Royalty Pharma plc
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
RPRX$67.30-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001802768-25-000027
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001802768-25-000095
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 196 previous paragraphs and 234 current paragraphs.
113 unchanged; 65 reworded; 51 added; 15 removed; 3 previous and 5 current paragraphs rearranged.
Tables are not compared: 13 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (51)
Current report
On January 10, 2025, we entered into an agreement (as amended, the “Purchase Agreement”) with RPM, Royalty Pharma Manager, LLC, a Delaware limited liability company (“RP Manager”) and the Sellers (as defined below). Pursuant to the Purchase Agreement, RPM contributed substantially all of its previously held assets and liabilities to RP Manager and we agreed to acquire all of the equity interests of RP Manager from the Sellers (such transaction, the “Internalization”). The Sellers include our founder, chief executive officer and chairman, Pablo Legorreta, RPM I, LLC and RP MIP Holdings, LLC (“RP MIP Holdings”), as the former equity owners of RPM. The equity interest holders of RP MIP Holdings include our named executive officers and certain employees of the Legacy Manager, who became employees of Royalty Pharma, LLC, a wholly-owned subsidiary of RP Holdings, in connection with the Internalization. We completed the acquisition of RP Manager on May 16, 2025.
Current report
Pablo Legorreta’s ultimate ownership of the RP Holdings’ Class C ordinary share (the “RP Holdings Class C Special Interest”) which entitles him to receive Equity Performance Awards (“Founder’s Equity”).
Current report
Equity Performance Awards (“EPAs”) represent 20% of the Net Economic Profit (defined below) generated from investments made during each two-year investment period (each, a “Portfolio”). Net Economic Profit is defined as the aggregate cash receipts for all new portfolio investments in a Portfolio less Total Expenses, which is defined as interest expense, operating expense, and recovery of acquisition cost related to that Portfolio. Distributions of EPAs occur only upon the satisfaction of specified performance and return thresholds. EPAs are generally settled in RP Holdings’ Class B Interests, which are immediately exchanged upon issuance for Class A ordinary shares. A portion of the EPAs may be paid in cash as a tax advance to cover income tax obligations incurred by the beneficial owners of the RP Holdings Class C Special Interest.
Current report
Mr. Legorreta granted ownership units in the entities that hold the RP Holdings Class C Special Interest to certain employees of RPM. These grants allow such employees to participate on a pro rata basis in the economic returns of the EPAs for a specific Portfolio (the “Employee EPAs”). Prior to the Internalization, Founder’s Equity, which included the Employee EPAs, was accounted for as an equity transaction and recorded as non-controlling interest. Following the Internalization, Founder’s Equity continues to be accounted as non-controlling interest.
Current report
The Sellers’ indirect ownership in RP Holdings through their indirect ownership of RP Holdings’ Class E ordinary shares (the “RP Holdings Class E Interests”). In connection with the Internalization, we issued 24.5 million RP Holdings Class E Interests, which are subject to vesting conditions, to Sellers (the “Holders of RP Holdings Class E Interests”) as part of the transaction considerations. Upon vesting, the RP Holdings Class E Interests are exchangeable on a one-for-one basis for Class A ordinary shares. Once exchanged, the value of this non-controlling interest decreases.
Current report
Provision for credit losses on unfunded commitments
Current report
The provision for credit losses on unfunded commitments, a non-cash item, represents the current expected credit losses on our unfunded tranches of the funding arrangement we entered into with Revolution Medicines, Inc in June 2025. Because we have limited protective rights with respect to each portion once the funding is provided, we are required to recognize an allowance for current expected credit losses based on our estimate of probability of future funding. We estimated the allowance for credit losses using the probability of default and loss given default method. We are required to reassess our estimate as of each reporting date and any subsequent change to such allowance, which can be income or expense, is reflected within Provision for credit losses on unfunded commitments in the condensed consolidated statements of operations.
