Royalty Pharma (RPRX) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
Amendment Flag	false
Class A Ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		444,301,661
Class B Ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		144,881,122

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 950,052	$ 477,010
Financial royalty assets	765,773	738,438
Available for sale debt securities	48,500	18,300
Other royalty income receivable	24,901	22,405
Other current assets	4,969	18,040
Total current assets	1,794,195	1,274,193
Financial royalty assets, net	14,968,074	14,088,655
Equity securities	228,867	199,487
Available for sale debt securities	657,300	437,100
Equity method investments	351,017	375,894
Other assets	42,789	6,522
Total assets	18,042,242	16,381,851
Current liabilities
Distributions payable to legacy non-controlling interests	79,149	83,155
Accounts payable and accrued expenses	22,055	15,165
Interest payable	38,412	51,682
Current portion of long-term debt	996,942	0
Other current liabilities	31,200	11,375
Total current liabilities	1,167,758	161,377
Long-term debt	6,610,437	6,135,285
Other liabilities	5,580	900
Total liabilities	7,783,775	6,297,562
Commitments and contingencies
Shareholders’ equity
Deferred shares, $0.000001 par value; issued and outstanding: 2024–390,502 and 2023–384,640	0	0
Additional paid-in capital	4,107,742	4,011,435
Retained earnings	2,764,685	2,517,583
Non-controlling interests	3,388,589	3,557,792
Treasury interests	(2,657)	(2,629)
Total shareholders’ equity	10,258,467	10,084,289
Total liabilities and shareholders’ equity	18,042,242	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	Sep. 30, 2024 $ / shares shares	Sep. 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)	390,502	390,502	384,640	384,640
Deferred stock, outstanding (in shares)	390,502	390,502	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)	446,038	446,038	446,692	446,692
Common stock, outstanding (in shares)	446,038	446,038	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)	144,881	144,881	150,743	150,743
Common stock, outstanding (in shares)	144,881	144,881	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total income and other revenues	$ 564,690	$ 536,313	$ 1,669,935	$ 1,758,486
Operating (income)/expense
Provision for changes in expected cash flows from financial royalty assets	(227,604)	277,137	568,425	637,169
Research and development funding expense	500	50,500	1,500	51,500
General and administrative expenses	56,720	57,234	169,080	190,563
Total operating (income)/expense, net	(170,384)	384,871	739,005	879,232
Operating income	735,074	151,442	930,930	879,254
Other (income)/expense
Equity in (earnings)/losses of equity method investees	(10,407)	5,222	2,039	(28,614)
Interest expense	66,506	46,033	159,751	139,932
(Gains)/losses on derivative financial instruments	(3,000)	8,680	(3,000)	2,290
Gains on equity securities	(50,849)	(1,541)	(81,455)	(31,994)
Gains on available for sale debt securities	(57,680)	(7,300)	(103,900)	(122,500)
Interest income	(17,508)	(23,436)	(38,306)	(65,791)
Other non-operating expenses/(income), net	1,654	1,707	(661)	3,429
Total other (income)/expense, net	(71,284)	29,365	(65,532)	(103,248)
Consolidated net income before tax	806,358	122,077	996,462	982,502
Income tax expense	0	0	0	0
Consolidated net income	806,358	122,077	996,462	982,502
Net income attributable to non-controlling interests	262,371	49,963	345,693	342,008
Net income attributable to Royalty Pharma plc	$ 543,987	$ 72,114	$ 650,769	$ 640,494
Earnings per Class A ordinary share:
Basic (in dollars per share)	$ 1.22	$ 0.16	$ 1.45	$ 1.43
Diluted (in dollars per share)	$ 1.21	$ 0.16	$ 1.44	$ 1.43
Weighted average Class A ordinary shares outstanding:
Basic (in shares)	447,628	448,439	449,085	448,162
Diluted (in shares)	592,726	601,138	595,683	604,717
Income from financial royalty assets
Total income and other revenues	$ 533,166	$ 508,657	$ 1,587,577	$ 1,674,689
Other royalty income and revenues
Total income and other revenues	$ 31,524	$ 27,656	$ 82,358	$ 83,797

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Class R Redeemable Shares	Common Stock Class A Ordinary Shares	Common Stock Class B Ordinary Shares	Common Stock Class R Redeemable Shares	Deferred Shares	Additional Paid-in Capital	Retained Earnings	Non-Controlling Interests	Treasury Interests
Beginning balance (in shares) at Dec. 31, 2022			443,166	164,058	50	371,325
Beginning balance at Dec. 31, 2022	$ 9,525,373		$ 44	$ 0	$ 63	$ 0	$ 3,666,160	$ 1,964,689	$ 3,897,223	$ (2,806)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions	9,690								9,690
Distributions	(386,590)								(386,590)
Dividends	(268,989)							(268,989)
Other exchanges (in shares)			11,512	(11,512)		11,512
Other exchanges	0		$ 2				415,972		(416,156)	182
Share-based compensation and related issuances of Class A ordinary shares (in shares)			54
Share-based compensation and related issuances of Class A ordinary shares	1,740						1,740
Repurchases of Class A ordinary shares (in shares)			(8,889)
Repurchases of Class A ordinary shares	(278,629)		$ (1)				(77,114)	(201,514)
Net income	982,502							640,494	342,008
Ending balance (in shares) at Sep. 30, 2023			445,843	152,546	50	382,837
Ending balance at Sep. 30, 2023	9,585,097		$ 45	$ 0	$ 63	$ 0	4,006,758	2,134,680	3,446,175	(2,624)
Beginning balance (in shares) at Jun. 30, 2023			450,352	152,896	50	382,487
Beginning balance at Jun. 30, 2023	9,813,686		$ 46	$ 0	$ 63	$ 0	4,031,242	2,252,945	3,532,019	(2,629)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions	2,850								2,850
Distributions	(120,198)								(120,198)
Dividends	(89,751)							(89,751)
Other exchanges (in shares)			350	(350)		350
Other exchanges	0						18,454		(18,459)	5
Share-based compensation and related issuances of Class A ordinary shares (in shares)			3
Share-based compensation and related issuances of Class A ordinary shares	581						581
Repurchases of Class A ordinary shares (in shares)			(4,862)
Repurchases of Class A ordinary shares	(144,148)		$ (1)				(43,519)	(100,628)
Net income	122,077							72,114	49,963
Ending balance (in shares) at Sep. 30, 2023			445,843	152,546	50	382,837
Ending balance at Sep. 30, 2023	9,585,097		$ 45	$ 0	$ 63	$ 0	4,006,758	2,134,680	3,446,175	(2,624)
Beginning balance (in shares) at Dec. 31, 2023			446,692	150,743	50	384,640
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	6,797								6,797
Distributions	(367,320)								(367,320)
Dividends	(282,809)							(282,809)
Other exchanges (in shares)			5,862	(5,862)		5,862
Other exchanges	0		$ 1				154,400		(154,373)	(28)
Share-based compensation and related issuances of Class A ordinary shares (in shares)			78
Share-based compensation and related issuances of Class A ordinary shares	1,819						1,819
Repurchases of Class A ordinary shares (in shares)			(6,594)
Repurchases of Class A ordinary shares	(179,663)		$ (1)				(59,912)	(119,750)
Net income	996,462							650,769	345,693
Purchase of non-controlling interest in RPCT	(1,108)							(1,108)
Ending balance (in shares) at Sep. 30, 2024		50	446,038	144,881	50	390,502
Ending balance at Sep. 30, 2024	10,258,467		$ 45	$ 0	$ 63	$ 0	4,107,742	2,764,685	3,388,589	(2,657)
Beginning balance (in shares) at Jun. 30, 2024			449,065	145,328	50	390,055
Beginning balance at Jun. 30, 2024	9,751,818		$ 45	$ 0	$ 63	$ 0	4,100,554	2,378,251	3,275,566	(2,661)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions	2,245								2,245
Distributions	(113,182)								(113,182)
Dividends	(94,061)							(94,061)
Other exchanges (in shares)			447	(447)		447
Other exchanges	0						38,407		(38,411)	4
Share-based compensation and related issuances of Class A ordinary shares (in shares)			3
Share-based compensation and related issuances of Class A ordinary shares	525						525
Repurchases of Class A ordinary shares (in shares)			(3,477)
Repurchases of Class A ordinary shares	(95,236)						(31,744)	(63,492)
Net income	806,358							543,987	262,371
Ending balance (in shares) at Sep. 30, 2024		50	446,038	144,881	50	390,502
Ending balance at Sep. 30, 2024	$ 10,258,467		$ 45	$ 0	$ 63	$ 0	$ 4,107,742	$ 2,764,685	$ 3,388,589	$ (2,657)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Dividends declared and paid (in dollars per share)	$ 0.21	$ 0.21	$ 0.21
Class A Ordinary Shares
Dividends declared and paid (in dollars per share)	$ 0.21			$ 0.20	$ 0.63	$ 0.60

