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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-39329
Royalty Pharma plc
(Exact name of registrant as specified in its charter)
England and Wales
98-1535773
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
110 East 59th Street
New York, New York 10022
(Address of principal executive offices and zip code)

(212) 883-0200
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Class A ordinary shares, par value $0.0001RPRXThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes      No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes     No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company
                
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes  ☐     No  





As of August 1, 2022, Royalty Pharma plc had 437,139,178 Class A ordinary shares outstanding and 170,080,791 Class B ordinary shares outstanding.

ROYALTY PHARMA PLC

INDEX

PART I.FINANCIAL INFORMATION
Item 1.Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 (unaudited)
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Shareholders’ Equity for the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 (unaudited)
Notes to Condensed Consolidated Financial Statements (unaudited)
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
PART II.OTHER INFORMATION
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits




















Special Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains statements reflecting our views about our future performance that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective assets, our industry, our beliefs and our assumptions. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. You should evaluate all forward-looking statements made in this Quarterly Report on Form 10-Q in the context of the numerous risks outlined in Part I under Item 1A. under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

These risks and uncertainties include factors related to:
sales risks of biopharmaceutical products on which we receive royalties;
our ability to locate suitable assets to acquire;
uncertainties related to the acquisition of interests in development-stage biopharmaceutical product candidates and our strategy to add development-stage product candidates to our product portfolio;
the assumptions underlying our business model;
our ability to successfully execute our royalty acquisition strategy;
our ability to leverage our competitive strengths;
actual and potential conflicts of interest with the Manager and its affiliates;
the ability of RP Management, LLC (the “Manager”) to attract and retain highly talented professionals;
the effect of changes to tax legislation and our tax position; and
the risks, uncertainties and other factors we identify elsewhere in this Quarterly Report on Form 10-Q and in our other filings with the U.S. Securities and Exchange Commission.

Although we believe the expectations reflected in the forward-looking statements are reasonable, any of those expectations could prove to be inaccurate, and as a result, the forward-looking statements based on those expectations also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and business objectives will be achieved. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We are under no duty to update any of these forward-looking statements after the date of this Quarterly Report on Form 10-Q to conform our prior statements to actual results or revised expectations.






PART 1.     FINANCIAL INFORMATION
Item 1.         CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ROYALTY PHARMA PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value)
(Unaudited)
 As of June 30, As of December 31,
20222021
Assets
Current assets
Cash and cash equivalents$2,108,037 $1,541,048 
Marketable securities290,402 581,872 
Financial royalty assets639,244 614,351 
Accrued royalty receivable18,032 53,286 
Available for sale debt securities363,700 66,000 
Other royalty income receivable17,315 15,023 
Other current assets67,119 6,631 
Total current assets3,503,849 2,878,211 
Financial royalty assets, net13,423,629 13,718,245 
Intangible royalty assets, net 5,670 
Equity securities304,447 269,800 
Available for sale debt securities63,000 204,400 
Equity method investments412,076 435,394 
Other assets33,412 4,145 
Total assets$17,740,413 $17,515,865 
Liabilities and shareholders’ equity
Current liabilities
Distributions payable to non-controlling interests$115,990 $107,934 
Accounts payable and accrued expenses12,175 5,620 
Interest payable54,162 57,696 
Total current liabilities182,327 171,250 
Long-term debt7,106,199 7,096,070 
Other liabilities43,700  
Total liabilities7,332,226 7,267,320 
Commitments and contingencies
Shareholders’ equity
Class A ordinary shares, $0.0001 par value; 437,139 and 432,963 issued and outstanding, respectively
44 43 
Class B ordinary shares, $0.000001 par value; 170,081 and 174,213 issued and outstanding, respectively
  
Class R redeemable shares, £1 par value; 50 and 50 issued and outstanding, respectively
63 63 
Deferred shares, $0.000001 par value; 365,302 and 361,170 issued and outstanding, respectively
  
Additional paid-in capital3,570,585 3,507,533 
Retained earnings2,446,132 2,255,179 
Non-controlling interests4,380,938 4,471,951 
Accumulated other comprehensive income13,177 16,491 
Treasury interests(2,752)(2,715)
Total shareholders’ equity10,408,187 10,248,545 
Total liabilities and shareholders’ equity$17,740,413 $17,515,865 

See accompanying notes to these unaudited condensed consolidated financial statements.
1




