Royalty Pharma (RPRX) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		448,131,556
Class B Ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		145,327,592

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 1,764,644	$ 477,010
Financial royalty assets	750,098	738,438
Available for sale debt securities	38,500	18,300
Other royalty income receivable	23,580	22,405
Other current assets	2,292	18,040
Total current assets	2,579,114	1,274,193
Financial royalty assets, net	13,889,894	14,088,655
Equity securities	178,017	199,487
Available for sale debt securities	629,900	437,100
Equity method investments	352,099	375,894
Other assets	27,555	6,522
Total assets	17,656,579	16,381,851
Current liabilities
Distributions payable to legacy non-controlling interests	98,540	83,155
Accounts payable and accrued expenses	23,416	15,165
Interest payable	56,252	51,682
Other current liabilities	97,493	11,375
Total current liabilities	275,701	161,377
Long-term debt	7,602,019	6,135,285
Other liabilities	27,041	900
Total liabilities	7,904,761	6,297,562
Commitments and contingencies
Shareholders’ equity
Deferred shares, $0.000001 par value; issued and outstanding: 2024–390,055 and 2023–384,640	0	0
Additional paid-in capital	4,100,554	4,011,435
Retained earnings	2,378,251	2,517,583
Non-controlling interests	3,275,566	3,557,792
Treasury interests	(2,661)	(2,629)
Total shareholders’ equity	9,751,818	10,084,289
Total liabilities and shareholders’ equity	17,656,579	16,381,851
Class A Ordinary Shares
Shareholders’ equity
Common stock	45	45
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	Jun. 30, 2024 $ / shares shares	Jun. 30, 2024 £ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2023 £ / shares shares
Deferred stock, par value (in dollars per share) | $ / shares	$ 0.000001		$ 0.000001
Deferred stock, issued (in shares)	390,055	390,055	384,640	384,640
Deferred stock, outstanding (in shares)	390,055	390,055	384,640	384,640
Class A Ordinary Shares
Common stock, par value (in dollars/pounds per share) | $ / shares	$ 0.0001		$ 0.0001
Common stock, issued (in shares)	449,065	449,065	446,692	446,692
Common stock, outstanding (in shares)	449,065	449,065	446,692	446,692
Class B Ordinary Shares
Common stock, par value (in dollars/pounds per share) | $ / shares	$ 0.000001		$ 0.000001
Common stock, issued (in shares)	145,328	145,328	150,743	150,743
Common stock, outstanding (in shares)	145,328	145,328	150,743	150,743
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Total income and other revenues	$ 537,267	$ 538,202	$ 1,105,245	$ 1,222,173
Operating expenses
Provision for changes in expected cash flows from financial royalty assets	212,429	241,228	796,029	360,032
Research and development funding expense	500	500	1,000	1,000
General and administrative expenses	54,708	47,634	112,360	133,329
Total operating expenses, net	267,637	289,362	909,389	494,361
Operating income	269,630	248,840	195,856	727,812
Other (income)/expense
Equity in (earnings)/losses of equity method investees	(1,703)	770	12,446	(33,836)
Interest expense	49,013	46,949	93,245	93,899
Losses/(gains) on derivative financial instruments	0	700	0	(6,390)
Losses/(gains) on equity securities	47,124	(41,271)	(30,606)	(30,453)
Losses/(gains) on available for sale debt securities	200	(82,900)	(46,220)	(115,200)
Interest income	(13,381)	(25,653)	(20,798)	(42,355)
Other non-operating (income)/expenses, net	(6,000)	(1,091)	(2,315)	1,722
Total other expenses/(income), net	75,253	(102,496)	5,752	(132,613)
Consolidated net income before tax	194,377	351,336	190,104	860,425
Income tax expense	0	0	0	0
Consolidated net income	194,377	351,336	190,104	860,425
Net income attributable to non-controlling interests	92,373	123,711	83,322	292,045
Net income attributable to Royalty Pharma plc	$ 102,004	$ 227,625	$ 106,782	$ 568,380
Earnings per Class A ordinary share:
Basic (in dollars per share)	$ 0.23	$ 0.51	$ 0.24	$ 1.27
Diluted (in dollars per share)	$ 0.23	$ 0.50	$ 0.24	$ 1.27
Weighted average Class A ordinary shares outstanding:
Basic (in shares)	451,020	450,405	449,822	448,022
Diluted (in shares)	596,912	605,860	597,195	606,551
Income from financial royalty assets
Total income and other revenues	$ 512,865	$ 501,345	$ 1,054,411	$ 1,166,032
Other royalty income and revenues
Total income and other revenues	$ 24,402	$ 36,857	$ 50,834	$ 56,141

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Class A Ordinary Shares	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	Non-Controlling Interests	Treasury Interests
Beginning balance (in shares) at Dec. 31, 2022				443,166,000	164,058,000	50,000	371,325,000
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]
Repurchases of Class A ordinary shares (in shares)		0
Ending balance (in shares) at Mar. 31, 2023				448,287,000	158,939,000	50,000	376,444,000
Ending balance at Mar. 31, 2023	9,822,000			$ 45	$ 0	$ 63	$ 0	3,739,658	2,216,811	3,868,251	(2,828)
Beginning balance (in shares) at Dec. 31, 2022				443,166,000	164,058,000	50,000	371,325,000
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	6,840									6,840
Distributions	(266,391)									(266,391)
Dividends	(179,238)								(179,238)
Other exchanges (in shares)				11,162,000	(11,162,000)		11,162,000
Other exchanges	0			$ 2				397,519		(397,698)	177
Share-based compensation and related issuances of Class A ordinary shares (in shares)				51,000
Share-based compensation and related issuances of Class A ordinary shares	1,159							1,159
Repurchases of Class A ordinary shares (in shares)				(4,027,000)
Repurchases of Class A ordinary shares	(134,482)							(33,596)	(100,886)
Net income	860,425								568,380	292,045
Ending balance (in shares) at Jun. 30, 2023				450,352,000	152,896,000	50,000	382,487,000
Ending balance at Jun. 30, 2023	9,813,686			$ 46	$ 0	$ 63	$ 0	4,031,242	2,252,945	3,532,019	(2,629)
Beginning balance (in shares) at Mar. 31, 2023				448,287,000	158,939,000	50,000	376,444,000
Beginning balance at Mar. 31, 2023	9,822,000			$ 45	$ 0	$ 63	$ 0	3,739,658	2,216,811	3,868,251	(2,828)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions	2,131									2,131
Distributions	(137,281)									(137,281)
Dividends	(90,605)								(90,605)
Other exchanges (in shares)				6,043,000	(6,043,000)		6,043,000
Other exchanges	0			$ 1				324,593		(324,793)	199
Share-based compensation and related issuances of Class A ordinary shares (in shares)				49,000
Share-based compensation and related issuances of Class A ordinary shares	587							587
Repurchases of Class A ordinary shares (in shares)		(4,027,000)
Repurchases of Class A ordinary shares	(134,482)							(33,596)	(100,886)
Net income	351,336								227,625	123,711
Ending balance (in shares) at Jun. 30, 2023				450,352,000	152,896,000	50,000	382,487,000
Ending balance at Jun. 30, 2023	9,813,686			$ 46	$ 0	$ 63	$ 0	4,031,242	2,252,945	3,532,019	(2,629)
Beginning balance (in shares) at Dec. 31, 2023				446,692,000	150,743,000	50,000	384,640,000
Beginning balance at Dec. 31, 2023	10,084,289			$ 45	$ 0	$ 63	$ 0	4,011,435	2,517,583	3,557,792	(2,629)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of Class A ordinary shares (in shares)		0
Ending balance (in shares) at Mar. 31, 2024				450,981,000	146,456,000	50,000	388,927,000
Ending balance at Mar. 31, 2024	9,863,716			$ 45	$ 0	$ 63	$ 0	4,074,849	2,427,448	3,363,965	(2,654)
Beginning balance (in shares) at Dec. 31, 2023				446,692,000	150,743,000	50,000	384,640,000
Beginning balance at Dec. 31, 2023	10,084,289			$ 45	$ 0	$ 63	$ 0	4,011,435	2,517,583	3,557,792	(2,629)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions	4,553									4,553
Distributions	(254,139)									(254,139)
Dividends	(188,748)								(188,748)
Other exchanges (in shares)				5,415,000	(5,415,000)		5,415,000
Other exchanges	0							115,994		(115,962)	(32)
Share-based compensation and related issuances of Class A ordinary shares (in shares)				75,000
Share-based compensation and related issuances of Class A ordinary shares	1,293							1,293
Repurchases of Class A ordinary shares (in shares)				(3,117,000)
Repurchases of Class A ordinary shares	(84,426)							(28,168)	(56,258)
Net income	190,104								106,782	83,322
Purchase of non-controlling interest in RPCT	(1,108)								(1,108)
Ending balance (in shares) at Jun. 30, 2024			50,000	449,065,000	145,328,000	50,000	390,055,000
Ending balance at Jun. 30, 2024	9,751,818			$ 45	$ 0	$ 63	$ 0	4,100,554	2,378,251	3,275,566	(2,661)
Beginning balance (in shares) at Mar. 31, 2024				450,981,000	146,456,000	50,000	388,927,000
Beginning balance at Mar. 31, 2024	9,863,716			$ 45	$ 0	$ 63	$ 0	4,074,849	2,427,448	3,363,965	(2,654)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions	2,141									2,141
Distributions	(129,728)									(129,728)
Dividends	(94,943)								(94,943)
Other exchanges (in shares)				1,128,000	(1,128,000)		1,128,000
Other exchanges	0							53,192		(53,185)	(7)
Share-based compensation and related issuances of Class A ordinary shares (in shares)				73,000
Share-based compensation and related issuances of Class A ordinary shares	681							681
Repurchases of Class A ordinary shares (in shares)				(3,117,000)
Repurchases of Class A ordinary shares	(84,426)							(28,168)	(56,258)
Net income	194,377								102,004	92,373
Ending balance (in shares) at Jun. 30, 2024			50,000	449,065,000	145,328,000	50,000	390,055,000
Ending balance at Jun. 30, 2024	$ 9,751,818			$ 45	$ 0	$ 63	$ 0	$ 4,100,554	$ 2,378,251	$ 3,275,566	$ (2,661)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Dividends declared and paid (in dollars per share)	$ 0.21	$ 0.21
Class A Ordinary Shares
Dividends declared and paid (in dollars per share)	$ 0.21		$ 0.20	$ 0.42	$ 0.40

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Cash collections from financial royalty assets	$ 1,414,324	$ 1,746,391
Cash collections from intangible royalty assets	14,030	817
Other royalty cash collections	49,523	59,553
Distributions from equity method investees	13,396	18,510
Interest received	20,914	34,513
Development-stage funding payments - ongoing	(1,000)	(1,000)
Payments for operating and professional costs	(108,572)	(133,878)
Interest paid	(79,768)	(83,252)
Net cash provided by operating activities	1,322,847	1,641,654
Cash flows from investing activities:
Distributions from equity method investees	8,908	34,767
Investments in equity method investees	(10,955)	(6,566)
Purchases of equity securities	(50,000)	0
Proceeds from equity securities	98,575	0
Purchases of available for sale debt securities	(150,000)	0
Proceeds from available for sale debt securities	4,320	0
Proceeds from sales and maturities of marketable securities	0	24,391
Acquisitions of financial royalty assets	(814,712)	(662,151)
Acquisitions of other financial assets	(18,000)	0
Milestone payments	(50,000)	(12,400)
Other	2,038	0
Net cash used in investing activities	(979,826)	(621,959)
Cash flows from financing activities:
Distributions to legacy non-controlling interests - Portfolio Receipts	(179,523)	(184,391)
Distributions to continuing non-controlling interests	(62,693)	(63,923)
Dividends to shareholders	(188,748)	(179,238)
Repurchases of Class A ordinary shares	(79,999)	(134,442)
Contributions from legacy non-controlling interests - R&D	308	367
Contributions from non-controlling interests - other	2,288	4,258
Proceeds from revolving credit facility	1,471,235	0
Debt issuance costs and other	(9,228)	0
Other	(9,027)	0
Net cash provided by/(used in) financing activities	944,613	(557,369)
Net change in cash and cash equivalents	1,287,634	462,326
Cash and cash equivalents, beginning of period	477,010	1,710,751
Cash and cash equivalents, end of period	$ 1,764,644	$ 2,173,077