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Cash collections from financial royalty assets	$ 2,205,933	$ 2,454,054
Cash collections from intangible royalty assets	14,420	1,067
Other royalty cash collections	79,334	84,275
Distributions from equity method investees	13,396	18,823
Interest received	37,447	63,135
Development-stage funding payments - ongoing	(1,500)	(1,500)
Development-stage funding payments - upfront and milestone	0	(50,000)
Payments for operating and professional costs	(163,804)	(188,839)
Interest paid	(158,765)	(165,841)
Net cash provided by operating activities	2,026,461	2,215,174
Cash flows from investing activities:
Distributions from equity method investees	20,397	39,225
Investments in equity method investees	(10,955)	(10,550)
Purchases of equity securities	(62,500)	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	7,200	0
Proceeds from sales and maturities of marketable securities	0	24,391
Acquisitions of financial royalty assets	(2,009,283)	(1,113,283)
Acquisitions of other financial assets	(18,000)	0
Milestone payments	(50,000)	(12,400)
Other	2,039	0
Net cash used in investing activities	(2,172,527)	(1,072,617)
Cash flows from financing activities:
Distributions to legacy non-controlling interests - Portfolio Receipts	(281,078)	(284,637)
Distributions to continuing non-controlling interests	(93,711)	(95,045)
Dividends to shareholders	(282,809)	(268,989)
Repurchases of Class A ordinary shares	(177,044)	(274,559)
Contributions from legacy non-controlling interests - R&D	527	455
Contributions from non-controlling interests - other	3,329	5,915
Repayment of long-term debt	0	(1,000,000)
Proceeds from issuance of long-term debt, net of discount	1,471,235	0
Debt issuance costs and other	(12,316)	0
Other	(9,025)	0
Net cash provided by/(used in) financing activities	619,108	(1,916,860)
Net change in cash and cash equivalents	473,042	(774,303)
Cash and cash equivalents, beginning of period	477,010	1,710,751
Cash and cash equivalents, end of period	$ 950,052	$ 936,448

Organization and Purpose

Organization and Purpose	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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. 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 September 30, 2024 and December 31, 2023 were held with Bank of America, State Street, TD Bank, Citibank, U.S. Bank, DNB Bank and Scotiabank. Our primary operating accounts significantly exceed the Federal Deposit Insurance Corporation limits. The majority of our financial royalty assets and receivables arise from contractual royalty agreements that entitle us to royalties on the sales of underlying biopharmaceutical products in the United States, Europe and the rest of the world, with concentrations of credit risk limited due to the broad range of marketers responsible for paying royalties to us and the variety of geographies from which our royalties on product sales are derived. The products in which we hold royalties are marketed by leading industry participants, including, among others, Vertex, GSK, Roche, Johnson & Johnson, Biogen, AbbVie, Astellas, Pfizer, Novartis and Gilead. As of September 30, 2024 and December 31, 2023, Vertex, as the marketer and payor of our royalties on the cystic fibrosis franchise, accounted for 33% 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	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Available for Sale Debt Securities	Available for Sale Debt Securities Funding Arrangements with Cytokinetics In May 2024, we expanded our funding collaboration with Cytokinetics, Incorporated (“Cytokinetics”) to provide up to $575 million. As part of the expanded funding collaboration, we provided funding of $100 million (“Cytokinetics Development Funding”) for Cytokinetics’ Phase 3 clinical trial of omecamtiv mecarbil and amended the funding agreement that we entered into with Cytokinetics in 2022 to provide two additional funding tranches (as amended, “Cytokinetics Commercial Launch Funding”). Following the amendment in May 2024, the Cytokinetics Commercial Launch Funding is comprised of seven tranches with a total funding of up to $525 million. Our return on the Cytokinetics Development Funding depends on the outcome of omecamtiv mecarbil’s Phase 3 clinical trial and approval by the U.S. Food and Drug Administration (the “FDA”). If omecamtiv mecarbil’s Phase 3 clinical trial is successful and approval by the 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. Out of the seven tranches of the Cytokinetics Commercial Launch Funding, tranches one and six have been funded. Tranches two and three are no longer available because the related regulatory milestones were not met. Tranches four, five and seven are available for draw upon the occurrence of certain regulatory and clinical development milestones (“Cytokinetics Funding Commitments”). In April 2024, the contingency for the fourth tranche was met, triggering the requirement that Cytokinetics draws at least $50 million, with the ability to draw an additional $25 million within one year. For tranches one, four, five, six and seven, 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. We elected the fair value option to account for the Cytokinetics Development Funding and the 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, 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 Gains on available for sale debt securities in the condensed consolidated statements of operations. Further, as part of the expanded funding collaboration in May 2024, we provided funding for the clinical trials of CK-586 in exchange for a royalty and purchased Cytokinetics common stock, both of which are further described in Note 4–Fair Value Measurements and Financial Instruments. Lastly, the funding collaboration also included a royalty restructuring on aficamten. The table below summarizes the components of our funding collaboration with Cytokinetics and related funding status as of September 30, 2024 (in thousands): Funded Required Future Draw Potential Future Draw Total Cytokinetics Commercial Launch Funding (1) $ 100,000 $ 50,000 $ 300,000 $ 450,000 Cytokinetics Development Funding 100,000 — — 100,000 Cytokinetics R&D Funding Derivative (2) 50,000 — 150,000 200,000 Cytokinetics Common Stock 50,000 — — 50,000 Total $ 300,000 $ 50,000 $ 450,000 $ 800,000 (1) Total excludes $75 million for two tranches that are no longer available. Total reflects $225 million for two additional tranches under the expanded funding collaboration in May 2024. (2) Related to our funding for the clinical trials of CK-586. We have the option to fund up to an additional $150 million. See Note 4–Fair Value Measurements and Financial Instruments for additional discussion. In September 2022, we provided MorphoSys AG (“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 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 Fair Value Current Assets Non-Current Assets Non-Current Liabilities Total As of September 30, 2024 Debt securities (1) $ 512,554 $ 193,246 $ 705,800 $ 48,500 $ 657,300 $ — $ 705,800 Funding commitments (2) (12,300) 7,700 (4,600) — — (4,600) (4,600) Total $ 500,254 $ 200,946 $ 701,200 $ 48,500 $ 657,300 $ (4,600) $ 701,200 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 tranches one and six of the Cytokinetics Commercial Launch Funding and the cost for the Cytokinetics Development Funding reflect the fair values on their respective funding dates. The cost related to tranche one of the Cytokinetics Commercial Launch Funding is amortized as quarterly repayments are received. The cost of the MorphoSys Development Funding Bonds represents 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 their respective transaction dates.

