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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 September 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 November 4, 2022, Royalty Pharma plc had 441,104,204 Class A ordinary shares outstanding and 166,117,591 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 September 30, 2022 and December 31, 2021 (unaudited)
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended September 30, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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 September 30, As of December 31,
20222021
Assets
Current assets
Cash and cash equivalents$991,628 $1,541,048 
Marketable securities139,926 581,872 
Financial royalty assets675,857 614,351 
Accrued royalty receivable15,712 53,286 
Available for sale debt securities409,347 66,000 
Other royalty income receivable19,131 15,023 
Other current assets90,515 6,631 
Total current assets2,342,116 2,878,211 
Financial royalty assets, net14,287,399 13,718,245 
Intangible royalty assets, net 5,670 
Equity securities262,820 269,800 
Available for sale debt securities339,800 204,400 
Equity method investments409,857 435,394 
Other assets30,613 4,145 
Total assets$17,672,605 $17,515,865 
Liabilities and shareholders’ equity
Current liabilities
Distributions payable to non-controlling interests$105,731 $107,934 
Accounts payable and accrued expenses16,112 5,620 
Interest payable13,199 57,696 
Current portion of long-term debt996,583  
Total current liabilities1,131,625 171,250 
Long-term debt6,114,677 7,096,070 
Other liabilities9,900  
Total liabilities7,256,202 7,267,320 
Commitments and contingencies
Shareholders’ equity
Class A ordinary shares, $0.0001 par value; 441,104 and 432,963 issued and outstanding, respectively
44 43 
Class B ordinary shares, $0.000001 par value; 166,118 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; 369,265 and 361,170 issued and outstanding, respectively
  
Additional paid-in capital3,632,903 3,507,533 
Retained earnings2,504,974 2,255,179 
Non-controlling interests4,264,303 4,471,951 
Accumulated other comprehensive income16,904 16,491 
Treasury interests(2,788)(2,715)
Total shareholders’ equity10,416,403 10,248,545 
Total liabilities and shareholders’ equity$17,672,605 $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 September 30,For the Nine Months Ended September 30,
2022202120222021
Income and other revenues:
Income from financial royalty assets$551,682 $505,832 $1,578,555 $1,538,871 
Revenue from intangible royalty assets1,073 63,406 37,196 139,594 
Other royalty income20,708 16,535 55,716 35,298 
Total income and other revenues573,463 585,773 1,671,467 1,713,763 
Operating expenses
Provision for changes in expected cash flows from financial royalty assets305,061 137,837 595,396 186,337 
Research and development funding expense25,500 90,500 126,606 96,263 
Amortization of intangible assets 5,796 5,670 17,200 
General and administrative expenses50,692 48,588 154,075 136,665 
Total operating expenses, net381,253 282,721 881,747 436,465 
Operating income192,210 303,052 789,720 1,277,298 
Other expense/(income)
Equity in losses/(earnings) of equity method investees3,251 (2,749)2,117 (18,532)
Interest expense46,977 44,327 141,006 119,168 
(Gains)/losses on derivative financial instruments(25,785)16,972 (97,590)21,436 
(Gains)/losses on equity securities(5,168)19,289 22,970 17,980 
(Gains)/losses on available for sale debt securities(44,243)14,885 (97,985)(8,246)
Interest income(14,034)(12,261)(34,482)(42,896)
Other non-operating expense, net10,798 793 13,590 858 
Total other (income)/expenses, net(28,204)81,256 (50,374)89,768 
Consolidated net income before tax220,414 221,796 840,094 1,187,530 
Income tax expense    
Consolidated net income220,414 221,796 840,094 1,187,530 
Net income attributable to non-controlling interests77,763 119,867 341,178 575,706 
Net income attributable to Royalty Pharma plc$142,651 $101,929 $498,916 $611,824 
Earnings per Class A ordinary share:
     Basic$0.32 $0.24 $1.14 $1.49 
     Diluted$0.32 $0.24 $1.14 $1.49 
Weighted average Class A ordinary shares outstanding:
     Basic439,293 428,230 436,542 409,253 
     Diluted607,226 607,174 607,209 607,152 
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 September 30,For the Nine Months Ended September 30,
2022202120222021
Consolidated net income$220,414 $221,796 $840,094 $1,187,530 
Changes in other comprehensive income/(loss):
Unrealized gains/(losses) on available for sale debt securities13,050 (2,575)24,000 8,574 
Reclassification of unrealized gains on available for sale debt securities(7,111)(11,756)(24,053)(40,545)
Other comprehensive income/(loss)$5,939 $(14,331)$(53)$(31,971)
Comprehensive income$226,353 $207,465 $840,041 $1,155,559 
Comprehensive income attributable to non-controlling interests80,161 113,867 341,109 561,594 
Comprehensive income attributable to Royalty Pharma plc$146,192 $93,598 $498,932 $593,965 

