Royalty Pharma (RPRX) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 03, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	Large 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	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		448,198,968
Class B Ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		158,938,641

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 1,975,689	$ 1,710,751
Marketable securities	0	24,421
Financial royalty assets	610,022	691,319
Accrued royalty receivable	16,356	16,830
Available for sale debt securities	2,500	1,300
Other royalty income receivable	22,084	19,767
Other current assets	4,570	90,520
Total current assets	2,631,221	2,554,908
Financial royalty assets, net	13,661,816	13,493,106
Equity securities	101,529	112,348
Available for sale debt securities	267,200	226,300
Equity method investments	384,325	397,175
Other assets	28,030	29,629
Total assets	17,074,121	16,813,466
Current liabilities
Distributions payable to legacy non-controlling interests	98,582	94,803
Accounts payable and accrued expenses	6,657	7,906
Interest payable	13,199	54,162
Current portion of long-term debt	998,441	997,512
Other current liabilities	0	12,400
Total current liabilities	1,116,879	1,166,783
Long-term debt	6,122,942	6,118,810
Other liabilities	12,300	2,500
Total liabilities	7,252,121	7,288,093
Commitments and contingencies
Shareholders’ equity
Deferred shares, $0.000001 par value; 376,444 and 371,325 issued and outstanding, respectively	0	0
Additional paid-in capital	3,739,658	3,666,160
Retained earnings	2,216,811	1,964,689
Non-controlling interests	3,868,251	3,897,223
Treasury interests	(2,828)	(2,806)
Total shareholders’ equity	9,822,000	9,525,373
Total liabilities and shareholders’ equity	17,074,121	16,813,466
Class A Ordinary Shares
Shareholders’ equity
Common stock	45	44
Class B Ordinary Shares
Shareholders’ equity
Common stock	0	0
Class R Redeemable Shares
Shareholders’ equity
Common stock	$ 63	$ 63

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) shares in Thousands	Mar. 31, 2023 $ / shares shares	Mar. 31, 2023 £ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2022 £ / shares shares
Deferred stock, par value (in dollars per share) | $ / shares	$ 0.000001		$ 0.000001
Deferred stock, issued (in shares)	376,444	376,444	371,325	371,325
Deferred stock, outstanding (in shares)	376,444	376,444	371,325	371,325
Class A Ordinary Shares
Common stock, par value (in dollars/pounds per share) | $ / shares	$ 0.0001		$ 0.0001
Common stock, issued (in shares)	448,287	448,287	443,166	443,166
Common stock, outstanding (in shares)	448,287	448,287	443,166	443,166
Class B Ordinary Shares
Common stock, par value (in dollars/pounds per share) | $ / shares	$ 0.000001		$ 0.000001
Common stock, issued (in shares)	158,939	158,939	164,058	164,058
Common stock, outstanding (in shares)	158,939	158,939	164,058	164,058
Class R Redeemable Shares
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 OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues	$ 683,971	$ 562,049
Operating expenses
Provision for changes in expected cash flows from financial royalty assets	118,804	184,621
Research and development funding expense	500	100,500
Amortization of intangible assets	0	5,670
General and administrative expenses	85,695	51,540
Total operating expenses, net	204,999	342,331
Operating income	478,972	219,718
Other (income)/expense
Equity in earnings of equity method investees	(34,606)	(397)
Interest expense	46,950	47,063
Gains on derivative financial instruments	(7,090)	0
Losses on equity securities	10,818	36,162
(Gains)/losses on available for sale debt securities	(32,300)	16,579
Interest income	(16,702)	(9,529)
Other non-operating expense, net	2,813	1,757
Total other (income)/expenses, net	(30,117)	91,635
Consolidated net income before tax	509,089	128,083
Income tax expense	0	0
Consolidated net income	509,089	128,083
Net income attributable to non-controlling interests	168,334	76,322
Net income attributable to Royalty Pharma plc	$ 340,755	$ 51,761
Earnings per Class A ordinary share:
Basic (in dollars per share)	$ 0.76	$ 0.12
Diluted (in dollars per share)	$ 0.76	$ 0.12
Weighted average Class A ordinary shares outstanding:
Basic (in shares)	445,612	433,956
Diluted (in shares)	607,251	607,201
Financial Royalty Assets
Revenues	$ 664,687	$ 511,523
Intangible Royalty Assets
Revenues	143	33,586
Royalty Income, Other
Revenues	$ 19,141	$ 16,940

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Consolidated net income	$ 509,089	$ 128,083
Other comprehensive income/(loss):
Unrealized gains on available for sale debt securities	0	1,625
Reclassification of unrealized gains on available for sale debt securities	0	(8,954)
Other comprehensive loss	0	(7,329)
Comprehensive income	509,089	120,754
Comprehensive income attributable to non-controlling interests	168,334	73,310
Comprehensive income attributable to Royalty Pharma plc	$ 340,755	$ 47,444

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Class R Redeemable Shares	Common Stock Class A Ordinary Shares	Common Stock Class B Ordinary Shares	Common Stock Class R Redeemable Shares	Deferred Shares	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income	Non-Controlling Interests	Treasury Interests
Beginning balance (in shares) at Dec. 31, 2021			432,963	174,213	50	361,170
Beginning balance at Dec. 31, 2021	$ 10,248,545		$ 43	$ 0	$ 63	$ 0	$ 3,507,533	$ 2,255,179	$ 16,491	$ 4,471,951	$ (2,715)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions	3,323									3,323
Distributions	(148,976)									(148,976)
Dividends	(82,263)							(82,263)
Other exchanges (in shares)			2,351	(2,351)		2,351
Other exchanges	0						35,175		130	(35,284)	(21)
Share-based compensation and related issuances of Class A ordinary shares (in shares)			2
Share based compensation and related issuances of Class A ordinary shares	496						496
Net income	128,083							51,761		76,322
Other comprehensive income/(loss):
Unrealized gains on available for sale debt securities	1,625								957	668
Reclassification of unrealized gains on available for sale debt securities	(8,954)								(5,274)	(3,680)
Ending balance (in shares) at Mar. 31, 2022			435,316	171,862	50	363,521
Ending balance at Mar. 31, 2022	10,141,879		$ 43	$ 0	$ 63	$ 0	3,543,204	2,224,677	$ 12,304	4,364,324	(2,736)
Beginning balance (in shares) at Dec. 31, 2022			443,166	164,058	50	371,325
Beginning balance at Dec. 31, 2022	9,525,373		$ 44	$ 0	$ 63	$ 0	3,666,160	1,964,689		3,897,223	(2,806)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions	4,709									4,709
Distributions	(129,111)									(129,111)
Dividends	(88,633)							(88,633)
Other exchanges (in shares)			5,119	(5,119)		5,119
Other exchanges	0		$ 1				72,925			(72,904)	(22)
Share-based compensation and related issuances of Class A ordinary shares (in shares)			2
Share based compensation and related issuances of Class A ordinary shares	573						573
Net income	509,089							340,755		168,334
Other comprehensive income/(loss):
Unrealized gains on available for sale debt securities	0
Reclassification of unrealized gains on available for sale debt securities	0
Ending balance (in shares) at Mar. 31, 2023		50	448,287	158,939	50	376,444
Ending balance at Mar. 31, 2023	$ 9,822,000		$ 45	$ 0	$ 63	$ 0	$ 3,739,658	$ 2,216,811		$ 3,868,251	$ (2,828)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Dividends declared and paid (in dollars per share)	$ 0.20
Class A Ordinary Shares
Dividends declared and paid (in dollars per share)	$ 0.20	$ 0.19

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Cash collections from financial royalty assets	$ 1,151,635	$ 621,689
Cash collections from intangible royalty assets	617	35,682
Other royalty cash collections	19,685	17,345
Distributions from equity method investees	16,267	20,690
Interest received	15,568	482
Development-stage funding payments - ongoing	(500)	(500)
Development-stage funding payments - upfront and milestone	0	(100,000)
Payments for operating and professional costs	(86,846)	(48,902)
Interest paid	(82,589)	(86,216)
Net cash provided by operating activities	1,033,837	460,270
Cash flows from investing activities:
Distributions from equity method investees	34,767	0
Investments in equity method investees	(3,579)	(3,050)
Purchases of equity securities	0	(34,000)
Purchases of available for sale debt securities	0	(64,579)
Proceeds from available for sale debt securities	0	15,625
Purchases of marketable securities	0	(177,354)
Proceeds from sales and maturities of marketable securities	24,391	274,608
Acquisitions of financial royalty assets	(601,705)	(85)
Milestone payments	(12,400)	0
Net cash (used in)/provided by investing activities	(558,526)	11,165
Cash flows from financing activities:
Distributions to legacy non-controlling interests - royalty receipts	(91,938)	(106,385)
Distributions to continuing non-controlling interests	(33,394)	(34,515)
Dividends to shareholders	(88,633)	(82,263)
Contributions from legacy non-controlling interests - R&D	279	624
Contributions from non-controlling interests - other	3,313	1,573
Net cash used in financing activities	(210,373)	(220,966)
Net change in cash and cash equivalents	264,938	250,469
Cash and cash equivalents, beginning of period	1,710,751	1,541,048
Cash and cash equivalents, end of period	$ 1,975,689	$ 1,791,517

Organization and Purpose

Organization and Purpose	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Purpose	Organization and Purpose Royalty Pharma plc is a public limited company incorporated under the laws of England and Wales that was created to facilitate the initial public offering (“IPO”) of our Class A ordinary shares. “Royalty Pharma,” the “Company,” “we,” “us” and “our” refer to Royalty Pharma plc and its subsidiaries on a consolidated basis. 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 vehicle, and is the successor to Royalty Pharma Investments, an Irish unit trust (“Old RPI”). 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. Prior to the Exchange Offer (defined below), Old RPI was owned by various partnerships (the “Legacy Investors Partnerships”). RP Management, LLC (the “Manager”), a Delaware limited liability company, is responsible for our management, including our day-to-day operations, pursuant to advisory and management agreements (collectively, the “Management Agreement”). 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. Exchange Offer We consummated an exchange offer on February 11, 2020 (the “Exchange Offer”) to facilitate the IPO. Through the Exchange Offer, investors which represented 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. Following the Exchange Offer, we became the indirect owner of an 82% economic interest in Old RPI through our subsidiary RPI 2019 Intermediate Finance Trust, a Delaware statutory trust (“RPI Intermediate FT”). We are entitled to 82% of the economics of Old RPI’s wholly-owned subsidiary RPI Finance Trust, a Delaware statutory trust (“RPIFT”), 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 (“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 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, 2022, included in our Annual Report on Form 10-K. The preparation of unaudited condensed consolidated financial statements in conformity with 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. 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 interests in our condensed consolidated statements of operations equal to the percentage of the economic or ownership interest retained in such entities by the respective non-controlling parties. In 2022, we became an indirect owner of an 82% economic interest in Royalty Pharma Investments ICAV (“RPI ICAV”), which previously was owned directly by Old RPI. We report four non-controlling interests: (1) the Legacy Investors Partnerships’ ownership of approximately 18% in Old RPI and RPI ICAV and (2) a de minimis interest in RPCT held by RPSFT (together, the “legacy non-controlling interests”). The legacy non-controlling interests are the only historical non-controlling interests existing prior to our IPO. Additionally, following the consummation of our IPO, we also report non-controlling interests related to (3) the Continuing Investors Partnerships’ ownership in RP Holdings through their ownership of RP Holdings Class B Interests and (4) RPI EPA Holdings, LP’s (“EPA Holdings”) ownership of the RP Holdings’ Class C ordinary share (the “RP Holdings Class C Special Interest”). The Continuing Investors Partnerships are referred to as the “continuing non-controlling interests.” Income will not be allocated to EPA Holdings until certain performance conditions are met. All intercompany transactions and balances have been eliminated in consolidation. Concentrations of Credit Risk Financial instruments that subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, available for sale debt securities, financial royalty assets, derivatives 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 March 31, 2023 and December 31, 2022 were held with State Street, Bank of America, U.S. Bank and Scotiabank. 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, Vertex, Biogen, AbbVie, Johnson & Johnson, Merck & Co., Pfizer, Astellas, Novartis and Gilead. As of March 31, 2023 and December 31, 2022, Vertex, as the marketer and payor of our royalties on the cystic fibrosis franchise, represented the largest individual marketer and payor of our royalties, accounting for 32% and 31%, respectively, of our current portion of financial royalty assets. 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. Significant Accounting Policies There have been no material changes to our significant accounting policies from our Annual Report on Form 10-K for the year ended December 31, 2022.