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	9 Months Ended
	Sep. 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 September 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) $ 354,930 $ — $ — $ 354,930 $ 157,420 $ — $ — $ 157,420 Available for sale debt securities (2) — — 48,500 48,500 — — 18,300 18,300 Total current assets $ 354,930 $ — $ 48,500 $ 403,430 $ 157,420 $ — $ 18,300 $ 175,720 Equity securities (3) 175,968 — 52,899 228,867 199,190 — 297 199,487 Available for sale debt securities (2) — — 657,300 657,300 — — 437,100 437,100 Derivative instrument (4) — — 21,000 21,000 — — — — Royalty at fair value (3) — — 5,323 5,323 — — 1,778 1,778 Total non-current assets $ 175,968 $ — $ 736,522 $ 912,490 $ 199,190 $ — $ 439,175 $ 638,365 Liabilities: Funding commitments (5) — — (4,600) (4,600) — — (900) (900) Total non-current liabilities $ — $ — $ (4,600) $ (4,600) $ — $ — $ (900) $ (900) (1) Recorded within Cash and cash equivalents on the condensed consolidated balance sheets. (2) Related to tranche one of the Cytokinetics Commercial Launch Funding and the MorphoSys Development Funding Bonds. As of September 30, 2024, amount also includes tranche six of the Cytokinetics Commercial Launch Funding and the Cytokinetics Development Funding. (3) The amounts 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 September 30, 2024, the amount reflected within Level 3 also includes the 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 Cytokinetics Funding Commitments recorded within Other liabilities on the condensed consolidated balance sheets. For the third quarter and first nine months of 2024, we recognized gains of $50.8 million and $33.3 million, respectively, on equity securities still held as of September 30, 2024. For the third quarter and first nine months of 2023, we recognized gains of $4.7 million and $14.4 million, respectively, on equity securities still held as of September 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 September 30, 2024 Equity Securities Debt Securities Funding Commitments Derivative Instrument (2) Royalty at Fair Value Balance at the beginning of the period $ 52,322 $ 668,400 $ (22,000) $ 18,000 $ 5,323 Gains on equity securities 577 — — — — Gains on derivative financial instruments — — — 3,000 — Gains on available for sale debt securities — 40,280 17,400 — — Redemption (1) — (2,880) — — — Balance at the end of the period $ 52,899 $ 705,800 $ (4,600) $ 21,000 $ 5,323 (1) Amount relates to the quarterly repayment on tranche one of the Cytokinetics Commercial Launch Funding. (2) Related to the Cytokinetics R&D Funding Derivative (as defined below). For the Three Months Ended September 30, 2023 Equity Securities Debt Securities Funding Commitments Derivative Instruments Royalty at Fair Value Balance at the beginning of the period $ 5,718 $ 348,800 $ (8,500) $ 8,680 $ 16,583 Losses on equity securities (1,546) — — — — Losses on derivative financial instruments — — — (8,680) — Gains/(losses) on available for sale debt securities — 10,100 (2,800) — — Other non-operating expense — — — — (252) Balance at the end of the period $ 4,172 $ 358,900 $ (11,300) $ — $ 16,331 For the Nine Months Ended September 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 6,102 — — — — Gains on derivative financial instruments — — — 3,000 — Gains on available for sale debt securities — 102,600 1,300 — — Other non-operating income — — — — 3,545 Redemptions (2) — (7,200) — — — Balance at the end of the period $ 52,899 $ 705,800 $ (4,600) $ 21,000 $ 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 tranche one of the Cytokinetics Commercial Launch Funding. (3) Related to the Cytokinetics R&D Funding Derivative (as defined below). For the Nine Months Ended September 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 (4,300) — — — — Losses on derivative financial instruments — — — (2,290) — Gains/(losses) on available for sale debt securities — 131,300 (8,800) — — Other non-operating income — — — — 1,831 Settlements — — — (94,320) — Balance at the end of the period $ 4,172 $ 358,900 $ (11,300) $ — $ 16,331 (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 September 30, 2024 and December 31, 2023 in the fair value hierarchy. As of September 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. 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 September 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 Research & Development (“R&D”) Funding Derivative In May 2024, 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 to terminate our rights to receive royalties and milestone payments. 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 September 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 11.2% as of September 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 funded Cytokinetics Funding Arrangements as of September 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 September 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 September 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 40.0% and 37.5%, respectively, and an assumed risk-adjusted discount rate of 11.2% 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 September 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 our entire portfolio of investments, and specifically exclude the following: 1. development-stage product candidates where the funding was (i) expensed as upfront R&D upon acquisition (e.g., Trodelvy and Nurtec ODT), (ii) expensed as ongoing R&D (e.g., historically, Soliqua from our co-funding agreement with Sanofi) or (iii) treated as a derivative instrument (e.g., CK-586); and 2. contractual funding arrangements (e.g., the MorphoSys Development Funding Bonds and the Cytokinetics Funding Arrangements), which are accounted for as available for sale debt securities. 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 9.8% and 10.1% was attributable to legacy non-controlling interests as of September 30, 2024 and December 31, 2023, respectively. The fair value of the non-current portion of financial royalty assets included approximately 8.1% and 9.4% attributable to legacy non-controlling interests as of September 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 September 30, 2024 As of December 31, 2023 Financial Royalty Assets Fair Value Carrying Value, Net Fair Value Carrying Value, Net Current $ 765,773 $ 765,773 $ 738,438 $ 738,438 Non-current 20,909,498 14,968,074 19,077,706 14,088,655 Total $ 21,675,271 $ 15,733,847 $ 19,816,144 $ 14,827,093

Financial Royalty Assets

Financial Royalty Assets	9 Months Ended
	Sep. 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 September 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) $ 5,182,429 $ (190,534) $ 4,991,895 Evrysdi 2035-2036 2,083,375 (208,212) 1,875,163 Trelegy 2029-2030 1,109,464 (21,937) 1,087,527 Tysabri (3) 1,361,608 (349,093) 1,012,515 Voranigo 2038 921,142 — 921,142 Tremfya 2031-2032 936,289 (100,798) 835,491 Other 2025-2042 7,764,785 (2,553,010) 5,211,775 Total $ 19,359,092 $ (3,423,584) $ 15,935,508 Less: Cumulative allowance for credit losses (Note 6) (201,661) Total current and non-current financial royalty assets, net $ 15,733,847 (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 Vertex’s vanzacaftor/tezacaftor/deutivacaftor (“vanzacaftor triple”) 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 September 30, 2024, the balance of $15.7 billion above for total current and non-current financial royalty assets, net included $1.2 billion in unapproved financial royalty assets held at cost related to frexalimab of $521.5 million and other assets, primarily olpasiran, pelacarsen and olanzapine LAI (TEV-’749). 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	9 Months Ended
	Sep. 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 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 to be received based on royalty bearing products’ projected sales which are primarily derived from 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 (1,083,352) Decreases to the cumulative allowance for changes in expected cash flows from financial royalty assets 578,881 Write-off of cumulative allowance 8,325 Current period provision for credit losses, net (2) (63,954) Balance at September 30, 2024 $ (3,625,245) (1) Includes $137.7 million related to cumulative allowance for credit losses. (2) The provision expense for credit losses was primarily related to the additions of Yorvipath, Voranigo and ecopipam to our portfolio.

Non-Consolidated Affiliates

Non-Consolidated Affiliates	9 Months Ended
	Sep. 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 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 expenses/(income), net . No amounts were due from or to ApiJect related to the revenue participation right as of September 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 income allocations of $10.2 million and $5.5 million in the third quarter and first nine months of 2024, respectively. We recorded a loss allocation of $2.3 million and an income allocation of $0.6 million in the third quarter and first nine months of 2023, respectively. We collected cash receipts from the Legacy SLP Interest of $11.0 million and $19.9 million in the third quarter and first nine months of 2024, respectively. We collected cash receipts from the Legacy SLP Interest of $4.8 million and $9.7 million in the third quarter and first nine 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 an income allocation of $0.2 million and a loss allocation of $7.6 million in the third quarter and first nine months of 2024, respectively. We recorded a loss allocation of $3.0 million and an income allocation of $28.0 million in the third quarter and first nine 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 nine 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. In the third quarter of 2024, we received a distribution of $0.5 million from Avillion II, which was the first distribution related to the Airsupra royalty.

Research and Development Fundin

Research and Development Funding Expense	9 Months Ended
	Sep. 30, 2024
Research and Development [Abstract]
Research and Development Funding Expense	Research and Development 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 nine months of 2024 and 2023, we did not enter into any new ongoing R&D funding arrangements. We recognized R&D funding expense of $0.5 million and $1.5 million in the third quarter and first nine months of 2024, respectively, related to ongoing development-stage funding payments. We recognized R&D funding expense of $50.5 million and $51.5 million in the third quarter and first nine months of 2023, respectively, primarily related to a $50.0 million clinical milestone payment to Cytokinetics for aficamten.