Organization and Purpose

Organization and Purpose	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Purpose	Organization and Purpose Royalty Pharma plc is a public limited company that was incorporated under the laws of England and Wales 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. 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 Royalty Pharma plc, and, indirectly, by RPI US Partners 2019, LP, a Delaware limited partnership, and RPI International Holdings 2019, LP, a Cayman Islands exempted limited partnership (together, the “Continuing Investors Partnerships”). 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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 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, 2023 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. 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. 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”). Prior to December 29, 2023, the remaining 34% of RPCT was owned by the Legacy Investors Partnerships and Royalty Pharma Select Finance Trust, a Delaware statutory trust (“RPSFT”), which was wholly owned by Royalty Pharma Select, an Irish unit trust. In 2022, we became an indirect owner of an 82% economic interest in Royalty Pharma Investments ICAV (“RPI ICAV”), which was previously owned directly by Old RPI. In December 2023, RPI 2019 ICAV acquired the remaining interest in RPCT owned by RPSFT and, as such, RPSFT no longer holds a non-controlling interest in RPCT. Prior to December 2023, we reported non-controlling interest related to a de minimis interest in RPCT held by RPSFT (together with the Legacy Investors Partnership’s interest in Old RPI and RPI ICAV, the “legacy non-controlling interests”), which also existed prior to our IPO. As of December 31, 2023, we report three non-controlling interests: (1) the Legacy Investors Partnerships’ ownership of approximately 18% in Old RPI and RPI ICAV, which existed prior to our IPO, and, following the consummation of our IPO, (2) the Continuing Investors Partnerships’ indirect ownership in RP Holdings through their indirect ownership of RP Holdings Class B Interests (the “continuing non-controlling interests”) and (3) RPI EPA Holdings, LP’s (“EPA Holdings”) ownership of the RP Holdings’ Class C ordinary share (the “RP Holdings Class C Special Interest”). Income will not be allocated to EPA Holdings until certain performance conditions are met. All intercompany transactions and balances have been eliminated in consolidation. Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. Concentrations of Credit Risk Financial instruments that subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents, 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 balances as of June 30, 2024 and December 31, 2023 were held with Bank of America, TD Bank, State Street, U.S. Bank, DNB Bank, Citibank, 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, GSK, Roche, Johnson & Johnson, Biogen, AbbVie, Astellas, Pfizer, Novartis and Gilead. As of June 30, 2024 and December 31, 2023, Vertex, as the marketer and payor of our royalties on the cystic fibrosis franchise, accounted for 34% and 32% of our current portion of financial royalty assets, respectively, and represented the largest individual marketer and payor of our royalties. 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 credit losses with respect to the collection of income or revenues 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, 2023.

Available for Sale Debt Securit

Available for Sale Debt Securities	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Available for Sale Debt Securities	Available for Sale Debt Securities Funding Arrangements with Cytokinetics Cytokinetics Development Funding In May 2024, as part of an expanded funding collaboration of up to $575 million with Cytokinetics, Incorporated (“Cytokinetics”), we provided funding of $100 million (“Cytokinetics Development Funding”) for Cytokinetics’ Phase 3 clinical trial of omecamtiv mecarbil. If the Phase 3 clinical trial is successful and approval by the U.S. Food and Drug Administration (“FDA”) is received within a specific timeframe, we will receive a return of $100 million and the greater of an incremental 2.0% royalty on annual net sales of omecamtiv mecarbil or quarterly fixed payments for 18 quarters and an incremental 2.0% royalty thereafter. If FDA approval is not received within a specific timeframe, we will receive a return of 2.4 times the Cytokinetics Development Funding over 18 quarters. If the Phase 3 clinical trial is not successful within a specific timeframe, we will receive a return of 2.3 times the Cytokinetics Development Funding over 22 quarters. Cytokinetics Commercial Launch Funding In January 2022, we entered into a long-term funding agreement with Cytokinetics which was later amended in the same year. In May 2024, as part of the expanded funding collaboration with Cytokinetics described above, we amended the funding agreement to provide for additional funding through tranches six and seven. Under the amended funding agreement, we will provide funding of up to $525 million in seven tranches (“Cytokinetics Commercial Launch Funding”). We funded the initial tranche of $50 million in January 2022 and the sixth tranche of $50 million in May 2024. For the remaining tranches, Cytokinetics is required to draw $50 million if a certain contingency is met and has the option to draw the remaining $375 million upon the occurrence of certain regulatory and clinical development milestones (“Cytokinetics Funding Commitments”). Because the regulatory milestones for the second and third tranches were not met, $75 million of the optional funding is no longer available. In April 2024, the contingency for the fourth tranche was met, triggering the requirement that Cytokinetics draw at least $50 million, with the ability to draw an additional $25 million within one year. The contingency for the fifth and seventh tranches of respective drawing capacity of $100 million and $175 million was not met as of June 30, 2024. For all available tranches, we expect to receive a return of 1.9 times the amount drawn over 34 consecutive quarterly payments beginning on the last business day of the seventh quarter following the quarter of the funding date of each tranche. In the fourth quarter of 2023, we began receiving quarterly repayments on the first tranche. As of June 30, 2024, $350 million remained available under the Cytokinetics Funding Commitments. We elected the fair value option to account for the Cytokinetics Development Funding and Cytokinetics Commercial Launch Funding (collectively the “Cytokinetics Funding Arrangements”) as it most accurately reflects the nature of the funding arrangements. The funded Cytokinetics Funding Arrangements are 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 Funding Arrangements and Cytokinetics Funding Commitments are recorded within Losses/(gains) 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 funding agreement with MorphoSys AG (“MorphoSys”) to support its acquisition of Constellation Pharmaceuticals, Inc. In September 2022, we provided MorphoSys funding of $300 million (“MorphoSys Development Funding Bonds”). We expect to receive a return of 2.2 times the MorphoSys 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 MorphoSys Development Funding Bonds as it most accurately reflects the nature of the instrument. The MorphoSys Development Funding Bonds are recorded within Available for sale debt securities on the condensed consolidated balance sheets. The changes in the fair value of the MorphoSys Development Funding Bonds are recorded within Losses/(gains) 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 (in thousands): Cost Unrealized Gains/(Losses) Fair Value Current Assets Non-Current Assets Non-Current Liabilities Total As of June 30, 2024 Debt securities (1) $ 513,746 $ 154,654 $ 668,400 $ 38,500 $ 629,900 $ — $ 668,400 Funding commitments (2) (12,300) (9,700) (22,000) — — (22,000) (22,000) Total $ 501,446 $ 144,954 $ 646,400 $ 38,500 $ 629,900 $ (22,000) $ 646,400 As of December 31, 2023 Debt securities (1) $ 359,667 $ 95,733 $ 455,400 $ 18,300 $ 437,100 $ — $ 455,400 Funding commitments (2) (7,300) 6,400 (900) — — (900) (900) Total $ 352,367 $ 102,133 $ 454,500 $ 18,300 $ 437,100 $ (900) $ 454,500 (1) The cost related to the first and sixth tranches of the Cytokinetics Commercial Launch Funding and the Cytokinetics Development Funding reflects the fair values on their respective funding dates. The cost related to the first tranche of the Cytokinetics Commercial Launch Funding is amortized as quarterly repayments are received. The cost of the MorphoSys Development Funding Bonds represent the amounts funded. (2) Related to Cytokinetics Funding Commitments for which certain tranches remain available as of the respective balance sheet dates. The costs associated with the Cytokinetics Funding Commitments represent the fair values on the transaction dates.

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 As of December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds (1) $ 501,035 $ — $ — $ 501,035 $ 157,420 $ — $ — $ 157,420 Available for sale debt securities (2) — — 38,500 38,500 — — 18,300 18,300 Total current assets $ 501,035 $ — $ 38,500 $ 539,535 $ 157,420 $ — $ 18,300 $ 175,720 Equity securities (3) 125,695 — 52,322 178,017 199,190 — 297 199,487 Available for sale debt securities (2) — — 629,900 629,900 — — 437,100 437,100 Derivative instrument (4) — — 18,000 18,000 — — — — Royalty at fair value (3) — — 5,323 5,323 — — 1,778 1,778 Total non-current assets $ 125,695 $ — $ 705,545 $ 831,240 $ 199,190 $ — $ 439,175 $ 638,365 Liabilities: Funding commitments (5) — — (22,000) (22,000) — — (900) (900) Total non-current liabilities $ — $ — $ (22,000) $ (22,000) $ — $ — $ (900) $ (900) (1) Recorded within Cash and cash equivalents on the condensed consolidated balance sheets. (2) Related to the fair values of the initial tranche of Cytokinetics Commercial Launch Funding and MorphoSys Development Funding Bonds. As of June 30, 2024, amounts also include fair value of the sixth tranche of the Cytokinetics Commercial Launch Funding and the Cytokinetics Development Funding. (3) The fair values reflected within Level 3 are related to equity securities and a revenue participation right acquired from ApiJect Holdings, Inc. (“ApiJect”), a private company. We estimated the fair values related to the instruments acquired from ApiJect using a discounted cash flow with Level 3 inputs including forecasted cash flows and the weighted average cost of capital. The revenue participation right was recorded within Other assets on the condensed consolidated balance sheets. See Note 7–Non-Consolidated Affiliates for additional discussion. As of June 30, 2024, the amount reflected within Level 3 also includes the fair value of Cytokinetics common stock that we purchased as part of the expanded funding collaboration described in Note 3–Available for Sale Debt Securities. (4) Related to the Cytokinetics R&D Funding Derivative (as defined below) recorded within Other assets on the condensed consolidated balance sheet. (5) Related to the fair value of the Cytokinetics Funding Commitments recorded within Other liabilities on the condensed consolidated balance sheets. For the second quarter and first six months of 2024, we recognized losses of $48.6 million and $17.5 million, respectively, on equity securities still held as of June 30, 2024. For the second quarter and first six months of 2023, we recognized gains of $22.8 million and $9.7 million, respectively, on equity securities still held as of June 30, 2024. 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 June 30, 2024 Equity Securities Debt Securities Funding Commitments Derivative Instrument (3) Royalty at Fair Value Balance at the beginning of the period $ — $ 502,700 $ (3,220) $ — $ — Purchases 46,500 150,000 — 18,000 — Gains/(losses) on initial recognition (1) — 5,000 (5,000) — — Gains on equity securities 5,822 — — — — Gains/(losses) on available for sale debt securities included in earnings — 13,580 (13,780) — — Other non-operating income — — — — 5,323 Redemptions (2) — (2,880) — — — Balance at the end of the period $ 52,322 $ 668,400 $ (22,000) $ 18,000 $ 5,323 (1) Represents purchase price allocation to arrive at the appropriate fair value on initial recognition. (2) Amount relates to the quarterly repayment on the first tranche of the Cytokinetics Commercial Launch Funding. (3) Related to the Cytokinetics R&D Funding Derivative (as defined below). For the Three Months Ended June 30, 2023 Equity Securities Debt Securities Funding Commitments Derivative Instruments Royalty at Fair Value Balance at the beginning of the period $ 8,035 $ 269,700 $ (12,300) $ 9,380 $ 14,244 Losses on equity securities (2,317) — — — — Losses on derivative financial instruments — — — (700) — Gains on available for sale debt securities included in earnings — 79,100 3,800 — — Other non-operating income — — — — 2,339 Balance at the end of the period $ 5,718 $ 348,800 $ (8,500) $ 8,680 $ 16,583 For the Six Months Ended June 30, 2024 Equity Securities Debt Securities Funding Commitments Derivative Instrument (3) Royalty at Fair Value Balance at the beginning of the period $ 297 $ 455,400 $ (900) $ — $ 1,778 Purchases 46,500 150,000 — 18,000 — Gains/(losses) on initial recognition (1) — 5,000 (5,000) — — Gains on equity securities 5,525 — — — — Gains/(losses) on available for sale debt securities included in earnings — 62,320 (16,100) — — Other non-operating income — — — — 3,545 Redemptions (2) — (4,320) — — — Balance at the end of the period $ 52,322 $ 668,400 $ (22,000) $ 18,000 $ 5,323 (1) Represents purchase price allocation to arrive at the appropriate fair value on initial recognition. (2) Amount relates to the quarterly repayment on the first tranche of the Cytokinetics Commercial Launch Funding. (3) Related to the Cytokinetics R&D Funding Derivative (as defined below). For the Six Months Ended June 30, 2023 Equity Securities Debt Securities Funding Commitments Derivative Instruments (1) 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 (2,754) — — — — Gains on derivative financial instruments — — — 6,390 — Gains/(losses) on available for sale debt securities included in earnings — 121,200 (6,000) — — Other non-operating income — — — — 2,083 Settlements — — — (94,320) — Balance at the end of the period $ 5,718 $ 348,800 $ (8,500) $ 8,680 $ 16,583 (1) Represents the embedded derivative instruments related to our option to accelerate the zavegepant milestone payments into a single payment. In March 2023, the FDA approved Zavzpret, the intranasal formulation of zavegepant, and we received a $475 million milestone payment which resulted in partial settlement of the derivative instruments. Valuation Inputs for Recurring Fair Value Measurements Below is a discussion of the valuation inputs used for financial instruments classified as Level 3 measurement as of June 30, 2024 and December 31, 2023 in the fair value hierarchy. As of June 30, 2024 and December 31, 2023, we did not have any financial instruments recorded at fair value using Level 2 inputs. Cytokinetics Common Stock In May 2024, we purchased approximately 980 thousand shares of Cytokinetics common stock, calculated based on the purchase price of Cytokinetics common stock paid by public investors in a public offering announced concurrently with the announcement of this May 2024 transaction. As part of the transaction, we are restricted from selling the Cytokinetics common stock for six months following the close of the transaction. The fair value of the Cytokinetics common stock as of June 30, 2024 was based on the closing stock price and adjusted for the transfer restriction, which was determined by calculating the value of a put option over the Cytokinetics common stock to match the duration of the transfer restriction. This methodology incorporates Level 3 inputs, including the estimated volatility of the Cytokinetics common stock, which requires the use of significant judgement. Our estimated volatility could be reasonably different than the actual volatility for the Cytokinetics common stock which would mean that the estimated fair value for the Cytokinetics common stock could be significantly higher or lower than the fair value determined by management at any particular date. Cytokinetics R&D Funding Derivative In May 2024, as part of the expanded funding collaboration with Cytokinetics described in Note 3–Available for Sale Debt Securities, we agreed to fund the clinical trial for CK-586. We funded $50 million upfront in exchange for a royalty on CK-586. We have an option to fund up to an additional $150 million for which we would be eligible to receive milestone payments of up to $150 million upon regulatory approvals and an incremental royalty on CK-586. Upon a change of control event, we have the option to cause Cytokinetics to pay us 1.5 times the initial and additional funding amounts in a lump sum in exchange for our rights to receive royalties and milestone payment. Our funding arrangement on CK-586 is accounted for as a derivative instrument and is recorded at fair value (“Cytokinetics R&D Funding Derivative”). We estimated the fair value of the Cytokinetics R&D Funding Derivative as of June 30, 2024 by utilizing probability-adjusted discounted cash flow calculations using Level 3 inputs, including the probabilities of us exercising the additional funding option, regulatory approvals and the occurrence of a change of control event during the duration of the arrangement. We also assumed a risk-adjusted discount rate of 14.3% as of June 30, 2024. Our estimate of expectation of timing and probabilities of us exercising the additional funding option, regulatory approvals and a change of control event, the risk-adjusted discount rate and the interest rate volatility 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. Cytokinetics Funding Arrangements and Cytokinetics Funding Commitments We estimated the fair values of the Cytokinetics Funding Arrangements as of June 30, 2024 and December 31, 2023 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 Funding Arrangements 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 June 30, 2024 and December 31, 2023 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 June 30, 2024 and December 31, 2023, this methodology incorporates Level 3 inputs, including the probability of a change of control event occurring during the investment term, an assumed interest rate volatility of 37.5% as of each date and an assumed risk-adjusted discount rate of 14.3% and 10.9%, 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 expectation of the probability and timing of the occurrence of a change of control event, 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 We estimated the fair value of the MorphoSys Development Funding Bonds as of June 30, 2024 and December 31, 2023 based on a discounted cash flow calculation using estimated risk-adjusted discount rates, which are Level 3 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. 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. Financial royalty assets do not include development stage products for which the funding was treated as a derivative instrument (e.g. CK-586), the purchase price was expensed as upfront research and development (“R&D”) upon acquisition (e.g. Trodelvy and Nurtec ODT), or for which we provide and expense ongoing R&D funding (e.g., historically, Soliqua from our co-funding agreement with Sanofi). Refer to Note 8–Research and Development Funding Expense for additional discussion. Financial royalty assets also do not include funding arrangements such as the MorphoSys Development Funding Bonds and the Cytokinetics Funding Arrangements, which are accounted for as available for sale debt securities. Refer to Note 3–Available for Sale Debt Securities for additional discussion. The fair value of financial royalty assets is classified as Level 3 within the fair value hierarchy since it is determined based on inputs that are both significant and unobservable. Management calculates the fair value of financial royalty assets using forecasted royalty receipts 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 receipts by asset, along with any projected incoming or outgoing milestone payments, are then discounted to a present value using appropriate individual discount rates. Of the current portion of financial royalty assets, approximately 12.6% and 10.1% was attributable to legacy non-controlling interests as of June 30, 2024 and December 31, 2023, respectively. The fair value of the non-current portion of financial royalty assets included approximately 8.8% and 9.4% attributable to legacy non-controlling interests as of June 30, 2024 and December 31, 2023, respectively. The estimated fair values and related carrying values of the current and non-current portions of financial royalty assets are presented below (in thousands): As of June 30, 2024 As of December 31, 2023 Financial Royalty Assets Fair Value Carrying Value, Net Fair Value Carrying Value, Net Current $ 750,098 $ 750,098 $ 738,438 $ 738,438 Non-current 18,685,207 13,889,894 19,077,706 14,088,655 Total financial royalty assets $ 19,435,305 $ 14,639,992 $ 19,816,144 $ 14,827,093