Available for Sale Debt Securit

Available for Sale Debt Securities	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Available for Sale Debt Securities	Available for Sale Debt Securities Cytokinetics Commercial Launch Funding On January 7, 2022, we entered into a long-term funding agreement with Cytokinetics, Incorporated (“Cytokinetics”) to support further development of aficamten and potential commercialization of omecamtiv mecarbil. As part of the funding agreement, we agreed to provide capital (“Cytokinetics Commercial Launch Funding”) of up to $300 million, which is comprised of five tranches, including an initial tranche of $50 million that was funded upon closing. During 2022, we amended the funding agreement to increase the required draw amount, extend the draw period and modify the return for the second and third tranches. Cytokinetics is required to draw $50 million if a certain contingency is met and has the option to draw the remaining $200 million upon the occurrence of certain regulatory and clinical development milestones (“Cytokinetics Funding Commitments”). Each tranche has an interest-free and payment-free period of six calendar quarters, followed by 34 calendar quarters of installment re-payments totaling 1.9 times the amount drawn, except for the second and third tranches, which each total 2.0 times the amount drawn. As of March 31, 2023, $125 million of the optional $200 million remains available under the Cytokinetics Funding Commitments as certain regulatory milestones were not met. We elected the fair value option to account for the Cytokinetics Commercial Launch Funding as it most accurately reflects the nature of the funding arrangement. The funded Cytokinetics Commercial Launch Funding is recorded within Available for sale debt securities on the condensed consolidated balance sheets. The Cytokinetics Funding Commitments, which include options and forwards over the subsequent tranches, are recognized at fair value within Other liabilities on the condensed consolidated balance sheets. The changes in the fair value of the funded Cytokinetics Commercial Launch Funding and the Cytokinetics Funding Commitments are recorded within (Gains)/losses on available for sale debt securities in the condensed consolidated statements of operations. MorphoSys Development Funding Bonds On June 2, 2021, we announced a long-term strategic funding agreement with MorphoSys AG (“MorphoSys”) to support its acquisition of Constellation Pharmaceuticals, Inc. which closed on July 15, 2021. As part of the funding agreement, we agreed to provide MorphoSys up to $350 million of capital, of which MorphoSys was required to draw a minimum of $150 million. We elected the fair value option to account for our forward commitment to fund at least $150 million of capital and recorded the related change in fair value within (Gains)/losses on available for sale debt securities in the condensed consolidated statements of operations. In September 2022, we funded $300 million of capital (“Development Funding Bonds”) and our forward commitment was settled at the same time. We expect to receive a return of 2.2 times the amount of the Development Funding Bonds, payable on a quarterly basis over nine years, with the first payment beginning in the fourth quarter of 2024. We elected the fair value option to account for the Development Funding Bonds as it most accurately reflects the nature of the instruments. The Development Funding Bonds are recorded within Available for sale debt securities on the consolidated balance sheets. The changes in the fair value of the Development Funding Bonds are recorded within (Gains)/losses on available for sale debt securities in the condensed consolidated statements of operations. The table below summarizes our available for sale debt securities recorded at fair value as of March 31, 2023 and December 31, 2022 (in thousands): Cost Unrealized(Losses)/Gains Fair Value Current Assets Non-Current Assets Non-Current Liabilities Total As of March 31, 2023 Debt securities (1) $ 359,400 $ (89,700) $ 269,700 $ 2,500 $ 267,200 $ — $ 269,700 Funding commitments (2) (9,400) (2,900) (12,300) — — (12,300) (12,300) Total available for sale debt securities $ 350,000 $ (92,600) $ 257,400 $ 2,500 $ 267,200 $ (12,300) $ 257,400 As of December 31, 2022 Debt securities (1) $ 359,400 $ (131,800) $ 227,600 $ 1,300 $ 226,300 $ — $ 227,600 Funding commitments (2) (9,400) 6,900 (2,500) — — (2,500) (2,500) Total available for sale debt securities $ 350,000 $ (124,900) $ 225,100 $ 1,300 $ 226,300 $ (2,500) $ 225,100 (1) The cost associated with the funded Cytokinetics Commercial Launch Funding reflects the fair value on the purchase date. The cost of the Development Funding Bonds represents the amounts funded. (2) The cost associated with the Cytokinetics Funding Commitments represents the fair value on the purchase date.

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements and Financial Instruments	Fair Value Measurements and Financial Instruments Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): As of March 31, 2023 As of December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds (1) $ 1,213,033 $ — $ — $ 1,213,033 $ 5,068 $ — $ — $ 5,068 Marketable securities Certificates of deposit — — — — — 11,501 — 11,501 U.S. government securities — — — — — 12,920 — 12,920 Available for sale debt securities (2) — — 2,500 2,500 — — 1,300 1,300 Derivative instruments (3) — — — — — — 86,150 86,150 Total current assets $ 1,213,033 $ — $ 2,500 $ 1,215,533 $ 5,068 $ 24,421 $ 87,450 $ 116,939 Equity securities 93,494 — 8,035 101,529 103,876 — 8,472 112,348 Available for sale debt securities (2) — — 267,200 267,200 — — 226,300 226,300 Derivative instruments (3) — — 9,380 9,380 — — 10,460 10,460 Royalty at fair value (4) — — 14,244 14,244 — — 14,500 14,500 Total non-current assets $ 93,494 $ — $ 298,859 $ 392,353 $ 103,876 $ — $ 259,732 $ 363,608 Liabilities: Funding commitments (5) — — (12,300) (12,300) — — (2,500) (2,500) Total non-current liabilities $ — $ — $ (12,300) $ (12,300) $ — $ — $ (2,500) $ (2,500) (1) Recorded within Cash and cash equivalents on the condensed consolidated balance sheets. (2) Reflect the fair values of the Development Funding Bonds and the funded portion of the Cytokinetics Commercial Launch Funding. (3) Reflect the fair value of the Milestone Acceleration Option Other assets as of March 31, 2023 and within Other assets and Other current assets as of December 31, 2022 on the condensed consolidated balance sheets. (4) Recorded within Other assets on the condensed consolidated balance sheets. See Note 7–Non-Consolidated Affiliates for additional discussion. (5) Related to the fair value of the Cytokinetics Funding Commitments which was recorded within Other liabilities on the condensed consolidated balance sheets. For the first quarter of 2023 and 2022, we recognized losses of $10.8 million and gains of $5.5 million, respectively, on equity securities still held as of March 31, 2023. The tables presented below summarize the change in the combined fair value (current and non-current) of Level 3 financial instruments (in thousands): For the Three Months Ended March 31, 2023 Equity Securities Debt Securities Funding Commitments Derivative Instruments Royalty at Fair Value Balance at the beginning of the period $ 8,472 $ 227,600 $ (2,500) $ 96,610 $ 14,500 Losses on equity securities (437) — — — — Gains on derivative financial instruments — — — 7,090 — Gains/(losses) on available for sale debt securities included in earnings — 42,100 (9,800) — — Other non-operating expense — — — — (256) Settlement (1) — — — (94,320) — Balance at the end of the period $ 8,035 $ 269,700 $ (12,300) $ 9,380 $ 14,244 (1) Represents the fair value of the Milestone Acceleration Option (defined below) attributable to the intranasal indication of zavegepant which was settled when the U.S. Food and Drug Administration (“FDA”) approved Zavzpret in March 2023. For the Three Months Ended March 31, 2022 Equity Securities Debt Securities Forwards Funding Commitments Balance at the beginning of the period $ 43,013 $ 253,700 $ 16,700 $ — Purchases — 64,579 — — Gains/(losses) on initial recognition (1) — 9,400 — (9,400) Gains on equity securities 19,525 — — — Unrealized gains on available for sale debt securities included in other comprehensive losses — 1,625 — — (Losses)/gains on available for sale debt securities included in earnings — (1,600) (15,979) 1,000 Settlements (2) — 1,921 (1,921) — Redemptions — (15,625) — — Balance at the end of the period $ 62,538 $ 314,000 $ (1,200) $ (8,400) (1) Represents the purchase price allocation to arrive at the appropriate fair value on initial recognition. (2) Reflects the fair value attributed to our commitment to purchase Series B Biohaven Preferred Shares that were settled simultaneously with the acquisition of the Series B Biohaven Preferred Shares in the first quarter of 2022. Following Pfizer’s acquisition of Biohaven in October 2022, we purchased all remaining unissued Series B Biohaven Preferred Shares and we received accelerated redemption payments for all outstanding Series B Biohaven Preferred Shares. Valuation Inputs for Recurring Fair Value Measurements Below is a discussion of the valuation inputs used for financial instruments classified as Level 2 and Level 3 measurements as of March 31, 2023 and December 31, 2022 in the fair value hierarchy. ApiJect Investment We utilized the discounted cash flow method using Level 3 inputs, including forecasted cash flows and the weighted average cost of capital, to estimate the fair value as of March 31, 2023 and December 31, 2022 of the equity securities and revenue participation right that we acquired from ApiJect Holdings, Inc. (“ApiJect”), a private company. Our estimate of the forecasted cash flows and the weighted average cost of capital could reasonably be different than those selected by a market participant, which would mean that the estimated fair value could be significantly higher or lower. Refer to Note 7–Non-Consolidated Affiliates for additional discussion. Cytokinetics Commercial Launch Funding and Cytokinetics Funding Commitments We estimated the fair value of the funded Cytokinetics Commercial Launch Funding as of March 31, 2023 and December 31, 2022 by utilizing probability-adjusted discounted cash flow calculations using Level 3 inputs, including an estimated risk-adjusted discount rate and the probability that there will be a change of control event, which would result in accelerated payments. Developing a risk-adjusted discount rate and assessing the probability that there will be a change of control event over the duration of the Cytokinetics Commercial Launch Funding require significant judgement. Our estimate of the risk-adjusted discount rate could reasonably be different than the discount rate selected by a market participant, which would mean that the estimated fair value could be significantly higher or lower. 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. We estimated the fair value of the Cytokinetics Funding Commitments as of March 31, 2023 and December 31, 2022 using a Monte Carlo simulation methodology that includes simulating the interest rate movements using a Geometric Brownian Motion-based pricing model. This methodology simulates the likelihood of future discount rates exceeding the counterparty’s assumed cost of debt, which would impact Cytokinetics’ decision to exercise its option to draw on each respective tranche. As of March 31, 2023 and December 31, 2022, this methodology incorporates Level 3 fair value measurements and inputs, including an assumed interest rate volatility of 30% and an assumed risk-adjusted discount rate of 15.9% and 13.5%, respectively. We also assumed probabilities for the occurrence of each regulatory or clinical milestone, which impacts the availability of each future tranche of funding. Our estimate of the risk-adjusted discount rate, the interest rate volatility and the probabilities of each underlying milestone could reasonably be different than the assumptions selected by a market participant, 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 Bonds as of March 31, 2023 and December 31, 2022, was based on a discounted cash flow calculation using estimated risk-adjusted discount rates, which are Level 3 fair value inputs. Our estimate of the risk adjusted discount rates could reasonably be different than the discount rates selected by a market participant, which would mean that the estimated fair value could be significantly higher or lower. Milestone Acceleration Option On August 7, 2020, we entered into an expanded funding agreement with Biohaven to fund the development of zavegepant and the commercialization of Nurtec ODT in exchange for royalties and success-based milestones payable over time. Upon a change of control event, we had the option to cause Biohaven to accelerate the payment of the zavegepant milestone payments, if triggered, in a lump sum amount (“Milestone Acceleration Option”). The Milestone Acceleration Option is an embedded derivative instrument for which the associated fair value was not material prior to the second quarter of 2022, when Pfizer announced its intended acquisition of Biohaven. On October 3, 2022, Pfizer acquired Biohaven and we elected to accelerate the zavegepant success-based milestone payments in a lump sum amount. In March 2023, the FDA approved Zavzpret (zavegepant), a calcitonin gene-related peptide receptor antagonist nasal spray for the acute treatment of migraine with or without aura in adults, which triggered a milestone payment of $475 million that we received in the same month and resulted in a partial settlement of the derivative instrument. The remaining fair value of the Milestone Acceleration Option as of March 31, 2023 was related to the oral indication of zavegepant. We estimated the fair value of the Milestone Acceleration Option as of March 31, 2023 and December 31, 2022 using the “with-and-without” methodology, which is a variation of the income approach and is based on the difference between cash flows for two different scenarios. The prospective cash flows for the success-based milestone payments include the Milestone Acceleration Option in the first scenario. For the second scenario, the prospective cash flows are estimated assuming they remain payable over time. The difference between the fair value of these two scenarios represents the fair value of the Milestone Acceleration Option. This methodology includes the use of Level 3 fair value measurements and inputs, including estimated risk-adjusted discount rate which was primarily based on Pfizer’s cost of debt and management’s estimated probabilities of achieving the success-based milestones. Assessing the likelihood that the success-based milestones are achieved over the duration of the Milestone Acceleration Option and developing a risk-adjusted discount rate require significant judgement. Our estimate of a risk adjusted discount rate and the probabilities of achieving marketing approval could reasonably be different than those determined by a market participant, which would mean that the estimated fair value could be significantly higher or lower. Other Financial Instruments As of March 31, 2023, we did not have any financial instruments recorded at fair value using Level 2 inputs. As of December 31, 2022, financial instruments whose fair values are measured on a recurring basis using Level 2 inputs primarily consist of certificates of deposit and U.S. government securities. We measure the fair value of these financial instruments with the help of third-party pricing services that provide quoted market prices in active markets for similar securities or observable inputs for their pricing without applying significant adjustments. 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. Management calculates the fair value of financial royalty assets using the forecasted royalty payments that are expected to be received based on the projected product sales for all royalty bearing products which are estimated using sell-side equity research analysts’ consensus sales forecasts. These projected future royalty payments by asset along with any projected incoming or outgoing milestone payments, are then discounted to a present value using appropriate individual discount rates. The fair value of 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. The estimated fair values and related carrying values of the non-current portion of financial royalty assets as of March 31, 2023 and December 31, 2022 are presented below (in thousands): As of March 31, 2023 As of December 31, 2022 Fair Value Carrying Value, net Fair Value Carrying Value, net Financial royalty assets, net $ 18,053,990 $ 13,661,816 $ 17,314,094 $ 13,493,106