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings Our borrowings consisted of the following (in thousands): Type of Borrowing Date of Issuance Maturity As of September 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 (192,621) (164,715) Total debt carrying value 7,607,379 6,135,285 Less: Current portion of long-term debt (996,942) — Total long-term debt $ 6,610,437 $ 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 $12.6 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 September 30, 2024, we were in compliance with all applicable covenants. As of September 30, 2024 and December 31, 2023, the fair value of our outstanding Notes using Level 2 inputs was approximately $6.8 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 September 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 September 30, 2024, RP Holdings was in compliance with these covenants. Principal Payments on the Notes The future principal payments for our borrowings as of September 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	9 Months Ended
	Sep. 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 September 30, 2024, we have 446,038 thousand Class A ordinary shares and 144,881 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 September 30, 2024, we have 390,502 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 nine months of 2024, we repurchased 6.6 million shares at a cost of approximately $179.7 million. In the first nine months of 2023, we repurchased 8.9 million shares at a cost of approximately $278.6 million. As of September 30, 2024, approximately $515.6 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 June 30, 2024 $ 1,199,719 $ 2,075,847 $ — $ 3,275,566 Contributions 1,291 954 — 2,245 Distributions (82,163) (31,019) — (113,182) Other exchanges — (38,411) — (38,411) Net income 86,972 175,399 — 262,371 September 30, 2024 $ 1,205,819 $ 2,182,770 $ — $ 3,388,589 RPSFT Legacy Investors Partnerships Continuing Investors Partnerships EPA Holdings Total June 30, 2023 $ (103) $ 1,420,864 $ 2,111,258 $ — $ 3,532,019 Contributions — 1,413 1,437 — 2,850 Distributions (848) (88,112) (31,238) — (120,198) Other exchanges — — (18,459) — (18,459) Net income 285 25,623 24,055 — 49,963 September 30, 2023 $ (666) $ 1,359,788 $ 2,087,053 $ — $ 3,446,175 Legacy Investors Partnerships Continuing Investors Partnerships EPA Holdings Total December 31, 2023 $ 1,339,716 $ 2,218,076 $ — $ 3,557,792 Contributions 3,863 2,934 — 6,797 Distributions (273,609) (93,711) — (367,320) Other exchanges — (154,373) — (154,373) Net income 135,849 209,844 — 345,693 September 30, 2024 $ 1,205,819 $ 2,182,770 $ — $ 3,388,589 RPSFT Legacy Investors Partnerships Continuing Investors Partnerships EPA Holdings Total December 31, 2022 $ (597) $ 1,527,887 $ 2,369,933 $ — $ 3,897,223 Contributions — 6,614 3,076 — 9,690 Distributions (4,755) (286,674) (95,161) — (386,590) Other exchanges — — (416,156) — (416,156) Net income 4,686 111,961 225,361 — 342,008 September 30, 2023 $ (666) $ 1,359,788 $ 2,087,053 $ — $ 3,446,175 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 September 30, 2024, the Continuing Investors Partnerships indirectly owned approximately 24% of RP Holdings with the remaining 76% owned by Royalty Pharma plc. As of September 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 be 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 nine months of 2024, we declared and paid three quarterly cash dividends of $0.21 per Class A ordinary share in an aggregate amount of $282.8 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 third quarter and first nine months of 2024 and 2023, we did not recognize material share-based compensation expenses.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share In the third quarter and first nine 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Numerator Consolidated net income $ 806,358 $ 122,077 $ 996,462 $ 982,502 Less: Net income attributable to continuing non-controlling interests 175,399 24,055 209,844 225,361 Less: Net income attributable to legacy non-controlling interests 86,972 25,908 135,849 116,647 Net income attributable to Royalty Pharma plc - basic 543,987 72,114 650,769 640,494 Add: Reallocation of net income attributable to non-controlling interests from the assumed conversion of Class B ordinary shares 175,399 24,055 209,844 225,361 Net income attributable to Royalty Pharma plc - diluted $ 719,386 $ 96,169 $ 860,613 $ 865,855 Denominator Weighted average Class A ordinary shares outstanding - basic 447,628 448,439 449,085 448,162 Add: Dilutive effects as shown separately below Class B ordinary shares exchangeable for Class A ordinary shares 145,085 152,691 146,576 156,541 Unvested RSUs 13 8 22 14 Weighted average Class A ordinary shares outstanding - diluted 592,726 601,138 595,683 604,717 Earnings per Class A ordinary share - basic $ 1.22 $ 0.16 $ 1.45 $ 1.43 Earnings per Class A ordinary share - diluted $ 1.21 $ 0.16 $ 1.44 $ 1.43

Indirect Cash Flow

Indirect Cash Flow	9 Months Ended
	Sep. 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 Nine Months Ended September 30, 2024 2023 Cash flow from operating activities: Consolidated net income $ 996,462 $ 982,502 Adjustments to reconcile consolidated net income to net cash provided by operating activities: Income from financial royalty assets (1,587,577) (1,674,689) Provision for changes in expected cash flows from financial royalty assets 568,425 637,169 Amortization of debt discount and issuance costs 14,256 15,658 (Gains)/losses on derivative financial instruments (3,000) 2,290 Gains on equity securities (81,455) (31,994) Equity in losses/(earnings) of equity method investees 2,039 (28,614) Distributions from equity method investees 13,396 18,823 Share-based compensation 1,819 1,740 Gains on available for sale debt securities (103,900) (122,500) Other (1,801) 3,263 Changes in operating assets and liabilities: Cash collected on financial royalty assets 2,205,933 2,454,054 Other royalty income receivable (2,496) (669) Other current assets 13,068 (1,942) Accounts payable and accrued expenses 3,582 1,650 Interest payable (13,270) (41,567) Other liabilities 980 — Net cash provided by operating activities $ 2,026,461 $ 2,215,174 Non-cash investing and financing activities are summarized below (in thousands): For the Nine Months Ended September 30, 2024 2023 Milestone payable - Cobenfy (1) $ 25,000 $ — Milestone payable - Erleada (1) 6,200 — (1) Related to the achievements of milestone payments on Cobenfy (formerly KarXT) and Erleada that were not paid as of September 30, 2024.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Cytokinetics Funding Commitments As of September 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. In the third quarter and first nine months of 2024, we funded $19.6 million and $82.0 million, respectively. Our funding to acquire the royalty interest is classified as a financial royalty asset. As of September 30, 2024, we had unfunded commitments of $18.0 million under this agreement. Other Commitments We have commitments to advance funds to counterparties through our investment in the Avillion Entities. Please refer to Note 7–Non-Consolidated Affiliates for details of these arrangements. We also have requirements to make Operating and Personnel Payments (defined below) over the life of the Management Agreement as described in Note 14–Related Party Transactions. Indemnifications In the ordinary course of our business, we may enter into contracts or agreements that contain customary indemnifications relating to such things as confidentiality agreements and representations as to corporate existence and authority to enter into contracts. The maximum exposure under such agreements is indeterminable until a claim, if any, is made. However, no such claims have been made against us to date and we believe that the likelihood of such proceedings taking place in the future is remote. Legal Proceedings

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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 third quarter and first nine months of 2024, total operating and personnel payments incurred, including the amounts attributable to Old RPI, were $49.5 million and $138.9 million, respectively. During the third quarter and first nine months of 2023, total operating and personnel payments incurred, including the amounts attributable to Old RPI, were $43.0 million and $154.9 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 September 30, 2024 and December 31, 2023, the financial royalty asset of $52.8 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 September 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 September 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In November 2024, we acquired a royalty interest on Niktimvo from Syndax Pharmaceuticals, Inc. for an upfront payment of $350 million.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 543,987	$ 72,114	$ 650,769	$ 640,494

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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. 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 September 30, 2024 and December 31, 2023 were held with Bank of America, State Street, TD Bank, Citibank, U.S. Bank, DNB Bank and Scotiabank. Our primary operating accounts significantly exceed the Federal Deposit Insurance Corporation limits. The majority of our financial royalty assets and receivables arise from contractual royalty agreements that entitle us to royalties on the sales of underlying biopharmaceutical products in the United States, Europe and the rest of the world, with concentrations of credit risk limited due to the broad range of marketers responsible for paying royalties to us and the variety of geographies from which our royalties on product sales are derived. The products in which we hold royalties are marketed by leading industry participants, including, among others, Vertex, GSK, Roche, Johnson & Johnson, Biogen, AbbVie, Astellas, Pfizer, Novartis and Gilead. As of September 30, 2024 and December 31, 2023, Vertex, as the marketer and payor of our royalties on the cystic fibrosis franchise, accounted for 33% 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)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Available for Sale Debt Securities	The table below summarizes the components of our funding collaboration with Cytokinetics and related funding status as of September 30, 2024 (in thousands): Funded Required Future Draw Potential Future Draw Total Cytokinetics Commercial Launch Funding (1) $ 100,000 $ 50,000 $ 300,000 $ 450,000 Cytokinetics Development Funding 100,000 — — 100,000 Cytokinetics R&D Funding Derivative (2) 50,000 — 150,000 200,000 Cytokinetics Common Stock 50,000 — — 50,000 Total $ 300,000 $ 50,000 $ 450,000 $ 800,000 (1) Total excludes $75 million for two tranches that are no longer available. Total reflects $225 million for two additional tranches under the expanded funding collaboration in May 2024. (2) Related to our funding for the clinical trials of CK-586. We have the option to fund up to an additional $150 million. See Note 4–Fair Value Measurements and Financial Instruments for additional discussion. The table below summarizes our available for sale debt securities recorded at fair value (in thousands): Cost Unrealized Gains Fair Value Current Assets Non-Current Assets Non-Current Liabilities Total As of September 30, 2024 Debt securities (1) $ 512,554 $ 193,246 $ 705,800 $ 48,500 $ 657,300 $ — $ 705,800 Funding commitments (2) (12,300) 7,700 (4,600) — — (4,600) (4,600) Total $ 500,254 $ 200,946 $ 701,200 $ 48,500 $ 657,300 $ (4,600) $ 701,200 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 tranches one and six of the Cytokinetics Commercial Launch Funding and the cost for the Cytokinetics Development Funding reflect the fair values on their respective funding dates. The cost related to tranche one of the Cytokinetics Commercial Launch Funding is amortized as quarterly repayments are received. The cost of the MorphoSys Development Funding Bonds represents 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 their respective transaction dates.

