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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, 2021
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 8, 2021, Royalty Pharma plc had 429,511,014 Class A ordinary shares outstanding and 177,663,223 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, 2021 and December 31, 2020 (unaudited)
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and 2020 (unaudited)
Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended September 30, 2021 and 2020 (unaudited)
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 (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, 2020.

These risks and uncertainties include factors related to:
sales risks of biopharmaceutical products on which we receive royalties;
the ability of RP Management, LLC (the “Manager”) to locate suitable assets for us 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 the Manager or its affiliates 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,
20212020
Assets
Current assets
Cash and cash equivalents$1,800,808 $1,008,680 
Marketable securities245,745 983,279 
Financial royalty assets579,746 587,193 
Accrued royalty receivable59,657 33,155 
Available for sale debt securities67,016 69,984 
Other royalty income receivable13,844 6,011 
Other current assets8,945 8,596 
Total current assets2,775,761 2,696,898 
Financial royalty assets, net14,014,116 12,368,084 
Intangible royalty assets, net11,466 28,666 
Equity securities264,765 298,689 
Available for sale debt securities188,684 163,016 
Investments in non-consolidated affiliates473,051 454,936 
Other assets4,515 9,997 
Total assets$17,732,358 $16,020,286 
Liabilities and equity
Current liabilities
Distribution payable to non-controlling interest$119,135 $126,366 
Accounts payable and accrued expenses9,187 10,775 
Interest payable16,733 42,146 
Accrued purchase obligation110,000 110,000 
Other current liabilities 18,600 
Total current liabilities255,055 307,887 
Long-term debt7,090,669 5,816,584 
Total liabilities7,345,724 6,124,471 
Commitments and contingencies
Shareholders’ equity
Class A ordinary shares, $0.0001 par value; 429,511 and 388,135 issued and outstanding, respectively
43 39 
Class B ordinary shares, $0.000001 par value; 177,663 and 218,976 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, 357,720 and 316,407 issued and outstanding, respectively
  
Additional paid-in capital3,454,218 2,865,964 
Retained earnings2,320,878 1,920,635 
Non-controlling interest4,593,564 5,077,036 
Accumulated other comprehensive income20,553 34,395 
Treasury interests(2,685)(2,317)
Total shareholders’ equity10,386,634 9,895,815 
Total liabilities and shareholders’ equity$17,732,358 $16,020,286 
See accompanying notes to these unaudited condensed consolidated financial statements.
1




ROYALTY PHARMA PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share amounts)
(Unaudited)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2021202020212020
Total income and revenues
Income from financial royalty assets$505,832 $498,515 $1,538,871 $1,435,536 
Revenue from intangible royalty assets63,406 34,550 139,594 102,978 
Other royalty income16,535 5,334 35,298 11,696 
Total income and other revenues585,773 538,399 1,713,763 1,550,210 
Operating expenses
Provision for changes in expected cash flows from financial royalty assets137,837 (33,792)186,337 101,498 
Research and development funding expense90,500 5,096 96,263 18,510 
Amortization of intangible assets5,796 5,796 17,200 17,262 
General and administrative expenses48,588 50,732 136,665 131,596 
Total operating expenses, net282,721 27,832 436,465 268,866 
Operating income303,052 510,567 1,277,298 1,281,344 
Other (income)/expense
Equity in earnings of non-consolidated affiliates(2,749)(13,743)(18,532)(33,961)
Interest expense44,327 31,444 119,168 119,217 
Losses on derivative financial instruments16,972 7,088 21,436 39,886 
Losses/(gains) on equity securities19,289 (160,226)17,980 (200,955)
Unrealized losses/(gains) on available for sale debt securities14,885  (8,246) 
Interest income(12,261)(1,587)(42,896)(7,169)
Other non-operating expense, net793 23,337 858 29,000 
Total other expense/(income), net81,256 (113,687)89,768 (53,982)
Consolidated net income before tax221,796 624,254 1,187,530 1,335,326 
Income tax expense    
Consolidated net income221,796 624,254 1,187,530 1,335,326 
Net income attributable to non-controlling interest119,867 333,622 575,706 531,380 
Net income attributable to controlling interest101,929 290,632 611,824 803,946 
Other comprehensive income/(loss)
Reclassification of loss on interest rate swaps   4,066 
Unrealized (losses)/gains on available for sale debt securities(2,575)7,571 8,574 67,245 
Reclassification of unrealized gains on available for sale debt securities(11,756) (40,545) 
Other comprehensive (loss)/income(14,331)7,571 (31,971)71,311 
Other comprehensive (loss)/income attributable to non-controlling interest(6,000)3,768 (14,112)15,064 
Other comprehensive (loss)/income attributable to controlling interest(8,331)3,803 (17,859)56,247 
Comprehensive income attributable to controlling interest$93,598 $294,435 $593,965 $860,193 
Earnings per Class A ordinary share (1):
     Basic$0.24 $0.79 $1.49 $0.88 
     Diluted$0.24 $0.79 $1.49 $0.88 
Weighted average Class A ordinary shares outstanding (1):
     Basic428,230 369,999 409,253 367,753 
     Diluted607,174 370,002 607,152 367,756 
(1) Prior year nine month figures represent earnings per Class A ordinary share and weighted average Class A ordinary shares outstanding for the period from June 16, 2020 through September 30, 2020, the period following our initial public offering (“IPO”). See Note 13–Earnings per Share.
See accompanying notes to these unaudited condensed consolidated financial statements.
2