Financial Royalty Assets

Financial Royalty Assets	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Financial Royalty Assets	Financial Royalty AssetsFinancial royalty assets 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 such products by third parties. 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 March 31, 2023 and December 31, 2022 are as follows (in thousands): As of March 31, 2023 Estimated Royalty Duration (1) Gross Carrying Value Cumulative Allowance for Changes in Expected Cash Flows (Note 6) Net Carrying Value (5) Cystic fibrosis franchise 2037 (2) $ 5,321,497 $ — $ 5,321,497 Tysabri (3) 1,641,736 (199,647) 1,442,089 Trelegy 2029-2030 1,266,469 — 1,266,469 Tremfya 2031-2032 902,341 (63,894) 838,447 Xtandi 2027-2028 986,163 (204,782) 781,381 Evrysdi 2030-2035 (4) 761,216 — 761,216 Other 2024-2041 6,015,720 (2,032,144) 3,983,576 Total $ 16,895,142 $ (2,500,467) $ 14,394,675 Less: Cumulative allowance for credit losses (Note 6) (122,837) Total current and non-current financial royalty assets, net $ 14,271,838 (1) Durations shown represent our estimates as of the current reporting date of when a royalty will substantially end, which may depend on clinical trial results, regulatory approvals, contractual terms, commercial developments, estimates of patent expiration dates (which may include estimated patent term extensions) or other factors and may vary by geography. There can be no assurances that our royalties will expire when expected. (2) Royalty is perpetual; year shown represents Trikafta expected patent expiration and potential sales decline based on timing of potential generic entry. (3) RPIFT acquired a perpetual royalty on net sales of Tysabri. We have applied an end date of 2031 for purposes of accreting income over the royalty term, which is periodically reviewed. (4) Key U.S. patents on Evrysdi expire in 2035. Our royalty will end when aggregate royalties paid to us equal $1.3 billion. (5) The net carrying value by asset is presented before the allowance for credit losses. Refer to Note 6–Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets for additional information. As of March 31, 2023, the balance of $14.3 billion above for total current and non-current financial royalty assets, net included $561.7 million in unapproved financial royalty assets held at cost which were primarily related to seltorexant, olpasiran, pelacarsen and KarXT. As of December 31, 2022 Estimated Royalty Duration (1) Gross Carrying Value Cumulative Allowance for Changes in Expected Cash Flows (Note 6) Net Carrying Value (4) Cystic fibrosis franchise 2037 (2) $ 5,333,535 $ (10,908) $ 5,322,627 Tysabri (3) 1,683,441 (212,283) 1,471,158 Trelegy 2029-2030 1,284,054 (24,126) 1,259,928 Tremfya 2031-2032 894,160 — 894,160 Imbruvica 2027-2032 1,436,969 (660,703) 776,266 Xtandi 2027-2028 1,009,168 (235,625) 773,543 Other 2024-2041 5,134,980 (1,332,815) 3,802,165 Total $ 16,776,307 $ (2,476,460) $ 14,299,847 Less: Cumulative allowance for credit losses (Note 6) (115,422) Total current and non-current financial royalty assets, net $ 14,184,425 (1) Durations shown represent our estimates as of the current reporting date of when a royalty will substantially end, which may depend on clinical trial results, regulatory approvals, contractual terms, commercial developments, estimates of patent expiration dates (which may include estimated patent term extensions) or other factors and may vary by geography. There can be no assurances that our royalties will expire when expected. (2) Royalty is perpetual; year shown represents Trikafta expected patent expiration and potential sales decline based on timing of potential generic entry. (3) RPIFT acquired a perpetual royalty on net sales of Tysabri. We have applied an end date of 2031 for purposes of accreting income over the royalty term, which is periodically reviewed. (4) The net carrying value by asset is presented before the allowance for credit losses. Refer to Note 6–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	3 Months Ended
	Mar. 31, 2023
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 on the condensed consolidated balance sheets and includes the following activities: • the movement in the cumulative allowance related to changes in forecasted royalty payments expected to be received based on projected product sales for royalty bearing products which are estimated by sell-side equity research analysts’ consensus sales forecasts, • the write-off of cumulative allowance at the end of a royalty asset’s life which only impacts the condensed consolidated balance sheets, and • the movement in the cumulative allowance for current expected credit losses, primarily associated with new financial royalty assets with limited protective rights and changes in the underlying cash flow forecasts of financial royalty assets with limited protective rights. 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, 2022 (1) $ (2,591,882) Increases to the cumulative allowance for changes in expected cash flows from financial royalty assets (328,695) Decreases to the cumulative allowance for changes in expected cash flows from financial royalty assets 217,306 Write-off of cumulative allowance 87,382 Current period provision for credit losses, net (2) (7,415) Balance at March 31, 2023 $ (2,623,304) (1) Includes $115.4 million related to cumulative allowance for credit losses. (2) In the first quarter of 2023, the provision expense for credit losses was primarily related to the increase in the value of Tazverik.

Non-Consolidated Affiliates

Non-Consolidated Affiliates	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Non-Consolidated Affiliates	Non-Consolidated Affiliates We have equity investments in certain entities at a level that provide us with significant influence. We account for such investments as equity method investments or as equity securities over which we have elected the fair value option. ApiJect In April 2022, we acquired common stock and a revenue participation right from ApiJect. We elected the fair value option to account for our investments in ApiJect because it is more reflective of current values for such investments. We are also required to purchase additional common stock from ApiJect if certain milestones are achieved. The fair value of our equity investment in ApiJect is recorded within Equity securities and the change in fair value is recorded within Losses on equity securities . The fair value of the revenue participation right is recorded within Other assets and the change in fair value is recorded within Other non-operating expense, net . No amounts were due from ApiJect as of March 31, 2023. The Legacy SLP Interest In connection with the Exchange Offer, 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, net of amortization of the basis difference. The Legacy SLP Interest is accounted for under the equity method 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 indirectly own a non-controlling interest in Old RPI and RPI ICAV. 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. We recorded income allocations of $1.7 million and $4.5 million within Equity in earnings of equity method investees in the first quarter of 2023 and 2022, respectively. We collected cash receipts from the Legacy SLP Interest of $2.6 million and $7.3 million in the first quarter of 2023 and 2022, respectively. The Avillion Entities We account for our partnership interests in Avillion Financing I, LP and its related entities (“Avillion I”) and BAv Financing II, LP and its related entities (“Avillion II” and, together with Avillion I, the “Avillion Entities”) as equity method investments because RPIFT has the ability to exercise significant influence over the Avillion Entities. We recorded income allocations from the Avillion Entities of $32.9 million in the first quarter of 2023 and loss allocations of $4.1 million in the first quarter of 2022 within Equity in earnings of equity method investees . On December 19, 2017, the FDA approved a supplemental New Drug Application for Pfizer’s Bosulif. Avillion I is eligible to receive fixed payments from Pfizer based on this approval under its co-development agreement with Pfizer. The only operations of Avillion I are the collection of cash and unwinding of the discount on the series of fixed annual payments due from Pfizer. We received distributions from Avillion I of $13.6 million and $13.4 million in the first quarter of 2023 and 2022 , respectively. In May 2018, RPIFT entered into an agreement with Avillion II, which was amended in July 2021 and June 2022, to fund a total of $150.0 million over multiple years for a portion of the costs of Phase 2 and 3 clinical trials to advance Airsupra, formerly known as PT027, which was approved by the FDA in January 2023. Avillion II is a party to a co-development agreement with AstraZeneca to develop Airsupra for the treatment of asthma in exchange for royalties, a series of success-based milestones and other potential payments. In January 2023, AstraZeneca notified Avillion II that it elected to pay a fee of $80 million to Avillion II to exercise an option to commercialize Airsupra in the United States. In March 2023, we received our pro rata portion of the exercise fee of $34.8 million from Avillion II.