Current report
Following the Internalization, we no longer pay Operating and Personnel Payments and instead, employee compensation expenses represent the most significant components of G&A expenses. Employee compensation includes cash-based and share-based expenses. The share-based compensation expenses arising from the Internalization primarily include the following:
Current report
Approximately 22.8 million RP Holdings Class E Interests with an aggregate fair value of approximately $755.4 million which are expensed over vesting periods on a straight-line basis of generally five to nine years.
Current report
The vesting of the Employee EPAs over the remaining service period and the subsequent change in the fair value of the Employee EPAs. The fair value of the Employee EPAs is driven by the performance of the investments within the Portfolio and will fluctuate based on the timing and amount of the investments made during the investment period as well as the return and expected return on the investments.
Current report
Additionally, as each new Portfolio commences after the Internalization, any related Employee EPAs will also be recognized as share-based compensation expense over the required service periods of generally four years and included within General and administrative expenses on the condensed consolidated statement of operations. Lastly, G&A expenses include rent, legal fees and other expenses for professional services.
Current report
The net income attributable to the continuing non-controlling interests related to the Continuing Investors Partnerships and the Holders of RP Holdings Class E Interests are expected to decline over time if the investors who indirectly own the RP Holdings Class B and Class E Interests, respectively, conduct exchanges for our Class A ordinary shares.
Current report
Income from financial royalty assets increased by $37.6 million, or 7.3%, in the second quarter of 2025 as compared to the second quarter of 2024. Income from financial royalty asset increased primarily due to the Voranigo royalty that we acquired in the third quarter of 2024 upon approval.
Current report
Other royalty income and revenues increased by $3.8 million, or 15.8%, in the second quarter of 2025 as compared to the second quarter of 2024, primarily related to the sales growth of Nurtec ODT.
Current report
Other royalty income and revenues increased by $6.2 million, or 12.1%, in the first six months of 2025 as compared to the first six months of 2024, primarily related to the sales growth of Nurtec ODT.
Current report
In the second quarter of 2025, we recorded provision income of $203.9 million, comprised of $196.0 million in provision income for changes in expected cash flows and $7.9 million in provision income for current expected credit losses. We recorded provision income for changes in expected cash flows primarily related to Evrysdi and Xtandi due to increases in sell-side equity research analysts’ consensus sales forecasts.
Current report
In the second quarter of 2024, we recorded provision expense of $212.4 million, comprised of $181.5 million in provision expense for changes in expected cash flows and $30.9 million in provision expense for current expected credit losses. We recorded provision expense for changes in expected cash flows primarily related to Evrysdi, Trelegy, Promacta and Xtandi due to declines in sell-side equity research analysts’ consensus sales forecasts. This was partially offset by provision income for changes in expected cash flows primarily from the cystic fibrosis franchise due to increases in sales forecasts. The provision expense for credit losses was primarily driven by our contingent obligation to fund the acquisition of Voranigo, which closed in the third quarter of 2024.
Current report
Provision for credit losses on unfunded commitments
Current report
Provision for credit losses on unfunded commitments was $92.5 million in the second quarter of 2025, related to our funding arrangement with Revolution Medicines entered into in June 2025.
Current report
Provision for credit losses on unfunded commitments was $92.5 million in the first six months of 2025, related to our funding arrangement with Revolution Medicines entered into in June 2025.
Current report
R&D funding expense increased by $350.0 million in the first six months of 2025 as compared to the first six months of 2024, primarily due by the R&D funding related to daraxonrasib of $250.0 million and the R&D funding arrangement with Biogen for litifilimab of $100.0 million.
Current report
G&A expenses increased by $125.1 million, or 228.6%, in the second quarter of 2025 as compared to the second quarter of 2024, primarily driven by higher share-based compensation of $90.1 million that we began to recognize following the Internalization and the acquisition-related costs of $15.0 million incurred for the Internalization. The increase in G&A expenses was partially offset by lower Operating and Personnel Payments as the second quarter of 2025 only reflected a partial period of expense as we no longer pay Operating and Personnel Payments subsequent to the Internalization.
Current report
Interest expense increased by $19.7 million, or 40.1%, in the second quarter of 2025 as compared to second quarter of 2024, primarily driven by the issuance of the $1.5 billion of senior unsecured notes in June 2024 and the $380 million term loan that we assumed as part of the Internalization.