Financial Royalty Assets

Financial Royalty Assets	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Financial Royalty Assets	Financial Royalty Assets Financial royalty assets consist of contractual rights to cash flows relating to royalties 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 are as follows (in thousands): As of June 30, 2024 Estimated Royalty Duration (1) Gross Carrying Value Cumulative Allowance for Changes in Expected Cash Flows (Note 6) Net Carrying Value (4) Cystic fibrosis franchise 2039-2041 (2) $ 5,227,108 $ (235,035) $ 4,992,073 Evrysdi 2035-2036 2,074,582 (244,726) 1,829,856 Trelegy 2029-2030 1,162,412 (46,822) 1,115,590 Tysabri (3) 1,414,071 (425,581) 988,490 Tremfya 2031-2032 933,261 (113,406) 819,855 Xtandi 2027-2028 848,888 (295,072) 553,816 Other 2024-2041 6,840,844 (2,332,595) 4,508,249 Total $ 18,501,166 $ (3,693,237) $ 14,807,929 Less: Cumulative allowance for credit losses (Note 6) (167,937) Total current and non-current financial royalty assets, net $ 14,639,992 (1) Durations shown represent our estimates as of the current reporting date of when a royalty will substantially end, which may vary by geography and may depend on clinical trial results, regulatory approvals, contractual terms, commercial developments, estimates of regulatory exclusivity and patent expiration dates (which may include estimated patent term extensions) or other factors. There can be no assurances that our royalties will expire when expected. (2) Royalty is perpetual; range shown assumes approval of the vanzacaftor/tezacaftor/deutivacaftor combination product and represents 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. As of June 30, 2024, the balance of $14.6 billion above for total current and non-current financial royalty assets, net included $1.3 billion in unapproved financial royalty assets held at cost related to frexalimab of $523.0 million and other assets, including olpasiran, pelacarsen, KarXT, seltorexant, olanzapine LAI (TEV-’749), aficamten and ecopipam. As of December 31, 2023 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) $ 5,288,833 $ (2,539) $ 5,286,294 Evrysdi 2035-2036 1,793,088 — 1,793,088 Trelegy 2029-2030 1,208,807 — 1,208,807 Tysabri (3) 1,511,957 (434,568) 1,077,389 Tremfya 2031-2032 927,488 (120,733) 806,755 Xtandi 2027-2028 911,045 (268,701) 642,344 Other 2024-2041 6,251,020 (2,100,897) 4,150,123 Total $ 17,892,238 $ (2,927,438) $ 14,964,800 Less: Cumulative allowance for credit losses (Note 6) (137,707) Total current and non-current financial royalty assets, net $ 14,827,093 (1) Durations shown represent our estimates as of December 31, 2023 of when a royalty will substantially end, which may vary by geography and may depend on clinical trial results, regulatory approvals, contractual terms, commercial developments, estimates of regulatory exclusivity and patent expiration dates (which may include estimated patent term extensions) or other factors. There can be no assurances that our royalties will expire when expected. (2) Royalty is perpetual; year shown represents Trikafta’s 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	6 Months Ended
	Jun. 30, 2024
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: • 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 (in thousands): Activity for the Period Balance at December 31, 2023 (1) $ (3,065,145) Increases to the cumulative allowance for changes in expected cash flows from financial royalty assets (1,043,735) Decreases to the cumulative allowance for changes in expected cash flows from financial royalty assets 277,936 Current period provision for credit losses, net (2) (30,230) Balance at June 30, 2024 $ (3,861,174) (1) Includes $137.7 million related to cumulative allowance for credit losses. (2)

Non-Consolidated Affiliates

Non-Consolidated Affiliates	6 Months Ended
	Jun. 30, 2024
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/(gains) 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 (income)/expenses, net . No amounts were due from or to ApiJect related to the revenue participation right as of June 30, 2024 and December 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 report on a lag. 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. Equity in earnings from the Legacy SLP Interest is recorded within Equity in (earnings)/losses of equity method investees. We recorded an income allocation of $4.7 million and a loss allocation $4.7 million in the second quarter and first six months of 2024, respectively. We recorded income allocations of $1.2 million and $2.8 million in the second quarter and first six months of 2023, respectively. We collected cash receipts from the Legacy SLP Interest of $3.9 million and $8.9 million in the second quarter and first six months of 2024, respectively. We collected cash receipts from the Legacy SLP Interest of $2.2 million and $4.9 million in the second quarter and first six months of 2023, 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. Equity in earnings from the Avillion Entities is recorded within Equity in (earnings)/losses of equity method investees. We recorded loss allocations of $3.0 million and $7.8 million in the second quarter and first six months of 2024, respectively. We recorded a loss allocation of $1.9 million and an income allocation of $31.0 million in the second quarter and first six months of 2023, respectively. 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 $13.4 million and $13.6 million in the first six months of 2024 and 2023, respectively. In May 2018, RPIFT entered into an agreement with Avillion II, which was subsequently amended, to fund a total of $155 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 the first quarter of 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 and we received our pro rata portion of the exercise fee of $34.8 million from Avillion II.

Research and Development (R&D)

Research and Development (R&D) Funding Expense	6 Months Ended
	Jun. 30, 2024
Research and Development [Abstract]
Research and Development (R&D) Funding Expense	Research and 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 made to counterparties on an upfront basis or upon pre-approval milestones, and development-stage funding payments that are made to counterparties over time as the related product candidates undergo clinical trials with our counterparties. During the first six months of 2024 and 2023, we did not enter into any new ongoing R&D funding arrangements.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings Our borrowings consisted of the following (in thousands): Type of Borrowing Date of Issuance Maturity As of June 30, 2024 As of December 31, 2023 Senior Unsecured Notes: $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 $500,000, 5.15% (issued at 98.758% of par) 6/2024 9/2029 500,000 — $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 $500,000, 5.40% (issued at 97.872% of par) 6/2024 9/2034 500,000 — $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 $500,000, 5.90% (issued at 97.617% of par) 6/2024 9/2054 500,000 — Unamortized debt discount and issuance costs (197,981) (164,715) Total debt carrying value 7,602,019 6,135,285 Less: Current portion of long-term debt — — Total long-term debt $ 7,602,019 $ 6,135,285 Senior Unsecured Notes In June 2024, we issued $1.5 billion of senior unsecured notes (the “2024 Notes”). The 2024 Notes were issued at a total discount of $28.8 million and we capitalized approximately $12.9 million in debt issuance costs primarily composed of underwriting fees. The 2024 Notes were issued with a weighted average coupon rate and a weighted average effective interest rate of 5.48% and 5.92%, respectively. We issued $1.3 billion and $6.0 billion of senior unsecured notes in 2021 (the “2021 Notes”) and 2020 (the “2020 Notes”), respectively. The 2021 Notes and 2020 Notes were issued at a total discount of $176.4 million and we capitalized approximately $52.7 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. 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. In September 2023, we repaid $1.0 billion of the 2020 Notes upon maturity. Interest on each series of the 2024 Notes, 2021 Notes and 2020 Notes (the “Notes”) accrues at the respective rate per annum and is payable semi-annually in arrears on March 2 and September 2 of each year. The first interest payment date for the 2024 Notes will be March 2, 2025. 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 June 30, 2024, we were in compliance with all applicable covenants. As of June 30, 2024 and December 31, 2023, the fair value of our outstanding Notes using Level 2 inputs was approximately $6.5 billion and $5.1 billion , respectively. Senior Unsecured Revolving Credit Facility Our subsidiary, RP Holdings, as borrower, initially entered into to the Amended and Restated Revolving Credit Agreement (the “Credit Agreement”) on September 15, 2021, which provides for an unsecured revolving credit facility (the “Revolving Credit Facility”). Amendment No. 3 to the Credit Agreement, which was entered into on December 22, 2023, increased the borrowing capacity to $1.8 billion for general corporate purposes with $1.69 billion of the revolving commitments maturing on December 22, 2028 and the remaining $110.0 million of revolving commitments maturing on October 31, 2027. On January 24, 2024, we entered into Amendment No. 4 to the Credit Agreement to make certain technical modifications. As of June 30, 2024 and December 31, 2023, 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 fluctuate 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 Adjusted EBITDA, each as defined and calculated as set forth in the Credit Agreement, (ii) a consolidated coverage ratio at or above 2.50 to 1.00 of Adjusted EBITDA to consolidated interest expense, each as defined and calculated as set forth in the Credit Agreement and (iii) a consolidated Portfolio Cash Flow Ratio at or below 5.00 to 1.00 (or at or below 5.50 to 1.00 following a qualifying material acquisition) of consolidated funded debt to Portfolio Cash Flow, each as defined and calculated as set forth in the Credit Agreement. All obligations under the Revolving Credit Facility are unconditionally guaranteed by us. Noncompliance with the leverage ratio, portfolio cash flow 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 June 30, 2024, RP Holdings was in compliance with these covenants. Principal Payments on the Notes The future principal payments for our borrowings as of June 30, 2024 over the next five years and thereafter are as follows (in thousands): Year Principal Payments Remainder of 2024 $ — 2025 1,000,000 2026 — 2027 1,000,000 2028 — Thereafter 5,800,000 Total (1) $ 7,800,000 (1)