Research & Development ("R&D")

Research & Development ("R&D") Funding Expense	3 Months Ended
	Mar. 31, 2023
Research and Development [Abstract]
Research & Development ("R&D") Funding Expense	Research & Development (“R&D”) Funding Expense R&D funding expense consists of payments that we have made to counterparties to acquire royalties or milestones on product candidates. R&D funding expense includes development-stage funding payments that are made upfront or upon pre-approval milestones and development-stage funding payments that are made over time as the related product candidates undergo clinical trials with our counterparties. During the first quarter of 2023 and 2022, we did not enter into any new ongoing R&D funding arrangements. We recognized R&D funding expense of $0.5 million in the first quarter of 2023 related to ongoing development-stage funding payments. We recognized R&D funding expense of $100.5 million in the first quarter of 2022 primarily related to upfront and milestone development-stage funding payments of $100.0 million to Cytokinetics to acquire a royalty on a development-stage product candidate.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Borrowings	Borrowings Our borrowings as of March 31, 2023 and December 31, 2022 consisted of the following (in thousands): Type of Borrowing Date of Issuance Maturity As of March 31, 2023 As of December 31, 2022 Senior Unsecured Notes: $1,000,000, 0.75% (issued at 99.322% of par) 9/2020 9/2023 $ 1,000,000 $ 1,000,000 $1,000,000, 1.20% (issued at 98.875% of par) 9/2020 9/2025 1,000,000 1,000,000 $1,000,000, 1.75% (issued at 98.284% of par) 9/2020 9/2027 1,000,000 1,000,000 $1,000,000, 2.20% (issued at 97.760% of par) 9/2020 9/2030 1,000,000 1,000,000 $600,000, 2.15% (issued at 98.263% of par) 7/2021 9/2031 600,000 600,000 $1,000,000, 3.30% (issued at 95.556% of par) 9/2020 9/2040 1,000,000 1,000,000 $1,000,000, 3.55% (issued at 95.306% of par) 9/2020 9/2050 1,000,000 1,000,000 $700,000, 3.35% (issued at 97.565% of par) 7/2021 9/2051 700,000 700,000 Unamortized debt discount and issuance costs (178,617) (183,678) Total debt carrying value 7,121,383 7,116,322 Less: Current portion of long-term debt (998,441) (997,512) Total long-term debt $ 6,122,942 $ 6,118,810 Senior Unsecured Notes On July 26, 2021, we issued $1.3 billion of senior unsecured notes (the “2021 Notes”) comprised of $600.0 million principal amount of notes due September 2031 and $700.0 million principal amount of notes due September 2051. Interest on each series of the 2021 Notes accrues at the respective rate per annum and is payable semi-annually in arrears on March 2 and September 2 of each year, which began on March 2, 2022. The 2021 Notes were issued at a total discount of $27.5 million and we capitalized approximately $12.3 million in debt issuance costs primarily composed of underwriting fees. The 2021 Notes were issued with a weighted average coupon rate and a weighted average effective interest rate of 2.80% and 3.06%, respectively. On September 2, 2020, we issued $6.0 billion of senior unsecured notes (the “2020 Notes” and, together with the 2021 Notes, the “Notes”). Interest on each series of the 2020 Notes accrues at the respective rate per annum and is payable semi-annually in arrears on March 2 and September 2 of each year. The 2020 Notes were issued at a total discount of $149.0 million and we capitalized approximately $40.4 million in debt issuance costs primarily comprised of underwriting fees. The 2020 Notes were issued with a weighted average coupon rate and a weighted average effective interest rate of 2.13% and 2.50%, respectively. On August 3, 2021, we completed an exchange offer for the 2020 Notes where certain holders elected to tender their unregistered outstanding notes for freely tradable exchange notes that were registered under the Securities Act of 1933. The 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. 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. Our obligations under the Notes are fully and unconditionally guaranteed by RP Holdings, a non-wholly-owned subsidiary. We are required to comply with certain covenants under our Notes and as of March 31, 2023, we were in compliance with all applicable covenants. As of March 31, 2023 and December 31, 2022, the fair value of our outstanding Notes using Level 2 inputs was approximately $5.9 billion and $5.7 billion, respectively. Senior Unsecured Revolving Credit Facility On September 15, 2021, we entered into an amended and restated revolving credit agreement, which was further amended on October 31, 2022 (the “Credit Agreement”). The Credit Agreement amended and restated the prior credit agreement that our subsidiary RP Holdings, as borrower, entered into on September 18, 2020, which provided for a five-year unsecured revolving credit facility (the “Revolving Credit Facility”) with borrowing capacity of up to $1.5 billion for general corporate purposes. The Revolving Credit Facility has a maturity date of October 31, 2027. As of March 31, 2023 and December 31, 2022, 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 rate plus 0.5% and (3) Term SOFR plus 1% or (b) Daily SOFR, Term SOFR, the Alternative Currency Term Rate or the Alternative Currency Daily Rate (each as defined in the Credit Agreement), plus in each case, the applicable margin. The applicable margin for the Revolving Credit Facility varies based on our public debt rating. Accordingly, the interest rates for the Revolving Credit Facility fluctuates during the term of the facility based on changes in the applicable interest rate and future changes in our public debt rating. 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 interest expense, 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. Noncompliance with the leverage ratio and interest coverage ratio covenants under the Credit Agreement could result in our lenders requiring us to immediately repay all amounts borrowed. The Credit Agreement includes customary covenants for credit facilities of this type that limit our ability to engage in certain activities, such as incurring additional indebtedness, paying dividends, making certain payments and acquiring and disposing of assets. As of March 31, 2023, RP Holdings was in compliance with these covenants. Principal Payments on the Notes The future principal payments for our borrowings as of March 31, 2023 over the next five years and thereafter are as follows (in thousands): Year Principal Payments Remainder of 2023 $ 1,000,000 2024 — 2025 1,000,000 2026 — 2027 1,000,000 Thereafter 4,300,000 Total (1) $ 7,300,000

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Capital Structure 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. As of March 31, 2023, we have 448,287 thousand Class A ordinary shares and 158,939 thousand Class B ordinary shares outstanding. An exchange agreement entered into in connection with the IPO by us, RP Holdings, the Continuing Investors Partnerships, RPI International Partners 2019, LP and EPA Holdings (the “Exchange Agreement”) 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, RP Holdings Class B interests are exchangeable on a one-for-one basis 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 March 31, 2023, we have 376,444 thousand deferred shares outstanding. In addition, we have in issue 50 thousand Class R redeemable shares, which do not entitle the holder to voting or dividend rights. 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 changes in the balance of our four non-controlling interests for the first quarter of 2023 and 2022 are as follows (in thousands): RPSFT Legacy Investors Partnerships Continuing Investors Partnerships (1) EPA Holdings Total December 31, 2022 $ (597) $ 1,527,887 $ 2,369,933 $ — $ 3,897,223 Contributions — 3,795 914 — 4,709 Distributions (568) (95,149) (33,394) — (129,111) Other exchanges — — (72,904) — (72,904) Net income 1,025 44,052 123,257 — 168,334 March 31, 2023 $ (140) $ 1,480,585 $ 2,387,806 $ — $ 3,868,251 RPSFT Legacy Investors Partnerships Continuing Investors Partnerships (1) EPA Holdings Total December 31, 2021 $ 13,528 $ 1,809,269 $ 2,649,154 $ — $ 4,471,951 Contributions — 1,970 1,353 — 3,323 Distributions (10,260) (104,201) (34,515) — (148,976) Other exchanges — — (35,284) — (35,284) Net income 5,141 50,520 20,661 — 76,322 Other comprehensive income/(loss): Unrealized gains on available for sale debt securities — 286 382 — 668 Reclassification of unrealized gains on available for sale debt securities — (1,575) (2,105) — (3,680) March 31, 2022 $ 8,409 $ 1,756,269 $ 2,599,646 $ — $ 4,364,324 (1) Related to the Continuing Investors Partnerships’ ownership of approximately 26% and 28% in RP Holdings through their ownership of RP Holdings Class B Interests as of March 31, 2023 and 2022, respectively. Royalty Pharma owns the remaining 74% and 72% of RP Holdings through its ownership of RP Holdings Class A Interests and RP Holdings Class B Interests as of March 31, 2023 and 2022, respectively. RP Holdings Class C Special Interest Held by EPA Holdings EPA Holdings, an affiliate of the Manager, 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 are 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 that will be exchanged upon issuance for Class A ordinary shares. EPA Holdings may also receive a periodic cash advance in respect of the RP Holdings Class C Special Interest to the extent necessary for EPA Holdings or any of its beneficial owners to pay when due any income tax imposed on it or them as a result of holding such RP Holdings Class C Special Interest. We do not expect any material Equity Performance Awards to be payable until certain performance conditions discussed above are met. Similarly, we do not expect any material income to be allocated to EPA Holdings until such performance conditions are met. Dividends The holders of Class A ordinary shares are entitled to receive dividends subject to approval by our board of directors. The holders of Class B ordinary shares do not have any rights to receive dividends; however, RP Holdings Class B Interests are entitled to dividends and distributions from RP Holdings. In the first quarter of 2023, we declared and paid one quarterly cash dividend of $0.20 per Class A ordinary share for an aggregate amount of $88.6 million to holders of our Class A ordinary shares. Class A Ordinary Share Repurchase In March 2023, our board of directors authorized a share repurchase program under which we may repurchase up to $1.0 billion of our Class A ordinary shares. The authorization for the share repurchase program expires on June 23, 2027. Share repurchases may be made in the open market or in privately negotiated transactions. We did not repurchase any Class A ordinary shares in the first quarter of 2023. 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. RSU Activity and Share-based Compensation We grant RSUs to our 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	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings per Share	Earnings per ShareFor the first quarter of 2023 and 2022, 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 calculate basic and diluted earnings per Class A ordinary share for the first quarter of 2023 and 2022 (in thousands, except per share amounts): For the Three Months Ended March 31, 2023 2022 Numerator Consolidated net income $ 509,089 $ 128,083 Less: Net income attributable to Continuing Investors Partnerships 123,257 20,661 Less: Net income attributable to Legacy Investors Partnerships and RPSFT 45,077 55,661 Net income attributable to Royalty Pharma plc - basic 340,755 51,761 Add: Reallocation of net income attributable to non-controlling interest from the assumed conversion of Class B ordinary shares 123,257 20,661 Net income attributable to Royalty Pharma plc - basic and diluted $ 464,012 $ 72,422 Denominator Weighted average Class A ordinary shares outstanding - basic 445,612 433,956 Add: Dilutive effects as shown separately below Class B ordinary shares exchangeable for Class A ordinary shares 161,612 173,220 Unvested RSUs 27 25 Weighted average Class A ordinary shares outstanding - diluted 607,251 607,201 Earnings per Class A ordinary share - basic $ 0.76 $ 0.12 Earnings per Class A ordinary share - diluted $ 0.76 $ 0.12

Indirect Cash Flow

Indirect Cash Flow	3 Months Ended
	Mar. 31, 2023
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 Three Months Ended March 31, 2023 2022 Cash flow from operating activities: Consolidated net income $ 509,089 $ 128,083 Adjustments to reconcile consolidated net income to net cash provided by operating activities: Income from financial royalty assets (664,687) (511,523) Provision for changes in expected cash flows from financial royalty assets 118,804 184,621 Amortization of intangible assets — 5,670 Amortization of debt discount and issuance costs 5,324 5,343 Gains on derivative financial instruments (7,090) — Losses on equity securities 10,818 36,162 Equity in earnings of equity method investees (34,606) (397) Distributions from equity method investees 16,267 20,690 Share-based compensation 573 496 Interest income accretion — (8,954) (Gains)/losses on available for sale debt securities (32,300) 16,579 Other 3,147 1,523 Changes in operating assets and liabilities: Cash collected on financial royalty assets 1,151,635 621,689 Accrued royalty receivable 474 2,096 Other royalty income receivable (1,200) 405 Other current assets (199) 1,242 Accounts payable and accrued expenses (1,249) 1,042 Interest payable (40,963) (44,497) Net cash provided by operating activities $ 1,033,837 $ 460,270