Current report
Other expense, net of $53.2 million in the second quarter of 2025 was primarily comprised of $30.6 million of losses on equity securities and $27.4 million of losses on available for sale debt securities, partially offset by $8.3 million of interest income earned on cash and cash equivalents.
Current report
Other expense, net of $27.9 million in the second quarter of 2024 was primarily comprised of $47.1 million of losses on equity securities, partially offset by $13.4 million of interest income earned on cash and cash equivalents.
Current report
Other expense, net of $95.1 million in the first six months of 2025 was primarily comprised of $76.4 million of losses on equity securities and $30.7 million of losses on available for sale debt securities, partially offset by $19.6 million of interest income earned on cash and cash equivalents.
Current report
Net income attributable to Legacy Investors Partnerships decreased by $10.5 million in the second quarter of 2025 as compared to the second quarter of 2024, primarily driven by lower net income attributable to Old RPI as a result of provision expense recognized in 2025 as compared to provision income recognized in 2024.
Current report
Net income attributable to Continuing Investors Partnerships decreased by $23.2 million in the second quarter of 2025 as compared to the second quarter of 2024, primarily driven by lower net income attributable to RP Holdings. The lower net income is as a result of higher R&D expense, share-based compensation expense and provision for credit losses on unfunded commitments, which were partially offset by the provision income recognized in 2025.
Current report
Net income attributable to RP Holdings Class E Interests was $0.9 million in the second quarter of 2025. We issued 24.5 million RP Holdings Class E Interests in connection with the Internalization in the second quarter of 2025.
Current report
Net income attributable to Founder’s Equity was $42.4 million in the first six months of 2025. We began recognizing EPAs in the first quarter of 2025 as certain conditions were met during the period.
Current report
Net income attributable to RP Holdings Class E Interests was $0.9 million in the first six months of 2025. The RP Holdings Class E Interests were issued in connection with the Internalization.
Current report
•Voranigo – Royalty Receipts from Voranigo, which is marketed by Servier for the treatment of low-grade glioma, were $46.0 million in the first six months of 2025, primarily driven by its strong launch in the United States. We acquired the Voranigo royalty in the third quarter of 2024 which contributed to Royalty Receipts beginning in the fourth quarter of 2024.
Current report
•Other products– Royalty Receipts from other products increased by $16.4 million in the first six months of 2025 as compared to the first six months of 2024, primarily driven by the additions of Rytelo and Skytrofa.
Current report
•Cabometyx. In July 2025, Ipsen announced that the European Commission (“EC”) has approved Cabometyx for previously treated advanced neuroendocrine tumors.
Current report
•Skytrofa. In July 2025, Ascendis announced that the U.S. FDA approved Skytrofa for the replacement of endogenous growth hormone in adults with growth hormone deficiency.
Current report
•Cystic fibrosis franchise. In July 2025, Vertex announced that the EC approved Alyftrek for people with cystic fibrosis (“CF”) ages 6 years and older who have at least one non-class I mutation in the cystic fibrosis transmembrane conductance regulator (“CFTR”) gene.
Current report
In April 2025, Vertex announced EC approval for the label expansion of Kaftrio in combination with ivacaftor for CF patients ages 2 years and older who have at least one non-class I mutation in the CFTR gene.
Current report
•Xtandi. In July 2025, Pfizer and Astellas Pharma announced topline results from the overall survival (“OS”) analysis from the Phase 3 EMBARK study evaluating Xtandi, in combination with leuprolide and as a monotherapy, in men with non-metastatic hormone-sensitive prostate cancer. For patients treated with Xtandi plus leuprolide versus placebo plus leuprolide, EMBARK met the key secondary endpoint with a statistically significant and clinically meaningful improvement in OS. Results also showed a favorable trend towards improved OS for patients treated with Xtandi monotherapy versus placebo plus leuprolide, however the difference did not reach statistical significance.
Current report
•Promacta. In May 2025, Camber Pharmaceuticals announced the U.S. launch of eltrombopag, the AB-rated generic for Promacta.