ROYALTY PHARMA PLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

For the Three Months Ended June 30,For the Six Months Ended June 30,
2022202120222021
Income and other revenues:
Income from financial royalty assets$515,350 $503,414 $1,026,873 $1,033,039 
Revenue from intangible royalty assets2,537 40,127 36,123 76,188 
Other royalty income18,068 11,422 35,008 18,763 
Total income and other revenues535,955 554,963 1,098,004 1,127,990 
Operating expenses
Provision for changes in expected cash flows from financial royalty assets105,714 (243,762)290,335 48,499 
Research and development funding expense606 3,122 101,106 5,763 
Amortization of intangible assets 5,733 5,670 11,404 
General and administrative expenses51,843 44,921 103,383 88,077 
Total operating expenses/(income), net158,163 (189,986)500,494 153,743 
Operating income377,792 744,949 597,510 974,247 
Other (income)/expense
Equity in earnings of equity method investees(737)(17,701)(1,134)(15,783)
Interest expense46,966 37,426 94,029 74,841 
(Gains)/losses on derivative financial instruments(71,805)1,909 (71,805)4,464 
(Gains)/losses on equity securities(8,024)(55,495)28,138 (1,309)
Unrealized gains on available for sale debt securities(70,321)(14,015)(53,742)(23,130)
Interest income(10,919)(14,037)(20,448)(30,635)
Other non-operating expense, net1,035 107 2,792 65 
Total other (income)/expenses, net(113,805)(61,806)(22,170)8,513 
Consolidated net income before tax491,597 806,755 619,680 965,734 
Income tax expense    
Consolidated net income491,597 806,755 619,680 965,734 
Net income attributable to non-controlling interests187,093 365,979 263,415 455,839 
Net income attributable to Royalty Pharma plc$304,504 $440,776 $356,265 $509,895 
Earnings per Class A ordinary share:
     Basic$0.70 $1.08 $0.82 $1.28 
     Diluted$0.70 $1.08 $0.82 $1.25 
Weighted average Class A ordinary shares outstanding:
     Basic436,318 409,344 435,144 399,606 
     Diluted607,214 607,163 607,207 607,151 
See accompanying notes to these unaudited condensed consolidated financial statements.
2




ROYALTY PHARMA PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)

For the Three Months Ended June 30,For the Six Months Ended June 30,
2022202120222021
Consolidated net income$491,597 $806,755 $619,680 $965,734 
Changes in other comprehensive income/(loss):
Unrealized gains on available for sale debt securities9,325 6,025 10,950 11,150 
Reclassification of unrealized gains on available for sale debt securities(7,988)(13,299)(16,942)(28,790)
Other comprehensive income/(loss)$1,337 $(7,274)$(5,992)$(17,640)
Comprehensive income$492,934 $799,481 $613,688 $948,094 
Comprehensive income attributable to non-controlling interests187,638 362,748 260,948 447,727 
Comprehensive income attributable to Royalty Pharma plc$305,296 $436,733 $352,740 $500,367 

See accompanying notes to these unaudited condensed consolidated financial statements.

3




ROYALTY PHARMA PLC
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands, except per share amounts)
(Unaudited)

Class A
Ordinary Shares
Class B
Ordinary Shares
Class R
Redeemable Shares
Deferred SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive IncomeNon-Controlling InterestsTreasury InterestsTotal Equity
SharesAmountSharesAmountSharesAmountSharesAmount
Balance at March 31, 2022435,316$43 171,862$ 50$63 363,521$ $3,543,204 $2,224,677 $12,304 $4,364,324 $(2,736)$10,141,879 
Contributions— — — — — — — — — — — 2,881 — 2,881 
Distributions— — — — — — — — — — — (146,967)— (146,967)
Dividends ($0.19 per Class A ordinary share)
— — — — — — — — — (83,049)— — — (83,049)
Other exchanges1,781 1 (1,781)— — — 1,781 — 26,872 — 81 (26,938)(16) 
Share-based compensation and related issuances of Class A ordinary shares42 — — — — — — — 509 — — — — 509 
Net income— — — — — — — — — 304,504 — 187,093 — 491,597 
Other comprehensive income/(loss):
Unrealized gains on available for sale debt securities— — — — — — — — — — 5,523 3,802 — 9,325 
Reclassification of unrealized gains on available for sale debt securities— — — — — — — — — — (4,731)(3,257)— (7,988)
Balance at June 30, 2022437,139$44 170,081$ 50$63 365,302$ $3,570,585 $2,446,132 $13,177 $4,380,938 $(2,752)$10,408,187 