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Cytokinetics Funding Commitments As of March 31, 2023, $250 million of the Cytokinetics Commercial Launch Funding remained unfunded. Cytokinetics is required to draw $50 million if a certain contingency is met and has the option to draw the remaining $200 million upon the occurrence of certain regulatory and clinical development milestones. As of March 31, 2023, $125 million of the optional $200 million remains available under the Cytokinetics Funding Commitments as certain regulatory milestones were not met. Other Commitments We have commitments to advance funds to counterparties through our investment in the Avillion Entities. Please refer to Note 7–Non-Consolidated Affiliates for details of these arrangements. We also have requirements to make Operating and Personnel Payments (defined below) over the life of the Management Agreement as described in Note 14–Related Party Transactions. Indemnifications In the ordinary course of our 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.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Manager The Manager is the investment manager of Royalty Pharma plc and its subsidiaries. The sole member of the Manager, Pablo Legorreta, holds an interest in us and serves as our Chief Executive Officer and Chairman of our board of directors. In connection with the Exchange Offer (discussed in Note 1–Organization and Purpose), the Manager entered into the Management Agreement with us and our subsidiaries, the Continuing Investors Partnerships, and with the Legacy Investors Partnerships. Pursuant to the Management Agreement, we pay a quarterly operating and personnel payment to the Manager or its affiliates (“Operating and Personnel Payments”) equal to 6.5% of the cash receipts from royalty investments for such quarter and 0.25% of the value of our security investments under GAAP as of the end of such quarter. The operating and personnel payment 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 on our consolidated net income, is calculated as the greater of $1 million per quarter and 0.3125% of royalties from Royalty Investments (as defined in the limited partnership agreements of the Legacy Investor Partnerships) during the previous twelve calendar months. Additionally, we also pay certain costs and expenses of the Manager. During the first quarter of 2023 and 2022, total operating and personnel payments incurred were $75.0 million and $41.2 million, respectively, including the amounts attributable to Old RPI, and were recognized within General and administrative expenses in the condensed consolidated statements of operations. Distributions Payable to Legacy Non-Controlling Interests The distributions payable to legacy non-controlling interests represent the contractual cash flows required to be distributed based on the Legacy Investors Partnerships’ non-controlling interest in Old RPI and RPI ICAV and RPSFT’s non-controlling interest in RPCT. The distributions payable to legacy non-controlling interests include the following (in thousands): As of March 31, 2023 As of December 31, 2022 Due to Legacy Investors Partnerships $ 94,283 $ 87,522 Due to RPSFT 4,299 7,281 Total distributions payable to legacy non-controlling interests $ 98,582 $ 94,803 Acquisition from Bristol Myers Squibb In November 2017, RPI Acquisitions (Ireland), Limited (“RPI Acquisitions”), a consolidated subsidiary, 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”). 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 entity related to us. 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. As of March 31, 2023 and December 31, 2022, the financial royalty asset of $95.7 million and $103.4 million, respectively, 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 develop thematic life sciences indexes. In return, we will receive a percentage of MSCI’s revenues from those indexes. No amounts were due from MSCI as of both March 31, 2023 and December 31, 2022. The financial impact associated with this transaction has not been material to date. In connection with the Exchange Offer, 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 and RPI ICAV. Refer to Note 7–Non-Consolidated Affiliates for additional discussion of the Legacy SLP Interest and our investments in other non-consolidated entities. RPIFT owns 27,210 limited partnership interests in the Continuing Investors Partnerships, whose only substantive operations are their investment in our subsidiaries. The total investment of $4.3 million was recorded as treasury interests, of which $1.4 million and $1.5 million were held by non-controlling interests as of March 31, 2023 and December 31, 2022, 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 (“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 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, 2022, included in our Annual Report on Form 10-K.
Use of Estimates	The preparation of unaudited condensed consolidated financial statements in conformity with 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.
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 interests in our condensed consolidated statements of operations equal to the percentage of the economic or ownership interest retained in such entities by the respective non-controlling parties. In 2022, we became an indirect owner of an 82% economic interest in Royalty Pharma Investments ICAV (“RPI ICAV”), which previously was owned directly by Old RPI. We report four non-controlling interests: (1) the Legacy Investors Partnerships’ ownership of approximately 18% in Old RPI and RPI ICAV and (2) a de minimis interest in RPCT held by RPSFT (together, the “legacy non-controlling interests”). The legacy non-controlling interests are the only historical non-controlling interests existing prior to our IPO. Additionally, following the consummation of our IPO, we also report non-controlling interests related to (3) the Continuing Investors Partnerships’ ownership in RP Holdings through their ownership of RP Holdings Class B Interests and (4) RPI EPA Holdings, LP’s (“EPA Holdings”) ownership of the RP Holdings’ Class C ordinary share (the “RP Holdings Class C Special Interest”). The Continuing Investors Partnerships are referred to as the “continuing non-controlling interests.” Income will not be allocated to EPA Holdings until certain performance conditions are met.
Concentrations of Credit Risk	Financial instruments that subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, available for sale debt securities, financial royalty assets, derivatives 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 March 31, 2023 and December 31, 2022 were held with State Street, Bank of America, U.S. Bank and Scotiabank. 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, Vertex, Biogen, AbbVie, Johnson & Johnson, Merck & Co., Pfizer, Astellas, Novartis and Gilead. As of March 31, 2023 and December 31, 2022, Vertex, as the marketer and payor of our royalties on the cystic fibrosis franchise, represented the largest individual marketer and payor of our royalties, accounting for 32% and 31%, respectively, of our current portion of financial royalty assets. 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.

Available for Sale Debt Secur_2

Available for Sale Debt Securities (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 (in thousands): Cost Unrealized(Losses)/Gains Fair Value Current Assets Non-Current Assets Non-Current Liabilities Total As of March 31, 2023 Debt securities (1) $ 359,400 $ (89,700) $ 269,700 $ 2,500 $ 267,200 $ — $ 269,700 Funding commitments (2) (9,400) (2,900) (12,300) — — (12,300) (12,300) Total available for sale debt securities $ 350,000 $ (92,600) $ 257,400 $ 2,500 $ 267,200 $ (12,300) $ 257,400 As of December 31, 2022 Debt securities (1) $ 359,400 $ (131,800) $ 227,600 $ 1,300 $ 226,300 $ — $ 227,600 Funding commitments (2) (9,400) 6,900 (2,500) — — (2,500) (2,500) Total available for sale debt securities $ 350,000 $ (124,900) $ 225,100 $ 1,300 $ 226,300 $ (2,500) $ 225,100 (1) The cost associated with the funded Cytokinetics Commercial Launch Funding reflects the fair value on the purchase date. The cost of the Development Funding Bonds represents the amounts funded. (2) The cost associated with the Cytokinetics Funding Commitments represents the fair value on the purchase date.

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy	The following table summarizes assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): As of March 31, 2023 As of December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds (1) $ 1,213,033 $ — $ — $ 1,213,033 $ 5,068 $ — $ — $ 5,068 Marketable securities Certificates of deposit — — — — — 11,501 — 11,501 U.S. government securities — — — — — 12,920 — 12,920 Available for sale debt securities (2) — — 2,500 2,500 — — 1,300 1,300 Derivative instruments (3) — — — — — — 86,150 86,150 Total current assets $ 1,213,033 $ — $ 2,500 $ 1,215,533 $ 5,068 $ 24,421 $ 87,450 $ 116,939 Equity securities 93,494 — 8,035 101,529 103,876 — 8,472 112,348 Available for sale debt securities (2) — — 267,200 267,200 — — 226,300 226,300 Derivative instruments (3) — — 9,380 9,380 — — 10,460 10,460 Royalty at fair value (4) — — 14,244 14,244 — — 14,500 14,500 Total non-current assets $ 93,494 $ — $ 298,859 $ 392,353 $ 103,876 $ — $ 259,732 $ 363,608 Liabilities: Funding commitments (5) — — (12,300) (12,300) — — (2,500) (2,500) Total non-current liabilities $ — $ — $ (12,300) $ (12,300) $ — $ — $ (2,500) $ (2,500) (1) Recorded within Cash and cash equivalents on the condensed consolidated balance sheets. (2) Reflect the fair values of the Development Funding Bonds and the funded portion of the Cytokinetics Commercial Launch Funding. (3) Reflect the fair value of the Milestone Acceleration Option Other assets as of March 31, 2023 and within Other assets and Other current assets as of December 31, 2022 on the condensed consolidated balance sheets. (4) Recorded within Other assets on the condensed consolidated balance sheets. See Note 7–Non-Consolidated Affiliates for additional discussion. (5) Related to the fair value of the Cytokinetics Funding Commitments which was recorded within Other liabilities on the condensed consolidated balance sheets.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The tables presented below summarize the change in the combined fair value (current and non-current) of Level 3 financial instruments (in thousands): For the Three Months Ended March 31, 2023 Equity Securities Debt Securities Funding Commitments Derivative Instruments Royalty at Fair Value Balance at the beginning of the period $ 8,472 $ 227,600 $ (2,500) $ 96,610 $ 14,500 Losses on equity securities (437) — — — — Gains on derivative financial instruments — — — 7,090 — Gains/(losses) on available for sale debt securities included in earnings — 42,100 (9,800) — — Other non-operating expense — — — — (256) Settlement (1) — — — (94,320) — Balance at the end of the period $ 8,035 $ 269,700 $ (12,300) $ 9,380 $ 14,244 (1) Represents the fair value of the Milestone Acceleration Option (defined below) attributable to the intranasal indication of zavegepant which was settled when the U.S. Food and Drug Administration (“FDA”) approved Zavzpret in March 2023. For the Three Months Ended March 31, 2022 Equity Securities Debt Securities Forwards Funding Commitments Balance at the beginning of the period $ 43,013 $ 253,700 $ 16,700 $ — Purchases — 64,579 — — Gains/(losses) on initial recognition (1) — 9,400 — (9,400) Gains on equity securities 19,525 — — — Unrealized gains on available for sale debt securities included in other comprehensive losses — 1,625 — — (Losses)/gains on available for sale debt securities included in earnings — (1,600) (15,979) 1,000 Settlements (2) — 1,921 (1,921) — Redemptions — (15,625) — — Balance at the end of the period $ 62,538 $ 314,000 $ (1,200) $ (8,400) (1) Represents the purchase price allocation to arrive at the appropriate fair value on initial recognition.
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value	The estimated fair values and related carrying values of the non-current portion of financial royalty assets as of March 31, 2023 and December 31, 2022 are presented below (in thousands): As of March 31, 2023 As of December 31, 2022 Fair Value Carrying Value, net Fair Value Carrying Value, net Financial royalty assets, net $ 18,053,990 $ 13,661,816 $ 17,314,094 $ 13,493,106

