in the cumulative allowance for changes in expected cash flows from financial royalty assets, inclusive of the cumulative allowance for credit losses, as of the dates indicated (in thousands). Activity for the period Balance at December 31, 2020 (a) $ (1,263,824) Increases to the cumulative allowance for changes in expected cash flows from financial royalty assets (409,793) Decreases to the cumulative allowance for changes in expected cash flows from financial royalty assets 396,526 Write-off of cumulative allowance (b) 21,719 Current period provision for credit losses (c) (35,232) Balance at June 30, 2021 $ (1,290,604) (a) Includes $323.7 million related to cumulative allowance for credit losses. (b) Relates to amounts removed from the allowance at the end of a royalty asset’s life to bring the account balance to zero. Write-offs solely impact the asset account and allowance account, there is no impact on the condensed consolidated statements of comprehensive income.

Intangible Royalty Assets, Net

Intangible Royalty Assets, Net	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Royalty Assets, Net	Intangible Royalty Assets, Net The following schedules of the intangible royalty assets present the cost, accumulated amortization and net carrying value as of June 30, 2021 and December 31, 2020 (in thousands). As of June 30, 2021 Cost Accumulated amortization Net carrying value DPP-IV patents $ 606,216 $ 588,954 $ 17,262 Total intangible royalty assets $ 606,216 $ 588,954 $ 17,262 As of December 31, 2020 Cost Accumulated amortization Net carrying value DPP-IV patents $ 606,216 $ 577,550 $ 28,666 Total intangible royalty assets $ 606,216 $ 577,550 $ 28,666

Non-Consolidated Affiliates

Non-Consolidated Affiliates	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Non-Consolidated Affiliates	Non-Consolidated Affiliates The Legacy SLP Interest In connection with the Exchange Offer Transactions, we acquired a special limited partnership interest in the Legacy Investors Partnerships (the “Legacy SLP Interest”) from the Continuing Investors Partnerships for $303.7 million in exchange for issuing shares in our subsidiary. As a result, we became a special limited partner in the Legacy Investors Partnerships. The Legacy SLP Interest entitles us to the equivalent of performance distribution payments that would have been paid to the general partner of the Legacy Investors Partnerships and an income allocation on a similar basis. Our income allocation is equal to the general partner’s former contractual rights to the income of the Legacy Investors Partnerships. The Legacy SLP Interest is treated as an equity method investment as our Manager is also the Manager of the Legacy Investors Partnerships and has the ability to exercise significant influence. The Legacy Investors Partnerships no longer participate in investment opportunities from June 30, 2020 and, as such, the value of the Legacy SLP Interest is expected to decline over time. The Legacy Investors Partnerships also own a non-controlling interest in Old RPI. The income allocation from the Legacy SLP Interest is based on an estimate, as the Legacy Investors Partnerships are private partnerships that are expected to report on a lag subsequent to the date of this quarterly report. Management’s estimate of equity in earnings from the Legacy SLP Interest for the current period will be updated for historical results in the subsequent period. During the three and six months ended June 30, 2021, we recorded an income allocation of $25.6 million and $30.8 million, respectively. During the three and six months ended June 30, 2020, we recorded an income allocation of $20.2 million and $23.4 million, respectively, in each case related to the period subsequent to the Exchange Date. The income allocation from the Legacy SLP Interest is recorded within Equity in earnings of non-consolidated affiliates . We received cash distributions from the Legacy SLP Interest of $4.7 million and $8.6 million in the three and six months ended June 30, 2021, respectively. We received cash distributions from the Legacy SLP Interest of $5.3 million and $12.2 million during the three and six months ended June 30, 2020, respectively. The Avillion Entities We account for our partnership interests in Avillion Financing I, LP (“Avillion I”) and BAv Financing II, LP (“Avillion II”, or, together, the “Avillion Entities”) as equity method investments because RPIFT has the ability to exercise significant influence over the entities. During the three and six months ended June 30, 2021, we recorded a loss allocation of $7.9 million and $15.0 million, respectively. During the three and six months ended June 30, 2020, we recorded an income allocation of $9.1 million and a loss allocation of $3.2 million, respectively. The income or loss allocation from the Avillion Entities is recorded within Equity in earnings of non-consolidated affiliates . On December 19, 2017, the Avillion Entities announced that the FDA approved a supplemental New Drug Application for Pfizer’s Bosulif (bosutinib). Avillion I is eligible to receive fixed payments from Pfizer based on this approval. Subsequent to the asset sale, the only operations of Avillion I are the collection of cash and unwinding of discount on the series of fixed annual payments due from Pfizer. We received distributions of $13.4 million from Avillion I during the six months ended June 30, 2021 and 2020, respectively, in connection with Avillion I’s receipt of the fixed annual payments due under its co-development agreement with Pfizer. In March 2017, RPIFT entered into an agreement with Avillion II, amended in 2019, to invest approximately $19.0 million to fund approximately 50% of the costs of a Phase 2 clinical trial for the use of Merck KGaA’s anti-IL 17 nanobody M1095 (the “Merck KGaA Asset”) for the treatment of psoriasis in exchange for certain milestone and royalty payments. Development for the Merck KGaA Asset ceased in 2020, for which we received a distribution of $21.3 million from Avillion II during the three months ended June 30, 2020. In May 2018, RPIFT entered into an additional agreement to invest up to $105.0 million in Avillion II over multiple years to fund approximately 44% of the costs of Phase 2 and 3 clinical trials to advance Pearl Therapeutics, Inc.’s product PT-027 (the “AZ Asset”) through a global clinical development program for the treatment of asthma in exchange for a series of deferred payments and success-based milestones. As of June 30, 2021 and December 31, 2020, RPIFT had $11.2 million and $28.6 million, respectively, of unfunded commitments related to the Avillion Entities. Our maximum exposure to loss at any particular reporting date is limited to the current carrying value of the investment plus the unfunded commitments.

Research & Development ("R&D")

Research & Development ("R&D") Funding Expense	6 Months Ended
	Jun. 30, 2021
Research and Development [Abstract]
Research & Development ("R&D") Funding Expense	Research & Development (“R&D”) Funding Expense During the six months ended June 30, 2021, we did not enter into any new R&D funding arrangements. We recognized R&D funding expense of $3.1 million and $5.8 million for the three and six months ended June 30, 2021, respectively. We recognized R&D funding expense of $5.8 million and $13.4 million for the three and six months ended June 30, 2020, respectively. R&D funding expense for the three and six months ended June 30, 2021 and 2020 primarily related to ongoing development-stage funding payments under our co-funding agreement with Sanofi. As of June 30, 2021, we have a remaining commitment of $11.4 million related to our R&D funding agreement with Sanofi.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Borrowings	Borrowings Our borrowings as of June 30, 2021 and December 31, 2020 consisted of the following (in thousands): Type of Borrowing Maturity Interest rate June 30, 2021 December 31, 2020 Senior Unsecured Notes: Senior unsecured notes (issued at 99.322% of par) 9/2023 0.75% $ 1,000,000 $ 1,000,000 Senior unsecured notes (issued at 98.875% of par) 9/2025 1.20% 1,000,000 1,000,000 Senior unsecured notes (issued at 98.284% of par) 9/2027 1.75% 1,000,000 1,000,000 Senior unsecured notes (issued at 97.760% of par) 9/2030 2.20% 1,000,000 1,000,000 Senior unsecured notes (issued at 95.556% of par) 9/2040 3.30% 1,000,000 1,000,000 Senior unsecured notes (issued at 95.306% of par) 9/2050 3.55% 1,000,000 1,000,000 Senior Unsecured Revolving Credit Facility — — Unamortized debt discount and issuance costs (174,441) (183,416) Total debt carrying value 5,825,559 5,816,584 Less: Current portion of long-term debt — — Total long-term debt $ 5,825,559 $ 5,816,584 Senior Unsecured Notes On September 2, 2020, we issued $6.0 billion of senior unsecured notes (the “Notes”). Our obligations under the Notes are fully and unconditionally guaranteed by RP Holdings, a non-wholly owned subsidiary. Interest on each series of the Notes accrues at the respective rate per annum and is payable semi-annually in arrears on March 2 and September 2 of each year, and commenced on March 2, 2021. The Notes were issued at a total discount of $149.0 million. We capitalized approximately $40.4 million in debt issuance costs primarily composed of underwriting fees. The discount and the capitalized debt issuance costs are recorded as a direct deduction from the carrying amount of the Notes on our condensed consolidated balance sheets and are being amortized as additional interest expense using the effective interest rate method over the period from issuance through maturity. The Notes have a weighted average coupon rate and a weighted average effective interest rate of 2.125% and 2.50% as of June 30, 2021, respectively. Our Notes may be redeemed at our option at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis at the treasury rate, plus a make-whole premium as defined in the indenture. Our Notes maturing after 2023 also have a call feature, exercisable at our option, to redeem the Notes at par in whole or in part one to six months immediately preceding maturity. In each case, accrued and unpaid interest is also required to be redeemed to the date of redemption. Upon the occurrence of a change of control triggering event and downgrade in the rating of our Notes by two of three credit agencies, the holders may require us to repurchase all or part of their Notes at a price equal to 101% of the aggregate principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to the date of repurchase. We are required to comply with certain covenants under our Notes and as of June 30, 2021, we were in compliance with all applicable covenants. We used the net proceeds from the Notes offering, together with available cash on hand, to repay in full the senior secured credit facilities. Subsequent to the three months ended June 30, 2021, we completed an exchange offer for the Notes whereby holders could elect to tender their unregistered outstanding notes for freely tradable exchange notes (the “Exchange Notes”) that have been registered under the Securities Act of 1933 (the “Securities Act”). The Exchange Notes are substantially identical to the Notes, except that the Exchange Notes are registered under the Securities Act and are not subject to the transfer restrictions and certain registration rights agreement provisions applicable to the Notes. Senior Unsecured Revolving Credit Facility On September 18, 2020, our subsidiary RP Holdings, as borrower, entered into a five-year unsecured revolving credit facility (the “Revolving Credit Facility”) which provides for borrowing capacity of up to $1.5 billion for general corporate purposes. We capitalized approximately $6.1 million in debt issuance costs related to the revolving credit facility which is recorded within Other current assets for the current portion and Other assets for the non-current portion. As of June 30, 2021 and December 31, 2020, there were no outstanding borrowings under the Revolving Credit Facility. The Revolving Credit Facility is subject to an interest rate, at our option, of either (a) a base rate determined by reference to the highest of (1) the administrative agent’s prime rate, (2) the federal funds effective rate and the overnight bank funding rate, plus 0.5% and (3) the one month adjusted LIBOR, plus 1% per annum (“ABR”) or (b) adjusted LIBOR, plus in each case, the applicable margin. The applicable margin for the Revolving Credit Facility varies based on our consolidated leverage ratio. Accordingly, the interest rates for the Revolving Credit Facility fluctuates during the term of the facility based on changes in the ABR, LIBOR and future changes in our consolidated leverage ratio. The revolving credit agreement (the “Credit Agreement”) that governs the Revolving Credit Facility contains certain customary covenants, that among other things, require us to maintain (i) a consolidated leverage ratio at or below 4.00 to 1.00 (or at or below 4.50 to 1.00 following a qualifying material acquisition) of consolidated funded debt to consolidated EBITDA, each as defined and calculated with the ratio level calculated with further adjustments as set forth in the Credit Agreement and (ii) a consolidated coverage ratio at or above 2.50 to 1.00 of consolidated EBITDA to consolidated charges, each as defined and calculated with further adjustments as set forth in the Credit Agreement. All obligations under the Revolving Credit Facility are unconditionally guaranteed by us. As of June 30, 2021, RP Holdings was in compliance with these covenants. Senior Secured Credit Facilities On February 11, 2020, in connection with the Exchange Offer Transactions (as discussed in Note 1–Organization and Purpose) and using funds contributed by RPI Intermediate FT and the Legacy Investors Partnerships, RPIFT repaid its outstanding debt and accrued interest, and terminated all outstanding interest rate swaps. RPI Intermediate FT, as borrower, entered into a term loan credit agreement with Bank of America, N.A., as administrative agent, the lenders party thereto from time to time and the other parties thereto. The senior secured credit facilities consisted of a term loan A and term loan B in the amounts of $3.20 billion and $2.84 billion, respectively. In September 2020, we repaid in full the outstanding principal amounts of term loans under the senior secured credit facilities with net proceeds from the Notes and available cash on hand. RPIFT Senior Secured Credit Facilities The RPIFT Senior Secured Credit Facilities were repaid in full in February 2020 in connection with the Exchange Offer Transactions. We recorded a loss on debt extinguishment of $5.4 million as part of Other non-operating expense/(income), net, during the six months ended June 30, 2020. Principal Payments on the Notes The future principal payments for our borrowings as of June 30, 2021 over the next five years and thereafter are as follows (in thousands): Year Principal Payments Remainder of 2021 $ — 2022 — 2023 1,000,000 2024 — 2025 1,000,000 Thereafter 4,000,000 Total (1) $ 6,000,000 (1) Excludes unamortized debt discount and issuance costs of $174.4 million as of June 30, 2021, which are amortized through interest expense over the remaining life of the underlying debt obligations. As of June 30, 2021, the fair value of our outstanding Notes was approximately $6.0 billion and is classified as a Level 2 measurement within the fair value hierarchy. 2021 Notes