Current report
In April 2025, Johnson & Johnson announced that the Phase 3b APEX study achieved both its primary endpoint of reducing signs and symptoms and its major secondary endpoint of reducing progression of structural damage as measured by radiographic progression at 24 weeks, in adults living with active psoriatic arthritis, compared to placebo.
Showing the first 40 of 51 passages. Open the source sections for the rest.
Removed paragraphs (15)
Previous report
In January 2025, we agreed to acquire our Manager for aggregate consideration of approximately $1.1 billion (the “Internalization”). The consideration includes approximately 24.5 million of RP Holdings shares, $380 million of existing debt of the Manager and $200 million of cash less the amount of the Operating and Personnel Payments (as defined below) made to the Manager from January 1, 2025 through the closing of the transaction, which was estimated to be approximately $100 million. The acquisition is expected to reduce costs and enhance economic returns on investments. Additionally, we expect the acquisition to increase shareholder alignment, enhance corporate governance, ensure management continuity and simplify our corporate structure. If the acquisition is approved by shareholders, we would cease to be externally managed and would operate as an integrated company with all employees of the Manager becoming employees of the Company. The closing of the transaction is subject to the shareholders’ approval of the issuance of the share consideration and other customary closing conditions. The transaction is estimated to close during the second quarter of 2025.
Previous report
RPI EPA Vehicle LLC’s (the “EPA Entity”) ownership of RP Holdings’ Class C ordinary share (the “RP Holdings Class C Special Interest”). 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, the EPA Entity 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”). Equity Performance Awards are recognized as an equity transaction when the obligation becomes due and income is allocated to non-controlling interest related to the RP Holdings Class C Special Interest. The Equity Performance Awards are payable in RP Holdings Class B Interests that will be exchanged upon issuance for Class A ordinary shares. The EPA Entity may also receive a periodic cash advance to the extent necessary for the EPA Entity 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.
Previous report
General and administrative (“G&A”) expenses include primarily Operating and Personnel Payments (defined below), legal expenses, other expenses for professional services and share-based compensation. The expenses incurred in respect of Operating and Personnel Payments comprise the most significant component of G&A expenses.
Previous report
The operating and personnel payments for Old RPI, an obligation of the Legacy Investors Partnerships as a non-controlling interest in Old RPI and for which the expense is reflected in G&A expenses, are 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.
Previous report
In January 2025, we agreed to acquire our Manager for aggregate consideration of approximately $1.1 billion. The transaction is estimated to close during the second quarter of 2025. Upon closing of this transaction, we would no longer make Operating and Personnel Payments to the Manager. Following the acquisition, personnel costs will comprise the most significant component of G&A expenses.
Previous report
Net income/(loss) attributable to non-controlling interests
Previous report
Other royalty income and revenues were relatively flat in the first quarter of 2025 as compared to the first quarter of 2024.
Previous report
Other expense, net of $41.9 million in the first quarter of 2025 was primarily comprised of $45.9 million of losses on equity securities, partially offset by $11.3 million of interest income earned on cash and cash equivalents.
Previous report
Net income/(loss) attributable to non-controlling interests
Previous report
•Other products– Royalty Receipts from other products increased by $16.5 million in the first quarter of 2025 as compared to the first quarter of 2024, primarily driven by Royalty Receipts from Voranigo and Rytelo, as well as underlying product performance, partially offset by the expiration of royalties on Entyvio and a one-time true-up of royalties on the DPP-IVs received in the prior year period.
Previous report
In March 2025, Johnson & Johnson announced that the FDA approved Tremfya, which is now the first and only IL-23 offering both subcutaneous and intravenous induction options for the treatment of adults with moderately to severely active Crohn’s disease.
Previous report
•Spinraza. In January 2025, Biogen announced that the FDA accepted the supplemental New Drug Application (“NDA”) and the European Medicines Agency validated the application for a higher dose regimen of Spinraza for spinal muscular atrophy.