Financial Royalty Assets (Table

Financial Royalty Assets (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 are as follows (in thousands): As of March 31, 2023 Estimated Royalty Duration (1) Gross Carrying Value Cumulative Allowance for Changes in Expected Cash Flows (Note 6) Net Carrying Value (5) Cystic fibrosis franchise 2037 (2) $ 5,321,497 $ — $ 5,321,497 Tysabri (3) 1,641,736 (199,647) 1,442,089 Trelegy 2029-2030 1,266,469 — 1,266,469 Tremfya 2031-2032 902,341 (63,894) 838,447 Xtandi 2027-2028 986,163 (204,782) 781,381 Evrysdi 2030-2035 (4) 761,216 — 761,216 Other 2024-2041 6,015,720 (2,032,144) 3,983,576 Total $ 16,895,142 $ (2,500,467) $ 14,394,675 Less: Cumulative allowance for credit losses (Note 6) (122,837) Total current and non-current financial royalty assets, net $ 14,271,838 (1) Durations shown represent our estimates as of the current reporting date of when a royalty will substantially end, which may depend on clinical trial results, regulatory approvals, contractual terms, commercial developments, estimates of patent expiration dates (which may include estimated patent term extensions) or other factors and may vary by geography. There can be no assurances that our royalties will expire when expected. (2) Royalty is perpetual; year shown represents Trikafta expected patent expiration and potential sales decline based on timing of potential generic entry. (3) RPIFT acquired a perpetual royalty on net sales of Tysabri. We have applied an end date of 2031 for purposes of accreting income over the royalty term, which is periodically reviewed. (4) Key U.S. patents on Evrysdi expire in 2035. Our royalty will end when aggregate royalties paid to us equal $1.3 billion. (5) The net carrying value by asset is presented before the allowance for credit losses. Refer to Note 6–Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets for additional information. As of March 31, 2023, the balance of $14.3 billion above for total current and non-current financial royalty assets, net included $561.7 million in unapproved financial royalty assets held at cost which were primarily related to seltorexant, olpasiran, pelacarsen and KarXT. As of December 31, 2022 Estimated Royalty Duration (1) Gross Carrying Value Cumulative Allowance for Changes in Expected Cash Flows (Note 6) Net Carrying Value (4) Cystic fibrosis franchise 2037 (2) $ 5,333,535 $ (10,908) $ 5,322,627 Tysabri (3) 1,683,441 (212,283) 1,471,158 Trelegy 2029-2030 1,284,054 (24,126) 1,259,928 Tremfya 2031-2032 894,160 — 894,160 Imbruvica 2027-2032 1,436,969 (660,703) 776,266 Xtandi 2027-2028 1,009,168 (235,625) 773,543 Other 2024-2041 5,134,980 (1,332,815) 3,802,165 Total $ 16,776,307 $ (2,476,460) $ 14,299,847 Less: Cumulative allowance for credit losses (Note 6) (115,422) Total current and non-current financial royalty assets, net $ 14,184,425 (1) Durations shown represent our estimates as of the current reporting date of when a royalty will substantially end, which may depend on clinical trial results, regulatory approvals, contractual terms, commercial developments, estimates of patent expiration dates (which may include estimated patent term extensions) or other factors and may vary by geography. There can be no assurances that our royalties will expire when expected. (2) Royalty is perpetual; year shown represents Trikafta expected patent expiration and potential sales decline based on timing of potential generic entry. (3) RPIFT acquired a perpetual royalty on net sales of Tysabri. We have applied an end date of 2031 for purposes of accreting income over the royalty term, which is periodically reviewed. (4) The net carrying value by asset is presented before the allowance for credit losses. Refer to Note 6–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)	3 Months Ended
	Mar. 31, 2023
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, 2022 (1) $ (2,591,882) Increases to the cumulative allowance for changes in expected cash flows from financial royalty assets (328,695) Decreases to the cumulative allowance for changes in expected cash flows from financial royalty assets 217,306 Write-off of cumulative allowance 87,382 Current period provision for credit losses, net (2) (7,415) Balance at March 31, 2023 $ (2,623,304) (1) Includes $115.4 million related to cumulative allowance for credit losses. (2) In the first quarter of 2023, the provision expense for credit losses was primarily related to the increase in the value of Tazverik.

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Borrowings	Our borrowings as of March 31, 2023 and December 31, 2022 consisted of the following (in thousands): Type of Borrowing Date of Issuance Maturity As of March 31, 2023 As of December 31, 2022 Senior Unsecured Notes: $1,000,000, 0.75% (issued at 99.322% of par) 9/2020 9/2023 $ 1,000,000 $ 1,000,000 $1,000,000, 1.20% (issued at 98.875% of par) 9/2020 9/2025 1,000,000 1,000,000 $1,000,000, 1.75% (issued at 98.284% of par) 9/2020 9/2027 1,000,000 1,000,000 $1,000,000, 2.20% (issued at 97.760% of par) 9/2020 9/2030 1,000,000 1,000,000 $600,000, 2.15% (issued at 98.263% of par) 7/2021 9/2031 600,000 600,000 $1,000,000, 3.30% (issued at 95.556% of par) 9/2020 9/2040 1,000,000 1,000,000 $1,000,000, 3.55% (issued at 95.306% of par) 9/2020 9/2050 1,000,000 1,000,000 $700,000, 3.35% (issued at 97.565% of par) 7/2021 9/2051 700,000 700,000 Unamortized debt discount and issuance costs (178,617) (183,678) Total debt carrying value 7,121,383 7,116,322 Less: Current portion of long-term debt (998,441) (997,512) Total long-term debt $ 6,122,942 $ 6,118,810
Schedule of Repayments of Debt by Year	The future principal payments for our borrowings as of March 31, 2023 over the next five years and thereafter are as follows (in thousands): Year Principal Payments Remainder of 2023 $ 1,000,000 2024 — 2025 1,000,000 2026 — 2027 1,000,000 Thereafter 4,300,000 Total (1) $ 7,300,000

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Balance Of Non-controlling Interests	The changes in the balance of our four non-controlling interests for the first quarter of 2023 and 2022 are as follows (in thousands): RPSFT Legacy Investors Partnerships Continuing Investors Partnerships (1) EPA Holdings Total December 31, 2022 $ (597) $ 1,527,887 $ 2,369,933 $ — $ 3,897,223 Contributions — 3,795 914 — 4,709 Distributions (568) (95,149) (33,394) — (129,111) Other exchanges — — (72,904) — (72,904) Net income 1,025 44,052 123,257 — 168,334 March 31, 2023 $ (140) $ 1,480,585 $ 2,387,806 $ — $ 3,868,251 RPSFT Legacy Investors Partnerships Continuing Investors Partnerships (1) EPA Holdings Total December 31, 2021 $ 13,528 $ 1,809,269 $ 2,649,154 $ — $ 4,471,951 Contributions — 1,970 1,353 — 3,323 Distributions (10,260) (104,201) (34,515) — (148,976) Other exchanges — — (35,284) — (35,284) Net income 5,141 50,520 20,661 — 76,322 Other comprehensive income/(loss): Unrealized gains on available for sale debt securities — 286 382 — 668 Reclassification of unrealized gains on available for sale debt securities — (1,575) (2,105) — (3,680) March 31, 2022 $ 8,409 $ 1,756,269 $ 2,599,646 $ — $ 4,364,324

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 calculate basic and diluted earnings per Class A ordinary share for the first quarter of 2023 and 2022 (in thousands, except per share amounts): For the Three Months Ended March 31, 2023 2022 Numerator Consolidated net income $ 509,089 $ 128,083 Less: Net income attributable to Continuing Investors Partnerships 123,257 20,661 Less: Net income attributable to Legacy Investors Partnerships and RPSFT 45,077 55,661 Net income attributable to Royalty Pharma plc - basic 340,755 51,761 Add: Reallocation of net income attributable to non-controlling interest from the assumed conversion of Class B ordinary shares 123,257 20,661 Net income attributable to Royalty Pharma plc - basic and diluted $ 464,012 $ 72,422 Denominator Weighted average Class A ordinary shares outstanding - basic 445,612 433,956 Add: Dilutive effects as shown separately below Class B ordinary shares exchangeable for Class A ordinary shares 161,612 173,220 Unvested RSUs 27 25 Weighted average Class A ordinary shares outstanding - diluted 607,251 607,201 Earnings per Class A ordinary share - basic $ 0.76 $ 0.12 Earnings per Class A ordinary share - diluted $ 0.76 $ 0.12

Indirect Cash Flow (Tables)

Indirect Cash Flow (Tables)	3 Months Ended
	Mar. 31, 2023
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 Three Months Ended March 31, 2023 2022 Cash flow from operating activities: Consolidated net income $ 509,089 $ 128,083 Adjustments to reconcile consolidated net income to net cash provided by operating activities: Income from financial royalty assets (664,687) (511,523) Provision for changes in expected cash flows from financial royalty assets 118,804 184,621 Amortization of intangible assets — 5,670 Amortization of debt discount and issuance costs 5,324 5,343 Gains on derivative financial instruments (7,090) — Losses on equity securities 10,818 36,162 Equity in earnings of equity method investees (34,606) (397) Distributions from equity method investees 16,267 20,690 Share-based compensation 573 496 Interest income accretion — (8,954) (Gains)/losses on available for sale debt securities (32,300) 16,579 Other 3,147 1,523 Changes in operating assets and liabilities: Cash collected on financial royalty assets 1,151,635 621,689 Accrued royalty receivable 474 2,096 Other royalty income receivable (1,200) 405 Other current assets (199) 1,242 Accounts payable and accrued expenses (1,249) 1,042 Interest payable (40,963) (44,497) Net cash provided by operating activities $ 1,033,837 $ 460,270

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The distributions payable to legacy non-controlling interests represent the contractual cash flows required to be distributed based on the Legacy Investors Partnerships’ non-controlling interest in Old RPI and RPI ICAV and RPSFT’s non-controlling interest in RPCT. The distributions payable to legacy non-controlling interests include the following (in thousands): As of March 31, 2023 As of December 31, 2022 Due to Legacy Investors Partnerships $ 94,283 $ 87,522 Due to RPSFT 4,299 7,281 Total distributions payable to legacy non-controlling interests $ 98,582 $ 94,803

Organization and Purpose (Detai

Organization and Purpose (Details)	Feb. 11, 2020	Mar. 31, 2023	Dec. 31, 2022
Old RPI
Subsidiary, Sale of Stock [Line Items]
Noncontrolling interest (percentage)			82%
RPCT
Subsidiary, Sale of Stock [Line Items]
Ownership percentage (as a percent)	66%
Legacy Investors Partnerships | Old RPI
Subsidiary, Sale of Stock [Line Items]
Noncontrolling interest (percentage)		18%
RPSFT | RPCT
Subsidiary, Sale of Stock [Line Items]
Noncontrolling interest (percentage)	34%
Exchange Offer | Old RPI
Subsidiary, Sale of Stock [Line Items]
Ownership percentage (as a percent)	82%
Exchange Offer | Legacy Investors Partnerships
Subsidiary, Sale of Stock [Line Items]
Exchange offering, ownership percentage	82%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - noncontrolling_interest	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Old RPI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncontrolling interest (percentage)		82%
Number of noncontrolling interests created	4
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)	32%	31%
Legacy Investors Partnerships | Old RPI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncontrolling interest (percentage)	18%

Available for Sale Debt Secur_3

Available for Sale Debt Securities - Narrative (Details) $ in Millions			1 Months Ended	3 Months Ended
	Jan. 07, 2022 USD ($) tranche	Jun. 02, 2021 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2023 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Long term funding partnership, amount	$ 300
Long term funding partnership, number of tranches | tranche	5
Long term funding partnership, initial payment	$ 50
Required amount to be drawn	50
Long term funding partnership, additional payments, aggregate amount	$ 200
Interest free and payment free period, calendar quarters, tranche one | tranche	6
Installment repayments, percentage of amount drawn	1.9
Long term funding partnership, total amount drawn	2
Long term funding partnership, expected payment				$ 125
Development fund bond
Debt and Equity Securities, FV-NI [Line Items]
Maximum commitment to fund collaborative arrangement			$ 300
MorphoSys
Debt and Equity Securities, FV-NI [Line Items]
Maximum commitment to fund collaborative arrangement		$ 150
Redemption price, percentage				2.2
MorphoSys | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Debt and Equity Securities, FV-NI [Line Items]
Payment of capital		350
Maximum commitment to fund collaborative arrangement		$ 150
Period of return				9 years

Available for Sale Debt Secur_4

Available for Sale Debt Securities - Summary of Available for Sale Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 350,000	$ 350,000
Unrealized(Losses)/Gains	(92,600)	(124,900)
Fair Value	257,400	225,100
Available for sale debt securities, current	2,500	1,300
Available for sale debt securities, noncurrent	267,200	226,300
Available for sale debt securities, liabilities noncurrent	(12,300)	(2,500)
Debt securities
Debt and Equity Securities, FV-NI [Line Items]
Cost	359,400	359,400
Unrealized(Losses)/Gains	(89,700)	(131,800)
Fair Value	269,700	227,600
Available for sale debt securities, current	2,500	1,300
Available for sale debt securities, noncurrent	267,200	226,300
Available for sale debt securities, liabilities noncurrent	0	0
Funding Commitments
Debt and Equity Securities, FV-NI [Line Items]
Cost	(9,400)	(9,400)
Unrealized(Losses)/Gains		6,900
Unrealized(Losses)/Gains	(2,900)
Fair Value	(12,300)	(2,500)
Available for sale debt securities, current	0	0
Available for sale debt securities, noncurrent	0	0
Available for sale debt securities, liabilities noncurrent	$ (12,300)	$ (2,500)