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 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 
Contributions— — — — — — — — — — — 2,970 — 2,970 
Distributions— — — — — — — — — — — (137,880)— (137,880)
Dividends ($0.19 per Class A ordinary share)
— — — — — — — — — (83,809)— — — (83,809)
Other exchanges3,963 — (3,963)— — — 3,963 — 61,736 — 186 (61,886)(36) 
Share-based compensation and related issuances of Class A ordinary shares2 — — — — — — — 582 — — — — 582 
Net income— — — — — — — — — 142,651 — 77,763 — 220,414 
Other comprehensive income/(loss):
Unrealized gains on available for sale debt securities— — — — — — — — — — 7,781 5,269 — 13,050 
Reclassification of unrealized gains on available for sale debt securities— — — — — — — — — — (4,240)(2,871)— (7,111)
Balance at September 30, 2022441,104$44 166,118$ 50$63 369,265$ $3,632,903 $2,504,974 $16,904 $4,264,303 $(2,788)$10,416,403 

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 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 
Contributions— — — — — — — — — — — 6,030 — 6,030 
Distributions— — — — — — — — — — — (159,714)— (159,714)
Dividends ($0.17 per Class A ordinary share)
— — — — — — — — — (73,017)— — — (73,017)
Other exchanges2,503 1 (2,503)— — — 2,503 — 38,115 — 212 (38,305)(23) 
Share-based compensation and related issuances of Class A ordinary shares2 — — — — — — — 505 — — — — 505 
Net income— — — — — — — — — 101,929 — 119,867 — 221,796 
Other comprehensive loss:
Unrealized losses on available for sale debt securities— — — — — — — — — — (1,497)(1,078)— (2,575)
Reclassification of unrealized gains on available for sale debt securities— — — — — — — — — — (6,834)(4,922)— (11,756)
Balance at September 30, 2021429,511$43 177,663$ 50$63 357,720$ $3,454,218 $2,320,878 $20,553 $4,593,564 $(2,685)$10,386,634 

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— — — — — — — — — — — 9,173 — 9,173 
Distributions— — — — — — — — — — — (433,822)— (433,822)
Dividends ($0.57 per Class A ordinary share)
— — — — — — — — — (249,121)— — — (249,121)
Other exchanges8,095 1 (8,095)— — — 8,095 — 123,783 — 397 (124,108)(73) 
Share based compensation and related issuances of Class A ordinary shares46 — — — — — — — 1,587 — — — — 1,587 
Net income— — — — — — — — — 498,916 — 341,178 — 840,094 
Other comprehensive income/(loss):
Unrealized gains on available for sale debt securities— — — — — — — — — — 14,262 9,738 — 24,000 
Reclassification of unrealized gains on available for sale debt securities— — — — — — — — — — (14,246)(9,807)— (24,053)
Balance at September 30, 2022441,104$44 166,118$ 50$63 369,265$ $3,632,903 $2,504,974 $16,904 $4,264,303 $(2,788)$10,416,403 

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— — — — — — — — — — — 20,803 — 20,803 
Distributions— — — — — — — — —  — (475,901)— (475,901)
Dividends ($0.51 per Class A ordinary share)
— — — — — — — — — (211,581)— — — (211,581)
Other exchanges41,313 4 (41,313)— — — 41,313 — 586,315 — 4,017 (589,968)(368) 
Share-based compensation and related issuances of Class A ordinary shares63 — — — — — — — 1,939 — — — — 1,939 
Net income— — — — — — — — — 611,824 — 575,706 — 1,187,530 
Other comprehensive income/(loss):
Unrealized gains on available for sale debt securities— — — — — — — — — — 4,562 4,012 — 8,574 
Reclassification of unrealized gains on available for sale debt securities— — — — — — — — — — (22,421)(18,124)— (40,545)
Balance at September 30, 2021429,511$43 177,663$ 50$63 357,720$ $3,454,218 $2,320,878 $20,553 $4,593,564 $(2,685)$10,386,634 

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 Nine Months Ended September 30,
20222021
Cash flows from operating activities:
Cash collections from financial royalty assets$1,843,899 $1,733,147 
Cash collections from intangible royalty assets72,406 113,133 
Other royalty cash collections51,607 27,469 
Distributions from equity method investees33,316 28,213 
Interest received10,556 3,004 
Derivative collateral received 34,660 
Derivative collateral posted (34,660)
Termination payments on derivative instruments (16,093)
Development-stage funding payments - ongoing(1,606)(6,263)
Development-stage funding payments - upfront and milestone(125,000)(90,000)
Payments for operating and professional costs(141,653)(135,272)
Interest paid(169,476)(129,759)
Net cash provided by operating activities1,574,049 1,527,579 
Cash flows from investing activities:
Distributions from equity method investees 523 
Investments in equity method investees(9,896)(