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Capital structure Following the completion of our IPO as discussed in Note 1–Organization and Purpose, we have two classes of voting shares: Class A ordinary shares and Class B ordinary shares, each of which has one vote per ordinary share. The Class A ordinary shares and Class B ordinary shares vote together as a single class on all matters submitted to a vote of shareholders, except as otherwise required by applicable law. Our Class B ordinary shares are not publicly traded and holders of Class B ordinary shares only have limited rights to receive a distribution equal to their nominal value upon a liquidation, dissolution or winding up of the Company. The holders of Class A ordinary shares are entitled to receive dividends subject to approval by the Board of Directors. The holders of Class B shares do not have any rights to receive dividends; however, the RP Holdings Class B Interests are entitled to dividends and distributions from RP Holdings. As of June 30, 2021, we have outstanding 427,006 thousand Class A ordinary shares and 180,166 thousand Class B ordinary shares. The RP Holdings Class B Interests are exchangeable on a one-for-one basis for our Class A ordinary shares pursuant to an exchange agreement entered into by us, RP Holdings, the Continuing Investors Partnerships, RPI International Partners 2019, LP and EPA Holdings (the “Exchange Agreement”) that governs the exchange of RP Holdings Class B Interests held by the Continuing Investors Partnerships for Class A ordinary shares. Pursuant to the Exchange Agreement, the Continuing Investors Partnerships have the ability to exchange their RP Holdings Class B interests for Class A ordinary shares on a quarterly basis. Each such exchange also results in the re-designation of the same number of our Class B ordinary shares as deferred shares. As of June 30, 2021, we have outstanding deferred shares of 355,217 thousand. In addition, we have in issue 50 thousand Class R redeemable shares, which do not entitle the holder to voting or dividend rights. The purpose of the Class R redeemable shares was to ensure Royalty Pharma Limited had sufficient sterling denominated share capital at the time it was re-registered as a public limited company to Royalty Pharma plc, as required by the U.K. Companies Act. The Class R redeemable shares may be redeemed at our option in the future. Any such redemption would be at the nominal value of £1 each. Non-controlling interests The net change in the balance of our four non-controlling interests for the three and six months ended June 30, 2021 and 2020 are as follows (in thousands): RPSFT Legacy Investors Partnerships Continuing Investors Partnerships (1) EPA Holdings Total December 31, 2020 $ 12,436 $ 1,939,509 $ 3,125,091 $ — $ 5,077,036 Contributions — 3,253 — — 3,253 Distributions (13,653) (94,542) (37,183) — (145,378) Net income 15,058 36,257 38,545 — 89,860 Other exchanges — — (65,072) — (65,072) Other comprehensive income: Unrealized gain on available for sale debt securities — 901 1,512 — 2,413 Reclassification of unrealized gain on available for sale debt securities — (2,723) (4,571) — (7,294) March 31, 2021 13,841 1,882,655 3,058,322 — 4,954,818 Contributions — 6,654 4,865 — 11,519 Distributions (12,476) (127,747) (30,585) — (170,808) Net income 19,275 133,743 212,961 — 365,979 Other exchanges — — (486,591) — (486,591) Other comprehensive income: Unrealized gain on available for sale debt securities — 1,059 1,618 — 2,677 Reclassification of unrealized gain on available for sale debt securities — (2,337) (3,571) — (5,908) June 30, 2021 $ 20,640 $ 1,894,027 $ 2,757,019 $ — $ 4,671,686 (1) Related to the Continuing Investors Partnerships’ ownership as of June 30, 2021 of approximately 30% in RP Holdings through their ownership of the RP Holdings Class B Interests. Royalty Pharma plc owns the remaining 70% of RP Holdings through its ownership of RP Holdings Class A Interests and Class B Interests as of June 30, 2021. RPSFT Legacy Investors Partnerships Continuing Investors Partnerships (1) EPA Holdings Total December 31, 2019 $ 35,883 $ — $ — $ — $ 35,883 Contributions — 1,133,628 — — 1,133,628 Transfer of interests — 1,037,161 — — 1,037,161 Distributions (29,246) (222,179) — — (251,425) Net income prior to IPO 24,926 12,930 — — 37,856 Other comprehensive income: Unrealized gain on available for sale debt securities — 9,672 — — 9,672 March 31, 2020 31,563 1,971,212 — — 2,002,775 Contributions — 6,691 — — 6,691 Distributions (25,270) (99,581) — — (124,851) Net income prior to IPO 17,225 89,962 — — 107,187 Effect of exchange by Continuing Investors of Class B shares for Class A ordinary shares and reallocation of historical equity — (750) 2,433,848 — 2,433,098 Issuance of Class A ordinary shares sold in IPO, net of offering costs — — 758,590 — 758,590 Net income subsequent to IPO 3,400 17,755 31,560 — 52,715 Other comprehensive income: Unrealized gain on available for sale debt securities — 1,222 402 — 1,624 June 30, 2020 $ 26,918 $ 1,986,511 $ 3,224,400 $ — $ 5,237,829 (1) Related to the Continuing Investors Partnerships’ ownership as of June 30, 2020 of approximately 40% in RP Holdings through their ownership of the RP Holdings Class B Interests. Royalty Pharma plc owns the remaining 60% of RP Holdings through its ownership of RP Holdings Class A Interests and Class B Interests as of June 30, 2020. RP Holdings Class C Special Interest held by EPA Holdings EPA Holdings is entitled to Equity Performance Awards (as defined below) through its RP Holdings Class C Special Interest based on our performance, as determined on a portfolio-by-portfolio basis. Investments made during each two-year period will be grouped together as separate portfolios (each, a “Portfolio”). Subject to certain conditions, at the end of each fiscal quarter, EPA Holdings is entitled to a distribution from RP Holdings in respect of each Portfolio equal to 20% of the Net Economic Profit (defined as the aggregate cash receipts for all new portfolio investments in such Portfolio less Total Expenses (defined as interest expense, operating expense and recovery of acquisition cost in respect of such Portfolio)) for such Portfolio for the applicable measuring period (the “Equity Performance Awards”). The Equity Performance Awards will be allocated and paid by RP Holdings to EPA Holdings as the holder of the RP Holdings Class C Special Interest. The Equity Performance Awards will be payable in RP Holdings Class B Interests for which we will issue the same number of Class B ordinary shares, which may be subsequently exchanged for our Class A ordinary shares. We do not currently expect any material Equity Performance Awards to be payable until the mid to late 2020s. Dividends In the six months ended June 30, 2021, we declared and paid two quarterly cash dividends of $0.17 per share for an aggregate amount of $138.6 million to holders of our Class A ordinary shares. Future dividends are subject to declaration by the board of directors. 2020 Independent Directors Equity Incentive Plan On June 15, 2020, our 2020 Independent Director Equity Incentive Plan was approved and became effective, whereby 800 thousand Class A ordinary shares have been reserved for future issuance to our independent directors. We grant RSUs to independent directors under the 2020 Independent Director Equity Incentive Plan. Share-based compensation expense is recognized based on estimated fair value of the award on the grant date and amortized on a straight-line basis over the requisite service period of generally one year as part of General and administrative expenses

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income attributable to us by the weighted average number of Class A ordinary shares outstanding during the period. Diluted EPS is computed by dividing net income attributable to us, including the impact of potentially dilutive securities, by the weighted average number of Class A ordinary shares outstanding during the period, including the number of Class A ordinary shares that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include the outstanding Class B ordinary shares, Class B ordinary shares contingently issuable to EPA Holdings related to Equity Performance Awards and unvested RSUs issued under our Equity Incentive Plan. We use the “if-converted” method to determine the potentially dilutive effect of our outstanding Class B ordinary shares, and the treasury stock method to determine the potentially dilutive effect of the unvested RSUs. Our Class B ordinary shares, Class R redeemable shares and deferred shares do not share in the earnings or losses attributable to us and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share for Class B ordinary shares, Class R redeemable shares and deferred shares under the two-class method has not been presented. Our Class B ordinary shares are, however, considered potentially dilutive shares of Class A ordinary shares because shares of Class B ordinary shares, together with the related RP Holdings Class B Interests, are exchangeable into Class A ordinary shares on a one-for-one basis. For the three and six months ended June 30, 2021 and 2020, Class B ordinary shares contingently issuable to EPA Holdings were evaluated and were determined not to have any dilutive impact. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A ordinary share for the three and six months ended June 30, 2021 (in thousands, except per share amounts). Three Months Ended Six Months Ended Numerator Consolidated Net Income $ 806,755 $ 965,734 Less: Net income attributable to Continuing Investor Partnerships 212,961 251,506 Less: Net income attributable to non-controlling interest - Legacy Investors Partners and RPSFT 153,018 204,333 Net income attributable to Royalty Pharma plc - basic 440,776 509,895 Add: Reallocation of net income attributable to non-controlling interest from the assumed conversion of Class B ordinary shares 212,961 251,506 Net income attributable to Royalty Pharma plc - diluted $ 653,737 $ 761,401 Denominator Weighted average Class A ordinary shares outstanding - basic 409,344 399,606 Add: Dilutive effects as shown separately below Class B ordinary shares exchangeable for Class A ordinary shares 197,773 207,508 Unvested RSUs 46 37 Weighted average Class A ordinary shares outstanding - diluted 607,163 607,151 Earnings per Class A ordinary share - basic $ 1.08 $ 1.28 Earnings per Class A ordinary share - diluted $ 1.08 $ 1.25 Prior to the IPO, our capital structure included mainly unitholder interests. We analyzed the calculation of earnings per interest for periods prior to the IPO and determined that the resultant values would not be meaningful to the users of these unaudited condensed consolidated financial statements. Therefore, the basic and diluted earnings per share for the three and six months ended June 30, 2020 is only applicable for the period from June 16, 2020 to June 30, 2020, which represents the period in which we had outstanding Class A ordinary shares. Additionally, Class B ordinary shares in issue were evaluated under the if-converted method for potential dilutive effects and were determined to be anti-dilutive for the three and six months ended June 30, 2020, and therefore were excluded from the computation of diluted earnings per shares of Class A ordinary share. As of June 30, 2020, we had 607.1 million fully diluted Class A ordinary shares outstanding. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A ordinary share for the three and six months ended June 30, 2020 (in thousands, except per share amounts). Three months ended June 30, 2020 Six months ended June 30, 2020 Numerator Consolidated net income $ 601,976 $ 711,072 Less: net income attributable to Continuing Investors Partnerships prior to the IPO (1) 408,602 479,842 Less: net income attributable to non-controlling interest - Class B subsequent to the IPO 31,560 31,560 Less: net income attributable to non-controlling interest - Legacy Investors Partnerships and RPSFT 128,342 166,198 Net income attributable to Royalty Pharma plc - basic and diluted $ 33,472 $ 33,472 Denominator Weighted average Class A ordinary shares outstanding - basic 353,979 353,979 Add: Dilutive effect of unvested RSUs 1 1 Weighted average Class A ordinary shares outstanding - diluted 353,980 353,980 Earnings per Class A ordinary share - basic $ 0.09 $ 0.09 Earnings per Class A ordinary share - diluted $ 0.09 0.09 (1) Reflected as net income attributable to controlling interest on the unaudited condensed consolidated statements of comprehensive income.

Indirect Cash Flow

Indirect Cash Flow	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Indirect Cash Flow	Indirect Cash Flow Adjustments to reconcile consolidated net income to net cash provided by operating activities are summarized below (in thousands). For the Six Months Ended June 30, 2021 2020 Cash flow from operating activities: Consolidated net income $ 965,734 $ 711,072 Adjustments to reconcile consolidated net income to net cash provided by operating activities: Income from financial royalty assets (1,033,039) (937,021) Provision for changes in expected cash flows from financial royalty assets 48,499 135,290 Amortization of intangible assets 11,404 11,466 Amortization of debt discount and issuance costs 9,583 4,340 Loss on derivative financial instruments 4,464 32,798 Gain on equity securities (1,309) (40,729) Equity in earnings of non-consolidated affiliates (15,783) (20,218) Distributions from non-consolidated affiliates 22,003 31,840 Loss on extinguishment of debt — 5,405 Share-based compensation 1,434 3,740 Interest income accretion (28,790) — Unrealized gain on available for sale debt securities (23,130) — Termination of derivative financial instruments — (34,952) Other 2,049 3,398 Decrease/(increase) in operating assets: Cash collected on financial royalty assets 1,094,094 1,003,504 Accrued royalty receivable (988) 1,218 Other royalty income receivable (4,683) 2,094 Other current assets 3,703 (12,634) Other assets — 45,635 (Decrease)/increase in operating liabilities: Accounts payable and accrued expenses (913) 13,862 Interest payable 758 — Other current liabilities 2,730 — Net cash provided by operating activities $ 1,057,820 $ 960,108 Non-cash investing and financing activities are summarized below (in thousands). For the Six Months Ended June 30, 2021 2020 Supplemental schedule of non-cash investing / financing activities: Receipt of contribution of investment in Legacy Investors Partnerships (Note 9) $ — $ 303,679 Settlement of Epizyme forward purchase contract (Note 4) — 5,700 Accrued purchase obligation - Tazverik (Note 17) — 220,000 Repayments of long-term debt by contributions from non-controlling interest (1) — 1,103,774 Accrued purchase obligation — 1,610 Accrued capitalized offering costs (2) — 8,897 (1) Related to the pro rata portion of RPIFT’s outstanding debt repaid by the Legacy Investors Partnerships (2) Related to capitalized offering costs incurred in connection with our IPO that were not paid as of June 30, 2020