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)	9 Months Ended
	Sep. 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 September 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) $ 354,930 $ — $ — $ 354,930 $ 157,420 $ — $ — $ 157,420 Available for sale debt securities (2) — — 48,500 48,500 — — 18,300 18,300 Total current assets $ 354,930 $ — $ 48,500 $ 403,430 $ 157,420 $ — $ 18,300 $ 175,720 Equity securities (3) 175,968 — 52,899 228,867 199,190 — 297 199,487 Available for sale debt securities (2) — — 657,300 657,300 — — 437,100 437,100 Derivative instrument (4) — — 21,000 21,000 — — — — Royalty at fair value (3) — — 5,323 5,323 — — 1,778 1,778 Total non-current assets $ 175,968 $ — $ 736,522 $ 912,490 $ 199,190 $ — $ 439,175 $ 638,365 Liabilities: Funding commitments (5) — — (4,600) (4,600) — — (900) (900) Total non-current liabilities $ — $ — $ (4,600) $ (4,600) $ — $ — $ (900) $ (900) (1) Recorded within Cash and cash equivalents on the condensed consolidated balance sheets. (2) Related to tranche one of the Cytokinetics Commercial Launch Funding and the MorphoSys Development Funding Bonds. As of September 30, 2024, amount also includes tranche six of the Cytokinetics Commercial Launch Funding and the Cytokinetics Development Funding. (3) The amounts 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 September 30, 2024, the amount reflected within Level 3 also includes the 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 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 September 30, 2024 Equity Securities Debt Securities Funding Commitments Derivative Instrument (2) Royalty at Fair Value Balance at the beginning of the period $ 52,322 $ 668,400 $ (22,000) $ 18,000 $ 5,323 Gains on equity securities 577 — — — — Gains on derivative financial instruments — — — 3,000 — Gains on available for sale debt securities — 40,280 17,400 — — Redemption (1) — (2,880) — — — Balance at the end of the period $ 52,899 $ 705,800 $ (4,600) $ 21,000 $ 5,323 (1) Amount relates to the quarterly repayment on tranche one of the Cytokinetics Commercial Launch Funding. (2) Related to the Cytokinetics R&D Funding Derivative (as defined below). For the Three Months Ended September 30, 2023 Equity Securities Debt Securities Funding Commitments Derivative Instruments Royalty at Fair Value Balance at the beginning of the period $ 5,718 $ 348,800 $ (8,500) $ 8,680 $ 16,583 Losses on equity securities (1,546) — — — — Losses on derivative financial instruments — — — (8,680) — Gains/(losses) on available for sale debt securities — 10,100 (2,800) — — Other non-operating expense — — — — (252) Balance at the end of the period $ 4,172 $ 358,900 $ (11,300) $ — $ 16,331 For the Nine Months Ended September 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 6,102 — — — — Gains on derivative financial instruments — — — 3,000 — Gains on available for sale debt securities — 102,600 1,300 — — Other non-operating income — — — — 3,545 Redemptions (2) — (7,200) — — — Balance at the end of the period $ 52,899 $ 705,800 $ (4,600) $ 21,000 $ 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 tranche one of the Cytokinetics Commercial Launch Funding. (3) Related to the Cytokinetics R&D Funding Derivative (as defined below). For the Nine Months Ended September 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 (4,300) — — — — Losses on derivative financial instruments — — — (2,290) — Gains/(losses) on available for sale debt securities — 131,300 (8,800) — — Other non-operating income — — — — 1,831 Settlements — — — (94,320) — Balance at the end of the period $ 4,172 $ 358,900 $ (11,300) $ — $ 16,331 (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 September 30, 2024 As of December 31, 2023 Financial Royalty Assets Fair Value Carrying Value, Net Fair Value Carrying Value, Net Current $ 765,773 $ 765,773 $ 738,438 $ 738,438 Non-current 20,909,498 14,968,074 19,077,706 14,088,655 Total $ 21,675,271 $ 15,733,847 $ 19,816,144 $ 14,827,093

Financial Royalty Assets (Table

Financial Royalty Assets (Tables)	9 Months Ended
	Sep. 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 September 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) $ 5,182,429 $ (190,534) $ 4,991,895 Evrysdi 2035-2036 2,083,375 (208,212) 1,875,163 Trelegy 2029-2030 1,109,464 (21,937) 1,087,527 Tysabri (3) 1,361,608 (349,093) 1,012,515 Voranigo 2038 921,142 — 921,142 Tremfya 2031-2032 936,289 (100,798) 835,491 Other 2025-2042 7,764,785 (2,553,010) 5,211,775 Total $ 19,359,092 $ (3,423,584) $ 15,935,508 Less: Cumulative allowance for credit losses (Note 6) (201,661) Total current and non-current financial royalty assets, net $ 15,733,847 (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 Vertex’s vanzacaftor/tezacaftor/deutivacaftor (“vanzacaftor triple”) 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 September 30, 2024, the balance of $15.7 billion above for total current and non-current financial royalty assets, net included $1.2 billion in unapproved financial royalty assets held at cost related to frexalimab of $521.5 million and other assets, primarily olpasiran, pelacarsen and olanzapine LAI (TEV-’749). 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)	9 Months Ended
	Sep. 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 (1,083,352) Decreases to the cumulative allowance for changes in expected cash flows from financial royalty assets 578,881 Write-off of cumulative allowance 8,325 Current period provision for credit losses, net (2) (63,954) Balance at September 30, 2024 $ (3,625,245) (1) Includes $137.7 million related to cumulative allowance for credit losses. (2) The provision expense for credit losses was primarily related to the additions of Yorvipath, Voranigo and ecopipam to our portfolio.

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 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 September 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 (192,621) (164,715) Total debt carrying value 7,607,379 6,135,285 Less: Current portion of long-term debt (996,942) — Total long-term debt $ 6,610,437 $ 6,135,285
Summary of Repayments of Debt by Year	The future principal payments for our borrowings as of September 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)	9 Months Ended
	Sep. 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 June 30, 2024 $ 1,199,719 $ 2,075,847 $ — $ 3,275,566 Contributions 1,291 954 — 2,245 Distributions (82,163) (31,019) — (113,182) Other exchanges — (38,411) — (38,411) Net income 86,972 175,399 — 262,371 September 30, 2024 $ 1,205,819 $ 2,182,770 $ — $ 3,388,589 RPSFT Legacy Investors Partnerships Continuing Investors Partnerships EPA Holdings Total June 30, 2023 $ (103) $ 1,420,864 $ 2,111,258 $ — $ 3,532,019 Contributions — 1,413 1,437 — 2,850 Distributions (848) (88,112) (31,238) — (120,198) Other exchanges — — (18,459) — (18,459) Net income 285 25,623 24,055 — 49,963 September 30, 2023 $ (666) $ 1,359,788 $ 2,087,053 $ — $ 3,446,175 Legacy Investors Partnerships Continuing Investors Partnerships EPA Holdings Total December 31, 2023 $ 1,339,716 $ 2,218,076 $ — $ 3,557,792 Contributions 3,863 2,934 — 6,797 Distributions (273,609) (93,711) — (367,320) Other exchanges — (154,373) — (154,373) Net income 135,849 209,844 — 345,693 September 30, 2024 $ 1,205,819 $ 2,182,770 $ — $ 3,388,589 RPSFT Legacy Investors Partnerships Continuing Investors Partnerships EPA Holdings Total December 31, 2022 $ (597) $ 1,527,887 $ 2,369,933 $ — $ 3,897,223 Contributions — 6,614 3,076 — 9,690 Distributions (4,755) (286,674) (95,161) — (386,590) Other exchanges — — (416,156) — (416,156) Net income 4,686 111,961 225,361 — 342,008 September 30, 2023 $ (666) $ 1,359,788 $ 2,087,053 $ — $ 3,446,175

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Numerator Consolidated net income $ 806,358 $ 122,077 $ 996,462 $ 982,502 Less: Net income attributable to continuing non-controlling interests 175,399 24,055 209,844 225,361 Less: Net income attributable to legacy non-controlling interests 86,972 25,908 135,849 116,647 Net income attributable to Royalty Pharma plc - basic 543,987 72,114 650,769 640,494 Add: Reallocation of net income attributable to non-controlling interests from the assumed conversion of Class B ordinary shares 175,399 24,055 209,844 225,361 Net income attributable to Royalty Pharma plc - diluted $ 719,386 $ 96,169 $ 860,613 $ 865,855 Denominator Weighted average Class A ordinary shares outstanding - basic 447,628 448,439 449,085 448,162 Add: Dilutive effects as shown separately below Class B ordinary shares exchangeable for Class A ordinary shares 145,085 152,691 146,576 156,541 Unvested RSUs 13 8 22 14 Weighted average Class A ordinary shares outstanding - diluted 592,726 601,138 595,683 604,717 Earnings per Class A ordinary share - basic $ 1.22 $ 0.16 $ 1.45 $ 1.43 Earnings per Class A ordinary share - diluted $ 1.21 $ 0.16 $ 1.44 $ 1.43

Indirect Cash Flow (Tables)