Previous report
•Ecopipam. In February 2025, Emalex announced positive Phase 3 results for ecopipam in patients with Tourette syndrome. The study showed statistical significance between ecopipam and placebo for both the primary efficacy endpoint in pediatrics and the secondary efficacy endpoint in pediatrics and adults. Emalex will meet with the FDA and other global health authorities to discuss submission later this year of a NDA.
Previous report
•TEV-’749. In January 2025, Teva announced that TEV-‘749 (olanzapine LAI) achieved Phase 3 targeted injections without Post-injection Delirium/Sedation Syndrome (PDSS), and the full safety presentation is expected in the second quarter of 2025.
Previous report
In January 2025, we agreed to acquire our Manager for aggregate consideration of approximately $1.1 billion. The transaction is estimated to close during the second quarter of 2025. Upon closing of this transaction, we would no longer make Operating and Personnel Payments to the Manager.
Reworded paragraphs (65)
Previous wording
Royalty Pharma plc is a public limited company that was incorporated under the laws of England and Wales to facilitate our initial public offering (“IPO”) in 2020. “Royalty Pharma,” the “Company,” “we,” “us” and “our” refer to Royalty Pharma plc and its subsidiaries on a consolidated basis.
Current wording
Royalty Pharma plc is a public limited company that is incorporated under the laws of England and Wales and is a holding company. “Royalty Pharma,” the “Company,” “we,” “us” and “our” refer to Royalty Pharma plc and its subsidiaries on a consolidated basis. Our principal asset is a controlling equity interest in Royalty Pharma Holdings Ltd (“RP Holdings”), a private limited company incorporated under the laws of England and Wales. We conduct our business through RP Holdings and its subsidiaries.
Previous wording
We are the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry. Since our founding in 1996, we have been pioneers in the royalty market, collaborating with innovators from academic institutions, research hospitals and not-for-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. We have assembled a portfolio of royalties which entitles us to payments based directly on the top-line sales of many of the industry’s leading therapies, which includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Novartis’ Promacta, Pfizer’s Nurtec ODT, Gilead’s Trodelvy, among others, and 15 development-stage product candidates. 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.
Current wording
We are the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry. Since our founding in 1996, we have been pioneers in the royalty market, collaborating with innovators from academic institutions, research hospitals and not-for-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. We have assembled a portfolio of royalties which entitles us to payments based directly on the top-line sales of many of the industry’s leading therapies, which includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, Servier’s Voranigo, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Pfizer’s Nurtec ODT, Gilead’s Trodelvy, among others, and 16 development-stage product candidates. 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.
Previous wording
We operate and control the business affairs of Royalty Pharma Holdings Ltd (“RP Holdings”). We include RP Holdings and its subsidiaries in our condensed consolidated financial statements. 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 Old RPI.
Current wording
RP Holdings is owned by Royalty Pharma plc and, indirectly, by various partnerships (the “Continuing Investors Partnerships”) and, in addition, post-Internalization (as defined below), by the Holders of RP Holdings Class E Interests (as defined below). 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. In 2022, we became an indirect owner of an 82% economic interest in Royalty Pharma Investments ICAV, which was previously owned directly by Royalty Pharma Investments. In connection with the Internalization, Royalty Pharma Investments distributed all of its assets to Royalty Pharma Investments 2011 ICAV (together with Royalty Pharma Investments ICAV, “Old RPI”).
Previous wording
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 which entitled us 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”). We acquired the remaining 34% interest in RPCT owned by Royalty Pharma Select Finance Trust, a Delaware statutory trust (“RPSFT”) in December 2023.
Current wording
We consummated an exchange offer on February 11, 2020 (the “Exchange Offer”) to facilitate our initial public offering (“IPO”). Prior to the Exchange Offer, Royalty Pharma Investments was owned by various partnerships (the “Legacy Investors Partnerships”). 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 RPI US Partners 2019, LP and RPI International Holdings 2019, LP which are part of the Continuing Investors Partnerships. Following the Exchange Offer, we became the indirect owner of an 82% economic interest in Royalty Pharma Investments which entitled us to 82% of the economics of its wholly-owned subsidiary RPI Finance Trust, a Delaware statutory trust (“RPIFT”) and 66% of Royalty Pharma Collection Trust, a Delaware statutory trust (“RPCT”). In December 2023, we acquired the remaining 34% interest in RPCT owned by Royalty Pharma Select Finance Trust, a Delaware statutory trust (“RPSFT”).