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Comprehensive income is comprised of net income and other comprehensive income/(loss). We include unrealized gains and losses on available for sale debt securities related to Series A Biohaven Preferred Shares, which is the only component of accumulated other comprehensive income as of June 30, 2021 and December 31, 2020. Changes in accumulated other comprehensive income are as follows (in thousands): Unrealized gain/(loss) on available for sale debt securities Balance at December 31, 2020 $ 34,395 Reclassifications to net income (15,588) Activity for the period 6,060 Reclassifications from non-controlling interest 3,805 Balance at June 30, 2021 $ 28,672 The total reclassification of unrealized gains on available for sale debt securities of $28.8 million for the six months ended June 30, 2021 is presented in earnings within Interest income on the condensed consolidated statements of comprehensive income, including $15.6 million attributable to controlling interest as noted in the table above and $13.2 million attributable to the non-controlling interest.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Manager The Manager is the investment manager of Royalty Pharma and its subsidiaries. The Manager is an affiliate of RP Ireland, the administrator of RPIFT, RPI Intermediate FT and RPSFT. The sole member of the Manager, Pablo Legorreta, holds an interest in us and serves as our Chief Executive Officer and Chairman of the board of directors, and as a director on the board of directors of RP Holdings. In connection with the Exchange Offer Transactions (discussed in Note 1–Organization and Purpose), the Manager entered into Management Agreements with us and our subsidiaries, the Continuing Investors Partnerships, and with the Legacy Investors Partnerships. Pursuant to the Management Agreements, we pay quarterly operating and personnel expenses to the Manager or its affiliates (“Operating and Personnel Payments”) equal to 6.5% of the Adjusted Cash Receipts (both, as defined in the Management Agreement) for such quarter and 0.25% of the GAAP value of our security investments as of the end of such quarter. The operating and personnel payments for Old RPI, an obligation of the Legacy Investors Partnerships as a non-controlling interest in Old RPI and for which the expense is reflected in our income statement, is calculated as the greater of $1 million per quarter and 0.3125% of Royalty Investments (as defined in the limited partnership agreements of the Legacy Investor Partnerships) during the previous twelve calendar months. During the three and six months ended June 30, 2021, total operating and personnel payments incurred were $32.4 million and $68.1 million, respectively, including the amount attributable to Old RPI, and are recognized within General and administrative expenses on the condensed consolidated statements of comprehensive income. Prior to the Exchange Date, the Manager received operating and personnel payments payable in equal quarterly installments that increased by 5% annually on a compounded basis under the terms of its management agreement with Old RPI and the Legacy Investors Partnerships. RP Ireland receives an annual management fee payable in advance by Old RPI in equal quarterly installments under terms of the limited partnership agreements of the Legacy Investors Partnerships. After the Exchange Date, operating and personnel payments were calculated in accordance with the methodology discussed in the paragraph above. During the three and six months ended June 30, 2020, total operating and personnel payments incurred were $27.6 million and $47.3 million, respectively, and were recognized within General and administrative expenses on the condensed consolidated statements of comprehensive income. Distribution Payable to Non-Controlling Interest The Distribution payable to non-controlling interest represents the contractual cash flows required to be distributed based on the Legacy Investors Partnerships’ non-controlling interest in Old RPI and RPSFT’s non-controlling interest in RPCT. The Distribution payable to non-controlling interest as of June 30, 2021 and December 31, 2020 included the following (in thousands). As of June 30, 2021 As of December 31, 2020 Due to Legacy Investors Partnerships $ 106,031 $ 100,047 Due to RPSFT 11,347 26,319 Total distribution payable to non-controlling interest $ 117,378 $ 126,366 Acquisition from Epizyme In November 2019, in connection with an equity investment in Epizyme of $100.0 million made by RPIFT, Pablo Legorreta, our Chief Executive Officer, was appointed as a director of Epizyme, for which he received, and continues to receive, compensation in cash and shares of Epizyme, all of which will be contributed to the Manager and used to reduce costs and expenses, which would otherwise be billed to us or our affiliates. Acquisition from Bristol-Myers Squibb In November 2017, RPI Acquisitions entered into a purchase agreement with Bristol-Myers Squibb (“BMS”) to acquire from BMS a percentage of its future royalties on worldwide sales of Onglyza, Farxiga, and related diabetes products marketed by AstraZeneca (the “Purchase Agreement”). We agreed to make payments to BMS based on sales of the products over eight quarters beginning with the first quarter of 2018 in exchange for a high single-digit royalty on worldwide sales of the products from 2020 through 2025. On December 8, 2017, RPI Acquisitions entered into a purchase, sale and assignment agreement (“Assignment Agreement”) with a wholly owned subsidiary of BioPharma Credit PLC (“BPCR”), an affiliate of us. We considered BPCR as a related party due to the sole member of the Manager having significant influence over BPCR’s investment manager. Under the terms of the Assignment Agreement, RPI Acquisitions assigned the benefit of 50% of the payment stream acquired from BMS to BPCR in consideration for BPCR meeting 50% of the funding obligations owed to BMS under the Purchase Agreement. We began making installment payments to BMS in 2018 and completed our funding requirement, net of the assigned funding obligations, totaling $162.4 million in the three months ended March 31, 2020. During the three months ended March 31, 2020, installment payments made to BMS totaled $24.3 million, of which RPI Acquisitions funded $12.1 million. Upon transfer of funds from BPCR to RPI Acquisitions to meet the quarterly funding obligation to BMS, RPI Acquisitions derecognized 50% of the financial royalty asset. Cash received from BPCR in respect of each funding obligation equaled the carrying amount of the assigned transfer of interest, therefore no gain or loss was recognized upon the transfer. We began to measure this financial royalty asset using the effective interest method once our installment funding obligation was completed and we received our first royalty payment in the three months ended June 30, 2020. As of June 30, 2021 and December 31, 2020, the financial royalty asset of $141.2 million and $150.6 million, respectively, included in Financial royalty assets, net on the condensed consolidated balance sheets represents only our right to the future payment streams acquired from BMS. Other transactions Henry Fernandez, the lead independent director of our board of directors, serves as the chairman and chief executive officer of MSCI, Inc (“MSCI”). On April 16, 2021, we entered into an agreement with MSCI with an initial term of seven years to assist MSCI in the design of a classification framework and index methodologies in order to expand MSCI’s thematic index suite with the launch of new indexes. In return, we will receive a percentage of MSCI’s revenues from those indexes. No amounts were due from MSCI as of both June 30, 2021 and December 31, 2020. We do not expect the financial statement impact associated with this transaction to be material for the year ended December 31, 2021. In connection with the Exchange Offer Transactions, we acquired the Legacy SLP Interest from the Continuing Investors Partnerships in exchange for issuing shares in our subsidiary. As a result, we became a special limited partner in the Legacy Investors Partnerships. The Legacy Investors Partnerships own a non-controlling interest in Old RPI. Refer to Note 9–Non-Consolidated Affiliates for additional discussion. During the three and six months ended June 30, 2020, the Company reimbursed Pablo Legorreta, Royalty Pharma’s CEO, approximately $1.0 million for the cost of purchasing and donating ventilators to hospitals on behalf of Royalty Pharma. RPIFT owns 27,210 limited partnership interests in the Continuing Investors Partnership whose only substantive operations are their investment in our subsidiaries. The total investment of $4.3 million is recorded as treasury interests, of which $1.6 million and $1.9 million are held by non-controlling interest as of June 30, 2021 and December 31, 2020, respectively. Based on its ownership percentage of RP Holdings relative to the Company, each Continuing Investor Partnership pays a pro rata portion of any costs and expenses in connection with the contemplation of, formation of, listing and ongoing operation of us and any of our subsidiaries, including any third-party expenses of managing us and any of our subsidiaries, such as accounting, audit, legal, reporting, compliance, administration (including directors’ fees), financial advisory, consulting, investor relations and insurance expenses relating to our affairs and those of any subsidiary.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of its business, we may enter into contracts or agreements that contain customary indemnifications relating to such things as confidentiality agreements and representations as to corporate existence and authority to enter into contracts. The maximum exposure under such agreements is indeterminable until a claim, if any, is made. However, no such claims have been made against us to date and we believe that the likelihood of such proceedings taking place in the future is remote. On June 2, 2021, we announced a long-term strategic funding partnership of up to $2.025 billion with MorphoSys to support MorphoSys’ acquisition of Constellation, which closed on July 15, 2021. In connection with the closing of MorphoSys’ acquisition of Constellation, we made an upfront payment of $1.425 billion to MorphoSys and purchased 1,337,552 ordinary shares of MorphoSys for $100 million at a price of €63.35 per ordinary share, based on the average trading price of the ordinary shares over a period preceding the closing of the acquisition. As part of the funding agreement, we also agreed to make additional milestone payments of up to $150 million and provide up to $350 million of Development Funding Bonds, which MorphoSys may draw over a one-year period from the close of its acquisition of Constellation. MorphoSys is required to draw a minimum of $150 million, for which we have recognized the Development Funding Bond Forward within Available for sale debt securities on the condensed consolidated balance sheet as of June 30, 2021 (See Note 3–Available for Sale Debt Securities for additional discussion). In return, we acquired MorphoSys’ right to receive future royalties on Johnson & Johnson’s Tremfya (guselkumab) and rights to receive royalties and certain milestone payments on four development-stage therapies including gantenerumab, otilimab, pelabresib and CPI-0209. We expect to receive a return of 2.2 times the amount funded on the Development Funding Bonds payable on a quarterly basis over nine years, with the first payment beginning two years after the funding. On August 7, 2020, we entered into a funding agreement with Biohaven, including the Series B Biohaven Preferred Share Agreement, for up to $450.0 million to fund the development of zavegepant and the commercialization of Nurtec ODT in exchange for royalties and success-based milestones. Biohaven received $150.0 million at closing and received an additional $100.0 million in the three months ended March 31, 2021, upon the start of the oral zavegepant Phase 3 program. Pursuant to the Series B Biohaven Preferred Share Agreement, we agreed to provide further support for the ongoing launch of Nurtec ODT with the purchase of committed, non-contingent Commercial Launch Preferred Equity for a total of $200.0 million payable on a quarterly basis between March 31, 2021 and December 31, 2024. In return, Biohaven will be required to redeem the Series B Biohaven Preferred Shares in a series of equal fixed quarterly payments between March 31, 2025 and December 31, 2030. During the three months ended March 30, 2021, we began purchasing the Series B Biohaven Preferred Shares. We have a remaining commitment of $164.8 million under the Commercial Launch Preferred Equity, for which we have recognized the Series B Forwards within Available for sale debt securities on the condensed consolidated balance sheet as of June 30, 2021 (See Note 3–Available for Sale Debt Securities for additional discussion), In November 2019, RPIFT agreed to pay $330.0 million to purchase Eisai’s royalties on future worldwide sales of Tazverik (tazemetostat), a novel targeted therapy in late-stage clinical development that was approved by the FDA in January 2020 for epithelioid sarcoma, and with the potential to be approved in several cancer indications. Under the terms of its agreement with Eisai, RPIFT acquired Eisai’s future worldwide royalties on net sales by Epizyme of Tazverik outside of Japan, for an upfront payment of $110.0 million plus up to an additional $220.0 million for the remainder of the royalty upon FDA approval of Tazverik for certain indications. The FDA approval of Tazverik in January 2020 triggered our obligation to fund the second $110.0 million tranche in November 2020. In June 2020, the FDA approval of additional indications of Tazverik triggered our obligation to fund the final $110.0 million tranche in November 2021, which is recorded as Accrued purchase obligation on the condensed consolidated balance sheet as of June 30, 2021. We have commitments to advance funds to counterparties through our investment in the Avillion Entities and R&D arrangements. Please refer to Note 9–Non-Consolidated Affiliates and Note 10–Research & Development (“R&D”) Funding Expense, respectively, for details of these arrangements. We also have requirements to make Operating and Personnel Payments over the life of the management agreement as described in Note 16–Related Party Transactions, which are variable and based on cash receipts. Legal Proceedings We are a party to legal actions with respect to a variety of matters in the ordinary course of business. Some of these proceedings may be based on complex claims involving substantial uncertainties and unascertainable damages. Unless otherwise noted, it is not possible to determine the probability of loss or estimate damages, and therefore we have not established accruals for any of these proceedings in our condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020. When we determine that a loss is both probable and reasonably estimable, we record a liability, and, if the liability is material, we disclose the amount of the liability reserved. We do not believe the outcome of any existing legal proceedings to which we are a party, either individually or in the aggregate, will adversely affect our business, financial condition or results of operations.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In connection with the closing of MorphoSys’ acquisition of Constellation on July 15, 2021, we made an upfront payment of $1.425 billion to MorphoSys and purchased 1,337,552 ordinary shares of MorphoSys for $100 million at a price of €63.35 per ordinary share, based on the average trading price of the ordinary shares over a period preceding the closing of the acquisition. See Note 17–Commitments and Contingencies for additional discussion. On July 26, 2021, we issued $1.3 billion of 2021 Notes which is comprised of $600.0 million principal amount of 2031 Notes issued at 98.263% of par and $700.0 million principal amount of 2051 Notes issued at 97.565% of par with a coupon rate of 2.15% and 3.35%, respectively. See Note 11–Borrowings for additional discussion.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of preparation	The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In the opinion of management, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal and recurring adjustments. Certain information and footnote disclosures have been condensed or omitted as permitted under U.S. GAAP. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2020, included in our Annual Report on Form 10-K.
Use of estimates	The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of income, revenues and expenses during the reporting period. Actual results may differ from those estimates. The results for the interim periods are not necessarily indicative of results for the full year. The precise extent to which the COVID-19 pandemic will impact our operational and financial performance will depend on various factors. To date, the pandemic has not materially impacted our financial performance and we do not believe it is reasonably likely to in the future. Due to the nature of our business, the effect of the COVID-19 pandemic may not be fully reflected in certain of our results of operations until future periods.
Basis of consolidation	The unaudited condensed consolidated financial statements include the accounts of Royalty Pharma and all majority-owned and controlled subsidiaries, as well as variable interest entities, where we are the primary beneficiary. We consolidate based upon evaluation of our power, through voting rights or similar rights, to direct the activities of another entity that most significantly impact the entity’s economic performance. For consolidated entities where we own or are exposed to less than 100% of the economics, we record Net income attributable to non-controlling interest in our unaudited condensed consolidated statements of comprehensive income equal to the percentage of the economic or ownership interest retained in such entities by the respective non-controlling parties. Following management’s determination that a high degree of common ownership existed in Royalty Pharma both before and after the Exchange Date, Royalty Pharma recognized Old RPI’s assets and liabilities at the carrying value reflected on Old RPI’s balance sheet as of the Exchange Date.
Adjustment to prior period presentation and Reclassification	Adjustment to prior period presentation In connection with the preparation of our condensed consolidated interim financial statements for the three months ended September 30, 2020, we identified an adjustment to the classification of our short-term investments on our consolidated balance sheet, as of December 31, 2019 based on the original maturity dates of the investments. The adjustments resulted in an increase of $66.7 million and a decrease of $17.7 million in cash activity related to Purchases of marketable securities and Proceeds from sales and maturities of marketable securities , respectively, within Net cash used in investing activities for the six months ended June 30, 2020, with a net impact on net cash flow from investing of $84.4 million. We evaluated the adjustment and determined that, based on our quantitative and qualitative analysis, it was not material to the condensed consolidated financial statements as of and for the six months ended June 30, 2020. Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation.
Concentrations of credit risk	Financial instruments that subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, financial royalty assets and receivables. Our cash management and investment policy limits investment instruments to investment-grade securities with the objective to preserve capital and to maintain liquidity until the funds are needed for operations. Our cash and cash equivalents and marketable securities balances as of June 30, 2021 and December 31, 2020 were held with State Street and Bank of America. Our primary operating accounts significantly exceed the Federal Deposit Insurance Corporation limits.The majority of our financial royalty assets and receivables arise from contractual royalty agreements that entitle us to royalties on the sales of underlying biopharmaceutical products in the United States, Europe and the rest of the world, with concentrations of credit risk limited due to the broad range of marketers responsible for paying royalties to us and the variety of geographies from which our royalties on product sales are derived. The products in which we hold royalties are marketed by leading industry participants, including, among others, AbbVie, Amgen, Bristol-Myers Squibb, Gilead, Johnson & Johnson, Lilly, Merck, Pfizer, Novartis, Biogen, Roche/Genentech and Vertex.
Recently adopted and issued accounting standards	Upon the January 1, 2020 adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), we recorded a cumulative adjustment to Retained earnings of $192.7 million to recognize an allowance for current expected credit losses on the portion of our portfolio of financial royalty assets that is subject to credit risk. Refer to Note 7–Cumulative Allowance for Changes in Expected Cash Flows from Financial Royalty Assets for additional discussion.
Fair value measurements	The summary below presents information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020, and the valuation techniques we utilized to determine such fair value. • Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Our Level 1 assets consist of equity securities with readily determinable fair values and money market funds. • Level 2: Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. Our Level 2 assets generally include marketable securities, warrants, derivatives, treasury rate lock contracts, and, historically, our interest rate swap contracts. • Level 3: Prices or valuation that require inputs that are both significant to the fair value measurement and unobservable. Our Level 3 assets consist of our investments in the Series A Biohaven Preferred Shares, Series B Biohaven Preferred Shares, the Series B Forwards and the Development Funding Bond Forward. See Note 3–Available for Sale Debt Securities for a description of these investments. For financial instruments which are carried at fair value, the level in the fair value hierarchy is based on the lowest level of inputs that is significant to the fair value measurement in its entirety.