Indirect Cash Flow (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, 2024 2023 Cash flow from operating activities: Consolidated net income $ 996,462 $ 982,502 Adjustments to reconcile consolidated net income to net cash provided by operating activities: Income from financial royalty assets (1,587,577) (1,674,689) Provision for changes in expected cash flows from financial royalty assets 568,425 637,169 Amortization of debt discount and issuance costs 14,256 15,658 (Gains)/losses on derivative financial instruments (3,000) 2,290 Gains on equity securities (81,455) (31,994) Equity in losses/(earnings) of equity method investees 2,039 (28,614) Distributions from equity method investees 13,396 18,823 Share-based compensation 1,819 1,740 Gains on available for sale debt securities (103,900) (122,500) Other (1,801) 3,263 Changes in operating assets and liabilities: Cash collected on financial royalty assets 2,205,933 2,454,054 Other royalty income receivable (2,496) (669) Other current assets 13,068 (1,942) Accounts payable and accrued expenses 3,582 1,650 Interest payable (13,270) (41,567) Other liabilities 980 — Net cash provided by operating activities $ 2,026,461 $ 2,215,174 Non-cash investing and financing activities are summarized below (in thousands): For the Nine Months Ended September 30, 2024 2023 Milestone payable - Cobenfy (1) $ 25,000 $ — Milestone payable - Erleada (1) 6,200 — (1) Related to the achievements of milestone payments on Cobenfy (formerly KarXT) and Erleada that were not paid as of September 30, 2024.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - noncontrolling_interest		9 Months Ended	12 Months Ended
	Feb. 11, 2020	Sep. 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)		33%	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 Thousands	1 Months Ended			9 Months Ended
	May 31, 2024 USD ($) tranche quarter payment	Apr. 30, 2024 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2024 USD ($) tranche
Cytokinetics Funding Commitments
Debt and Equity Securities, FV-NI [Line Items]
Long term funding partnership, expected payment				$ 350,000
Cytokinetics
Debt and Equity Securities, FV-NI [Line Items]
Required future draw amount				50,000
Potential future draw amount				450,000
Cytokinetics | Expanded Strategic Funding
Debt and Equity Securities, FV-NI [Line Items]
Long term funding partnership, amount	$ 575,000
Cytokinetics | Development Funding
Debt and Equity Securities, FV-NI [Line Items]
Long term funding partnership, amount	100,000
Long term funding partnership, royalty installment repayments, amount	$ 100,000
Long term funding partnership, royalty percentage on annual net sales	2%
Number of quarters | quarter	18
Installment repayments, percentage of amount drawn	2.4
Required future draw amount				0
Potential future draw amount				$ 0
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 | Cytokinetics Commercial Launch Funding
Debt and Equity Securities, FV-NI [Line Items]
Long term funding partnership, amount	$ 525,000
Number of additional funding tranches | tranche	2			2
Long term funding partnership, number of tranches | tranche	7
Number of tranches no longer available | tranche				2
Required future draw amount				$ 50,000
Potential future draw amount				$ 300,000
Cytokinetics | Cytokinetics Commercial Launch Funding | Tranche 1
Debt and Equity Securities, FV-NI [Line Items]
Number of tranches funded | tranche	1
Cytokinetics | Cytokinetics Commercial Launch Funding | Tranche 6
Debt and Equity Securities, FV-NI [Line Items]
Number of tranches funded | tranche	6
Cytokinetics | Cytokinetics Commercial Launch Funding | Tranche 2
Debt and Equity Securities, FV-NI [Line Items]
Number of tranches no longer available | tranche	2
Cytokinetics | Cytokinetics Commercial Launch Funding | Tranche 3
Debt and Equity Securities, FV-NI [Line Items]
Number of tranches no longer available | tranche	3
Cytokinetics | Cytokinetics Commercial Launch Funding | Tranche 4
Debt and Equity Securities, FV-NI [Line Items]
Number of tranches available for draw | tranche	4
Potential future draw amount		$ 25,000
Period of return (in years)		1 year
Cytokinetics | Cytokinetics Commercial Launch Funding | Tranche 5
Debt and Equity Securities, FV-NI [Line Items]
Number of tranches available for draw | tranche	5
Cytokinetics | Cytokinetics Commercial Launch Funding | Tranche 7
Debt and Equity Securities, FV-NI [Line Items]
Number of tranches available for draw | tranche	7
Cytokinetics | Cytokinetics Commercial Launch Funding | Tranches One, Four, Five, Six, And Seven
Debt and Equity Securities, FV-NI [Line Items]
Installment repayments, percentage of amount drawn	1.9
Number of consecutive quarterly payments | payment	34
Cytokinetics | Cytokinetics Commercial Launch Funding | Cytokinetics Funding Commitments | Tranche 4
Debt and Equity Securities, FV-NI [Line Items]
Required future draw amount		$ 50,000
MorphoSys | Development Funding
Debt and Equity Securities, FV-NI [Line Items]
Period of return (in years)			9 years
Maximum commitment to fund collaborative arrangement			$ 300,000
Redemption price, percentage			2.2

Available for Sale Debt Secur_4

Available for Sale Debt Securities - Summary of the Components of Funding Arrangement (Details) $ in Thousands	1 Months Ended	9 Months Ended
	May 31, 2024 USD ($) tranche	Sep. 30, 2024 USD ($) tranche	Dec. 31, 2023 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Funded		$ 701,200	$ 454,500
Cytokinetics
Debt and Equity Securities, FV-NI [Line Items]
Funded		300,000
Required Future Draw		50,000
Potential Future Draw		450,000
Total		800,000
Cytokinetics | Cytokinetics Commercial Launch Funding
Debt and Equity Securities, FV-NI [Line Items]
Funded		100,000
Required Future Draw		50,000
Potential Future Draw		300,000
Total		450,000
Excluded amount no longer available		$ 75,000
Number of tranches no longer available | tranche		2
Additional amount under expanded funding		$ 225,000
Number of additional funding tranches | tranche	2	2
Cytokinetics | Cytokinetics Development Funding
Debt and Equity Securities, FV-NI [Line Items]
Funded		$ 100,000
Required Future Draw		0
Potential Future Draw		0
Total		100,000
Cytokinetics | Cytokinetics R&D Funding Derivative
Debt and Equity Securities, FV-NI [Line Items]
Funded		50,000
Required Future Draw		0
Potential Future Draw		150,000
Total		200,000
Cytokinetics | Cytokinetics Common Stock
Debt and Equity Securities, FV-NI [Line Items]
Funded		50,000
Required Future Draw		0
Potential Future Draw		0
Total		$ 50,000
Cytokinetics | Research and Development Funding
Debt and Equity Securities, FV-NI [Line Items]
Optional additional amount	$ 150,000

Available for Sale Debt Secur_5

Available for Sale Debt Securities - Summary of Available for Sale Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 500,254	$ 352,367
Unrealized Gains	200,946	102,133
Fair Value	701,200	454,500
Current Assets	48,500	18,300
Non-Current Assets	657,300	437,100
Non-Current Liabilities	(4,600)	(900)
Debt Securities
Debt and Equity Securities, FV-NI [Line Items]
Cost	512,554	359,667
Unrealized Gains	193,246	95,733
Fair Value	705,800	455,400
Current Assets	48,500	18,300
Non-Current Assets	657,300	437,100
Non-Current Liabilities	0	0
Funding Commitments
Debt and Equity Securities, FV-NI [Line Items]
Cost	(12,300)	(7,300)
Unrealized Gains	7,700	6,400
Fair Value	(4,600)	(900)
Current Assets	0	0
Non-Current Assets	0	0
Non-Current Liabilities	$ (4,600)	$ (900)