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2024
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. As of June 30, 2024, we have 449,065 thousand Class A ordinary shares and 145,328 thousand Class B ordinary shares outstanding. An exchange agreement entered into by us, RP Holdings, the Continuing Investors Partnerships, RPI International Partners 2019, LP, RPI US Feeder 2019, LP, RPI International Feeder 2019, LP and EPA Holdings (as amended from time to time, the “Exchange Agreement”) governs the exchange of RP Holdings Class B Interests indirectly held by the Continuing Investors Partnerships for our Class A ordinary shares. Pursuant to the Exchange Agreement, RP Holdings Class B interests are exchangeable on a one-for-one basis for our 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. Such deferred shares are non-voting and do not confer a right to participate in the profits of the Company or any right to receive dividends. As of June 30, 2024, we have 390,055 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. As required by the U.K. Companies Act 2006, the Class R redeemable shares were issued to ensure Royalty Pharma Limited had sufficient sterling denominated share capital upon its re-registration in 2020 as Royalty Pharma plc, a public company. 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. Class A Ordinary Share Repurchases 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 and repurchases may be made in the open market or in privately negotiated transactions. In the first quarter of 2024 and 2023, we did not repurchase any Class A ordinary shares. In the second quarter of 2024, we repurchased and retired 3.1 million shares at a cost of approximately $84.4 million. In the second quarter of 2023, we repurchased and retired 4.0 million shares at a cost of approximately $134.5 million. As of June 30, 2024, approximately $610.8 million remained available under the share repurchase program. Non-Controlling Interests The changes in the balances of our non-controlling interests are as follows (in thousands): Legacy Investors Partnerships Continuing Investors Partnerships EPA Holdings Total March 31, 2024 $ 1,238,019 $ 2,125,946 $ — $ 3,363,965 Contributions 1,279 862 — 2,141 Distributions (99,046) (30,682) — (129,728) Other exchanges — (53,185) — (53,185) Net income 59,467 32,906 — 92,373 June 30, 2024 $ 1,199,719 $ 2,075,847 $ — $ 3,275,566 RPSFT Legacy Investors Partnerships Continuing Investors Partnerships EPA Holdings Total March 31, 2023 $ (140) $ 1,480,585 $ 2,387,806 $ — $ 3,868,251 Contributions — 1,406 725 — 2,131 Distributions (3,339) (103,413) (30,529) — (137,281) Other exchanges — — (324,793) — (324,793) Net income 3,376 42,286 78,049 — 123,711 June 30, 2023 $ (103) $ 1,420,864 $ 2,111,258 $ — $ 3,532,019 Legacy Investors Partnerships Continuing Investors Partnerships EPA Holdings Total December 31, 2023 $ 1,339,716 $ 2,218,076 $ — $ 3,557,792 Contributions 2,572 1,981 — 4,553 Distributions (191,446) (62,693) — (254,139) Other exchanges — (115,962) — (115,962) Net income 48,877 34,445 — 83,322 June 30, 2024 $ 1,199,719 $ 2,075,847 $ — $ 3,275,566 RPSFT Legacy Investors Partnerships Continuing Investors Partnerships EPA Holdings Total December 31, 2022 $ (597) $ 1,527,887 $ 2,369,933 $ — $ 3,897,223 Contributions — 5,201 1,639 — 6,840 Distributions (3,907) (198,562) (63,922) — (266,391) Other exchanges — — (397,698) — (397,698) Net income 4,401 86,338 201,306 — 292,045 June 30, 2023 $ (103) $ 1,420,864 $ 2,111,258 $ — $ 3,532,019 Continuing Investors Partnerships The Continuing Investors Partnerships hold the number of our Class B ordinary shares equal to the number of RP Holdings Class B Interests indirectly held by them. As the Continuing Investors Partnerships exchange RP Holdings Class B Interests indirectly held by them for Class A ordinary shares, the Continuing Investors Partnerships’ indirect ownership in RP Holdings decreases. We operate and control the business affairs of RP Holdings through our ownership of RP Holdings Class A Interests and RP Holdings Class B Interests. In connection with our repurchase of Class A ordinary shares that began in the second quarter of 2023, RP Holdings also began to retire RP Holdings Class A Interests held by us which reduces our ownership in RP Holdings. The change in RP Holdings ownership between the Continuing Investors Partnerships and us as a result of (1) the exchanges of RP Holding Class B Interests for Class A ordinary shares and (2) retirement of RP Holdings Class A Interests is reflected through Other exchanges in the above tables and in our condensed consolidated statements of shareholders’ equity. As of June 30, 2024, the Continuing Investors Partnerships indirectly owned approximately 24% of RP Holdings with the remaining 76% owned by Royalty Pharma plc. As of June 30, 2023, the Continuing Investors Partnerships indirectly owned approximately 25% of RP Holdings with the remaining 75% owned by Royalty Pharma plc. RPSFT We historically reported a non-controlling interest related to a de minimis interest in RPCT held by RPSFT. In December 2023, we acquired the remaining interest in RPCT held by RPSFT by effectively purchasing the net assets of RPSFT and its parent entities, which primarily consisted of cash and RPSFT’s right to receive a portion of royalties received by RPCT. The purchase price of approximately $11.4 million was recorded within Other current liabilities on the condensed consolidated balance sheet as of December 31, 2023. The finalized purchase price of approximately $12.5 million, which was subject to post-closing adjustments primarily related to the final determination of net asset values and liquidation costs, was fully paid as of June 30, 2024. Following this transaction in December 2023, RPSFT no longer holds a non-controlling interest in RPCT. 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 to EPA Holdings, as the holder of the RP Holdings Class C Special Interest, and recorded as Net income attributable to non-controlling interests in the condensed consolidated statements of operations. 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. The Equity Performance Awards will be reflected as a transaction between equity holders in the condensed consolidated statements of shareholders’ equity and related periodic cash distributions will presented as a financing activity in the condensed consolidated statements of cash flows. 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 six months of 2024, we declared and paid two quarterly cash dividends of $0.21 per Class A ordinary share in an aggregate amount of $188.7 million to holders of our Class A ordinary shares. 2020 Independent Directors Equity Incentive Plan and Share-based Compensation On June 15, 2020, our 2020 Independent Director Equity Incentive Plan was approved and became effective, whereby 800 thousand Class A ordinary shares were authorized for issuance in the form of RSUs to our independent directors. RSUs granted under the plan generally vest over one year with the associated share-based compensation expense recorded as part of General and administrative expenses in the condensed consolidated statements of operations. In the second quarter and first six months of 2024 and 2023, we did not recognize material share-based compensation expenses.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share In the second quarter and first six months of 2024 and 2023, 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 (in thousands, except per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Numerator Consolidated net income $ 194,377 $ 351,336 $ 190,104 $ 860,425 Less: Net income attributable to continuing non-controlling interests 32,906 78,049 34,445 201,306 Less: Net income attributable to legacy non-controlling interests 59,467 45,662 48,877 90,739 Net income attributable to Royalty Pharma plc - basic 102,004 227,625 106,782 568,380 Add: Reallocation of net income attributable to non-controlling interests from the assumed conversion of Class B ordinary shares 32,906 78,049 34,445 201,306 Net income attributable to Royalty Pharma plc - diluted $ 134,910 $ 305,674 $ 141,227 $ 769,686 Denominator Weighted average Class A ordinary shares outstanding - basic 451,020 450,405 449,822 448,022 Add: Dilutive effects as shown separately below Class B ordinary shares exchangeable for Class A ordinary shares 145,849 155,419 147,330 158,499 Unvested RSUs 43 36 43 30 Weighted average Class A ordinary shares outstanding - diluted 596,912 605,860 597,195 606,551 Earnings per Class A ordinary share - basic $ 0.23 $ 0.51 $ 0.24 $ 1.27 Earnings per Class A ordinary share - diluted $ 0.23 $ 0.50 $ 0.24 $ 1.27

Indirect Cash Flow

Indirect Cash Flow	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Indirect Cash Flow	Indirect Cash Flow Adjustments to reconcile consolidated net income to net cash provided by operating activities are summarized below (in thousands): For the Six Months Ended June 30, 2024 2023 Cash flow from operating activities: Consolidated net income $ 190,104 $ 860,425 Adjustments to reconcile consolidated net income to net cash provided by operating activities: Income from financial royalty assets (1,054,411) (1,166,032) Provision for changes in expected cash flows from financial royalty assets 796,029 360,032 Amortization of debt discount and issuance costs 8,908 10,647 Gains on derivative financial instruments — (6,390) Gains on equity securities (30,606) (30,453) Equity in losses/(earnings) of equity method investees 12,446 (33,836) Distributions from equity method investees 13,396 18,510 Share-based compensation 1,293 1,159 Gains on available for sale debt securities (46,220) (115,200) Other (3,004) 1,906 Changes in operating assets and liabilities: Cash collected on financial royalty assets 1,414,324 1,746,391 Other royalty income receivable (1,175) 2,014 Other current assets 15,772 (5,382) Accounts payable and accrued expenses (3,620) (2,137) Interest payable 4,570 — Other liabilities 5,041 — Net cash provided by operating activities $ 1,322,847 $ 1,641,654 Non-cash investing and financing activities are summarized below (in thousands): For the Six Months Ended June 30, 2024 2023 Accrued purchase obligation - frexalimab (1) 97,493 — (1) Related to transaction costs from the acquisition of frexalimab that were unpaid and recorded within Other current liabilities

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Cytokinetics Funding Commitments As of June 30, 2024, $350 million remained available under the Cytokinetics Funding Commitments and Cytokinetics is required to draw a minimum of $50 million. Teva Development Funding Commitments In November 2023, we entered into a funding agreement with Teva Pharmaceuticals International GmbH, a subsidiary of Teva Pharmaceutical Industries Ltd. (“Teva”) to acquire a royalty interest in TEV-’749. Under this agreement, we are committed to fund up to $100 million of the ongoing development of TEV-’749, or $125 million upon mutual agreement with Teva. In the second quarter and first six months of 2024, we funded $27.4 million and $62.4 million, respectively. Our funding to acquire the royalty interest is classified as a financial royalty asset. As of June 30, 2024, we had unfunded commitments of $37.6 million under this agreement. Other Commitments In May 2024, we entered into an agreement to acquire a royalty interest in Voranigo (vorasidenib) from Agios Pharmaceuticals for an upfront payment of $905 million contingent on FDA approval, which occurred in August 2024. Additionally, 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. Legal Proceedings

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
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 managing 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, 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 (as defined in the Management Agreement) 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 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 Investors Partnerships) during the previous twelve calendar months. Additionally, we also pay certain costs and expenses of the Manager. Total operating and personnel payments incurred, including the amounts attributable to Old RPI, are recognized within General and administrative expenses in the condensed consolidated statements of operations. During the second quarter and first six months of 2024, total operating and personnel payments incurred, including the amounts attributable to Old RPI, were $41.1 million and $89.4 million, respectively. During the second quarter and first six months of 2023, total operating and personnel payments incurred, including the amounts attributable to Old RPI, were $37.0 million and $111.9 million, respectively. Distributions Payable to Legacy Non-Controlling Interests The contractual cash flows required to be distributed based on the Legacy Investors Partnerships’ non-controlling interest in Old RPI and RPI ICAV are presented in the Distributions payable to legacy non-controlling interests on the condensed consolidated balance sheets. 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 June 30, 2024 and December 31, 2023, the financial royalty asset of $60.7 million and $75.6 million, respectively, on the condensed consolidated balance sheets represented only our right to the future payment streams acquired from BMS. Other Transactions In January 2024, we acquired a royalty interest in ecopipam which was previously owned by Psyadon Pharmaceuticals, Inc. (“Psyadon”). Errol De Souza, Ph.D., an independent director on our board of directors, was a shareholder of Psyadon. In connection with this transaction, Dr. De Souza received an upfront payment of $2.5 million and could receive milestone payments of up to $2.22 million in the future. 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 June 30, 2024 and December 31, 2023. 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 $1.6 million were held by non-controlling interests as of June 30, 2024 and December 31, 2023. Each Continuing Investor Partnership pays a pro rata portion based on its ownership percentage of RP Holdings 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 102,004	$ 227,625	$ 106,782	$ 568,380