Available for Sale Debt Secur_2

Available for Sale Debt Securities (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Summary of Available for Sale Debt Securities	The table below summarizes our available for sale debt securities recorded at fair value as of June 30, 2021 and December 31, 2020 (in thousands): Cost (1) Unrealized gains Fair Value Current Assets Non-Current Assets Total As of June 30, 2021 Series A Biohaven Preferred Shares $ 143,211 $ 51,089 $ 194,300 $ 68,702 $ 125,598 $ 194,300 Series B Biohaven Preferred Shares 35,170 10,930 46,100 — 46,100 46,100 Series B Forwards — 21,500 21,500 — 21,500 21,500 Development Funding Bond Forward — 9,300 9,300 — 9,300 9,300 Total available for sale debt securities $ 178,381 $ 92,819 $ 271,200 $ 68,702 $ 202,498 $ 271,200 As of December 31, 2020 Series A Biohaven Preferred Shares $ 145,647 $ 68,753 $ 214,400 $ 69,984 $ 144,416 $ 214,400 Series B Forwards — 18,600 18,600 — 18,600 18,600 Total available for sale debt securities $ 145,647 $ 87,353 $ 233,000 $ 69,984 $ 163,016 $ 233,000

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Derivatives and Reclassifications	The tables below summarize the change in the fair value of derivatives for the three and six months ended June 30, 2021 and 2020 and the line items within the condensed consolidated statements of comprehensive income where the losses/(gains) on derivatives are recorded (in thousands). For the three months ended June 30, Condensed Consolidated Statements of Comprehensive Income location 2021 2020 Derivatives not designated as hedging instruments Warrant: Change in fair value of warrant $ 941 $ (647) Loss/(gain) on derivative financial instruments Treasury rate lock contracts: Change in fair value of treasury rate lock contracts 968 — Loss/(gain) on derivative financial instruments For the six months ended June 30, Condensed Consolidated Statements of Comprehensive Income location 2021 2020 Derivatives in hedging relationships (1) Interest Rate Swaps: Amount of loss reclassified from Accumulated Other Comprehensive Income into income $ — $ 4,066 Loss/(gain) on derivative financial instruments Change in fair value of interest rate swaps — (73) Loss/(gain) on derivative financial instruments Interest expense — 114 Interest expense Derivatives not designated as hedging instruments Interest Rate Swaps: Change in fair value of interest rate swaps — 6,908 Loss/(gain) on derivative financial instruments Interest expense — 408 Interest expense Warrant: Change in fair value of warrant 3,496 16,097 Loss/(gain) on derivative financial instruments Forward purchase contract: Change in fair value of forward purchase contract — 5,800 Loss/(gain) on derivative financial instruments Treasury rate lock contracts: Change in fair value of treasury rate lock contracts 968 — Loss/(gain) on derivative financial instruments (1) Certain interest rate swaps were previously designated as cash flow hedges. These swaps became ineffective as debt refinancings occurred between 2013 and 2016. As a result of the termination of interest rate swaps in February 2020, all amounts associated with interest rate swaps previously designated as cash flow hedges and recorded in Accumulated other comprehensive income

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy	The following is a summary of the inputs used to value our financial assets and liabilities measured at fair value as of June 30, 2021 and December 31, 2020 (in thousands): As of June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 510,092 $ — $ — $ 510,092 Certificates of deposit — 10,001 — 10,001 Marketable securities Commercial paper — 165,658 — 165,658 Certificates of deposit — 677,027 — 677,027 Available for sale debt securities — — 68,702 68,702 Treasury rate lock contracts (1) — 616 — 616 Total current assets $ 510,092 $ 853,302 $ 68,702 $ 1,432,096 Equity securities $ 184,042 $ — $ — $ 184,042 Available for sale debt securities — — 171,698 171,698 Forwards (2) — — 30,800 30,800 Warrant (3) — 1,944 — 1,944 Total non-current assets $ 184,042 $ 1,944 $ 202,498 $ 388,484 Liabilities: Treasury rate lock contracts (1) — 1,584 — 1,584 Total current liabilities $ — $ 1,584 $ — $ 1,584 (1) The treasury rate lock contracts are recorded by counterparty within Other current assets and Other current liabilities in the condensed consolidated balance sheet as of June 30, 2021, respectively. See Note 4–Derivative Instruments for additional discussion. (2) The Series B Forwards and the Development Funding Bond Forward, recorded within Available for sale debt securities in the condensed consolidated balance sheet as of June 30, 2021, relate to our obligation to fund the acquisition of the Series B Biohaven Preferred Shares and $150 million of the Morphosys Development Funding Bonds, respectively. See Note 3–Available for Sale Debt Securities for additional discussion. (3) Related to the Epizyme transaction as described in Note 4–Derivative Instruments and recorded in Other assets in the condensed consolidated balance sheet as of June 30, 2021. For the three and six months ended June 30, 2021, we recognized an unrealized gain of $28.3 million and unrealized loss of $10.7 million on equity securities still held as of June 30, 2021, respectively. For the three and six months ended June 30, 2020, we recognized an unrealized gain of $48.5 million and an unrealized loss of $57.5 million on equity securities still held as of June 30, 2021, respectively. As of December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 24,302 $ — $ — $ 24,302 Commercial paper — 77,176 — 77,176 Certificates of deposit — 74,502 — 74,502 Marketable securities Corporate debt securities — 32,754 — 32,754 Commercial paper — 444,554 — 444,554 Certificates of deposit — 505,971 — 505,971 Available for sale debt securities — — 69,984 69,984 Total current assets $ 24,302 $ 1,134,957 $ 69,984 $ 1,229,243 Equity securities (1) $ 298,689 $ — $ — $ 298,689 Available for sale debt securities — — 144,416 144,416 Forwards (2) — — 18,600 18,600 Warrant (3) — 5,439 — 5,439 Total non-current assets $ 298,689 $ 5,439 $ 163,016 $ 467,144 (1) Upon Gilead’s acquisition of Immunomedics in October 2020, our investment in Immunomedics common stock was redeemed, resulting in a gain of $292.3 million recognized within ( Gain)/loss on equity securities in the year ended December 31, 2020. (2) The Series B Forwards, recorded within Available for sale debt securities in the condensed consolidated balance sheet as of December 31, 2020, relate to our obligation to fund the acquisition of the Series B Biohaven Preferred Shares. (3) Related to the Epizyme transaction as described in Note 4–Derivative Instruments and recorded in Other assets in the condensed consolidated balance sheet as of December 31, 2020.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The tables presented below summarize the change in the combined carrying value (current and non-current) of Level 3 financial instruments, which relate to available for sale debt securities and forwards (in thousands). For the three months ended For the six months ended 2021 2020 2021 2020 Debt Securities Balance at the beginning of the period $ 226,800 $ — $ 214,400 $ 131,280 Purchases 17,585 — 35,170 — Unrealized gains on available for sale debt securities (1) 6,525 — 11,650 52,725 Settlement of forwards (2) 5,115 — 10,430 — Transfer to Level 2 — — — (184,005) Redemption (15,625) — (31,250) — Balance at the end of the period $ 240,400 $ — $ 240,400 $ — For the three months ended For the six months ended 2021 2020 2021 2020 Forwards Balance at the beginning of the period $ 22,400 $ — $ 18,600 $ — Unrealized gains included in earnings (3) 13,515 — 22,630 — Settlement of forwards (2) (5,115) — (10,430) — Balance at the end of the period $ 30,800 $ — $ 30,800 $ — (1) The unrealized change in the fair value of the Series A Biohaven Preferred Shares is recorded in other comprehensive income within Unrealized gain on available for sale debt securities while the unrealized change in the fair value of the Series B Biohaven Preferred Shares is recorded in earnings within Unrealized gain on available for sale debt securities on the condensed consolidated statements of comprehensive income. (2) Reflects the fair value attributed to the Series B Forwards that were settled in the period as the Series B Biohaven Preferred Shares were acquired, which is included in the fair value of the Series B Biohaven Preferred Shares. See Note 3–Available for Sale Debt Securities. (3) Recorded in earnings within Unrealized gain on available for sale debt securities
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value	Estimated fair values based on Level 3 inputs and related carrying values for the non-current portion of our financial royalty assets as of June 30, 2021 and December 31, 2020 are presented below (in thousands). June 30, 2021 December 31, 2020 Fair value Carrying value, net Fair value Carrying value, net Financial royalty assets, net $ 19,082,368 $ 12,932,077 $ 18,718,179 $ 12,368,084

Financial Royalty Assets, Net (

Financial Royalty Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Summary of Financial Royalty Assets, Net	The gross carrying value, cumulative allowance for changes in expected cash flows, exclusive of the allowance for credit losses, and net carrying value for the current and non-current portion of financial royalty assets as of June 30, 2021 and December 31, 2020 are as follows (in thousands): June 30, 2021 Estimated royalty duration (a) Gross carrying value Cumulative allowance for changes in expected cash flows (Note 7) Net carrying value (e) Cystic fibrosis franchise 2037 (b) $ 5,322,478 $ — $ 5,322,478 Tysabri (c) 1,926,555 — 1,926,555 Imbruvica 2027-2029 1,425,298 (156,664) 1,268,634 Xtandi 2027-2028 1,126,241 (87,245) 1,038,996 Evrysdi 2030-2035 (d) 703,153 — 703,153 Promacta 2025-2028 645,626 (7,600) 638,026 Other 2020-2039 3,670,181 (680,145) 2,990,036 Total $ 14,819,532 $ (931,654) $ 13,887,878 Less: Cumulative allowance for credit losses (Note 7) (358,950) Total financial royalty assets, net $ 13,528,928 a) Dates shown represent management’s estimates of when a royalty will substantially end, which may depend on our estimates of patent expiration dates (which may include estimated patent term extensions) or other factors and may vary by geography. Royalty expiration dates can change due to patent, regulatory, commercial or other developments. There can be no assurances that our royalties will expire when expected. b) Royalty is perpetual; year shown represents Trikafta expected patent expiration and potential sales decline based on generic entry. c) Under terms of the agreement, RPIFT acquired a perpetual royalty on net sales of Tysabri. Management has applied an end date of 2031 for purposes of accreting income over the royalty term, which is periodically reviewed. d) Key patents on Evrysdi in the United States expire in 2035, but our royalty will cease when aggregate royalties paid to us equal $1.3 billion. e) The net carrying value by asset is presented before the allowance for credit losses. Refer to Note 7–Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets for additional information. December 31, 2020 Estimated royalty duration (a) Gross carrying value Cumulative allowance for changes in expected cash flows (Note 7) Net carrying value (e) Cystic fibrosis franchise 2037 (b) $ 5,274,896 $ — $ 5,274,896 Tysabri (c) 2,003,797 (112,720) 1,891,077 Imbruvica 2027-2029 1,406,291 (46,872) 1,359,419 Xtandi 2027-2028 1,150,335 (145,565) 1,004,770 Promacta 2025-2027 686,129 — 686,129 Evrysdi 2030-2035 (d) 675,440 — 675,440 Other 2020-2039 3,022,213 (634,950) 2,387,263 Total $ 14,219,101 $ (940,107) $ 13,278,994 Less: Cumulative allowance for credit losses (Note 7) (323,717) Total financial royalty assets, net $ 12,955,277 a) Dates shown represent management’s estimates of when a royalty will substantially end, which may depend on our estimates of patent expiration dates (which may include estimated patent term extensions) or other factors and may vary by geography. Royalty expiration dates can change due to patent, regulatory, commercial or other developments. There can be no assurances that our royalties will expire when expected. b) Royalty is perpetual; year shown represents Trikafta expected patent expiration and potential sales decline based on generic entry. c) Under terms of the agreement, RPIFT acquired a perpetual royalty on net sales of Tysabri. Management has applied an end date of 2031 for purposes of accreting income over the royalty term, which is periodically reviewed by the management. d) Key patents on Evrysdi in the United States expire in 2035, but our royalty will cease when aggregate royalties paid to us equal $1.3 billion. e) The net carrying value by asset is presented before the allowance for credit losses. Refer to Note 7–Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets for additional information.

Cumulative Allowance and the _2

Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Credit Loss [Abstract]
Schedule of Cumulative Allowance for Changes in Expected Cash Flows	The following table sets forth the activity in the cumulative allowance for changes in expected cash flows from financial royalty assets, inclusive of the cumulative allowance for credit losses, as of the dates indicated (in thousands). Activity for the period Balance at December 31, 2020 (a) $ (1,263,824) Increases to the cumulative allowance for changes in expected cash flows from financial royalty assets (409,793) Decreases to the cumulative allowance for changes in expected cash flows from financial royalty assets 396,526 Write-off of cumulative allowance (b) 21,719 Current period provision for credit losses (c) (35,232) Balance at June 30, 2021 $ (1,290,604) (a) Includes $323.7 million related to cumulative allowance for credit losses. (b) Relates to amounts removed from the allowance at the end of a royalty asset’s life to bring the account balance to zero. Write-offs solely impact the asset account and allowance account, there is no impact on the condensed consolidated statements of comprehensive income.