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments - Summary of Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Available for sale debt securities	$ 48,500	$ 18,300
Equity securities	228,867	199,487
Available for sale debt securities	657,300	437,100
Liabilities:
Funding commitments	4,600	900
Available for sale debt securities
Assets:
Available for sale debt securities	48,500	18,300
Available for sale debt securities	657,300	437,100
Liabilities:
Funding commitments	0	0
Fair Value, Recurring
Assets:
Total current assets	403,430	175,720
Equity securities	228,867	199,487
Derivative instrument	21,000	0
Total non-current assets	912,490	638,365
Liabilities:
Total non-current liabilities	(4,600)	(900)
Fair Value, Recurring | Royalty Investments
Assets:
Royalty at fair value	5,323	1,778
Fair Value, Recurring | Cytokinetics Funding Commitment
Liabilities:
Funding commitments	(4,600)	(900)
Fair Value, Recurring | Available for sale debt securities
Assets:
Available for sale debt securities	48,500	18,300
Available for sale debt securities	657,300	437,100
Fair Value, Recurring | Money market funds
Assets:
Money market funds	354,930	157,420
Fair Value, Recurring | Level 1
Assets:
Total current assets	354,930	157,420
Equity securities	175,968	199,190
Derivative instrument	0	0
Total non-current assets	175,968	199,190
Liabilities:
Total non-current liabilities	0	0
Fair Value, Recurring | Level 1 | Royalty Investments
Assets:
Royalty at fair value	0	0
Fair Value, Recurring | Level 1 | Cytokinetics Funding Commitment
Liabilities:
Funding commitments	0	0
Fair Value, Recurring | Level 1 | Available for sale debt securities
Assets:
Available for sale debt securities	0	0
Available for sale debt securities	0	0
Fair Value, Recurring | Level 1 | Money market funds
Assets:
Money market funds	354,930	157,420
Fair Value, Recurring | Level 2
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
Fair Value, Recurring | Level 2 | Royalty Investments
Assets:
Royalty at fair value	0	0
Fair Value, Recurring | Level 2 | Cytokinetics Funding Commitment
Liabilities:
Funding commitments	0	0
Fair Value, Recurring | Level 2 | Available for sale debt securities
Assets:
Available for sale debt securities	0	0
Available for sale debt securities	0	0
Fair Value, Recurring | Level 2 | Money market funds
Assets:
Money market funds	0	0
Fair Value, Recurring | Level 3
Assets:
Total current assets	48,500	18,300
Equity securities	52,899	297
Derivative instrument	21,000	0
Total non-current assets	736,522	439,175
Liabilities:
Total non-current liabilities	(4,600)	(900)
Fair Value, Recurring | Level 3 | Royalty Investments
Assets:
Royalty at fair value	5,323	1,778
Fair Value, Recurring | Level 3 | Cytokinetics Funding Commitment
Liabilities:
Funding commitments	(4,600)	(900)
Fair Value, Recurring | Level 3 | Available for sale debt securities
Assets:
Available for sale debt securities	48,500	18,300
Available for sale debt securities	657,300	437,100
Fair Value, Recurring | Level 3 | Money market funds
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		9 Months Ended		12 Months Ended
	May 31, 2024 USD ($) shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 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		$ 50.8	$ 4.7	$ 33.3	$ 14.4
Financial Royalty Assets, Current
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial royalty asset, percentage of non-controlling interest				9.80%		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				8.10%		9.40%
Level 3 | Measurement Input, Option Volatility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input		0.400		0.400		0.375
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]
Total	$ 50
Optional additional amount	150
Long term funding partnership, milestone payment, amount	$ 150
Installment repayments, percentage of amount drawn	1.5
Cytokinetics | Research and Development Funding | Minimum | Level 3 | Measurement Input, Discount Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input		0.112		0.112
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		9 Months Ended
	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains/(losses) on derivative financial instruments		$ 3,000	$ (8,680)	$ 3,000	$ (2,290)
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Milestone payment received	$ 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		52,322	5,718	297	8,472
Purchases				46,500
Gains (losses) on equity securities		577	(1,546)	6,102	(4,300)
Balance at the end of the period		52,899	4,172	52,899	4,172
Debt Securities | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period		668,400	348,800	455,400	227,600
Purchases				150,000
Gains/(losses) on initial recognition				5,000
Gains/(losses) on available for sale debt securities		40,280	10,100	102,600	131,300
Redemption		(2,880)		(7,200)
Balance at the end of the period		705,800	358,900	705,800	358,900
Funding Commitments | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period		(22,000)	(8,500)	(900)	(2,500)
Gains/(losses) on initial recognition				(5,000)
Gain (loss) on available for sale debt securities		17,400	(2,800)	1,300	(8,800)
Balance at the end of the period		(4,600)	(11,300)	(4,600)	(11,300)
Derivative Instrument | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period		18,000	8,680	0	96,610
Purchases				18,000
Gains/(losses) on derivative financial instruments		3,000	(8,680)	3,000	(2,290)
Settlements					(94,320)
Balance at the end of the period		21,000	0	21,000	0
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		5,323	16,583	1,778	14,500
Other non-operating income (expense)			(252)	3,545	1,831
Balance at the end of the period		$ 5,323	$ 16,331	$ 5,323	$ 16,331

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	Sep. 30, 2024	Dec. 31, 2023
Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Current	$ 765,773	$ 738,438
Non-current	20,909,498	19,077,706
Total	21,675,271	19,816,144
Carrying Value, Net
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Current	765,773	738,438
Non-current	14,968,074	14,088,655
Total	$ 15,733,847	$ 14,827,093

Financial Royalty Assets - Summ

Financial Royalty Assets - Summary of Financial Royalty Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	$ 19,359,092	$ 17,892,238
Cumulative Allowance for Changes in Expected Cash Flows (Note 6)	(3,423,584)	(2,927,438)
Net Carrying Value	15,935,508	14,964,800
Less: Cumulative allowance for credit losses (Note 6)	(201,661)	(137,707)
Total current and non-current financial royalty assets, net	15,733,847	14,827,093
Cystic fibrosis franchise
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	5,182,429	5,288,833
Cumulative Allowance for Changes in Expected Cash Flows (Note 6)	(190,534)	(2,539)
Net Carrying Value	4,991,895	5,286,294
Evrysdi
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	2,083,375	1,793,088
Cumulative Allowance for Changes in Expected Cash Flows (Note 6)	(208,212)	0
Net Carrying Value	1,875,163	1,793,088
Trelegy
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	1,109,464	1,208,807
Cumulative Allowance for Changes in Expected Cash Flows (Note 6)	(21,937)	0
Net Carrying Value	1,087,527	1,208,807
Tysabri
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	1,361,608	1,511,957
Cumulative Allowance for Changes in Expected Cash Flows (Note 6)	(349,093)	(434,568)
Net Carrying Value	1,012,515	1,077,389
Voranigo
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	921,142
Cumulative Allowance for Changes in Expected Cash Flows (Note 6)	0
Net Carrying Value	921,142
Tremfya
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	936,289	927,488
Cumulative Allowance for Changes in Expected Cash Flows (Note 6)	(100,798)	(120,733)
Net Carrying Value	835,491	806,755
Xtandi
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value		911,045
Cumulative Allowance for Changes in Expected Cash Flows (Note 6)		(268,701)
Net Carrying Value		642,344
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Carrying Value	7,764,785	6,251,020
Cumulative Allowance for Changes in Expected Cash Flows (Note 6)	(2,553,010)	(2,100,897)
Net Carrying Value	5,211,775	$ 4,150,123
Financial Royalty Asset, Fexalimab
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current and non-current financial royalty assets, net	$ 521,500

Financial Royalty Assets - Narr

Financial Royalty Assets - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current and non-current financial royalty assets, net	$ 15,733,847	$ 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	1,200,000
Financial Royalty Asset, Fexalimab
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current and non-current financial royalty assets, net	$ 521,500

Cumulative Allowance and the _3

Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 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	(1,083,352)
Decreases to the cumulative allowance for changes in expected cash flows from financial royalty assets	578,881
Write-off of cumulative allowance	8,325
Current period provision for credit losses, net	(63,954)
Ending balance	(3,625,245)
Cumulative allowance for credit losses	$ 201,661	$ 137,707

Non-Consolidated Affiliates (De

Non-Consolidated Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Feb. 11, 2020	May 31, 2018
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 351,017			$ 351,017		$ 375,894
Equity in income/(losses) of equity method investees	10,407	$ (5,222)		(2,039)	$ 28,614
Distributions from equity method investees				20,397	39,225
Distributions from equity method investees				13,396	18,823
Legacy Investors Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments							$ 303,700
Equity in income/(losses) of equity method investees	10,200	(2,300)		5,500	600
Distributions from equity method investees	11,000	4,800		19,900	9,700
Avillion Entities
Schedule of Equity Method Investments [Line Items]
Equity in income/(losses) of equity method investees	200	$ (3,000)		(7,600)	28,000
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]
Distributions from equity method investees	$ 500
Proceeds exercise fee			$ 80,000
Exercise fee, pro rata amount			$ 34,800
Avillion II | Merck Asset - Phase 2 and 3 Clinical Trials
Schedule of Equity Method Investments [Line Items]
Other commitment								$ 155,000

Research and Development Fund_2

Research and Development Funding Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development funding expense	$ 500	$ 50,500	$ 1,500	$ 51,500
Cytokinetics
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development funding expense				$ 50,000

Borrowings - Summary of Borrowi

Borrowings - Summary of Borrowings (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized debt discount and issuance costs	$ (192,621,000)	$ (164,715,000)
Total debt carrying value	7,607,379,000	6,135,285,000
Less: Current portion of long-term debt	(996,942,000)	0
Total long-term debt	$ 6,610,437,000	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 ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 22, 2023 USD ($)
Debt Instrument [Line Items]
Long-term debt, carrying value								$ 7,607,379,000	$ 6,135,285,000
The Notes | Unsecured Debt
Debt Instrument [Line Items]
Unamortized discount and loan issuance costs on long-term debt								192,600,000
The Notes | Unsecured Debt | Level 2
Debt Instrument [Line Items]
Fair value of outstanding notes								6,800,000,000	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						$ 12,600,000
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)
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	Sep. 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	$ 192,600