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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 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, 2023 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. 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. 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”). Prior to December 29, 2023, the remaining 34% of RPCT was owned by the Legacy Investors Partnerships and Royalty Pharma Select Finance Trust, a Delaware statutory trust (“RPSFT”), which was wholly owned by Royalty Pharma Select, an Irish unit trust. In 2022, we became an indirect owner of an 82% economic interest in Royalty Pharma Investments ICAV (“RPI ICAV”), which was previously owned directly by Old RPI. In December 2023, RPI 2019 ICAV acquired the remaining interest in RPCT owned by RPSFT and, as such, RPSFT no longer holds a non-controlling interest in RPCT. Prior to December 2023, we reported non-controlling interest related to a de minimis interest in RPCT held by RPSFT (together with the Legacy Investors Partnership’s interest in Old RPI and RPI ICAV, the “legacy non-controlling interests”), which also existed prior to our IPO. As of December 31, 2023, we report three non-controlling interests: (1) the Legacy Investors Partnerships’ ownership of approximately 18% in Old RPI and RPI ICAV, which existed prior to our IPO, and, following the consummation of our IPO, (2) the Continuing Investors Partnerships’ indirect ownership in RP Holdings through their indirect ownership of RP Holdings Class B Interests (the “continuing non-controlling interests”) and (3) RPI EPA Holdings, LP’s (“EPA Holdings”) ownership of the RP Holdings’ Class C ordinary share (the “RP Holdings Class C Special Interest”). Income will not be allocated to EPA Holdings until certain performance conditions are met. All intercompany transactions and balances have been eliminated in consolidation.
Reclassification	Certain prior period amounts have been reclassified to conform to the current period presentation.
Concentrations of Credit Risk	Financial instruments that subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents, 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 balances as of June 30, 2024 and December 31, 2023 were held with Bank of America, TD Bank, State Street, U.S. Bank, DNB Bank, Citibank, 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, GSK, Roche, Johnson & Johnson, Biogen, AbbVie, Astellas, Pfizer, Novartis and Gilead. As of June 30, 2024 and December 31, 2023, Vertex, as the marketer and payor of our royalties on the cystic fibrosis franchise, accounted for 34% and 32% of our current portion of financial royalty assets, respectively, and represented the largest individual marketer and payor of our royalties. 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 credit losses with respect to the collection of income or revenues on our royalty assets.

Available for Sale Debt Secur_2

Available for Sale Debt Securities (Tables)	6 Months Ended
	Jun. 30, 2024
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 (in thousands): Cost Unrealized Gains/(Losses) Fair Value Current Assets Non-Current Assets Non-Current Liabilities Total As of June 30, 2024 Debt securities (1) $ 513,746 $ 154,654 $ 668,400 $ 38,500 $ 629,900 $ — $ 668,400 Funding commitments (2) (12,300) (9,700) (22,000) — — (22,000) (22,000) Total $ 501,446 $ 144,954 $ 646,400 $ 38,500 $ 629,900 $ (22,000) $ 646,400 As of December 31, 2023 Debt securities (1) $ 359,667 $ 95,733 $ 455,400 $ 18,300 $ 437,100 $ — $ 455,400 Funding commitments (2) (7,300) 6,400 (900) — — (900) (900) Total $ 352,367 $ 102,133 $ 454,500 $ 18,300 $ 437,100 $ (900) $ 454,500 (1) The cost related to the first and sixth tranches of the Cytokinetics Commercial Launch Funding and the Cytokinetics Development Funding reflects the fair values on their respective funding dates. The cost related to the first tranche of the Cytokinetics Commercial Launch Funding is amortized as quarterly repayments are received. The cost of the MorphoSys Development Funding Bonds represent the amounts funded. (2) Related to Cytokinetics Funding Commitments for which certain tranches remain available as of the respective balance sheet dates. The costs associated with the Cytokinetics Funding Commitments represent the fair values on the transaction dates.

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Summary 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 June 30, 2024 As of December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds (1) $ 501,035 $ — $ — $ 501,035 $ 157,420 $ — $ — $ 157,420 Available for sale debt securities (2) — — 38,500 38,500 — — 18,300 18,300 Total current assets $ 501,035 $ — $ 38,500 $ 539,535 $ 157,420 $ — $ 18,300 $ 175,720 Equity securities (3) 125,695 — 52,322 178,017 199,190 — 297 199,487 Available for sale debt securities (2) — — 629,900 629,900 — — 437,100 437,100 Derivative instrument (4) — — 18,000 18,000 — — — — Royalty at fair value (3) — — 5,323 5,323 — — 1,778 1,778 Total non-current assets $ 125,695 $ — $ 705,545 $ 831,240 $ 199,190 $ — $ 439,175 $ 638,365 Liabilities: Funding commitments (5) — — (22,000) (22,000) — — (900) (900) Total non-current liabilities $ — $ — $ (22,000) $ (22,000) $ — $ — $ (900) $ (900) (1) Recorded within Cash and cash equivalents on the condensed consolidated balance sheets. (2) Related to the fair values of the initial tranche of Cytokinetics Commercial Launch Funding and MorphoSys Development Funding Bonds. As of June 30, 2024, amounts also include fair value of the sixth tranche of the Cytokinetics Commercial Launch Funding and the Cytokinetics Development Funding. (3) The fair values reflected within Level 3 are related to equity securities and a revenue participation right acquired from ApiJect Holdings, Inc. (“ApiJect”), a private company. We estimated the fair values related to the instruments acquired from ApiJect using a discounted cash flow with Level 3 inputs including forecasted cash flows and the weighted average cost of capital. The revenue participation right was recorded within Other assets on the condensed consolidated balance sheets. See Note 7–Non-Consolidated Affiliates for additional discussion. As of June 30, 2024, the amount reflected within Level 3 also includes the fair value of Cytokinetics common stock that we purchased as part of the expanded funding collaboration described in Note 3–Available for Sale Debt Securities. (4) Related to the Cytokinetics R&D Funding Derivative (as defined below) recorded within Other assets on the condensed consolidated balance sheet. (5) Related to the fair value of the Cytokinetics Funding Commitments recorded within Other liabilities on the condensed consolidated balance sheets.
Summary of 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 June 30, 2024 Equity Securities Debt Securities Funding Commitments Derivative Instrument (3) Royalty at Fair Value Balance at the beginning of the period $ — $ 502,700 $ (3,220) $ — $ — Purchases 46,500 150,000 — 18,000 — Gains/(losses) on initial recognition (1) — 5,000 (5,000) — — Gains on equity securities 5,822 — — — — Gains/(losses) on available for sale debt securities included in earnings — 13,580 (13,780) — — Other non-operating income — — — — 5,323 Redemptions (2) — (2,880) — — — Balance at the end of the period $ 52,322 $ 668,400 $ (22,000) $ 18,000 $ 5,323 (1) Represents purchase price allocation to arrive at the appropriate fair value on initial recognition. (2) Amount relates to the quarterly repayment on the first tranche of the Cytokinetics Commercial Launch Funding. (3) Related to the Cytokinetics R&D Funding Derivative (as defined below). For the Three Months Ended June 30, 2023 Equity Securities Debt Securities Funding Commitments Derivative Instruments Royalty at Fair Value Balance at the beginning of the period $ 8,035 $ 269,700 $ (12,300) $ 9,380 $ 14,244 Losses on equity securities (2,317) — — — — Losses on derivative financial instruments — — — (700) — Gains on available for sale debt securities included in earnings — 79,100 3,800 — — Other non-operating income — — — — 2,339 Balance at the end of the period $ 5,718 $ 348,800 $ (8,500) $ 8,680 $ 16,583 For the Six Months Ended June 30, 2024 Equity Securities Debt Securities Funding Commitments Derivative Instrument (3) Royalty at Fair Value Balance at the beginning of the period $ 297 $ 455,400 $ (900) $ — $ 1,778 Purchases 46,500 150,000 — 18,000 — Gains/(losses) on initial recognition (1) — 5,000 (5,000) — — Gains on equity securities 5,525 — — — — Gains/(losses) on available for sale debt securities included in earnings — 62,320 (16,100) — — Other non-operating income — — — — 3,545 Redemptions (2) — (4,320) — — — Balance at the end of the period $ 52,322 $ 668,400 $ (22,000) $ 18,000 $ 5,323 (1) Represents purchase price allocation to arrive at the appropriate fair value on initial recognition. (2) Amount relates to the quarterly repayment on the first tranche of the Cytokinetics Commercial Launch Funding. (3) Related to the Cytokinetics R&D Funding Derivative (as defined below). For the Six Months Ended June 30, 2023 Equity Securities Debt Securities Funding Commitments Derivative Instruments (1) 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 (2,754) — — — — Gains on derivative financial instruments — — — 6,390 — Gains/(losses) on available for sale debt securities included in earnings — 121,200 (6,000) — — Other non-operating income — — — — 2,083 Settlements — — — (94,320) — Balance at the end of the period $ 5,718 $ 348,800 $ (8,500) $ 8,680 $ 16,583 (1) Represents the embedded derivative instruments related to our option to accelerate the zavegepant milestone payments into a single payment. In March 2023, the FDA approved Zavzpret, the intranasal formulation of zavegepant, and we received a $475 million milestone payment which resulted in partial settlement of the derivative instruments.
Summary of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value	The estimated fair values and related carrying values of the current and non-current portions of financial royalty assets are presented below (in thousands): As of June 30, 2024 As of December 31, 2023 Financial Royalty Assets Fair Value Carrying Value, Net Fair Value Carrying Value, Net Current $ 750,098 $ 750,098 $ 738,438 $ 738,438 Non-current 18,685,207 13,889,894 19,077,706 14,088,655 Total financial royalty assets $ 19,435,305 $ 14,639,992 $ 19,816,144 $ 14,827,093

Financial Royalty Assets (Table

Financial Royalty Assets (Tables)	6 Months Ended
	Jun. 30, 2024
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 are as follows (in thousands): As of June 30, 2024 Estimated Royalty Duration (1) Gross Carrying Value Cumulative Allowance for Changes in Expected Cash Flows (Note 6) Net Carrying Value (4) Cystic fibrosis franchise 2039-2041 (2) $ 5,227,108 $ (235,035) $ 4,992,073 Evrysdi 2035-2036 2,074,582 (244,726) 1,829,856 Trelegy 2029-2030 1,162,412 (46,822) 1,115,590 Tysabri (3) 1,414,071 (425,581) 988,490 Tremfya 2031-2032 933,261 (113,406) 819,855 Xtandi 2027-2028 848,888 (295,072) 553,816 Other 2024-2041 6,840,844 (2,332,595) 4,508,249 Total $ 18,501,166 $ (3,693,237) $ 14,807,929 Less: Cumulative allowance for credit losses (Note 6) (167,937) Total current and non-current financial royalty assets, net $ 14,639,992 (1) Durations shown represent our estimates as of the current reporting date of when a royalty will substantially end, which may vary by geography and may depend on clinical trial results, regulatory approvals, contractual terms, commercial developments, estimates of regulatory exclusivity and patent expiration dates (which may include estimated patent term extensions) or other factors. There can be no assurances that our royalties will expire when expected. (2) Royalty is perpetual; range shown assumes approval of the vanzacaftor/tezacaftor/deutivacaftor combination product and represents 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. As of June 30, 2024, the balance of $14.6 billion above for total current and non-current financial royalty assets, net included $1.3 billion in unapproved financial royalty assets held at cost related to frexalimab of $523.0 million and other assets, including olpasiran, pelacarsen, KarXT, seltorexant, olanzapine LAI (TEV-’749), aficamten and ecopipam. As of December 31, 2023 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) $ 5,288,833 $ (2,539) $ 5,286,294 Evrysdi 2035-2036 1,793,088 — 1,793,088 Trelegy 2029-2030 1,208,807 — 1,208,807 Tysabri (3) 1,511,957 (434,568) 1,077,389 Tremfya 2031-2032 927,488 (120,733) 806,755 Xtandi 2027-2028 911,045 (268,701) 642,344 Other 2024-2041 6,251,020 (2,100,897) 4,150,123 Total $ 17,892,238 $ (2,927,438) $ 14,964,800 Less: Cumulative allowance for credit losses (Note 6) (137,707) Total current and non-current financial royalty assets, net $ 14,827,093 (1) Durations shown represent our estimates as of December 31, 2023 of when a royalty will substantially end, which may vary by geography and may depend on clinical trial results, regulatory approvals, contractual terms, commercial developments, estimates of regulatory exclusivity and patent expiration dates (which may include estimated patent term extensions) or other factors. There can be no assurances that our royalties will expire when expected. (2) Royalty is perpetual; year shown represents Trikafta’s 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)	6 Months Ended
	Jun. 30, 2024
Credit Loss [Abstract]
Summary 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 (in thousands): Activity for the Period Balance at December 31, 2023 (1) $ (3,065,145) Increases to the cumulative allowance for changes in expected cash flows from financial royalty assets (1,043,735) Decreases to the cumulative allowance for changes in expected cash flows from financial royalty assets 277,936 Current period provision for credit losses, net (2) (30,230) Balance at June 30, 2024 $ (3,861,174) (1) Includes $137.7 million related to cumulative allowance for credit losses. (2)