Previous wording
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”).
Current wording
Prior to Internalization (as defined below), we were externally managed by RP Management, LLC, a Delaware limited liability company (the “Legacy Manager” or “RPM”), pursuant to advisory and management agreements (collectively, the “Management Agreement”).
Previous wording
The Legacy Investors Partnerships’ ownership of approximately 18% of Old RPI and RPI ICAV which is the only historical non-controlling interest that existed prior to our IPO. The value of this non-controlling interest will continue to decline over time as the assets in Old RPI and RPI ICAV expire. The Legacy Investors Partnerships are referred to as the “legacy non-controlling interests.”
Current wording
The Legacy Investors Partnerships’ ownership of approximately 18% in Old RPI, which is the only remaining historical non-controlling interest that existed prior to our IPO. The value of this non-controlling interest will continue to decline over time as the assets in Old RPI expire. The Legacy Investors Partnerships are referred to as the “legacy non-controlling interests.”
Previous wording
The Continuing Investors Partnerships’ ownership in RP Holdings through their ownership of RP Holdings Class B Interests was approximately 25% as of March 31, 2025. RP Holdings Class B Interests are exchangeable into our Class A ordinary shares. As the Continuing Investors Partnerships conduct exchanges, the Continuing Investors Partnerships’ ownership in RP Holdings decreases and the value of this non-controlling interest decreases. Additionally, RP Holdings continues to retire RP Holdings Class A Interests held by us as we repurchase our Class A ordinary shares. As RP Holdings retires RP Holdings Class A Interests, our ownership in RP Holdings decreases and the value of this non-controlling interest increases.
Current wording
The Continuing Investors Partnerships’ indirect ownership in RP Holdings through their indirect ownership of RP Holdings’ Class B ordinary shares (the “RP Holdings Class B Interests”). RP Holdings Class B Interests are exchangeable into our Class A ordinary shares. As the Continuing Investors Partnerships conduct exchanges, the Continuing Investors Partnerships’ ownership in RP Holdings decreases and the value of this non-controlling interest decreases.
Previous wording
The Continuing Investors Partnerships, together with the EPA Entity, are referred to as the “continuing non-controlling interests.”
Current wording
The Continuing Investors Partnerships, Founder’s Equity and Holders of RP Holdings Class E Interests, collectively are referred to as the “continuing non-controlling interests.”
Previous wording
Under 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) and 0.25% of the value of our security investments under GAAP as of the end of such quarter.
Current wording
Prior to the Internalization, the most significant component of general and administrative (“G&A”) expenses was the Operating and Personnel Payments (as defined below). Under the Management Agreement, we paid a quarterly operating and personnel payment to RPM or its affiliates equal to 6.5% of the cash receipts from Royalty Investments (as defined in the Management Agreement) and 0.25% of the value of our security investments under GAAP as of the end of such quarter (“Operating and Personnel Payments”).
Previous wording
The net income attributable to non-controlling interests includes income attributable to the legacy non-controlling interests and the continuing non-controlling interests. Following our acquisition of the remaining non-controlling interest in RPCT held by RPSFT in December 2023, and since the Legacy Investors Partnerships no longer participate in investment opportunities, the related net income attributable to the legacy non-controlling interests is expected to continue to decline over time as the assets held by Old RPI and RPI ICAV mature. The net income attributable to the continuing non-controlling interests related to RP Holdings Class B Interests held by the Continuing Investors Partnerships will decline over time if the investors who indirectly own RP Holdings Class B Interests conduct exchanges for our Class A ordinary shares.
Current wording
The net income attributable to non-controlling interests includes income attributable to the legacy non-controlling interests and the continuing non-controlling interests. Following our acquisition of the remaining non-controlling interest in RPCT held by RPSFT in December 2023, and since the Legacy Investors Partnerships no longer participate in investment opportunities, the related net income attributable to the legacy non-controlling interests is expected to continue to decline over time as the assets held by Old RPI mature.