ROYALTY PHARMA PLC
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands)
(Unaudited)
Class A
Ordinary Shares
Class B
Ordinary Shares
Class R
Redeemable Shares
Deferred SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive IncomeNon-Controlling InterestTreasury 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 income/(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 

Class A
Ordinary Shares
Class B
Ordinary Shares
Class R Redeemable SharesDeferred SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive IncomeNon-Controlling InterestTreasury InterestsTotal Equity
SharesAmountSharesAmountSharesAmountSharesAmount
Balance at June 30, 2020365,899 $37 241,207 $ 50 $63 294,176 $ $2,557,237 $1,571,399 $30,515 $5,237,829 $(2,119)$9,394,961 
Contributions— — — — — — — — — — — 2,105 — 2,105 
Distributions— — — — — — — — — — — (175,348)— (175,348)
Dividends ($0.15 per Class A ordinary share)
— — — — — — — — — (54,885)— — — (54,885)
Other exchanges4,099 — (4,099)— — — 4,099 — 54,414 — 428 (54,806)(36) 
Share-based compensation and related issuances of Class A ordinary shares4 — — — — — — — 848 — — — — 848 
IPO offering costs— — — — — — — — (523)— — (335)— (858)
Net income— — — — — — — — — 290,632 — 333,622 — 624,254 
Other comprehensive income:
Unrealized gains on available for sale debt securities— — — — — — — — — — 3,803 3,768 — 7,571 
Balance at September 30, 2020370,002$37 237,108$ 50$63 298,275$ $2,611,976 $1,807,146 $34,746 $5,346,835 $(2,155)$9,798,648 
See accompanying notes to these unaudited condensed consolidated financial statements.



3




ROYALTY PHARMA PLC
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands)
(Unaudited)
Class A
Ordinary Shares
Class B
Ordinary Shares
Class R
Redeemable Shares
Deferred SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive IncomeNon-Controlling InterestTreasury 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.















4




ROYALTY PHARMA PLC
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands)
(Unaudited)

Class A
Ordinary Shares
Class B
Ordinary Shares
Class R
Redeemable Shares
Deferred SharesAdditional Paid-In CapitalShareholders’ ContributionsRetained EarningsAccumulated Other Comprehensive IncomeNon-Controlling InterestTreasury InterestsTotal Equity
SharesAmountSharesAmountSharesAmountSharesAmount
Balance at December 31, 2019 $  $  $  $ $ $3,282,516 $2,825,212 $2,093 $35,883 $(4,266)$6,141,438 
Contributions— — — — — — — — — 307,646 — — 1,142,424 — 1,450,070 
Transfer of interests— — — — — — — — — (1,037,161)— — 1,037,161 —  
Cumulative adjustment for adoption of ASU 2016-13— — — — — — — — — — (192,705)— — — (192,705)
Distributions— — — — — — — — — — (313,408)— (551,624)— (865,032)
Initial share issuance upon registration of Royalty Pharma plc— — — — 50 63 — — — — — — — — 63 
Net income prior to IPO— — — — — — — — — — 479,842 — 145,043 — 624,885 
Issuance of Class B ordinary shares to Continuing Investors Partnerships— — 535,383 1 — — — — — — — — — — 1 
Effect of exchange by Continuing Investors of Class B ordinary shares for Class A ordinary shares and reallocation of historical equity294,176 30 (294,176)(1)— — 294,176 — 1,402,762 (2,553,001)(1,261,014)(24,022)2,433,098 2,147 (1)
Issuance of Class A ordinary shares sold in IPO, net of offering costs71,652 7 — — — — — — 1,150,212 — — — 758,255 — 1,908,474 
Share-based compensation and related issuances of Class A ordinary shares75 — — — — — — — 4,588 — — — — — 4,588 
Other exchanges4,099 — (4,099)— — — 4,099 — 54,414 — — 428 (54,806)(36) 
Dividends ($0.15 per Class A ordinary share)
— — — — — — — — —