Intangible Royalty Assets, Net

Intangible Royalty Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Royalty Interests	The following schedules of the intangible royalty assets present the cost, accumulated amortization and net carrying value as of June 30, 2021 and December 31, 2020 (in thousands). As of June 30, 2021 Cost Accumulated amortization Net carrying value DPP-IV patents $ 606,216 $ 588,954 $ 17,262 Total intangible royalty assets $ 606,216 $ 588,954 $ 17,262 As of December 31, 2020 Cost Accumulated amortization Net carrying value DPP-IV patents $ 606,216 $ 577,550 $ 28,666 Total intangible royalty assets $ 606,216 $ 577,550 $ 28,666

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Borrowings	Our borrowings as of June 30, 2021 and December 31, 2020 consisted of the following (in thousands): Type of Borrowing Maturity Interest rate June 30, 2021 December 31, 2020 Senior Unsecured Notes: Senior unsecured notes (issued at 99.322% of par) 9/2023 0.75% $ 1,000,000 $ 1,000,000 Senior unsecured notes (issued at 98.875% of par) 9/2025 1.20% 1,000,000 1,000,000 Senior unsecured notes (issued at 98.284% of par) 9/2027 1.75% 1,000,000 1,000,000 Senior unsecured notes (issued at 97.760% of par) 9/2030 2.20% 1,000,000 1,000,000 Senior unsecured notes (issued at 95.556% of par) 9/2040 3.30% 1,000,000 1,000,000 Senior unsecured notes (issued at 95.306% of par) 9/2050 3.55% 1,000,000 1,000,000 Senior Unsecured Revolving Credit Facility — — Unamortized debt discount and issuance costs (174,441) (183,416) Total debt carrying value 5,825,559 5,816,584 Less: Current portion of long-term debt — — Total long-term debt $ 5,825,559 $ 5,816,584
Schedule of Repayments of Debt by Year	The future principal payments for our borrowings as of June 30, 2021 over the next five years and thereafter are as follows (in thousands): Year Principal Payments Remainder of 2021 $ — 2022 — 2023 1,000,000 2024 — 2025 1,000,000 Thereafter 4,000,000 Total (1) $ 6,000,000

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Balance Of Non-controlling Interests	The net change in the balance of our four non-controlling interests for the three and six months ended June 30, 2021 and 2020 are as follows (in thousands): RPSFT Legacy Investors Partnerships Continuing Investors Partnerships (1) EPA Holdings Total December 31, 2020 $ 12,436 $ 1,939,509 $ 3,125,091 $ — $ 5,077,036 Contributions — 3,253 — — 3,253 Distributions (13,653) (94,542) (37,183) — (145,378) Net income 15,058 36,257 38,545 — 89,860 Other exchanges — — (65,072) — (65,072) Other comprehensive income: Unrealized gain on available for sale debt securities — 901 1,512 — 2,413 Reclassification of unrealized gain on available for sale debt securities — (2,723) (4,571) — (7,294) March 31, 2021 13,841 1,882,655 3,058,322 — 4,954,818 Contributions — 6,654 4,865 — 11,519 Distributions (12,476) (127,747) (30,585) — (170,808) Net income 19,275 133,743 212,961 — 365,979 Other exchanges — — (486,591) — (486,591) Other comprehensive income: Unrealized gain on available for sale debt securities — 1,059 1,618 — 2,677 Reclassification of unrealized gain on available for sale debt securities — (2,337) (3,571) — (5,908) June 30, 2021 $ 20,640 $ 1,894,027 $ 2,757,019 $ — $ 4,671,686 (1) Related to the Continuing Investors Partnerships’ ownership as of June 30, 2021 of approximately 30% in RP Holdings through their ownership of the RP Holdings Class B Interests. Royalty Pharma plc owns the remaining 70% of RP Holdings through its ownership of RP Holdings Class A Interests and Class B Interests as of June 30, 2021. RPSFT Legacy Investors Partnerships Continuing Investors Partnerships (1) EPA Holdings Total December 31, 2019 $ 35,883 $ — $ — $ — $ 35,883 Contributions — 1,133,628 — — 1,133,628 Transfer of interests — 1,037,161 — — 1,037,161 Distributions (29,246) (222,179) — — (251,425) Net income prior to IPO 24,926 12,930 — — 37,856 Other comprehensive income: Unrealized gain on available for sale debt securities — 9,672 — — 9,672 March 31, 2020 31,563 1,971,212 — — 2,002,775 Contributions — 6,691 — — 6,691 Distributions (25,270) (99,581) — — (124,851) Net income prior to IPO 17,225 89,962 — — 107,187 Effect of exchange by Continuing Investors of Class B shares for Class A ordinary shares and reallocation of historical equity — (750) 2,433,848 — 2,433,098 Issuance of Class A ordinary shares sold in IPO, net of offering costs — — 758,590 — 758,590 Net income subsequent to IPO 3,400 17,755 31,560 — 52,715 Other comprehensive income: Unrealized gain on available for sale debt securities — 1,222 402 — 1,624 June 30, 2020 $ 26,918 $ 1,986,511 $ 3,224,400 $ — $ 5,237,829 (1) Related to the Continuing Investors Partnerships’ ownership as of June 30, 2020 of approximately 40% in RP Holdings through their ownership of the RP Holdings Class B Interests. Royalty Pharma plc owns the remaining 60% of RP Holdings through its ownership of RP Holdings Class A Interests and Class B Interests as of June 30, 2020.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A ordinary share for the three and six months ended June 30, 2021 (in thousands, except per share amounts). Three Months Ended Six Months Ended Numerator Consolidated Net Income $ 806,755 $ 965,734 Less: Net income attributable to Continuing Investor Partnerships 212,961 251,506 Less: Net income attributable to non-controlling interest - Legacy Investors Partners and RPSFT 153,018 204,333 Net income attributable to Royalty Pharma plc - basic 440,776 509,895 Add: Reallocation of net income attributable to non-controlling interest from the assumed conversion of Class B ordinary shares 212,961 251,506 Net income attributable to Royalty Pharma plc - diluted $ 653,737 $ 761,401 Denominator Weighted average Class A ordinary shares outstanding - basic 409,344 399,606 Add: Dilutive effects as shown separately below Class B ordinary shares exchangeable for Class A ordinary shares 197,773 207,508 Unvested RSUs 46 37 Weighted average Class A ordinary shares outstanding - diluted 607,163 607,151 Earnings per Class A ordinary share - basic $ 1.08 $ 1.28 Earnings per Class A ordinary share - diluted $ 1.08 $ 1.25 Prior to the IPO, our capital structure included mainly unitholder interests. We analyzed the calculation of earnings per interest for periods prior to the IPO and determined that the resultant values would not be meaningful to the users of these unaudited condensed consolidated financial statements. Therefore, the basic and diluted earnings per share for the three and six months ended June 30, 2020 is only applicable for the period from June 16, 2020 to June 30, 2020, which represents the period in which we had outstanding Class A ordinary shares. Additionally, Class B ordinary shares in issue were evaluated under the if-converted method for potential dilutive effects and were determined to be anti-dilutive for the three and six months ended June 30, 2020, and therefore were excluded from the computation of diluted earnings per shares of Class A ordinary share. As of June 30, 2020, we had 607.1 million fully diluted Class A ordinary shares outstanding. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A ordinary share for the three and six months ended June 30, 2020 (in thousands, except per share amounts). Three months ended June 30, 2020 Six months ended June 30, 2020 Numerator Consolidated net income $ 601,976 $ 711,072 Less: net income attributable to Continuing Investors Partnerships prior to the IPO (1) 408,602 479,842 Less: net income attributable to non-controlling interest - Class B subsequent to the IPO 31,560 31,560 Less: net income attributable to non-controlling interest - Legacy Investors Partnerships and RPSFT 128,342 166,198 Net income attributable to Royalty Pharma plc - basic and diluted $ 33,472 $ 33,472 Denominator Weighted average Class A ordinary shares outstanding - basic 353,979 353,979 Add: Dilutive effect of unvested RSUs 1 1 Weighted average Class A ordinary shares outstanding - diluted 353,980 353,980 Earnings per Class A ordinary share - basic $ 0.09 $ 0.09 Earnings per Class A ordinary share - diluted $ 0.09 0.09 (1) Reflected as net income attributable to controlling interest on the unaudited condensed consolidated statements of comprehensive income.

Indirect Cash Flow (Tables)

Indirect Cash Flow (Tables)	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Adjustments to reconcile consolidated net income to net cash provided by operating activities are summarized below (in thousands). For the Six Months Ended June 30, 2021 2020 Cash flow from operating activities: Consolidated net income $ 965,734 $ 711,072 Adjustments to reconcile consolidated net income to net cash provided by operating activities: Income from financial royalty assets (1,033,039) (937,021) Provision for changes in expected cash flows from financial royalty assets 48,499 135,290 Amortization of intangible assets 11,404 11,466 Amortization of debt discount and issuance costs 9,583 4,340 Loss on derivative financial instruments 4,464 32,798 Gain on equity securities (1,309) (40,729) Equity in earnings of non-consolidated affiliates (15,783) (20,218) Distributions from non-consolidated affiliates 22,003 31,840 Loss on extinguishment of debt — 5,405 Share-based compensation 1,434 3,740 Interest income accretion (28,790) — Unrealized gain on available for sale debt securities (23,130) — Termination of derivative financial instruments — (34,952) Other 2,049 3,398 Decrease/(increase) in operating assets: Cash collected on financial royalty assets 1,094,094 1,003,504 Accrued royalty receivable (988) 1,218 Other royalty income receivable (4,683) 2,094 Other current assets 3,703 (12,634) Other assets — 45,635 (Decrease)/increase in operating liabilities: Accounts payable and accrued expenses (913) 13,862 Interest payable 758 — Other current liabilities 2,730 — Net cash provided by operating activities $ 1,057,820 $ 960,108 Non-cash investing and financing activities are summarized below (in thousands). For the Six Months Ended June 30, 2021 2020 Supplemental schedule of non-cash investing / financing activities: Receipt of contribution of investment in Legacy Investors Partnerships (Note 9) $ — $ 303,679 Settlement of Epizyme forward purchase contract (Note 4) — 5,700 Accrued purchase obligation - Tazverik (Note 17) — 220,000 Repayments of long-term debt by contributions from non-controlling interest (1) — 1,103,774 Accrued purchase obligation — 1,610 Accrued capitalized offering costs (2) — 8,897 (1) Related to the pro rata portion of RPIFT’s outstanding debt repaid by the Legacy Investors Partnerships (2) Related to capitalized offering costs incurred in connection with our IPO that were not paid as of June 30, 2020

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Changes in accumulated other comprehensive income are as follows (in thousands): Unrealized gain/(loss) on available for sale debt securities Balance at December 31, 2020 $ 34,395 Reclassifications to net income (15,588) Activity for the period 6,060 Reclassifications from non-controlling interest 3,805 Balance at June 30, 2021 $ 28,672

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The Distribution payable to non-controlling interest represents the contractual cash flows required to be distributed based on the Legacy Investors Partnerships’ non-controlling interest in Old RPI and RPSFT’s non-controlling interest in RPCT. The Distribution payable to non-controlling interest as of June 30, 2021 and December 31, 2020 included the following (in thousands). As of June 30, 2021 As of December 31, 2020 Due to Legacy Investors Partnerships $ 106,031 $ 100,047 Due to RPSFT 11,347 26,319 Total distribution payable to non-controlling interest $ 117,378 $ 126,366

Organization and Purpose (Detai

Organization and Purpose (Details) - USD ($)	Jun. 18, 2020	Feb. 11, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 02, 2020	Feb. 29, 2020
Subsidiary, Sale of Stock [Line Items]
Repayments of outstanding debt				$ 0	$ 5,170,396,000
Senior Secured Debt | RPI Intermediate FT Senior Secured Credit Facilities - Tranche A-1
Subsidiary, Sale of Stock [Line Items]
Debt issued, amount		$ 3,200,000,000
Senior Secured Debt | RPI Intermediate FT Senior Secured Credit Facilities - Tranche B-1
Subsidiary, Sale of Stock [Line Items]
Debt issued, amount		2,840,000,000
Senior Secured Debt | Old Credit Facility
Subsidiary, Sale of Stock [Line Items]
Repayments of outstanding debt		$ 6,300,000,000
RPCT
Subsidiary, Sale of Stock [Line Items]
Ownership percentage (as a percent)		66.00%
Legacy Investors Partnerships | Senior Secured Debt | RPI Intermediate FT Senior Secured Credit Facilities - Tranche A-1
Subsidiary, Sale of Stock [Line Items]
Debt issued, amount		$ 1,300,000,000
Legacy Investors Partnerships | Old RPI
Subsidiary, Sale of Stock [Line Items]
Noncontrolling interest (percentage)							18.00%
RPSFT | RPCT
Subsidiary, Sale of Stock [Line Items]
Noncontrolling interest (percentage)		34.00%
RPI Intermediate FT | Senior Secured Debt | RPI Intermediate FT Senior Secured Credit Facilities - Tranche B-1
Subsidiary, Sale of Stock [Line Items]
Debt issued, amount		$ 6,000,000,000				$ 149,000,000
RPI Intermediate FT | Senior Secured Debt | Senior Unsecured Revolving Credit Facility
Subsidiary, Sale of Stock [Line Items]
Repayments of outstanding debt		$ 5,200,000,000
Common Class A
Subsidiary, Sale of Stock [Line Items]
Ownership percentage following IPO	100.00%
Exchange Offer Transaction | Old RPI
Subsidiary, Sale of Stock [Line Items]
Ownership percentage (as a percent)		82.00%
Exchange Offer Transaction | Legacy Investors Partnerships
Subsidiary, Sale of Stock [Line Items]
Exchange offering, ownership percentage		82.00%
IPO | Common Class A
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)			89,334,000
Sale of stock, price per share (in dollars per share)	$ 28
IPO - Shares From Company | Common Class A
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)	71,652,000
IPO - Shares From Selling Shareholders | Common Class A
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)	17,682,000
Public Stock Offering - Continuing Investors Partnerships Interests | Common Class B
Subsidiary, Sale of Stock [Line Items]
Number of shares available to convert (in shares)			294,176,000
Number of shares converted (in shares)			241,207,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020partnership	Mar. 31, 2020USD ($)	Feb. 29, 2020	Dec. 31, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of noncontrolling interests created | partnership					2
Proceeds from equity securities	$ 728,025	$ 703,934
Proceeds from sales and maturities of marketable securities	868,689	336,012
Net cash flow from investing	(473,134)	(1,006,720)
Cumulative adjustment to retained earnings	(10,405,365)	(9,394,961)	$ (9,895,815)	$ (9,837,033)		$ (7,162,693)		$ (6,141,438)
Revision of Prior Period, Reclassification, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Proceeds from equity securities		66,700
Proceeds from sales and maturities of marketable securities		17,700
Net cash flow from investing		84,400
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative adjustment to retained earnings								192,705
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative adjustment to retained earnings	$ (2,291,966)	$ (1,571,399)	$ (1,920,635)	$ (1,923,771)		$ (2,561,971)		(2,825,212)
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative adjustment to retained earnings								$ 192,705
Customer Concentration Risk | Current portion of Financial royalty assets | Vertex
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk (as a percent)	29.00%		27.00%
Legacy Investors Partnerships | Old RPI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncontrolling interest (percentage)							18.00%
Continuing Investors Partnerships | RP Holdings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncontrolling interest (percentage)	30.00%