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments - Schedule of Fair Value Hierarchy (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Assets:
Marketable securities	$ 0		$ 24,421
Available for sale debt securities	2,500		1,300
Equity securities	101,529		112,348
Available for sale debt securities	267,200		226,300
Liabilities:
Available for sale debt securities, liabilities noncurrent	$ (12,300)		$ (2,500)
Fair value asset liability recurring basis still held unrealized gain loss statement of income extensible list not disclosed flag	fair values	fair values
Derivative asset, noncurrent, statement of financial position [Extensible Enumeration]	Other assets		Other assets
Derivative asset, current, statement of financial position [Extensible Enumeration]	Other current assets		Other current assets
Fair Value, Recurring
Assets:
Derivative instruments, current	$ 0		$ 86,150
Total current assets	1,215,533		116,939
Equity securities	101,529		112,348
Derivative financial instruments	9,380		10,460
Total non-current assets	392,353		363,608
Liabilities:
Available for sale debt securities, liabilities noncurrent	(12,300)		(2,500)
Fair Value, Recurring | Royalty Investments
Assets:
Available for sale debt securities	14,244		14,500
Fair Value, Recurring | Cytokinetics Funding Commitment
Liabilities:
Available for sale debt securities, liabilities current	(12,300)		(2,500)
Level 1 | Fair Value, Recurring
Assets:
Derivative instruments, current	0		0
Total current assets	1,213,033		5,068
Equity securities	93,494		103,876
Derivative financial instruments	0		0
Total non-current assets	93,494		103,876
Liabilities:
Available for sale debt securities, liabilities noncurrent	0		0
Level 1 | Fair Value, Recurring | Royalty Investments
Assets:
Available for sale debt securities	0		0
Level 1 | Fair Value, Recurring | Cytokinetics Funding Commitment
Liabilities:
Available for sale debt securities, liabilities current	0		0
Level 2 | Fair Value, Recurring
Assets:
Derivative instruments, current	0		0
Total current assets	0		24,421
Equity securities	0		0
Derivative financial instruments	0		0
Total non-current assets	0		0
Liabilities:
Available for sale debt securities, liabilities noncurrent	0		0
Level 2 | Fair Value, Recurring | Royalty Investments
Assets:
Available for sale debt securities	0		0
Level 2 | Fair Value, Recurring | Cytokinetics Funding Commitment
Liabilities:
Available for sale debt securities, liabilities current	0		0
Level 3 | Fair Value, Recurring
Assets:
Derivative instruments, current	0		86,150
Total current assets	2,500		87,450
Equity securities	8,035		8,472
Derivative financial instruments	9,380		10,460
Total non-current assets	298,859		259,732
Liabilities:
Available for sale debt securities, liabilities noncurrent	(12,300)		(2,500)
Level 3 | Fair Value, Recurring | Royalty Investments
Assets:
Available for sale debt securities	14,244		14,500
Level 3 | Fair Value, Recurring | Cytokinetics Funding Commitment
Liabilities:
Available for sale debt securities, liabilities current	(12,300)		(2,500)
Certificates of deposit | Fair Value, Recurring
Assets:
Marketable securities	0		11,501
Certificates of deposit | Level 1 | Fair Value, Recurring
Assets:
Marketable securities	0		0
Certificates of deposit | Level 2 | Fair Value, Recurring
Assets:
Marketable securities	0		11,501
Certificates of deposit | Level 3 | Fair Value, Recurring
Assets:
Marketable securities	0		0
U.S. government securities | Fair Value, Recurring
Assets:
Marketable securities	0		12,920
U.S. government securities | Level 1 | Fair Value, Recurring
Assets:
Marketable securities	0		0
U.S. government securities | Level 2 | Fair Value, Recurring
Assets:
Marketable securities	0		12,920
U.S. government securities | Level 3 | Fair Value, Recurring
Assets:
Marketable securities	0		0
Debt Securities | Fair Value, Recurring
Assets:
Available for sale debt securities	2,500		1,300
Available for sale debt securities	267,200		226,300
Debt Securities | Level 1 | Fair Value, Recurring
Assets:
Available for sale debt securities	0		0
Available for sale debt securities	0		0
Debt Securities | Level 2 | Fair Value, Recurring
Assets:
Available for sale debt securities	0		0
Available for sale debt securities	0		0
Debt Securities | Level 3 | Fair Value, Recurring
Assets:
Available for sale debt securities	2,500		1,300
Available for sale debt securities	267,200		226,300
Money market funds | Fair Value, Recurring
Assets:
Cash equivalents	1,213,033		5,068
Money market funds | Level 1 | Fair Value, Recurring
Assets:
Cash equivalents	1,213,033		5,068
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

Fair Value Measurements and F_4

Fair Value Measurements and Financial Instruments - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Gain (loss) on equity securities still held		$ (10.8)	$ 5.5
Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Milestone payment received	$ 475
Cytokinetics Commercial Launch Funding | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Interest rate volatility (as a percent)		30%		30%
Risk-adjusted discount rate (as a percent)		15.90%		13.50%

Fair Value Measurements and F_5

Fair Value Measurements and Financial Instruments - Summary of Change in Carrying Value of Level 3 Financial Instruments (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	$ 8,472	$ 43,013
Gains (losses) on equity securities	(437)	19,525
Balance at the end of the period	8,035	62,538
Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	227,600	253,700
Purchases		64,579
Gains/(losses) on initial recognition		9,400
Unrealized gains on available for sale debt securities included in other comprehensive losses		1,625
Gains/(losses) on available for sale debt securities included in earnings	42,100	(1,600)
Settlement		1,921
Redemptions		(15,625)
Balance at the end of the period	269,700	314,000
Forwards
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period		16,700
Gains/(losses) on available for sale debt securities included in earnings		(15,979)
Settlement		(1,921)
Balance at the end of the period		(1,200)
Funding Commitments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	(2,500)	0
Gains/(losses) on initial recognition		(9,400)
Gains/(losses) on available for sale debt securities included in earnings	(9,800)	1,000
Balance at the end of the period	(12,300)	$ (8,400)
Derivative Instruments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	96,610
Gains on derivative financial instruments	7,090
Settlement	(94,320)
Balance at the end of the period	9,380
Royalty at Fair Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	14,500
Other non-operating expense	(256)
Balance at the end of the period	$ 14,244

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	Mar. 31, 2023	Dec. 31, 2022
Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financial royalty assets, net	$ 18,053,990	$ 17,314,094
Carrying Value, net
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financial royalty assets, net	$ 13,661,816	$ 13,493,106

Financial Royalty Assets (Detai

Financial Royalty Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	$ 16,895,142	$ 16,776,307
Cumulative allowance for changes in expected cash flows	(2,500,467)	(2,476,460)
Net carrying value, before cumulative allowance for credit losses	14,394,675	14,299,847
Cumulative allowance for credit losses	(122,837)	(115,422)
Total current and non-current financial royalty assets, net	14,271,838	14,184,425
Cystic fibrosis franchise
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	5,321,497	5,333,535
Cumulative allowance for changes in expected cash flows	0	(10,908)
Net carrying value, before cumulative allowance for credit losses	5,321,497	5,322,627
Tysabri
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	1,641,736	1,683,441
Cumulative allowance for changes in expected cash flows	(199,647)	(212,283)
Net carrying value, before cumulative allowance for credit losses	1,442,089	1,471,158
Trelegy
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	1,266,469	1,284,054
Cumulative allowance for changes in expected cash flows	0	(24,126)
Net carrying value, before cumulative allowance for credit losses	1,266,469	1,259,928
Tremfya
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	902,341	894,160
Cumulative allowance for changes in expected cash flows	(63,894)	0
Net carrying value, before cumulative allowance for credit losses	838,447	894,160
Imbruvica
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value		1,436,969
Cumulative allowance for changes in expected cash flows		(660,703)
Net carrying value, before cumulative allowance for credit losses		776,266
Xtandi
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	986,163	1,009,168
Cumulative allowance for changes in expected cash flows	(204,782)	(235,625)
Net carrying value, before cumulative allowance for credit losses	781,381	773,543
Evrysdi
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	761,216
Cumulative allowance for changes in expected cash flows	0
Net carrying value, before cumulative allowance for credit losses	761,216
Aggregate royalty amount when patents cease	1,300,000
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	6,015,720	5,134,980
Cumulative allowance for changes in expected cash flows	(2,032,144)	(1,332,815)
Net carrying value, before cumulative allowance for credit losses	3,983,576	$ 3,802,165
Oral zavegepant, Seltorexant, Olpasiran and Pelacarsen
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, unapproved financial assets held at cost	$ 561,700

Cumulative Allowance and the _3

Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (2,591,882)
Increases to the cumulative allowance for changes in expected cash flows from financial royalty assets	(328,695)
Decreases to the cumulative allowance for changes in expected cash flows from financial royalty assets	217,306
Write-off of cumulative allowance	87,382
Current period provision for credit losses, net	(7,415)
Ending balance	(2,623,304)
Cumulative allowance for credit losses	$ 122,837	$ 115,422

Non-Consolidated Affiliates (De

Non-Consolidated Affiliates (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 31, 2023	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jun. 30, 2022	Feb. 11, 2020
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 384,325		$ 384,325		$ 397,175
Equity in income (loss) of non-consolidated affiliates			34,606	$ 397
Distributions from equity method investees			34,767	0
Distributions from equity method investees			16,267	20,690
Legacy Investors Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments							$ 303,700
Equity in income (loss) of non-consolidated affiliates			1,700	4,500
Distributions from equity method investees			2,600	7,300
Avillion Entities
Schedule of Equity Method Investments [Line Items]
Equity in income (loss) of non-consolidated affiliates			32,900	(4,100)
Equity method investment, unfunded commitments	(25,300)		(25,300)		$ (28,800)
Avillion I
Schedule of Equity Method Investments [Line Items]
Distributions from equity method investees			$ 13,600	$ 13,400
Avillion II
Schedule of Equity Method Investments [Line Items]
Proceeds exercise fee		$ 80,000
Exercise fee, pro rata amount	$ 34,800
Avillion II | Merck Asset - Phase II Clinical Trial
Schedule of Equity Method Investments [Line Items]
Other commitment						$ 150,000

Research & Development ("R&D"_2

Research & Development ("R&D") Funding Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development funding expense	$ 500	$ 100,500
Cytokinetics
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development funding expense		$ 100,000