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Summary of Borrowings	Our borrowings consisted of the following (in thousands): Type of Borrowing Date of Issuance Maturity As of June 30, 2024 As of December 31, 2023 Senior Unsecured Notes: $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 $500,000, 5.15% (issued at 98.758% of par) 6/2024 9/2029 500,000 — $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 $500,000, 5.40% (issued at 97.872% of par) 6/2024 9/2034 500,000 — $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 $500,000, 5.90% (issued at 97.617% of par) 6/2024 9/2054 500,000 — Unamortized debt discount and issuance costs (197,981) (164,715) Total debt carrying value 7,602,019 6,135,285 Less: Current portion of long-term debt — — Total long-term debt $ 7,602,019 $ 6,135,285
Summary of Repayments of Debt by Year	The future principal payments for our borrowings as of June 30, 2024 over the next five years and thereafter are as follows (in thousands): Year Principal Payments Remainder of 2024 $ — 2025 1,000,000 2026 — 2027 1,000,000 2028 — Thereafter 5,800,000 Total (1) $ 7,800,000 (1)

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Summary of Balance of Non-controlling Interests	The changes in the balances of our non-controlling interests are as follows (in thousands): Legacy Investors Partnerships Continuing Investors Partnerships EPA Holdings Total March 31, 2024 $ 1,238,019 $ 2,125,946 $ — $ 3,363,965 Contributions 1,279 862 — 2,141 Distributions (99,046) (30,682) — (129,728) Other exchanges — (53,185) — (53,185) Net income 59,467 32,906 — 92,373 June 30, 2024 $ 1,199,719 $ 2,075,847 $ — $ 3,275,566 RPSFT Legacy Investors Partnerships Continuing Investors Partnerships EPA Holdings Total March 31, 2023 $ (140) $ 1,480,585 $ 2,387,806 $ — $ 3,868,251 Contributions — 1,406 725 — 2,131 Distributions (3,339) (103,413) (30,529) — (137,281) Other exchanges — — (324,793) — (324,793) Net income 3,376 42,286 78,049 — 123,711 June 30, 2023 $ (103) $ 1,420,864 $ 2,111,258 $ — $ 3,532,019 Legacy Investors Partnerships Continuing Investors Partnerships EPA Holdings Total December 31, 2023 $ 1,339,716 $ 2,218,076 $ — $ 3,557,792 Contributions 2,572 1,981 — 4,553 Distributions (191,446) (62,693) — (254,139) Other exchanges — (115,962) — (115,962) Net income 48,877 34,445 — 83,322 June 30, 2024 $ 1,199,719 $ 2,075,847 $ — $ 3,275,566 RPSFT Legacy Investors Partnerships Continuing Investors Partnerships EPA Holdings Total December 31, 2022 $ (597) $ 1,527,887 $ 2,369,933 $ — $ 3,897,223 Contributions — 5,201 1,639 — 6,840 Distributions (3,907) (198,562) (63,922) — (266,391) Other exchanges — — (397,698) — (397,698) Net income 4,401 86,338 201,306 — 292,045 June 30, 2023 $ (103) $ 1,420,864 $ 2,111,258 $ — $ 3,532,019

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Summary 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 (in thousands, except per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Numerator Consolidated net income $ 194,377 $ 351,336 $ 190,104 $ 860,425 Less: Net income attributable to continuing non-controlling interests 32,906 78,049 34,445 201,306 Less: Net income attributable to legacy non-controlling interests 59,467 45,662 48,877 90,739 Net income attributable to Royalty Pharma plc - basic 102,004 227,625 106,782 568,380 Add: Reallocation of net income attributable to non-controlling interests from the assumed conversion of Class B ordinary shares 32,906 78,049 34,445 201,306 Net income attributable to Royalty Pharma plc - diluted $ 134,910 $ 305,674 $ 141,227 $ 769,686 Denominator Weighted average Class A ordinary shares outstanding - basic 451,020 450,405 449,822 448,022 Add: Dilutive effects as shown separately below Class B ordinary shares exchangeable for Class A ordinary shares 145,849 155,419 147,330 158,499 Unvested RSUs 43 36 43 30 Weighted average Class A ordinary shares outstanding - diluted 596,912 605,860 597,195 606,551 Earnings per Class A ordinary share - basic $ 0.23 $ 0.51 $ 0.24 $ 1.27 Earnings per Class A ordinary share - diluted $ 0.23 $ 0.50 $ 0.24 $ 1.27

Indirect Cash Flow (Tables)

Indirect Cash Flow (Tables)	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Summary of Cash Flow, Supplemental Disclosures	Adjustments to reconcile consolidated net income to net cash provided by operating activities are summarized below (in thousands): For the Six Months Ended June 30, 2024 2023 Cash flow from operating activities: Consolidated net income $ 190,104 $ 860,425 Adjustments to reconcile consolidated net income to net cash provided by operating activities: Income from financial royalty assets (1,054,411) (1,166,032) Provision for changes in expected cash flows from financial royalty assets 796,029 360,032 Amortization of debt discount and issuance costs 8,908 10,647 Gains on derivative financial instruments — (6,390) Gains on equity securities (30,606) (30,453) Equity in losses/(earnings) of equity method investees 12,446 (33,836) Distributions from equity method investees 13,396 18,510 Share-based compensation 1,293 1,159 Gains on available for sale debt securities (46,220) (115,200) Other (3,004) 1,906 Changes in operating assets and liabilities: Cash collected on financial royalty assets 1,414,324 1,746,391 Other royalty income receivable (1,175) 2,014 Other current assets 15,772 (5,382) Accounts payable and accrued expenses (3,620) (2,137) Interest payable 4,570 — Other liabilities 5,041 — Net cash provided by operating activities $ 1,322,847 $ 1,641,654 Non-cash investing and financing activities are summarized below (in thousands): For the Six Months Ended June 30, 2024 2023 Accrued purchase obligation - frexalimab (1) 97,493 — (1) Related to transaction costs from the acquisition of frexalimab that were unpaid and recorded within Other current liabilities

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - noncontrolling_interest		6 Months Ended	12 Months Ended
	Feb. 11, 2020	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Vertex | Current Portion of Financial Royalty Assets | Customer Concentration Risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Individual licensees exceeding 10% or more of revenue (as percent)		34%	32%
Old RPI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncontrolling interest (as percent)				82%
Number of noncontrolling interests created			3
RPCT
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership percentage (as a percent)	66%
Legacy Investors Partnerships | Old RPI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncontrolling interest (as percent)			18%
RPSFT | RPCT
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncontrolling interest (as percent)	34%
Exchange Offer Transaction | Old RPI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership percentage (as a percent)	82%
Exchange Offer Transaction | Legacy Investors Partnerships
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Exchange offering, ownership percentage	82%

Available for Sale Debt Secur_3

Available for Sale Debt Securities - Narrative (Details) $ in Millions	1 Months Ended				6 Months Ended
	May 31, 2024 USD ($) quarter payment partnership	Apr. 30, 2024 USD ($)	Sep. 30, 2022 USD ($)	Jan. 31, 2022 USD ($)	Jun. 30, 2024 USD ($)
Cytokinetics Funding Commitments
Debt and Equity Securities, FV-NI [Line Items]
Long term funding partnership, expected payment					$ 350
Cytokinetics | Expanded Strategic Funding
Debt and Equity Securities, FV-NI [Line Items]
Long term funding partnership, amount	$ 575
Cytokinetics | Development Funding
Debt and Equity Securities, FV-NI [Line Items]
Long term funding partnership, amount	100
Long term funding partnership, royalty installment repayments, amount	$ 100
Long term funding partnership, royalty percentage on annual net sales	2%
Number of quarters | quarter	18
Installment repayments, percentage of amount drawn	2.4
Cytokinetics | Development Funding | Phase 3 Trial
Debt and Equity Securities, FV-NI [Line Items]
Number of quarters | quarter	22
Installment repayments, percentage of amount drawn	2.3
Cytokinetics | Commercial Launch Funding
Debt and Equity Securities, FV-NI [Line Items]
Long term funding partnership, amount	$ 525
Installment repayments, percentage of amount drawn	1.9
Long term funding partnership, number of tranches | partnership	7
Long term funding partnership, additional payments, aggregate amount	$ 375
Long term funding partnership, optional amount unavailable				$ 75
Number of consecutive quarterly payments | payment	34
Long term funding partnership, expected payment					350
Cytokinetics | Commercial Launch Funding | Tranche One
Debt and Equity Securities, FV-NI [Line Items]
Long term funding partnership, initial payment				$ 50
Cytokinetics | Commercial Launch Funding | Tranche Six
Debt and Equity Securities, FV-NI [Line Items]
Long term funding partnership, additional payments, aggregate amount	$ 50
Cytokinetics | Commercial Launch Funding | Tranche Four
Debt and Equity Securities, FV-NI [Line Items]
Long term funding partnership, additional payments, aggregate amount		$ 25
Period of return (in years)		1 year
Cytokinetics | Commercial Launch Funding | Cytokinetics Funding Commitments
Debt and Equity Securities, FV-NI [Line Items]
Required amount to be drawn	$ 50
Cytokinetics | Commercial Launch Funding | Cytokinetics Funding Commitments | Tranche Four
Debt and Equity Securities, FV-NI [Line Items]
Required amount to be drawn		$ 50
Cytokinetics | Commercial Launch Funding | Cytokinetics Funding Commitments | Tranche Five
Debt and Equity Securities, FV-NI [Line Items]
Required amount to be drawn					100
Cytokinetics | Commercial Launch Funding | Cytokinetics Funding Commitments | Tranche Seven
Debt and Equity Securities, FV-NI [Line Items]
Required amount to be drawn					$ 175
MorphoSys | Development Funding
Debt and Equity Securities, FV-NI [Line Items]
Period of return (in years)			9 years
Maximum commitment to fund collaborative arrangement			$ 300
Redemption price, percentage			2.2

Available for Sale Debt Secur_4

Available for Sale Debt Securities - Summary of Available for Sale Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 501,446	$ 352,367
Unrealized Gains/(Losses)	144,954	102,133
Fair Value	646,400	454,500
Current Assets	38,500	18,300
Non-Current Assets	629,900	437,100
Non-Current Liabilities	(22,000)	(900)
Debt Securities
Debt and Equity Securities, FV-NI [Line Items]
Cost	513,746	359,667
Unrealized Gains/(Losses)	154,654	95,733
Fair Value	668,400	455,400
Current Assets	38,500	18,300
Non-Current Assets	629,900	437,100
Non-Current Liabilities	0	0
Funding Commitments
Debt and Equity Securities, FV-NI [Line Items]
Cost	(12,300)	(7,300)
Unrealized Gains/(Losses)		6,400
Unrealized Gains/(Losses)	(9,700)
Fair Value	(22,000)	(900)
Current Assets	0	0
Non-Current Assets	0	0
Non-Current Liabilities	$ (22,000)	$ (900)

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments - Summary of Fair Value Hierarchy (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Assets:
Available for sale debt securities	$ 38,500	$ 18,300
Equity securities	178,017	199,487
Available for sale debt securities	629,900	437,100
Liabilities:
Funding commitments	$ 22,000	$ 900
Fair value asset liability recurring basis still held unrealized gain loss statement of income extensible list not disclosed flag	fair values	fair values
Debt Securities
Assets:
Available for sale debt securities	$ 38,500	$ 18,300
Available for sale debt securities	629,900	437,100
Liabilities:
Funding commitments	0	0
Fair Value, Recurring
Assets:
Total current assets	539,535	175,720
Equity securities	178,017	199,487
Derivative instrument	18,000	0
Total non-current assets	831,240	638,365
Liabilities:
Total non-current liabilities	(22,000)	(900)
Fair Value, Recurring | Royalty Investments
Assets:
Available for sale debt securities	5,323	1,778
Fair Value, Recurring | Cytokinetics Funding Commitment
Liabilities:
Funding commitments	(22,000)	(900)
Fair Value, Recurring | Debt Securities
Assets:
Available for sale debt securities	38,500	18,300
Available for sale debt securities	629,900	437,100
Level 1 | Fair Value, Recurring
Assets:
Total current assets	501,035	157,420
Equity securities	125,695	199,190
Derivative instrument	0	0
Total non-current assets	125,695	199,190
Liabilities:
Total non-current liabilities	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:
Funding commitments	0	0
Level 1 | Fair Value, Recurring | Debt Securities
Assets:
Available for sale debt securities	0	0
Available for sale debt securities	0	0
Level 2 | Fair Value, Recurring
Assets:
Total current assets	0	0
Equity securities	0	0
Derivative instrument	0	0
Total non-current assets	0	0
Liabilities:
Total non-current liabilities	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:
Funding commitments	0	0
Level 2 | Fair Value, Recurring | Debt Securities
Assets:
Available for sale debt securities	0	0
Available for sale debt securities	0	0
Level 3 | Fair Value, Recurring
Assets:
Total current assets	38,500	18,300
Equity securities	52,322	297
Derivative instrument	18,000	0
Total non-current assets	705,545	439,175
Liabilities:
Total non-current liabilities	(22,000)	(900)
Level 3 | Fair Value, Recurring | Royalty Investments
Assets:
Available for sale debt securities	5,323	1,778
Level 3 | Fair Value, Recurring | Cytokinetics Funding Commitment
Liabilities:
Funding commitments	(22,000)	(900)
Level 3 | Fair Value, Recurring | Debt Securities
Assets:
Available for sale debt securities	38,500	18,300
Available for sale debt securities	629,900	437,100
Money market funds | Fair Value, Recurring
Assets:
Money market funds	501,035	157,420
Money market funds | Level 1 | Fair Value, Recurring
Assets:
Money market funds	501,035	157,420
Money market funds | Level 2 | Fair Value, Recurring
Assets:
Money market funds	0	0
Money market funds | Level 3 | Fair Value, Recurring
Assets:
Money market funds	$ 0	$ 0