Available for Sale Debt Secur_3

Available for Sale Debt Securities - Narrative (Details) - USD ($)	Jun. 02, 2021	Aug. 07, 2020	Apr. 05, 2019	Jun. 30, 2021	Jun. 30, 2020
Debt and Equity Securities, FV-NI [Line Items]
Purchase of available for sale debt securities				$ 35,170,000	$ 0
MorphoSys
Debt and Equity Securities, FV-NI [Line Items]
Redemption price, percentage				220.00%
Commitment to fund agreement	$ 150,000,000
Series A Preferred Stock
Debt and Equity Securities, FV-NI [Line Items]
Purchase of available for sale debt securities			$ 125,000,000
Series B Preferred Stock
Debt and Equity Securities, FV-NI [Line Items]
Purchase of available for sale debt securities		$ 200,000,000
Preferred Shares | Series A Preferred Stock
Debt and Equity Securities, FV-NI [Line Items]
Number of shares purchased (in shares)			2,495
Price per share (in USD per share)			$ 50,100
Redemption price, percentage				200.00%
Redemption default, threshold period			1 year
Preferred Shares | Series B Preferred Stock
Debt and Equity Securities, FV-NI [Line Items]
Number of shares purchased (in shares)		3,992		702
Price per share (in USD per share)		$ 50,100
Redemption default, interest rate		18.00%	18.00%
Redemption default, threshold period		1 year
Preferred Shares | Redemption, Period One | Series A Preferred Stock
Debt and Equity Securities, FV-NI [Line Items]
Redemption price, percentage				200.00%
Preferred Shares | Redemption, Period One | Series B Preferred Stock
Debt and Equity Securities, FV-NI [Line Items]
Redemption price, percentage				180.00%
Preferred Shares | Redemption, Period Two | Series A Preferred Stock
Debt and Equity Securities, FV-NI [Line Items]
Redemption price, percentage				200.00%
Preferred Shares | Redemption, Period Two | Series B Preferred Stock
Debt and Equity Securities, FV-NI [Line Items]
Redemption price, percentage				180.00%

Available for Sale Debt Secur_4

Available for Sale Debt Securities - Summary of Available for Sale Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 178,381	$ 145,647
Unrealized gains	92,819	87,353
Fair Value	271,200	233,000
Available for sale debt securities, current	68,702	69,984
Available for sale debt securities, noncurrent	202,498	163,016
Series A Preferred Stock
Debt and Equity Securities, FV-NI [Line Items]
Cost	143,211	145,647
Unrealized gains	51,089	68,753
Fair Value	194,300	214,400
Available for sale debt securities, current	68,702	69,984
Available for sale debt securities, noncurrent	125,598	144,416
Series B Preferred Stock
Debt and Equity Securities, FV-NI [Line Items]
Cost	35,170
Unrealized gains	10,930
Fair Value	46,100
Available for sale debt securities, current	0
Available for sale debt securities, noncurrent	46,100
Forward Contracts
Debt and Equity Securities, FV-NI [Line Items]
Cost	0	0
Unrealized gains	21,500	18,600
Fair Value	21,500	18,600
Available for sale debt securities, current	0	0
Available for sale debt securities, noncurrent	21,500	$ 18,600
Development Funding Bond Forward
Debt and Equity Securities, FV-NI [Line Items]
Cost	0
Unrealized gains	9,300
Fair Value	9,300
Available for sale debt securities, current	0
Available for sale debt securities, noncurrent	$ 9,300

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 31, 2021	Nov. 30, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount			$ 600,000,000		$ 600,000,000
Swap termination payments					0	$ 35,448,000
Derivative collateral received					11,470,000	45,252,000
Unrealized gain (loss) on derivatives					4,464,000	32,798,000
Level 1 | Fair Value, Recurring
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, fair value							$ (5,400,000)
Interest Rate Swap | Level 1 | Fair Value, Recurring
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrant liability			1,900,000		1,900,000
Epizyme Common Stock Warrant
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants to purchase additional shares (in shares)		2,500,000
Equity Investment In Epizyme Inc.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Equity securities		$ 100,000,000
Upfront payment for equity investment		$ 100,000,000
Equity Investment In Epizyme Inc. | Epizyme Common Stock Warrant
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exercise price of warrant (in dollars per share)		$ 20
Term of warrant (in years)		3 years
Equity Investment In Epizyme Inc. | Put Option
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Put option, term (in months)		18 months
Put option to sell additional common stock		$ 50,000,000
Put option, selling price, maximum (in dollars per share)		$ 20
Treasury Rate Lock Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Right to reclaim cash			600,000		600,000
Obligation to return cash			2,700,000		2,700,000
Treasury Rate Lock Contracts | Loss/(gain) on derivative financial instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments			968,000	$ 0	968,000	0
Treasury Rate Lock Contracts | Subsequent Event
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap termination payments	$ 16,100,000
Treasury Rate Lock Contracts | Other Current Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, fair value			600,000		600,000
Treasury Rate Lock Contracts | Other Current Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, fair value			1,600,000		1,600,000
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivatives						10,900,000
Interest Rate Swap | Loss/(gain) on derivative financial instruments | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments					0	6,908,000
Warrant
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivatives			900,000	(600,000)	3,500,000	16,100,000
Warrant | Loss/(gain) on derivative financial instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments			$ 941,000	$ (647,000)
Warrant | Loss/(gain) on derivative financial instruments | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments					$ 3,496,000	$ 16,097,000

Derivative Instruments - Summar

Derivative Instruments - Summary of Derivatives and Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest Rate Swap | Loss/(gain) on derivative financial instruments | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of loss reclassified from AOCI into income			$ 0	$ 4,066
Interest rate swaps			0	(73)
Interest Rate Swap | Loss/(gain) on derivative financial instruments | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments			0	6,908
Interest Rate Swap | Interest expense | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swaps			0	114
Interest Rate Swap | Interest expense | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments			0	408
Warrant | Loss/(gain) on derivative financial instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments	$ 941	$ (647)
Warrant | Loss/(gain) on derivative financial instruments | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments			3,496	16,097
Forwards | Loss/(gain) on derivative financial instruments | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in fair value of derivative contracts			0	5,800
Treasury Rate Lock Contracts | Loss/(gain) on derivative financial instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments	$ 968	$ 0	$ 968	$ 0

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments - Schedule of Fair Value Hierarchy (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2021
Assets:
Marketable securities	$ 983,279	$ 842,685
Available for sale debt securities	69,984	68,702
Equity securities	298,689	184,042
Available for sale debt securities	163,016	202,498
Immunomedics
Liabilities:
Gain (loss) on equity securities	292,300
Forwards
Assets:
Available for sale debt securities	0	0
Available for sale debt securities	18,600	21,500
Fair Value, Recurring
Assets:
Available for sale debt securities	69,984	68,702
Total current assets	1,229,243	1,432,096
Equity securities	298,689	184,042
Available for sale debt securities	144,416	171,698
Total non-current assets	467,144	388,484
Liabilities:
Total current liabilities		1,584
Fair Value, Recurring | Commercial Paper
Assets:
Marketable securities	444,554	165,658
Fair Value, Recurring | Corporate Debt Securities
Assets:
Marketable securities	32,754
Fair Value, Recurring | Certificates of Deposit
Assets:
Marketable securities	505,971	677,027
Fair Value, Recurring | Treasury Rate Lock Contracts
Assets:
Derivatives		616
Liabilities:
Derivative liability		1,584
Fair Value, Recurring | Forwards
Assets:
Derivatives	18,600	30,800
Fair Value, Recurring | Warrant
Assets:
Derivatives	5,439	1,944
Level 1 | Fair Value, Recurring
Assets:
Available for sale debt securities	0	0
Total current assets	24,302	510,092
Equity securities	298,689	184,042
Available for sale debt securities	0	0
Total non-current assets	298,689	184,042
Liabilities:
Total current liabilities		0
Level 1 | Fair Value, Recurring | Commercial Paper
Assets:
Marketable securities	0	0
Level 1 | Fair Value, Recurring | Corporate Debt Securities
Assets:
Marketable securities	0
Level 1 | Fair Value, Recurring | Certificates of Deposit
Assets:
Marketable securities	0	0
Level 1 | Fair Value, Recurring | Treasury Rate Lock Contracts
Assets:
Derivatives		0
Liabilities:
Derivative liability		0
Level 1 | Fair Value, Recurring | Forwards
Assets:
Derivatives	0	0
Level 1 | Fair Value, Recurring | Warrant
Assets:
Derivatives	0	0
Level 2 | Fair Value, Recurring
Assets:
Available for sale debt securities	0	0
Total current assets	1,134,957	853,302
Equity securities	0	0
Available for sale debt securities	0	0
Total non-current assets	5,439	1,944
Liabilities:
Total current liabilities		1,584
Level 2 | Fair Value, Recurring | Commercial Paper
Assets:
Marketable securities	444,554	165,658
Level 2 | Fair Value, Recurring | Corporate Debt Securities
Assets:
Marketable securities	32,754
Level 2 | Fair Value, Recurring | Certificates of Deposit
Assets:
Marketable securities	505,971	677,027
Level 2 | Fair Value, Recurring | Treasury Rate Lock Contracts
Assets:
Derivatives		616
Liabilities:
Derivative liability		1,584
Level 2 | Fair Value, Recurring | Forwards
Assets:
Derivatives	0	0
Level 2 | Fair Value, Recurring | Warrant
Assets:
Derivatives	5,439	1,944
Level 3 | Fair Value, Recurring
Assets:
Available for sale debt securities	69,984	68,702
Total current assets	69,984	68,702
Equity securities	0	0
Available for sale debt securities	144,416	171,698
Total non-current assets	163,016	202,498
Liabilities:
Total current liabilities		0
Level 3 | Fair Value, Recurring | Commercial Paper
Assets:
Marketable securities	0	0
Level 3 | Fair Value, Recurring | Corporate Debt Securities
Assets:
Marketable securities	0
Level 3 | Fair Value, Recurring | Certificates of Deposit
Assets:
Marketable securities	0	0
Level 3 | Fair Value, Recurring | Treasury Rate Lock Contracts
Assets:
Derivatives		0
Liabilities:
Derivative liability		0
Level 3 | Fair Value, Recurring | Forwards
Assets:
Derivatives	18,600	30,800
Level 3 | Fair Value, Recurring | Forwards | Morphosys Development Funding Bonds
Assets:
Derivatives		150,000
Level 3 | Fair Value, Recurring | Warrant
Assets:
Derivatives	0	0
Money Market Funds | Fair Value, Recurring
Assets:
Cash equivalents	24,302	510,092
Money Market Funds | Level 1 | Fair Value, Recurring
Assets:
Cash equivalents	24,302	510,092
Money Market Funds | Level 2 | Fair Value, Recurring
Assets:
Cash equivalents	0	0
Money Market Funds | Level 3 | Fair Value, Recurring
Assets:
Cash equivalents	0	0
Certificates of Deposit | Fair Value, Recurring
Assets:
Cash equivalents	74,502	10,001
Certificates of Deposit | Level 1 | Fair Value, Recurring
Assets:
Cash equivalents	0	0
Certificates of Deposit | Level 2 | Fair Value, Recurring
Assets:
Cash equivalents	74,502	10,001
Certificates of Deposit | Level 3 | Fair Value, Recurring
Assets:
Cash equivalents	0	$ 0
Commercial Paper | Fair Value, Recurring
Assets:
Cash equivalents	77,176
Commercial Paper | Level 1 | Fair Value, Recurring
Assets:
Cash equivalents	0
Commercial Paper | Level 2 | Fair Value, Recurring
Assets:
Cash equivalents	77,176
Commercial Paper | Level 3 | Fair Value, Recurring
Assets:
Cash equivalents	$ 0

Fair Value Measurements and F_4

Fair Value Measurements and Financial Instruments - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 07, 2020	Apr. 05, 2019	Feb. 29, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Gain (loss) on equity securities still held				$ 28,300	$ 48,500	$ (10,700)	$ (57,500)
Available for sale debt securities				$ 271,200		271,200		$ 233,000
Investments in non-consolidated affiliates						$ 35,170	$ 0
Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in non-consolidated affiliates		$ 125,000
Series B Preferred Stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in non-consolidated affiliates	$ 200,000
Preferred Shares | Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Redemption price, percentage						200.00%
Preferred shares, quarterly payments						$ 15,600
Preferred shares, fixed payment amount			$ 250,000
Preferred shares, weighted average cost of capital						7.10%		8.30%
Price per share (in USD per share)		$ 50,100
Number of shares purchased (in shares)		2,495
Preferred Shares | Series B Preferred Stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Price per share (in USD per share)	$ 50,100
Number of shares purchased (in shares)	3,992					702
Preferred Shares | Redemption, Period One | Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Redemption price, percentage						200.00%
Preferred Shares | Redemption, Period One | Series B Preferred Stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Redemption price, percentage						180.00%

Fair Value Measurements and F_5

Fair Value Measurements and Financial Instruments - Summary of Change in Carrying Value of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	$ 226,800	$ 0	$ 214,400	$ 131,280
Unrealized gains on available for sale debt securities (1)	6,525	0	11,650	52,725
Settlement of forwards	5,115	0	10,430	0
Transfer to Level 2	0	0	0	(184,005)
Redemption	(15,625)	0	(31,250)	0
Balance at the end of the period	240,400	0	240,400	0
Series B Preferred Stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	22,400	0	18,600	0
Unrealized gains on available for sale debt securities (1)	13,515	0	22,630	0
Settlement of forwards	(5,115)	0	(10,430)	0
Balance at the end of the period	30,800	0	30,800	0
Available-for-sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Purchases	$ 17,585	$ 0	$ 35,170	$ 0