Class A
Ordinary Shares
Class B
Ordinary Shares
Class R Redeemable SharesDeferred SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive IncomeNon-Controlling InterestsTreasury InterestsTotal Equity
SharesAmountSharesAmountSharesAmountSharesAmount
Balance at March 31, 2021392,857 $39 214,255 $ 50 $63 321,128 $ $2,931,249 $1,923,771 $29,452 $4,954,818 $(2,359)$9,837,033 
Contributions— — — — — — — — — — — 11,519 — 11,519 
Distributions— — — — — — — — — — — (170,808)— (170,808)
Dividends ($0.17 per Class A ordinary share)
— — — — — — — — — (72,581)— — — (72,581)
Other exchanges34,089 3 (34,089)— — — 34,089 — 483,628 — 3,263 (486,591)(303) 
Share-based compensation and related issuances of Class A ordinary shares60 — — — — — — — 721 — — — — 721 
Net income— — — — — — — — — 440,776 — 365,979 — 806,755 
Other comprehensive income/(loss):
Unrealized gains on available for sale debt securities— — — — — — — — — — 3,348 2,677 — 6,025 
Reclassification of unrealized gains on available for sale debt securities— — — — — — — — — — (7,391)(5,908)— (13,299)
Balance at June 30, 2021427,006$42 180,166$ 50$63 355,217$ $3,415,598 $2,291,966 $28,672 $4,671,686 $(2,662)$10,405,365 

See accompanying notes to these unaudited condensed consolidated financial statements.

4




ROYALTY PHARMA PLC
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands, except per share amounts)
(Unaudited)

Class A
Ordinary Shares
Class B
Ordinary Shares
Class R
Redeemable Shares
Deferred SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive IncomeNon-Controlling InterestsTreasury InterestsTotal Equity
SharesAmountSharesAmountSharesAmountSharesAmount
Balance at December 31, 2021432,963 $43 174,213 $ 50 $63 361,170 $ $3,507,533 $2,255,179 $16,491 $4,471,951 $(2,715)$10,248,545 
Contributions— — — — — — — — — — — 6,203 — 6,203 
Distributions— — — — — — — — — — — (295,942)— (295,942)
Dividends ($0.38 per Class A ordinary share)
— — — — — — — — — (165,312)— — — (165,312)
Other exchanges4,132 1 (4,132)— — — 4,132 — 62,047 — 211 (62,222)(37) 
Share based compensation and related issuances of Class A ordinary shares44 — — — — — — — 1,005 — — — — 1,005 
Net income— — — — — — — — — 356,265 — 263,415 — 619,680 
Other comprehensive income/(loss):
Unrealized gains on available for sale debt securities— — — — — — — — — — 6,480 4,470 — 10,950 
Reclassification of unrealized gains on available for sale debt securities— — — — — — — — — — (10,005)(6,937)— (16,942)
Balance at June 30, 2022437,139$44 170,081$ 50$63 365,302$ $3,570,585 $2,446,132 $13,177 $4,380,938 $(2,752)$10,408,187 

Class A
Ordinary Shares
Class B
Ordinary Shares
Class R
Redeemable Shares
Deferred SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive IncomeNon-Controlling InterestsTreasury InterestsTotal Equity
SharesAmountSharesAmountSharesAmountSharesAmount
Balance at December 31, 2020388,135 $39 218,976 $ 50 $63 316,407 $ $2,865,964 $1,920,635 $34,395 $5,077,036 $(2,317)$9,895,815 
Contributions— — — — — — — — — — — 14,772 — 14,772 
Distributions— — — — — — — — —  — (316,186)— (316,186)
Dividends ($0.34 per Class A ordinary share)
— — — — — — — — — (138,564)— — — (138,564)
Other exchanges38,810 3 (38,810)— — — 38,810 — 548,200 — 3,805 (551,663)(345) 
Share-based compensation and related issuances of Class A ordinary shares61 — — — — — — — 1,434 — — — — 1,434 
Net income— — — — — — — — — 509,895 — 455,839 — 965,734 
Other comprehensive income/(loss):
Unrealized gains on available for sale debt securities— — — — — — — — — — 6,060 5,090 — 11,150 
Reclassification of unrealized gains on available for sale debt securities— — — — — — — — — — (15,588)(13,202)— (28,790)
Balance at June 30, 2021427,006$42 180,166$ 50$63 355,217$ $3,415,598 $2,291,966 $28,672 $4,671,686 $(2,662)$10,405,365 

See accompanying notes to these unaudited condensed consolidated financial statements.
5




ROYALTY PHARMA PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
For the Six Months Ended June 30,
20222021
Cash flows from operating activities:
Cash collections from financial royalty assets$1,181,354 $1,094,094 
Cash collections from intangible royalty assets71,377 75,200 
Other royalty cash collections32,716 14,088 
Distributions from equity method investees27,502 22,003 
Interest received3,262 2,332 
Derivative collateral received 11,470 
Derivative collateral posted (9,340)
Development-stage funding payments - ongoing(1,106)(5,763)
Development-stage funding payments - upfront and milestone(100,000) 
Payments for operating and professional costs(93,003)(81,764)
Interest paid(86,880)(64,500)
Net cash provided by operating activities1,035,222 1,057,820 
Cash flows from investing activities:
Distributions from equity method investees 523 
Investments in equity method investees(3,050)(17,427)
Purchases of equity securities(62,785) 
Proceeds from equity securities 109,367 
Purchases of available for sale debt securities(