Fair Value Measurements and F_4

Fair Value Measurements and Financial Instruments - Narrative (Details) shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2024 USD ($) shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Gain (loss) on equity securities still held		$ (48.6)	$ 22.8	$ (17.5)	$ 9.7
Financial Royalty Assets, Current
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial royalty asset, percentage of non-controlling interest				12.60%		10.10%
Financial Royalty Assets, Non-current
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial royalty asset, percentage of non-controlling interest				8.80%		9.40%
Level 3 | Measurement Input, Option Volatility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input		0.375		0.375		0.375
Minimum | Level 3 | Measurement Input, Discount Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input		0.143		0.143
Maximum | Level 3 | Measurement Input, Discount Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input						0.109
Cytokinetics | Research And Development Funding
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long term funding partnership, amount	$ 50
Long term funding partnership, optional additional amount	150
Long term funding partnership, milestone payment, amount	$ 150
Installment repayments, percentage of amount drawn	1.5
Cytokinetics | Common Stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Acquired equity securities (in shares) | shares	980
Sale restriction period	6 months

Fair Value Measurements and F_5

Fair Value Measurements and Financial Instruments - Summary of Change in Carrying Value of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
(Losses) gains on derivative financial instruments		$ 0	$ (700)	$ 0	$ 6,390
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Maximum commitment to fund collaborative arrangement	$ 475,000
Equity Securities | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period		0	8,035	297	8,472
Purchases		46,500		46,500
Gains (losses) on equity securities		5,822	(2,317)	5,525	(2,754)
Balance at the end of the period	8,035	52,322	5,718	52,322	5,718
Debt Securities | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period		502,700	269,700	455,400	227,600
Purchases		150,000		150,000
Gains/(losses) on initial recognition		5,000		5,000
Gains/(losses) on available for sale debt securities included in earnings		13,580	79,100	62,320	121,200
Redemptions		(2,880)		(4,320)
Balance at the end of the period	269,700	668,400	348,800	668,400	348,800
Funding Commitments | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period		(3,220)	(12,300)	(900)	(2,500)
Gains/(losses) on initial recognition		(5,000)		(5,000)
Gains/(losses) on available for sale debt securities included in earnings		(13,780)	3,800	(16,100)	(6,000)
Balance at the end of the period	(12,300)	(22,000)	(8,500)	(22,000)	(8,500)
Derivative Instrument | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period		0	9,380	0	96,610
Purchases		18,000		18,000
(Losses) gains on derivative financial instruments			(700)		6,390
Settlements					(94,320)
Balance at the end of the period	9,380	18,000	8,680	18,000	8,680
Royalty at Fair Value | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period		0	14,244	1,778	14,500
Other non-operating income		5,323	2,339	3,545	2,083
Balance at the end of the period	$ 14,244	$ 5,323	$ 16,583	$ 5,323	$ 16,583

Fair Value Measurements and F_6

Fair Value Measurements and Financial Instruments - Summary of Estimated Fair Values Based on Level 3 Inputs (Details) - Level 3 - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Current	$ 750,098	$ 738,438
Non-current	18,685,207	19,077,706
Total financial royalty assets	19,435,305	19,816,144
Carrying Value, Net
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Current	750,098	738,438
Non-current	13,889,894	14,088,655
Total financial royalty assets	$ 14,639,992	$ 14,827,093

Financial Royalty Assets - Summ

Financial Royalty Assets - Summary of Financial Royalty Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	$ 18,501,166	$ 17,892,238
Cumulative Allowance for Changes in Expected Cash Flows (Note 6)	(3,693,237)	(2,927,438)
Net Carrying Value	14,807,929	14,964,800
Less: Cumulative allowance for credit losses (Note 6)	(167,937)	(137,707)
Total current and non-current financial royalty assets, net	14,639,992	14,827,093
Cystic fibrosis franchise
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	5,227,108	5,288,833
Cumulative Allowance for Changes in Expected Cash Flows (Note 6)	(235,035)	(2,539)
Net Carrying Value	4,992,073	5,286,294
Evrysdi
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	2,074,582	1,793,088
Cumulative Allowance for Changes in Expected Cash Flows (Note 6)	(244,726)	0
Net Carrying Value	1,829,856	1,793,088
Trelegy
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	1,162,412	1,208,807
Cumulative Allowance for Changes in Expected Cash Flows (Note 6)	(46,822)	0
Net Carrying Value	1,115,590	1,208,807
Tysabri
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	1,414,071	1,511,957
Cumulative Allowance for Changes in Expected Cash Flows (Note 6)	(425,581)	(434,568)
Net Carrying Value	988,490	1,077,389
Tremfya
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	933,261	927,488
Cumulative Allowance for Changes in Expected Cash Flows (Note 6)	(113,406)	(120,733)
Net Carrying Value	819,855	806,755
Xtandi
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	848,888	911,045
Cumulative Allowance for Changes in Expected Cash Flows (Note 6)	(295,072)	(268,701)
Net Carrying Value	553,816	642,344
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	6,840,844	6,251,020
Cumulative Allowance for Changes in Expected Cash Flows (Note 6)	(2,332,595)	(2,100,897)
Net Carrying Value	4,508,249	$ 4,150,123
Financial Royalty Asset, Fexalimab
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current and non-current financial royalty assets, net	$ 523,000

Financial Royalty Assets - Narr

Financial Royalty Assets - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current and non-current financial royalty assets, net	$ 14,639,992	$ 14,827,093
Olpasiran, Pelacarsen, KarXT, Seltorexant, Olanzapine LAI, Aficamten and Ecopipam
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, unapproved financial assets held at cost	1,300,000
Financial Royalty Asset, Fexalimab
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current and non-current financial royalty assets, net	$ 523,000

Cumulative Allowance and the _3

Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (3,065,145)
Increases to the cumulative allowance for changes in expected cash flows from financial royalty assets	(1,043,735)
Decreases to the cumulative allowance for changes in expected cash flows from financial royalty assets	277,936
Current period provision for credit losses, net	(30,230)
Ending balance	(3,861,174)
Cumulative allowance for credit losses	$ 167,937	$ 137,707

Non-Consolidated Affiliates (De

Non-Consolidated Affiliates (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Mar. 31, 2023	Jan. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Feb. 11, 2020	May 31, 2018
Schedule of Equity Method Investments [Line Items]
Equity method investments			$ 352,099		$ 352,099		$ 375,894
Equity in earnings (losses) of equity method investees			1,703	$ (770)	(12,446)	$ 33,836
Distributions from equity method investees					8,908	34,767
Distributions from equity method investees					13,396	18,510
Legacy Investors Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments								$ 303,700
Equity in earnings (losses) of equity method investees			4,700	1,200	(4,700)	2,800
Distributions from equity method investees			3,900	2,200	8,900	4,900
Avillion Entities
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) of equity method investees			(3,000)	$ (1,900)	(7,800)	31,000
Equity method investment, unfunded commitments			$ 10,300		10,300		$ 16,300
Avillion I
Schedule of Equity Method Investments [Line Items]
Distributions from equity method investees					$ 13,400	$ 13,600
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									$ 155,000

Research and Development (R&D_2

Research and Development (R&D) Funding Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Research and Development [Abstract]
Research and development funding expense	$ 500	$ 500	$ 1,000	$ 1,000

Borrowings - Summary of Borrowi

Borrowings - Summary of Borrowings (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized debt discount and issuance costs	$ (197,981,000)	$ (164,715,000)
Total debt carrying value	7,602,019,000	6,135,285,000
Less: Current portion of long-term debt	0	0
Total long-term debt	$ 7,602,019,000	6,135,285,000
$1,000,000, 1.20% (issued at 98.875% of par) | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, stated rate (as percent)	1.20%
Debt issued as a percent of par value (as percent)	98.875%
Debt issued, amount	$ 1,000,000,000	1,000,000,000
$1,000,000, 1.75% (issued at 98.284% of par) | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, stated rate (as percent)	1.75%
Debt issued as a percent of par value (as percent)	98.284%
Debt issued, amount	$ 1,000,000,000	1,000,000,000
$500,000, 5.15% (issued at 98.758% of par) | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, stated rate (as percent)	5.15%
Debt issued as a percent of par value (as percent)	98.758%
Debt issued, amount	$ 500,000,000	0
$1,000,000, 2.20% (issued at 97.760% of par) | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, stated rate (as percent)	2.20%
Debt issued as a percent of par value (as percent)	97.76%
Debt issued, amount	$ 1,000,000,000	1,000,000,000
$600,000, 2.15% (issued at 98.263% of par) | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, stated rate (as percent)	2.15%
Debt issued as a percent of par value (as percent)	98.263%
Debt issued, amount	$ 600,000,000	600,000,000
$500,000, 5.40% (issued at 97.872% of par) | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, stated rate (as percent)	5.40%
Debt issued as a percent of par value (as percent)	97.872%
Debt issued, amount	$ 500,000,000	0
$1,000,000, 3.30% (issued at 95.556% of par) | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, stated rate (as percent)	3.30%
Debt issued as a percent of par value (as percent)	95.556%
Debt issued, amount	$ 1,000,000,000	1,000,000,000
$1,000,000, 3.55% (issued at 95.306% of par) | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, stated rate (as percent)	3.55%
Debt issued as a percent of par value (as percent)	95.306%
Debt issued, amount	$ 1,000,000,000	1,000,000,000
$700,000, 3.35% (issued at 97.565% of par) | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, stated rate (as percent)	3.35%
Debt issued as a percent of par value (as percent)	97.565%
Debt issued, amount	$ 700,000,000	700,000,000
$500,000, 5.90% (issued at 97.617% of par) | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, stated rate (as percent)	5.90%
Debt issued as a percent of par value (as percent)	97.617%
Debt issued, amount	$ 500,000,000	$ 0

Borrowings - Narrative (Details

Borrowings - Narrative (Details)						1 Months Ended
	Dec. 22, 2028 USD ($)	Oct. 31, 2027 USD ($)	Jan. 24, 2024	Jul. 26, 2021 USD ($)	Sep. 02, 2020 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 22, 2023 USD ($)
Debt Instrument [Line Items]
Long-term debt, carrying value						$ 7,602,019,000		$ 6,135,285,000
The Notes | Unsecured Debt
Debt Instrument [Line Items]
Unamortized discount and loan issuance costs on long-term debt						198,000,000
The Notes | Unsecured Debt | Level 2
Debt Instrument [Line Items]
Fair value of outstanding notes						6,500,000,000		5,100,000,000
2024 Notes | Unsecured Debt
Debt Instrument [Line Items]
Debt issued, amount						1,500,000,000
Unamortized discount and loan issuance costs on long-term debt						28,800,000
Debt issuances costs capitalized						$ 12,900,000
Weighted average coupon rate (as percent)						5.48%
Weighted average effective interest rate (as percent)						5.92%
2024 Notes | Unsecured Debt | Prior to the applicable par call date
Debt Instrument [Line Items]
Redemption price (as percent)						100%
2024 Notes | Unsecured Debt | Upon occurrence of a change of control triggering event
Debt Instrument [Line Items]
Redemption price (as percent)						101%
2021 Notes | Unsecured Debt
Debt Instrument [Line Items]
Debt issued, amount				$ 1,300,000,000
Unamortized discount and loan issuance costs on long-term debt				176,400,000
Debt issuances costs capitalized				$ 52,700,000
Weighted average coupon rate (as percent)				2.80%
Weighted average effective interest rate (as percent)				3.06%
2021 Notes | Unsecured Debt | Prior to the applicable par call date
Debt Instrument [Line Items]
Redemption price (as percent)				100%
2021 Notes | Unsecured Debt | Upon occurrence of a change of control triggering event
Debt Instrument [Line Items]
Redemption price (as percent)				101%
2020 Notes | Unsecured Debt
Debt Instrument [Line Items]
Debt issued, amount					$ 6,000,000,000
Unamortized discount and loan issuance costs on long-term debt					176,400,000
Debt issuances costs capitalized					$ 52,700,000
Weighted average coupon rate (as percent)					2.13%
Weighted average effective interest rate (as percent)					2.50%
Proceeds from revolving credit facility							$ 1,000,000,000
2020 Notes | Unsecured Debt | Prior to the applicable par call date
Debt Instrument [Line Items]
Redemption price (as percent)					100%
2020 Notes | Unsecured Debt | Upon occurrence of a change of control triggering event
Debt Instrument [Line Items]
Redemption price (as percent)					101%
Senior Unsecured Revolving Credit Facility | Unsecured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity									$ 1,800,000,000
Long-term debt, carrying value						$ 0		$ 0
Maximum consolidated leverage ratio			4
Maximum consolidated leverage ratio following qualifying material acquisition			4.50
Minimum consolidated coverage ratio			2.50
Maximum consolidated cash flow ratio			5
Maximum consolidated cash flow ratio, following qualifying material acquisition			5.50
Senior Unsecured Revolving Credit Facility | Unsecured Debt | Revolving Credit Facility | Overnight Bank Funding Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)			0.50%
Senior Unsecured Revolving Credit Facility | Unsecured Debt | Revolving Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)			0.50%
Senior Unsecured Revolving Credit Facility | Unsecured Debt | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)			1%
Senior Unsecured Revolving Credit Facility | Unsecured Debt | Revolving Credit Facility | Forecast
Debt Instrument [Line Items]
Maturities of revolving commitments	$ 1,690,000,000	$ 110,000,000