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized debt discount and issuance costs	$ (178,617,000)	$ (183,678,000)
Total debt carrying value	7,121,383,000	7,116,322,000
Less: Current portion of long-term debt	(998,441,000)	(997,512,000)
Total long-term debt	$ 6,122,942,000	6,118,810,000
Unsecured Debt | Point Seven Five Percent Senior Notes Due 2023
Debt Instrument [Line Items]
Debt instrument, stated rate (as a percent)	0.75%
Debt issued as a percent of par value (as a percent)	99.322%
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 instrument, stated rate (as a percent)	1.20%
Debt issued as a percent of par value (as a percent)	98.875%
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 instrument, stated rate (as a percent)	1.75%
Debt issued as a percent of par value (as a percent)	98.284%
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 instrument, stated rate (as a percent)	2.20%
Debt issued as a percent of par value (as a percent)	97.76%
Debt issued, amount	$ 1,000,000,000	1,000,000,000
Unsecured Debt | Two Point One Five Zero Percent Senior Notes Due 2031
Debt Instrument [Line Items]
Debt instrument, stated rate (as a percent)	2.15%
Debt issued as a percent of par value (as a percent)	98.263%
Debt issued, amount	$ 600,000,000	600,000,000
Unsecured Debt | Three Point Three Zero Percent Senior Notes Due 2040
Debt Instrument [Line Items]
Debt instrument, stated rate (as a percent)	3.30%
Debt issued as a percent of par value (as a percent)	95.556%
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 instrument, stated rate (as a percent)	3.55%
Debt issued as a percent of par value (as a percent)	95.306%
Debt issued, amount	$ 1,000,000,000	1,000,000,000
Unsecured Debt | Three Point Three Five Zero Percent Due 2051
Debt Instrument [Line Items]
Debt instrument, stated rate (as a percent)	3.35%
Debt issued as a percent of par value (as a percent)	97.565%
Debt issued, amount	$ 700,000,000	$ 700,000,000

Borrowings - Narrative (Details

Borrowings - Narrative (Details)	Oct. 31, 2022 USD ($)	Sep. 02, 2020 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 26, 2021 USD ($)	Sep. 18, 2020
Senior Notes
Debt Instrument [Line Items]
Debt issued, amount					$ 1,300,000,000
Unamortized discount and loan issuance costs on long-term debt					27,500,000
Senior Notes | Senior Notes Due 2031
Debt Instrument [Line Items]
Debt issued, amount					600,000,000
Senior Notes | Senior Notes Due 2051
Debt Instrument [Line Items]
Debt issued, amount					700,000,000
Debt issuance costs					$ 12,300,000
Weighted average coupon rate (as a percent)			2.80%
Weighted average effective interest rate (as a percent)			3.06%
Unsecured Debt | The Notes
Debt Instrument [Line Items]
Debt issued, amount		$ 6,000,000,000
Unamortized discount and loan issuance costs on long-term debt		149,000,000	$ 178,600,000
Debt issuance costs		$ 40,400,000
Weighted average coupon rate (as a percent)			2.13%
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			$ 5,900,000,000	$ 5,700,000,000
Unsecured Debt | The Notes | Prior to the applicable par call date
Debt Instrument [Line Items]
Redemption price (as a percent)		100%
Unsecured Debt | The Notes | Upon occurrence of a change of control triggering event
Debt Instrument [Line Items]
Redemption price (as a percent)		101%
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
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 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1%

Borrowings - Schedule of Repaym

Borrowings - Schedule of Repayments of Debt by Year (Details) - Unsecured Debt - The Notes - USD ($) $ in Thousands	Mar. 31, 2023	Sep. 02, 2020
Debt Instrument [Line Items]
Remainder of 2023	$ 1,000,000
2024	0
2025	1,000,000
2026	0
2027	1,000,000
Thereafter	4,300,000
Total	7,300,000
Unamortized discount and loan issuance costs on long-term debt	$ 178,600	$ 149,000

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) vote noncontrolling_interest shares class $ / shares	Mar. 31, 2023 USD ($) vote noncontrolling_interest shares class £ / shares	Mar. 31, 2022 USD ($) noncontrolling_interest $ / shares shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Jun. 15, 2020 shares
Class of Stock [Line Items]
Number of classes of stock | class	2	2
Number of votes per share | vote	1	1
Quarterly conversion basis (in shares)	1	1
Number of noncontrolling interests | noncontrolling_interest	4	4	4
Percentage of net economic profit	20%
Dividends declared and paid (in dollars per share) | $ / shares	$ 0.20
Dividends to shareholders | $	$ (88,633)		$ (82,263)
Requisite service period	1 year
Deferred Shares
Class of Stock [Line Items]
Shares, outstanding (in shares)	376,444,000	376,444,000	363,521,000	371,325,000	361,170,000
Class A Ordinary Shares
Class of Stock [Line Items]
Common shares outstanding (in shares)	448,287,000	448,287,000		443,166,000
Dividends declared and paid (in dollars per share) | $ / shares	$ 0.20		$ 0.19
Stock repurchase program, authorized repurchase amount | $	$ 1,000,000	$ 1,000,000
Stock repurchased during the period (in shares)	0
Class A Ordinary Shares | 2020 Equity Incentive Plan
Class of Stock [Line Items]
Shares reserved for future issuance (in shares)						800,000
Class B Ordinary Shares
Class of Stock [Line Items]
Common shares outstanding (in shares)	158,939,000	158,939,000		164,058,000
Class R Redeemable Shares
Class of Stock [Line Items]
Common shares outstanding (in shares)	50,000	50,000		50,000
Shares, outstanding (in shares)	50,000	50,000
Redeemable stock, redemption price (in pound per share) | £ / shares		$ 1

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 9,525,373	$ 10,248,545
Contributions	4,709	3,323
Distributions	(129,111)	(148,976)
Other exchanges	0	0
Net income	509,089	128,083
Unrealized gains on available for sale debt securities	0	1,625
Reclassification of unrealized gains on available for sale debt securities	0	(8,954)
Ending balance	9,822,000	10,141,879
Non-Controlling Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	3,897,223	4,471,951
Contributions	4,709	3,323
Distributions	(129,111)	(148,976)
Other exchanges	(72,904)	(35,284)
Net income	168,334	76,322
Unrealized gains on available for sale debt securities		668
Reclassification of unrealized gains on available for sale debt securities		(3,680)
Ending balance	$ 3,868,251	$ 4,364,324
Non-Controlling Interests | RP Holdings
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest (percentage)	74%	72%
Non-Controlling Interests | RPSFT
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ (597)	$ 13,528
Contributions	0	0
Distributions	(568)	(10,260)
Other exchanges	0	0
Net income	1,025	5,141
Unrealized gains on available for sale debt securities		0
Reclassification of unrealized gains on available for sale debt securities		0
Ending balance	(140)	8,409
Non-Controlling Interests | Legacy Investors Partnerships
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	1,527,887	1,809,269
Contributions	3,795	1,970
Distributions	(95,149)	(104,201)
Other exchanges	0	0
Net income	44,052	50,520
Unrealized gains on available for sale debt securities		286
Reclassification of unrealized gains on available for sale debt securities		(1,575)
Ending balance	1,480,585	1,756,269
Non-Controlling Interests | Continuing Investors Partnerships
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	2,369,933	2,649,154
Contributions	914	1,353
Distributions	(33,394)	(34,515)
Other exchanges	(72,904)	(35,284)
Net income	123,257	20,661
Unrealized gains on available for sale debt securities		382
Reclassification of unrealized gains on available for sale debt securities		(2,105)
Ending balance	$ 2,387,806	$ 2,599,646
Non-Controlling Interests | Continuing Investors Partnerships | RP Holdings
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest (percentage)	26%	28%
Non-Controlling Interests | EPA Holdings
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 0	$ 0
Contributions	0	0
Distributions	0	0
Other exchanges	0	0
Net income	0	0
Unrealized gains on available for sale debt securities		0
Reclassification of unrealized gains on available for sale debt securities		0
Ending balance	$ 0	$ 0

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator
Consolidated net income	$ 509,089	$ 128,083
Less: net income attributable to non-controlling interest	168,334	76,322
Net income attributable to Royalty Pharma plc - basic	340,755	51,761
Add: Reallocation of net income attributable to non-controlling interest from the assumed conversion of Class B ordinary shares	123,257	20,661
Net income attributable to Royalty Pharma plc - diluted	$ 464,012	$ 72,422
Denominator
Weighted average Class A ordinary shares outstanding - basic (in shares)	445,612	433,956
Class B ordinary shares exchangeable for Class A ordinary shares (in shares)	161,612	173,220
Unvested RSUs (in shares)	27	25
Weighted average Class A ordinary shares outstanding - diluted (in shares)	607,251	607,201
Earnings per Class A ordinary share - basic (in dollars per share)	$ 0.76	$ 0.12
Earnings per Class A ordinary share - diluted (in dollars per share)	$ 0.76	$ 0.12
Continuing Investors Partnerships
Numerator
Less: net income attributable to non-controlling interest	$ 123,257	$ 20,661
Legacy Investors Partnerships and RPSFT
Numerator
Less: net income attributable to non-controlling interest	$ 45,077	$ 55,661

Indirect Cash Flow (Details)

Indirect Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Consolidated net income	$ 509,089	$ 128,083
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Income from financial royalty assets	(664,687)	(511,523)
Provision for changes in expected cash flows from financial royalty assets	118,804	184,621
Amortization of intangible assets	0	5,670
Amortization of debt discount and issuance costs	5,324	5,343
Gains on derivative financial instruments	(7,090)	0
Losses on equity securities	10,818	36,162
Equity in earnings of equity method investees	(34,606)	(397)
Distributions from equity method investees	16,267	20,690
Share-based compensation	573	496
Interest income accretion	0	(8,954)
(Gains)/losses on available for sale debt securities	(32,300)	16,579
Other	3,147	1,523
Changes in operating assets and liabilities:
Cash collected on financial royalty assets	1,151,635	621,689
Accrued royalty receivable	474	2,096
Other royalty income receivable	(1,200)	405
Other current assets	(199)	1,242
Accounts payable and accrued expenses	(1,249)	1,042
Interest payable	(40,963)	(44,497)
Net cash provided by operating activities	$ 1,033,837	$ 460,270

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 07, 2022	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Funding commitment, outstanding		$ 250
Required amount to be drawn	$ 50
Long term funding partnership, additional payments, aggregate amount	$ 200
Long term funding partnership, expected payment		$ 125

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)			3 Months Ended
	Apr. 16, 2021	Dec. 08, 2017	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Total distributions payable to legacy non-controlling interests			$ 98,582,000		$ 94,803,000
Total current and non-current financial royalty assets, net			14,271,838,000		14,184,425,000
Shareholders' equity			9,822,000,000	$ 10,141,879,000	9,525,373,000	$ 10,248,545,000
Non-Controlling Interests
Related Party Transaction [Line Items]
Shareholders' equity			3,868,251,000	4,364,324,000	3,897,223,000	$ 4,471,951,000
Agreement with MSCI
Related Party Transaction [Line Items]
Initial term	7 years
Amounts due from related parties			$ 0		0
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%
Quarterly payments to affiliates, percent of security investment (as a percent)			0.25%
Amount calculated for operating and personal payment			$ 1,000,000
Percent calculated for operating and personal payment			0.3125%
Operating and personnel payments incurred			$ 75,000,000
The Manager | Former Operating and Personnel Payments
Related Party Transaction [Line Items]
Operating and personnel payments incurred				$ 41,200,000
Affiliated Entity | Royalty Distribution Payable to Legacy Investors Partnerships
Related Party Transaction [Line Items]
Total distributions payable to legacy non-controlling interests			94,283,000		87,522,000
Affiliated Entity | Royalty Distribution Payable to RP Select Finance Trust
Related Party Transaction [Line Items]
Total distributions payable to legacy non-controlling interests			4,299,000		7,281,000
Affiliated Entity | Assignment Agreement - Benefit of Payment Stream | Bristol-Myers Squibb
Related Party Transaction [Line Items]
Related party, rate (as a percent)		50%
Affiliated Entity | Assignment Agreement - Funding Obligations | Bristol-Myers Squibb
Related Party Transaction [Line Items]
Related party, rate (as a percent)		50%
Total current and non-current financial royalty assets, net			$ 95,700,000		103,400,000
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]
Shareholders' equity			$ 4,300,000
Affiliated Entity | Acquisition Of Limited Partnership Interests In Affiliate | Non-Controlling Interests
Related Party Transaction [Line Items]
Shareholders' equity			$ 1,400,000		$ 1,500,000