Fair Value Measurements and F_6

Fair Value Measurements and Financial Instruments - Schedule of Estimated Fair Values Based on Level 3 Inputs (Details) - Level 3 - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financial royalty assets, net	$ 19,082,368	$ 18,718,179
Carrying value, net
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financial royalty assets, net	$ 12,932,077	$ 12,368,084

Financial Royalty Assets, Net -

Financial Royalty Assets, Net - Summary of Financial Royalty Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross carrying value	$ 14,819,532	$ 14,219,101
Cumulative allowance for changes in expected cash flows	(931,654)	(940,107)
Net carrying value, before cumulative allowance for credit losses	13,887,878	13,278,994
Cumulative allowance for credit losses	(358,950)	(323,717)
Net carrying value	13,528,928	12,955,277
Cystic fibrosis franchise
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross carrying value	5,322,478	5,274,896
Cumulative allowance for changes in expected cash flows	0	0
Net carrying value, before cumulative allowance for credit losses	5,322,478	5,274,896
Tysabri
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross carrying value	1,926,555	2,003,797
Cumulative allowance for changes in expected cash flows	0	(112,720)
Net carrying value, before cumulative allowance for credit losses	1,926,555	1,891,077
Imbruvica
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross carrying value	1,425,298	1,406,291
Cumulative allowance for changes in expected cash flows	(156,664)	(46,872)
Net carrying value, before cumulative allowance for credit losses	1,268,634	1,359,419
Xtandi
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross carrying value	1,126,241	1,150,335
Cumulative allowance for changes in expected cash flows	(87,245)	(145,565)
Net carrying value, before cumulative allowance for credit losses	1,038,996	1,004,770
Evrysdi
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross carrying value	703,153	675,440
Cumulative allowance for changes in expected cash flows	0	0
Net carrying value, before cumulative allowance for credit losses	703,153	675,440
Aggregate royalty amount when patents cease	1,300,000	1,300,000
Promacta
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross carrying value	645,626	686,129
Cumulative allowance for changes in expected cash flows	(7,600)	0
Net carrying value, before cumulative allowance for credit losses	638,026	686,129
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross carrying value	3,670,181	3,022,213
Cumulative allowance for changes in expected cash flows	(680,145)	(634,950)
Net carrying value, before cumulative allowance for credit losses	$ 2,990,036	$ 2,387,263

Cumulative Allowance and the _3

Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Cumulative adjustment to retained earnings	$ (10,405,365)	$ (9,837,033)	$ (9,895,815)	$ (9,394,961)	$ (7,162,693)	$ (6,141,438)
Retained Earnings
Financing Receivable, Allowance for Credit Loss [Line Items]
Cumulative adjustment to retained earnings	$ (2,291,966)	$ (1,923,771)	$ (1,920,635)	$ (1,571,399)	$ (2,561,971)	(2,825,212)
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Cumulative adjustment to retained earnings						192,705
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
Financing Receivable, Allowance for Credit Loss [Line Items]
Cumulative adjustment to retained earnings						$ 192,705

Cumulative Allowance and the _4

Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets - Schedule of Cumulative Allowance for Changes in Expected Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	$ (1,263,824)
Increases to the cumulative allowance for changes in expected cash flows from financial royalty assets	(409,793)
Decreases to the cumulative allowance for changes in expected cash flows from financial royalty assets	396,526
Reversal of cumulative allowance	21,719
Current period provision for credit losses	(35,232)
Ending balance	(1,290,604)
Cumulative allowance for credit losses	358,950	$ 323,717
Funding Agreement With Biohaven Pharmaceuticals
Financing Receivable, Allowance for Credit Loss [Line Items]
Purchase commitment, additional payments	$ 100,000

Intangible Royalty Assets, Ne_2

Intangible Royalty Assets, Net - Schedule of Intangible Royalty Interests (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Cost	$ 606,216	$ 606,216
Accumulated amortization	588,954	577,550
Net carrying value	17,262	28,666
DPP-IV Inhibitors
Finite-Lived Intangible Assets [Line Items]
Cost	606,216	606,216
Accumulated amortization	588,954	577,550
Net carrying value	$ 17,262	$ 28,666

Intangible Royalty Assets, Ne_3

Intangible Royalty Assets, Net - Narrative (Details) - DPP-IV Inhibitors - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets, useful life			1 year
Projected amortization expense, 2021	$ 11.6		$ 11.6
Projected amortization expense, 2022	$ 5.7		$ 5.7
Revenue Benchmark | Individual Licensees Concentration List
Finite-Lived Intangible Assets [Line Items]
Individual licensees exceeding 10% or more of revenue (as a percent)	90.00%	96.00%	94.00%	95.00%

Non-Consolidated Affiliates (De

Non-Consolidated Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Feb. 11, 2020	May 31, 2018	Mar. 31, 2017
Schedule of Equity Method Investments [Line Items]
Investments in non-consolidated affiliates	$ 465,620		$ 465,620		$ 454,936
Equity in income (loss) of non-consolidated affiliates	17,701	$ 29,292	15,783	$ 20,218
Distributions from non-consolidated affiliates			523	15,084
Distributions from non-consolidated affiliates			22,003	31,840
Avillion II | Merck Asset - Phase II Clinical Trial
Schedule of Equity Method Investments [Line Items]
Other commitment								$ 19,000
Other commitments, percentage of costs (as a percent)								50.00%
Avillion II | AZ Asset - Phase II and Phase III Clinical Trial
Schedule of Equity Method Investments [Line Items]
Other commitment							$ 105,000
Other commitments, percentage of costs (as a percent)							44.00%
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Legacy Investors Partnerships
Schedule of Equity Method Investments [Line Items]
Investments in non-consolidated affiliates						$ 303,700
Equity in income (loss) of non-consolidated affiliates	25,600	20,200	30,800	23,400
Distributions from non-consolidated affiliates	4,700	5,300	8,600	12,200
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Avillion Entities
Schedule of Equity Method Investments [Line Items]
Equity in income (loss) of non-consolidated affiliates	(7,900)	9,100	(15,000)	(3,200)
Equity method investment, unfunded commitments	$ (11,200)		(11,200)		$ 28,600
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Avillion I
Schedule of Equity Method Investments [Line Items]
Distributions from non-consolidated affiliates			$ 13,400	$ 13,400
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Avillion II
Schedule of Equity Method Investments [Line Items]
Distributions from non-consolidated affiliates		$ 21,300

Research & Development ("R&D"_2

Research & Development ("R&D") Funding Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development funding expense	$ 3,122	$ 5,776	$ 5,763	$ 13,415
Remaining commitment for R&D funding agreement	11,400		11,400
Funding Agreements With Sanofi
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development funding expense	$ 3,100	$ 5,800	$ 5,800	$ 13,400

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Unamortized debt discount and issuance costs	$ (174,441,000)	$ (183,416,000)
Total debt carrying value	5,825,559,000	5,816,584,000
Less: Current portion of long-term debt	0	0
Total long-term debt	$ 5,825,559,000	5,816,584,000
Unsecured Debt | Point Seven Five Percent Senior Notes Due 2023
Debt Instrument [Line Items]
Debt issued as a percent of par value (as a percent)	99.322%
Debt instrument, stated rate (as a percent)	0.75%
Debt issued, amount	$ 1,000,000,000	1,000,000,000
Unsecured Debt | One Point Two Zero Percent Senior Notes Due 2025
Debt Instrument [Line Items]
Debt issued as a percent of par value (as a percent)	98.875%
Debt instrument, stated rate (as a percent)	1.20%
Debt issued, amount	$ 1,000,000,000	1,000,000,000
Unsecured Debt | One Point Seven Five Percent Senior Notes Due 2027
Debt Instrument [Line Items]
Debt issued as a percent of par value (as a percent)	98.284%
Debt instrument, stated rate (as a percent)	1.75%
Debt issued, amount	$ 1,000,000,000	1,000,000,000
Unsecured Debt | Two Point Two Zero Percent Senior Notes Due 2030
Debt Instrument [Line Items]
Debt issued as a percent of par value (as a percent)	97.76%
Debt instrument, stated rate (as a percent)	2.20%
Debt issued, amount	$ 1,000,000,000	1,000,000,000
Unsecured Debt | Three Point Three Zero Percent Senior Notes Due 2040
Debt Instrument [Line Items]
Debt issued as a percent of par value (as a percent)	95.556%
Debt instrument, stated rate (as a percent)	3.30%
Debt issued, amount	$ 1,000,000,000	1,000,000,000
Unsecured Debt | Three Point Five Five Percent Senior Notes Due 2050
Debt Instrument [Line Items]
Debt issued as a percent of par value (as a percent)	95.306%
Debt instrument, stated rate (as a percent)	3.55%
Debt issued, amount	$ 1,000,000,000	1,000,000,000
Unsecured Debt | Senior Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Debt issued, amount	$ 0	$ 0

Borrowings - Narrative (Details

Borrowings - Narrative (Details)	Sep. 18, 2020USD ($)	Sep. 02, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jul. 26, 2021USD ($)	Dec. 31, 2020USD ($)	Feb. 11, 2020USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 0	$ 5,405,000
Senior Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ 5,400,000
Unsecured Debt | The Notes
Debt Instrument [Line Items]
Debt issued, amount		$ 6,000,000,000
Debt issuance costs		$ 40,400,000
Weighted average coupon rate (as a percent)			2.125%
Weighted average effective interest rate (as a percent)			2.50%
Unsecured Debt | The Notes | Level 2
Debt Instrument [Line Items]
Fair value of outstanding Notes			$ 6,000,000,000
Unsecured Debt | The Notes | Prior to the applicable par call date
Debt Instrument [Line Items]
Redemption price (as a percent)		100.00%
Unsecured Debt | The Notes | Upon occurrence of a change of control triggering event
Debt Instrument [Line Items]
Redemption price (as a percent)		101.00%
Unsecured Debt | Senior Unsecured Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term	5 years
Line of credit, maximum borrowing capacity	$ 1,500,000,000
Outstanding borrowings			0			$ 0
Debt issuance costs related to revolving credit facility	$ 6,100,000
Maximum consolidated leverage ratio	4
Maximum consolidated leverage ratio following qualifying material acquisition	4.50
Minimum consolidated coverage ratio	2.50
Unsecured Debt | Senior Unsecured Revolving Credit Facility | Federal Funds Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	0.50%
Unsecured Debt | Senior Unsecured Revolving Credit Facility | Overnight Bank Funding Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	0.50%
Unsecured Debt | Senior Unsecured Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1.00%
Unsecured Debt | Senior Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Debt issued, amount			$ 0			$ 0
Senior Secured Debt | RPI Intermediate FT Senior Secured Credit Facilities - Tranche B-1
Debt Instrument [Line Items]
Debt issued, amount							$ 2,840,000,000
Senior Secured Debt | RPI Intermediate FT Senior Secured Credit Facilities - Tranche B-1 | RPI Intermediate FT
Debt Instrument [Line Items]
Debt issued, amount		$ 149,000,000					6,000,000,000
Senior Secured Debt | RPI Intermediate FT Senior Secured Credit Facilities - Tranche A-1
Debt Instrument [Line Items]
Debt issued, amount							$ 3,200,000,000
Senior Notes | Subsequent Event
Debt Instrument [Line Items]
Debt issued, amount					$ 1,300,000,000
Senior Notes | Senior Notes Due 2031 | Subsequent Event
Debt Instrument [Line Items]
Debt issued, amount					$ 600,000,000
Senior notes, coupon rate (as a percent)					2.15%
Debt issued as a percent of par value (as a percent)					98.263%
Senior Notes | Senior Notes Due 2051 | Subsequent Event
Debt Instrument [Line Items]
Debt issued, amount					$ 700,000,000
Senior notes, coupon rate (as a percent)					3.35%
Debt issued as a percent of par value (as a percent)					97.565%

Borrowings - Schedule of Repaym

Borrowings - Schedule of Repayments of Debt by Year (Details) - Unsecured Debt - The Notes $ in Thousands	Jun. 30, 2021USD ($)
Debt Instrument [Line Items]
Remainder of 2021	$ 0
2022	0
2023	1,000,000
2024	0
2025	1,000,000
Thereafter	4,000,000
Total	6,000,000
Unamortized discount and loan issuance costs on long-term debt	$ (174,400)

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)shares	Jun. 30, 2021£ / sharesshares	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)shares	Jun. 17, 2020USD ($)	Mar. 31, 2021shares	Dec. 31, 2020shares	Jun. 15, 2020shares	Mar. 31, 2020shares	Dec. 31, 2019shares
Class of Stock [Line Items]
Dividends declared and paid | $				$ 138,600,000
Dividends declared and paid (in dollars per share) | $ / shares				$ 0.17
Requisite service period				1 year
Share based compensation | $	$ 900,000	$ 3,700,000		$ 1,700,000	$ 3,700,000	$ 0
Deferred Shares
Class of Stock [Line Items]
Shares, outstanding (in shares)	355,217,000	294,176,000	355,217,000	355,217,000	294,176,000		321,128,000	316,407,000		0	0
Common Class A
Class of Stock [Line Items]
Common shares outstanding	427,006,000		427,006,000	427,006,000				388,135,000
Dividends declared and paid (in dollars per share) | $ / shares	$ 0.17			$ 0.34
Common Class A | 2020 Equity Incentive Plan
Class of Stock [Line Items]
Shares reserved for future issuance (in shares)									800,000
Common Class B
Class of Stock [Line Items]
Common shares outstanding	180,166,000		180,166,000	180,166,000				218,976,000
Class R Redeemable Stock
Class of Stock [Line Items]
Common shares outstanding	50,000		50,000	50,000				50,000
Shares, outstanding (in shares)	50,000		50,000	50,000
Redeemable stock, redemption price (in euros per share) | £ / shares			£ 1