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) $ / shares in Units, shares in Thousands	3 Months Ended				6 Months Ended	9 Months Ended			12 Months Ended
	Sep. 30, 2024 USD ($) vote class $ / shares shares	Jun. 30, 2024 $ / shares shares	Mar. 31, 2024 $ / shares	Sep. 30, 2023 $ / shares shares	Jun. 30, 2024 USD ($) shares	Sep. 30, 2024 USD ($) vote class £ / shares shares	Sep. 30, 2024 USD ($) vote class quarterly_dividend $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares	Jun. 30, 2023 shares	Mar. 31, 2023 USD ($)	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 | quarterly_dividend							3
Dividends declared and paid (in dollars per share) | $ / shares	$ 0.21	$ 0.21	$ 0.21
Dividends declared and paid | $							$ 282,800,000
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)	390,502	390,055		382,837	390,055	390,502	390,502	382,837	384,640	382,487		371,325
Class A Ordinary Shares
Class of Stock [Line Items]
Common shares outstanding (in shares)	446,038					446,038	446,038		446,692
Stock repurchase program, authorized repurchase amount | $											$ 1,000,000,000
Stock repurchased and retired during period (in shares)							6,600	8,900
Stock repurchased and retired value during the period | $							$ 179,700,000	$ 278,600,000
Share repurchase program, remaining authorized, amount | $	$ 515,600,000					$ 515,600,000	$ 515,600,000
Dividends declared and paid (in dollars per share) | $ / shares	$ 0.21			$ 0.20			$ 0.63	$ 0.60
Class A Ordinary Shares | 2020 Equity Incentive Plan
Class of Stock [Line Items]
Shares reserved for future issuance (in shares)													800
Class B Ordinary Shares
Class of Stock [Line Items]
Common shares outstanding (in shares)	144,881					144,881	144,881		150,743
Class R Redeemable Shares
Class of Stock [Line Items]
Common shares outstanding (in shares)	50					50	50		50
Shares, outstanding (in shares)	50					50	50
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 9,751,818	$ 9,813,686	$ 10,084,289	$ 9,525,373
Contributions	2,245	2,850	6,797	9,690
Distributions	(113,182)	(120,198)	(367,320)	(386,590)
Other exchanges	0	0	0	0
Net income	806,358	122,077	996,462	982,502
Ending balance	10,258,467	9,585,097	10,258,467	9,585,097
Non-Controlling Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	3,275,566	3,532,019	3,557,792	3,897,223
Contributions	2,245	2,850	6,797	9,690
Distributions	(113,182)	(120,198)	(367,320)	(386,590)
Other exchanges	(38,411)	(18,459)	(154,373)	(416,156)
Net income	262,371	49,963	345,693	342,008
Ending balance	3,388,589	3,446,175	3,388,589	3,446,175
Non-Controlling Interests | RPSFT
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		(103)		(597)
Contributions		0		0
Distributions		(848)		(4,755)
Other exchanges		0		0
Net income		285		4,686
Ending balance		(666)		(666)
Non-Controlling Interests | Legacy Investors Partnerships
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	1,199,719	1,420,864	1,339,716	1,527,887
Contributions	1,291	1,413	3,863	6,614
Distributions	(82,163)	(88,112)	(273,609)	(286,674)
Other exchanges	0	0	0	0
Net income	86,972	25,623	135,849	111,961
Ending balance	1,205,819	1,359,788	1,205,819	1,359,788
Non-Controlling Interests | Continuing Investors Partnerships
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	2,075,847	2,111,258	2,218,076	2,369,933
Contributions	954	1,437	2,934	3,076
Distributions	(31,019)	(31,238)	(93,711)	(95,161)
Other exchanges	(38,411)	(18,459)	(154,373)	(416,156)
Net income	175,399	24,055	209,844	225,361
Ending balance	2,182,770	2,087,053	2,182,770	2,087,053
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Consolidated net income	$ 806,358	$ 122,077	$ 996,462	$ 982,502
Less: net income attributable to non-controlling interests	262,371	49,963	345,693	342,008
Net income attributable to Royalty Pharma plc - basic	543,987	72,114	650,769	640,494
Add: Reallocation of net income attributable to non-controlling interests from the assumed conversion of Class B ordinary shares	175,399	24,055	209,844	225,361
Net income attributable to Royalty Pharma plc - diluted	$ 719,386	$ 96,169	$ 860,613	$ 865,855
Denominator
Weighted average Class A ordinary shares outstanding - basic (in shares)	447,628	448,439	449,085	448,162
Class B ordinary shares exchangeable for Class A ordinary shares (in shares)	145,085	152,691	146,576	156,541
Unvested RSUs (in shares)	13	8	22	14
Weighted average Class A ordinary shares outstanding - diluted (in shares)	592,726	601,138	595,683	604,717
Earnings per Class A ordinary share - basic (in dollars per share)	$ 1.22	$ 0.16	$ 1.45	$ 1.43
Earnings per Class A ordinary share - diluted (in dollars per share)	$ 1.21	$ 0.16	$ 1.44	$ 1.43
Continuing non-controlling interests
Numerator
Less: net income attributable to non-controlling interests	$ 175,399	$ 24,055	$ 209,844	$ 225,361
Legacy non-controlling interests
Numerator
Less: net income attributable to non-controlling interests	$ 86,972	$ 25,908	$ 135,849	$ 116,647

Indirect Cash Flow (Details)

Indirect Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash flow from operating activities:
Consolidated net income	$ 806,358	$ 122,077	$ 996,462	$ 982,502
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Income from financial royalty assets			(1,587,577)	(1,674,689)
Provision for changes in expected cash flows from financial royalty assets	(227,604)	277,137	568,425	637,169
Amortization of debt discount and issuance costs			14,256	15,658
(Gains)/losses on derivative financial instruments			(3,000)	2,290
Gains on equity securities	(50,849)	(1,541)	(81,455)	(31,994)
Equity in losses/(earnings) of equity method investees	(10,407)	5,222	2,039	(28,614)
Distributions from equity method investees			13,396	18,823
Share-based compensation			1,819	1,740
Gains on available for sale debt securities	$ (57,680)	$ (7,300)	(103,900)	(122,500)
Other			(1,801)	3,263
Changes in operating assets and liabilities:
Cash collected on financial royalty assets			2,205,933	2,454,054
Other royalty income receivable			(2,496)	(669)
Other current assets			13,068	(1,942)
Accounts payable and accrued expenses			3,582	1,650
Interest payable			(13,270)	(41,567)
Other liabilities			980	0
Net cash provided by operating activities			2,026,461	2,215,174
Cobenfy
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Milestone payable			25,000	0
Erleada
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Milestone payable			$ 6,200	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 30, 2023	Sep. 30, 2024	Sep. 30, 2024
Cytokinetics Funding Commitments
Long-term Purchase Commitment [Line Items]
Long term funding partnership, expected payment			$ 350
Cytokinetics Funding Commitments | Cytokinetics | Cytokinetics Commercial Launch Funding
Long-term Purchase Commitment [Line Items]
Required amount to be drawn			50
Teva Development Funding Commitments
Long-term Purchase Commitment [Line Items]
Long term funding partnership, expected payment	$ 100
Long term funding partnership, funded amount		$ 19.6	82
Long term funding partnership, unfunded commitment amount			$ 18

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)			1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 16, 2021	Dec. 08, 2017	Jan. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Total current and non-current financial royalty assets, net				$ 15,733,847,000		$ 15,733,847,000		$ 14,827,093,000
Upfront payment for financial royalty assets						2,009,283,000	$ 1,113,283,000
Shareholders' equity				10,258,467,000	$ 9,585,097,000	10,258,467,000	9,585,097,000	10,084,289,000	$ 9,751,818,000	$ 9,813,686,000	$ 9,525,373,000
Treasury Stock
Related Party Transaction [Line Items]
Shareholders' equity				(2,657,000)	(2,624,000)	(2,657,000)	(2,624,000)	(2,629,000)	(2,661,000)	(2,629,000)	(2,806,000)
Non-Controlling Interests
Related Party Transaction [Line Items]
Shareholders' equity				3,388,589,000	3,446,175,000	3,388,589,000	3,446,175,000	3,557,792,000	$ 3,275,566,000	$ 3,532,019,000	$ 3,897,223,000
Related Party | Bristol-Myers Squibb
Related Party Transaction [Line Items]
Total current and non-current financial royalty assets, net				$ 52,800,000		$ 52,800,000		75,600,000
Related Party | Errol De Souza
Related Party Transaction [Line Items]
Upfront payment for financial royalty assets			$ 2,500,000
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				$ 49,500,000		$ 138,900,000
Former Operating and Personnel Payments | Related Party
Related Party Transaction [Line Items]
Operating and personnel payments incurred					$ 43,000,000		$ 154,900,000
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

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Nov. 06, 2024 USD ($)
Subsequent Event | Syndax Pharmaceuticals
Subsequent Event [Line Items]
Payments to acquire interest	$ 350