Borrowings - Summary of Repayme

Borrowings - Summary of Repayments of Debt by Year (Details) - The Notes - Unsecured Debt $ in Thousands	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Remainder of 2024	$ 0
2025	1,000,000
2026	0
2027	1,000,000
2028	0
Thereafter	5,800,000
Total	7,800,000
Unamortized discount and loan issuance costs on long-term debt	$ 198,000

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details)	3 Months Ended				6 Months Ended			12 Months Ended
	Jun. 30, 2024 USD ($) class vote $ / shares shares	Mar. 31, 2024 $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) shares	Jun. 30, 2024 USD ($) class vote £ / shares shares	Jun. 30, 2024 USD ($) quaterly_dividend vote class $ / shares shares	Jun. 30, 2023 $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 shares	Jun. 15, 2020 shares
Class of Stock [Line Items]
Number of classes of stock | class	2				2	2
Number of votes per share | vote	1				1	1
Quarterly conversion basis (in shares)	100%				100%	100%
Purchase of non-controlling Interest | $						$ 12,500,000		$ 11,400,000
Percentage of net economic profit						20%
Number of quarterly cash dividends | quaterly_dividend						2
Dividends declared and paid (in dollars per share) | $ / shares	$ 0.21	$ 0.21
Dividends declared and paid | $						$ 188,700,000
Requisite service period (in years)						1 year
RP Holdings | Continuing Investors Partnerships
Class of Stock [Line Items]
Noncontrolling interest (as percent)	24%		25%		24%	24%	25%
Royalty Pharma plc
Class of Stock [Line Items]
Ownership percentage (as a percent)	76%		75%		76%	76%	75%
Deferred Shares
Class of Stock [Line Items]
Shares, outstanding (in shares)	390,055,000	388,927,000	382,487,000	376,444,000	390,055,000	390,055,000	382,487,000	384,640,000	371,325,000
Class A Ordinary Shares
Class of Stock [Line Items]
Common shares outstanding (in shares)	449,065,000				449,065,000	449,065,000		446,692,000
Stock repurchase program, authorized repurchase amount | $				$ 1,000,000,000
Repurchases of Class A ordinary shares (in shares)		0	4,027,000	0
Stock repurchased and retired during period (in shares)	3,100,000		4,000,000
Stock repurchased and retired value during the period | $	$ 84,400,000		$ 134,500,000
Share repurchase program, remaining authorized, amount | $	$ 610,800,000				$ 610,800,000	$ 610,800,000
Dividends declared and paid (in dollars per share) | $ / shares	$ 0.21		$ 0.20			$ 0.42	$ 0.40
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)	145,328,000				145,328,000	145,328,000		150,743,000
Class R Redeemable Shares
Class of Stock [Line Items]
Common shares outstanding (in shares)	50,000				50,000	50,000		50,000
Shares, outstanding (in shares)	50,000				50,000	50,000
Redeemable stock, redemption price (in pound per share) | £ / shares					$ 1

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Non-controlling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 9,863,716	$ 9,822,000	$ 10,084,289	$ 9,525,373
Contributions	2,141	2,131	4,553	6,840
Distributions	(129,728)	(137,281)	(254,139)	(266,391)
Other exchanges	0	0	0	0
Net income	194,377	351,336	190,104	860,425
Ending balance	9,751,818	9,813,686	9,751,818	9,813,686
Non-Controlling Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	3,363,965	3,868,251	3,557,792	3,897,223
Contributions	2,141	2,131	4,553	6,840
Distributions	(129,728)	(137,281)	(254,139)	(266,391)
Other exchanges	(53,185)	(324,793)	(115,962)	(397,698)
Net income	92,373	123,711	83,322	292,045
Ending balance	3,275,566	3,532,019	3,275,566	3,532,019
Non-Controlling Interests | RPSFT
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		(140)		(597)
Contributions		0		0
Distributions		(3,339)		(3,907)
Other exchanges		0		0
Net income		3,376		4,401
Ending balance		(103)		(103)
Non-Controlling Interests | Legacy Investors Partnerships
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	1,238,019	1,480,585	1,339,716	1,527,887
Contributions	1,279	1,406	2,572	5,201
Distributions	(99,046)	(103,413)	(191,446)	(198,562)
Other exchanges	0	0	0	0
Net income	59,467	42,286	48,877	86,338
Ending balance	1,199,719	1,420,864	1,199,719	1,420,864
Non-Controlling Interests | Continuing Investors Partnerships
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	2,125,946	2,387,806	2,218,076	2,369,933
Contributions	862	725	1,981	1,639
Distributions	(30,682)	(30,529)	(62,693)	(63,922)
Other exchanges	(53,185)	(324,793)	(115,962)	(397,698)
Net income	32,906	78,049	34,445	201,306
Ending balance	2,075,847	2,111,258	2,075,847	2,111,258
Non-Controlling Interests | EPA Holdings
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	0	0	0	0
Contributions	0	0	0	0
Distributions	0	0	0	0
Other exchanges	0	0	0	0
Net income	0	0	0	0
Ending balance	$ 0	$ 0	$ 0	$ 0

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator
Consolidated net income	$ 194,377	$ 351,336	$ 190,104	$ 860,425
Less: net income attributable to non-controlling interests	92,373	123,711	83,322	292,045
Net income attributable to Royalty Pharma plc - basic	102,004	227,625	106,782	568,380
Add: Reallocation of net income attributable to non-controlling interests from the assumed conversion of Class B ordinary shares	32,906	78,049	34,445	201,306
Net income attributable to Royalty Pharma plc - diluted	$ 134,910	$ 305,674	$ 141,227	$ 769,686
Denominator
Weighted average Class A ordinary shares outstanding - basic (in shares)	451,020	450,405	449,822	448,022
Class B ordinary shares exchangeable for Class A ordinary shares (in shares)	145,849	155,419	147,330	158,499
Unvested RSUs (in shares)	43	36	43	30
Weighted average Class A ordinary shares outstanding - diluted (in shares)	596,912	605,860	597,195	606,551
Earnings per Class A ordinary share - basic (in dollars per share)	$ 0.23	$ 0.51	$ 0.24	$ 1.27
Earnings per Class A ordinary share - diluted (in dollars per share)	$ 0.23	$ 0.50	$ 0.24	$ 1.27
Continuing non-controlling interests
Numerator
Less: net income attributable to non-controlling interests	$ 32,906	$ 78,049	$ 34,445	$ 201,306
Legacy non-controlling interests
Numerator
Less: net income attributable to non-controlling interests	$ 59,467	$ 45,662	$ 48,877	$ 90,739

Indirect Cash Flow (Details)

Indirect Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Consolidated net income	$ 194,377	$ 351,336	$ 190,104	$ 860,425
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Income from financial royalty assets			(1,054,411)	(1,166,032)
Provision for changes in expected cash flows from financial royalty assets	212,429	241,228	796,029	360,032
Amortization of debt discount and issuance costs			8,908	10,647
Gains on derivative financial instruments			0	(6,390)
Gains on equity securities	47,124	(41,271)	(30,606)	(30,453)
Equity in losses/(earnings) of equity method investees	(1,703)	770	12,446	(33,836)
Distributions from equity method investees			13,396	18,510
Share-based compensation			1,293	1,159
Gains on available for sale debt securities	$ 200	$ (82,900)	(46,220)	(115,200)
Other			(3,004)	1,906
Changes in operating assets and liabilities:
Cash collected on financial royalty assets			1,414,324	1,746,391
Other royalty income receivable			(1,175)	2,014
Other current assets			15,772	(5,382)
Accounts payable and accrued expenses			(3,620)	(2,137)
Interest payable			4,570	0
Other liabilities			5,041	0
Net cash provided by operating activities			1,322,847	1,641,654
Accrued purchase obligation - frexalimab			$ 97,493	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended	6 Months Ended
	May 31, 2024	Nov. 30, 2023	Jun. 30, 2024	Jun. 30, 2024
Cytokinetics Funding Commitments
Long-term Purchase Commitment [Line Items]
Long term funding partnership, expected payment				$ 350
Teva Development Funding Commitments
Long-term Purchase Commitment [Line Items]
Long term funding partnership, expected payment		$ 100
Long term funding partnership, option to increase the total fund		$ 125
Long term funding partnership, funded amount			$ 27.4	62.4
Long term funding partnership, unfunded commitment amount				$ 37.6
Other Commitments
Long-term Purchase Commitment [Line Items]
Purchase commitment, upfront payment	$ 905

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)			1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 16, 2021	Dec. 08, 2017	Jan. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Total current and non-current financial royalty assets, net				$ 14,639,992,000		$ 14,639,992,000		$ 14,827,093,000
Upfront payment for financial royalty assets						814,712,000	$ 662,151,000
Shareholders' equity				9,751,818,000	$ 9,813,686,000	9,751,818,000	9,813,686,000	10,084,289,000	$ 9,863,716,000	$ 9,822,000,000	$ 9,525,373,000
Treasury Stock
Related Party Transaction [Line Items]
Shareholders' equity				(2,661,000)	(2,629,000)	(2,661,000)	(2,629,000)	(2,629,000)	(2,654,000)	(2,828,000)	(2,806,000)
Non-Controlling Interests
Related Party Transaction [Line Items]
Shareholders' equity				3,275,566,000	3,532,019,000	3,275,566,000	3,532,019,000	3,557,792,000	$ 3,363,965,000	$ 3,868,251,000	$ 3,897,223,000
Related Party | Bristol-Myers Squibb
Related Party Transaction [Line Items]
Total current and non-current financial royalty assets, net				$ 60,700,000		$ 60,700,000		75,600,000
Related Party | Errol De Souza
Related Party Transaction [Line Items]
Upfront payment for financial royalty assets			$ 2,500,000
Maximum milestone payment received			$ 2,220,000
Operating and Personnel Payments | Related Party
Related Party Transaction [Line Items]
Quarterly payments to affiliates, percent of adjusted cash receipts (as percent)				6.50%		6.50%
Quarterly payments to affiliates, percent of security investment (as percent)				0.25%		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				$ 41,100,000		$ 89,400,000
Former Operating and Personnel Payments | Related Party
Related Party Transaction [Line Items]
Operating and personnel payments incurred					$ 37,000,000		$ 111,900,000
Assignment Agreement - Benefit of Payment Stream | Bristol-Myers Squibb
Related Party Transaction [Line Items]
Related party, rate (as percent)		50%
Assignment Agreement - Funding Obligations | Bristol-Myers Squibb
Related Party Transaction [Line Items]
Related party, rate (as percent)		50%
Agreement with MSCI
Related Party Transaction [Line Items]
Initial term (in years)	7 years
Amounts of transaction, related parties						$ 0		0
Acquisition Of Limited Partnership Interests In Affiliate | Related Party
Related Party Transaction [Line Items]
Number of limited partnership interest acquired (in shares)						27,210
Acquisition Of Limited Partnership Interests In Affiliate | Related Party | Treasury Stock
Related Party Transaction [Line Items]
Shareholders' equity				4,300,000		$ 4,300,000		4,300,000
Acquisition Of Limited Partnership Interests In Affiliate | Related Party | Non-Controlling Interests
Related Party Transaction [Line Items]
Shareholders' equity				$ 1,600,000		$ 1,600,000		$ 1,600,000