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Noncontrolling Interests (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 17, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 17, 2020
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		$ 9,837,033	$ 9,895,815	$ 7,162,693	$ 7,162,693	$ 6,141,438	$ 9,895,815	$ 6,141,438	$ 6,141,438
Contributions		11,519		6,691			14,772	1,447,965
Transfer of interests								0
Distributions		(170,808)		(296,483)			(316,186)	(689,684)
Net income (loss)	$ 86,187	806,755		601,976	515,789		965,734	711,072	624,885
Effect of exchange by Continuing Investors of Class B ordinary shares for Class A ordinary shares and reallocation of historical equity				(1)				(1)
Issuance of Class A ordinary shares sold in IPO, net of offering costs				1,909,332				1,909,332
Other exchanges		0					0
Unrealized gain on available for sale debt securities		6,025		6,949			11,150	59,674
Reclassification of unrealized gain on available for sale debt securities		(13,299)		0			(28,790)	0
Ending balance	9,394,961	$ 10,405,365	9,837,033	9,394,961		7,162,693	$ 10,405,365	9,394,961
RP Holdings | Continuing Investors Partnerships
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest (percentage)		30.00%					30.00%
Non-Controlling Interest
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		$ 4,954,818	5,077,036	2,002,775	2,002,775	35,883	$ 5,077,036	35,883	35,883
Contributions		11,519	3,253	6,691		1,133,628	14,772	1,140,319
Transfer of interests						1,037,161		1,037,161
Distributions		(170,808)	(145,378)	(124,851)		(251,425)	(316,186)	(376,276)
Net income (loss)	52,715	365,979	89,860		107,187	37,856	455,839		145,043
Effect of exchange by Continuing Investors of Class B ordinary shares for Class A ordinary shares and reallocation of historical equity				2,433,098				2,433,098
Issuance of Class A ordinary shares sold in IPO, net of offering costs				758,590				758,590
Other exchanges		(486,591)	(65,072)				(551,663)
Unrealized gain on available for sale debt securities		2,677	2,413	1,624		9,672	5,090	11,296
Reclassification of unrealized gain on available for sale debt securities		(5,908)	(7,294)				(13,202)
Ending balance	5,237,829	4,671,686	4,954,818	5,237,829		2,002,775	4,671,686	5,237,829
Non-Controlling Interest | RPSFT
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		13,841	12,436	31,563	31,563	35,883	12,436	35,883	35,883
Distributions		(12,476)	(13,653)	(25,270)		(29,246)
Net income (loss)	3,400	19,275	15,058		17,225	24,926
Ending balance	26,918	20,640	13,841	26,918		31,563	20,640	26,918
Non-Controlling Interest | Legacy Investors Partnerships
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		1,882,655	1,939,509	1,971,212	1,971,212	0	1,939,509	0	0
Contributions		6,654	3,253	6,691		1,133,628
Transfer of interests						1,037,161
Distributions		(127,747)	(94,542)	(99,581)		(222,179)
Net income (loss)	17,755	133,743	36,257		89,962	12,930
Effect of exchange by Continuing Investors of Class B ordinary shares for Class A ordinary shares and reallocation of historical equity				(750)
Unrealized gain on available for sale debt securities		1,059	901	1,222		9,672
Reclassification of unrealized gain on available for sale debt securities		(2,337)	(2,723)
Ending balance	1,986,511	1,894,027	1,882,655	1,986,511		1,971,212	1,894,027	1,986,511
Non-Controlling Interest | Continuing Investors Partnerships
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		3,058,322	3,125,091	0	0	0	3,125,091	0	0
Contributions		4,865
Distributions		(30,585)	(37,183)
Net income (loss)	31,560	212,961	38,545
Effect of exchange by Continuing Investors of Class B ordinary shares for Class A ordinary shares and reallocation of historical equity				2,433,848
Issuance of Class A ordinary shares sold in IPO, net of offering costs				758,590
Other exchanges		(486,591)	(65,072)
Unrealized gain on available for sale debt securities		1,618	1,512	402
Reclassification of unrealized gain on available for sale debt securities		(3,571)	(4,571)
Ending balance	3,224,400	2,757,019	3,058,322	3,224,400		0	2,757,019	3,224,400
Non-Controlling Interest | EPA Holdings
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		0	0	0	$ 0	0	0	0	$ 0
Ending balance	$ 0	$ 0	$ 0	$ 0		$ 0	$ 0	$ 0
Non-Controlling Interest | RP Holdings
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest (percentage)	60.00%	70.00%		60.00%			70.00%	60.00%
Non-Controlling Interest | RP Holdings | Continuing Investors Partnerships
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest (percentage)	40.00%	30.00%		40.00%			30.00%	40.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 17, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 17, 2020
Numerator
Net income (loss)		$ 86,187	$ 806,755	$ 601,976	$ 515,789	$ 965,734	$ 711,072	$ 624,885
Less: net income attributable to Continuing Investors Partnerships prior to the IPO				408,602			479,842
Less: net income attributable to non-controlling interest			365,979	159,902		455,839	197,758
Net income attributable to Royalty Pharma plc - basic			440,776	$ 33,472		509,895	$ 33,472
Add: Reallocation of net income attributable to non-controlling interest from the assumed conversion of Class B ordinary shares			212,961			251,506
Net income attributable to Royalty Pharma plc - diluted			$ 653,737			$ 761,401
Denominator
Weighted average Class A ordinary shares outstanding - basic (in shares)	[1]		409,344	353,979		399,606	353,979
Class B ordinary shares exchangeable for Class A ordinary shares (in shares)			197,773			207,508
Unvested RSUs (in shares)			46	1		37	1
Weighted average Class A ordinary shares outstanding - diluted (in shares)	[1]		607,163	353,980		607,151	353,980
Earnings per Class A ordinary share - basic (in dollars per share)	[1]		$ 1.08	$ 0.09		$ 1.28	$ 0.09
Earnings per Class A ordinary share - diluted (in dollars per share)	[1]		$ 1.08	$ 0.09		$ 1.25	$ 0.09
Common Class A
Denominator
Weighted average Class A ordinary shares outstanding - diluted (in shares)							607,100
Class B Holders
Numerator
Less: net income attributable to non-controlling interest			$ 212,961	$ 31,560		$ 251,506	$ 31,560
Legacy Investors Partnerships and RPSFT
Numerator
Less: net income attributable to non-controlling interest			$ 153,018	$ 128,342		$ 204,333	$ 166,198
[1]	Prior year figures represent earnings per Class A ordinary share and weighted average Class A ordinary shares outstanding for the period from June 16, 2020 through June 30, 2020, the period following our initial public offering (“IPO”). See Note 13–Earnings per Share.

Indirect Cash Flow (Details)

Indirect Cash Flow (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 17, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 17, 2020
Supplemental Cash Flow Elements [Abstract]
Net income (loss)	$ 86,187	$ 806,755	$ 601,976	$ 515,789	$ 965,734	$ 711,072	$ 624,885
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Income from financial royalty assets					(1,033,039)	(937,021)
Provision for changes in expected cash flows from financial royalty assets		(243,762)	47,278		48,499	135,290
Amortization of intangible assets		5,733	5,733		11,404	11,466
Amortization of debt discount and issuance costs					9,583	4,340
Loss on derivative financial instruments					4,464	32,798
Gain on equity securities		(55,495)	(193,895)		(1,309)	(40,729)
Equity in earnings of non-consolidated affiliates		(17,701)	(29,292)		(15,783)	(20,218)
Distributions from non-consolidated affiliates					22,003	31,840
Loss on extinguishment of debt					0	5,405
Share-based compensation					1,434	3,740
Interest income accretion					(28,790)	0
Unrealized gain on available for sale debt securities		$ (14,015)	$ 0		(23,130)	0
Termination of derivative financial instruments					0	(34,952)
Other					2,049	3,398
Decrease/(increase) in operating assets:
Cash collected on financial royalty assets					1,094,094	1,003,504
Accrued royalty receivable					(988)	1,218
Other royalty income receivable					(4,683)	2,094
Other current assets					3,703	(12,634)
Other assets					0	45,635
(Decrease)/increase in operating liabilities:
Accounts payable and accrued expenses					(913)	13,862
Interest payable					758	0
Other current liabilities					2,730	0
Net cash provided by operating activities					1,057,820	960,108
Supplemental schedule of non-cash investing / financing activities:
Contribution of investment in Legacy Investors Partnerships					0	303,679
Settlement of Epizyme forward purchase contract					0	5,700
Accrued purchase obligation - Tazverik					0	220,000
Repayments of long-term debt by contributions from non-controlling interest					0	1,103,774
Accrued purchase obligation					0	1,610
Accrued capitalized offering costs					$ 0	$ 8,897

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 9,837,033	$ 9,895,815	$ 7,162,693	$ 9,895,815	$ 6,141,438
Reclassifications from non-controlling interest	0			0
Ending balance	10,405,365	9,837,033	9,394,961	10,405,365	9,394,961
Interest income	14,037		$ 2,724	30,635	$ 5,582
Unrealized gain/(loss) on available for sale debt securities, Including noncontrolling interest | Reclassification out of Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Interest income				28,800
Unrealized gain/(loss) on available for sale debt securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		$ 34,395		34,395
Reclassifications to net income				(15,588)
Activity for the period				6,060
Reclassifications from non-controlling interest				(3,805)
Ending balance	$ 28,672			28,672
Unrealized gain/(loss) on available for sale debt securities | Reclassification out of Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Interest income				(15,600)
Unrealized gain/(loss) on available for sale debt securities, noncontrolling interest | Reclassification out of Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Interest income				$ (13,200)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Dec. 08, 2017	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Nov. 30, 2019
Related Party Transaction [Line Items]
Distribution payable to non-controlling interest		$ 117,378			$ 117,378		$ 126,366
Total distribution payable to non-controlling interest		117,378			117,378		126,366
Investments in non-consolidated affiliates		465,620			465,620		454,936
Total financial royalty assets, net		$ 13,528,928			$ 13,528,928		12,955,277
Equity Investment In Epizyme Inc.
Related Party Transaction [Line Items]
Investments in non-consolidated affiliates								$ 100,000
Bristol-Myers Squibb
Related Party Transaction [Line Items]
Installment payments made during period				$ 24,300
Payments To Related Party Funded By Acquisitions | Bristol-Myers Squibb
Related Party Transaction [Line Items]
Installment payments made during period				12,100
The Manager | Operating and Personnel Payments
Related Party Transaction [Line Items]
Quarterly payments to affiliates, percent of adjusted cash receipts (as a percent)		6.50%			6.50%
Quarterly payments to affiliates, percent of security investment (as a percent)		0.25%			0.25%
Amount calculated for operating and personal payment					$ 1,000
Percent calculated for operating and personal payment					0.3125%
Operating and personnel payments incurred		$ 32,400			$ 68,100
The Manager | Former Operating and Personnel Payments
Related Party Transaction [Line Items]
Operating and personnel payments incurred			$ 27,600			$ 47,300
Increase in quarterly installment payments (as a percent)					5.00%
Affiliated Entity | Royalty Distribution Payable to Legacy Investors Partnerships
Related Party Transaction [Line Items]
Total distribution payable to non-controlling interest		106,031			$ 106,031		100,047
Affiliated Entity | Royalty Distribution Payable to RP Select Finance Trust
Related Party Transaction [Line Items]
Total distribution payable to non-controlling interest		11,347			11,347		26,319
Affiliated Entity | Assignment Agreement - Benefit of Payment Stream | Bristol-Myers Squibb
Related Party Transaction [Line Items]
Related party, rate (as a percent)	50.00%
Affiliated Entity | Assignment Agreement - Funding Obligations | Bristol-Myers Squibb
Related Party Transaction [Line Items]
Related party, rate (as a percent)	50.00%
Total financial royalty assets, net		$ 141,200			$ 141,200		150,600
Cumulative funding amount				$ 162,400
Affiliated Entity | Acquisition Of Limited Partnership Interests In Affiliate
Related Party Transaction [Line Items]
Number of limited partnership interest acquired (in shares)					27,210
Affiliated Entity | Acquisition Of Limited Partnership Interests In Affiliate | Treasury Stock
Related Party Transaction [Line Items]
Treasury interests					$ 4,300
Affiliated Entity | Acquisition Of Limited Partnership Interests In Affiliate | Non-Controlling Interest
Related Party Transaction [Line Items]
Treasury interests					$ 1,600		$ 1,900
Pablo Legorreta | Purchasing And Donating Ventilators
Related Party Transaction [Line Items]
Amount paid to CEO			$ 1,000			$ 1,000

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jul. 15, 2021USD ($)shares	Jul. 15, 2021€ / shares	Jun. 02, 2021USD ($)therapy	Aug. 07, 2020USD ($)	Nov. 30, 2021USD ($)	Nov. 30, 2020USD ($)	Jan. 31, 2020USD ($)	Nov. 30, 2019USD ($)	Jun. 30, 2021USD ($)
MorphoSys
Long-term Purchase Commitment [Line Items]
Commitment to fund agreement			$ 150,000,000
MorphoSys | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Long-term Purchase Commitment [Line Items]
Long term strategic funding agreement			2,025,000,000
Additional milestone payment			150,000,000
Payment of capital			$ 350,000,000
Payment of capital, term			1 year
Commitment to fund agreement			$ 150,000,000
Number of development state therapies | therapy			4
Expected return (as a percent)			220.00%
Period of return			9 years
Start of period of return			2 years
Subsequent Event | MorphoSys | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Long-term Purchase Commitment [Line Items]
Upfront cash payment	$ 1,425,000,000
Purchase of ordinary shares (in shares) | shares	1,337,552
Purchase of ordinary shares, amount	$ 100,000,000
Purchase of ordinary shares, share price (in dollars per share) | € / shares		€ 63.35
Funding Agreement With Biohaven Pharmaceuticals
Long-term Purchase Commitment [Line Items]
Payment for purchase of royalties				$ 450,000,000
Purchase commitment, upfront payment				150,000,000
Purchase commitment, additional payments									$ 100,000,000
Purchase commitment, purchase of committed, non-contingent Commercial Launch Preferred Equity payable				$ 200,000,000
Purchase commitment, amount outstanding									$ 164,800,000
Purchase Of Eisai Royalties
Long-term Purchase Commitment [Line Items]
Payment for purchase of royalties								$ 330,000,000
Purchase commitment, upfront payment							$ 110,000,000
Purchase commitment, additional payments						$ 110,000,000	$ 220,000,000
Forecast | Purchase Of Eisai Royalties
Long-term Purchase Commitment [Line Items]
Purchase commitment, additional payments					$ 110,000,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Senior Notes	Jul. 26, 2021USD ($)
Subsequent Event [Line Items]
Debt issued, amount	$ 1,300,000,000
Senior Notes Due 2031
Subsequent Event [Line Items]
Debt issued, amount	$ 600,000,000
Debt issued as a percent of par value (as a percent)	98.263%
Senior notes, coupon rate (as a percent)	2.15%
Senior Notes Due 2051
Subsequent Event [Line Items]
Debt issued, amount	$ 700,000,000
Debt issued as a percent of par value (as a percent)	97.565%
Senior notes, coupon rate (as a percent)	3.35%

Uncategorized Items - rprx-2021

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]
Retained Earnings [Member]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	$ 479,842,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	33,472,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	$ 408,602,000