Previous wording
Further, the net income attributable to the continuing non-controlling interests includes net income attributable to the EPA Entity which represents the Equity Performance Awards recognized during the period. We began recognizing income attributable to the EPA Entity in the first quarter of 2025 as certain conditions were met during the period.
Current wording
Further, the net income attributable to the continuing non-controlling interests includes EPAs attributable to Founder’s Equity that we began recognizing in the first quarter of 2025 as certain conditions were met.
Previous wording
Income from financial royalty assets by top products is as follows, in order of contribution to income for the first quarter of 2025 (in thousands):
Current wording
Income from financial royalty assets by top products is as follows, in order of contribution to income for the first six months of 2025 (in thousands):
Previous wording
Income from financial royalty assets was relatively flat in the first quarter of 2025 as compared to the first quarter of 2024. Income from financial royalty asset increased primarily due to the addition of Voranigo, partially offset by the decrease in interest income from the cystic fibrosis franchise. The lower interest income from the cystic fibrosis franchise was primarily driven by the impaired financial royalty asset balance from the provision expense recognized in 2024. See further details below under “Provision for changes in expected cash flows from financial royalty assets” for the first quarter of 2024.
Current wording
Income from financial royalty assets increased by $35.5 million, or 3.4%, in the first six months of 2025 as compared to the first six months of 2024 primarily due to the addition of Voranigo. The increase was partially offset by decline in sell-side equity research analysts’ consensus sales forecast for Promacta and decrease in interest income from the cystic fibrosis franchise. The lower interest income from the cystic fibrosis franchise was primarily driven by the impaired financial royalty asset balance from the provision expense recognized in 2024. See further details below under “Provision for changes in expected cash flows from financial royalty assets” for the first six months of 2024.
Previous wording
In the first quarter of 2025, we recorded provision income of $127.1 million, comprised of $113.6 million in provision income for changes in expected cash flows and $13.5 million in provision income for current expected credit losses. We recorded provision income for changes in expected cash flows primarily related to cystic fibrosis franchise due to increase in sell-side equity research analysts’ consensus sales forecasts. The provision income for changes in expected cash flows was partially offset by provision expense related to Evrysdi due to declines in sell-side equity research analysts’ consensus sales forecasts.
Current wording
In the first six months of 2025, we recorded provision income of $331.1 million, comprised of $309.7 million in provision income for changes in expected cash flows and $21.4 million in provision income for current expected credit losses. We recorded provision income for changes in expected cash flows primarily related to the cystic fibrosis franchise and Trelegy due to increases in sell-side equity research analysts’ consensus sales forecasts. The provision income for changes in expected cash flows was partially offset by provision expense related to Tysabri due to declines in sell-side equity research analysts’ consensus sales forecasts.
Previous wording
In the first quarter of 2024, we recorded provision expense of $583.6 million, comprised of $584.3 million in provision expense for changes in expected cash flows and $0.7 million in provision income for current expected credit losses. We recorded provision expense for changes in expected cash flows related to the cystic fibrosis franchise, primarily due to the inclusion of consensus estimates in 2024 for Vertex’s Alyftrek and the conservative assumption that royalties will only be collected on the tezacaftor component of Alyftrek and not on the deuterated ivacaftor component. Although we believe that the deuterated ivacaftor component of Alyftrek is the same as ivacaftor and is therefore royalty-bearing, Vertex has made public statements that it believes the deuterated ivacaftor component is not royalty-bearing. If deuterated ivacaftor is determined to be royalty-bearing, we may recognize provision income in our results of operations at that time. Additionally, we recorded provision expense for Crysvita due to declines in sales forecasts.
Current wording
In the first six months of 2024, we recorded provision expense of $796.0 million, comprised of $765.8 million in provision expense for changes in expected cash flows and $30.2 million in provision expense for current expected credit losses. We recorded provision expense for changes in expected cash flows primarily related to Evrysdi due to declines in sell-side equity research analysts’ consensus sales forecasts. We recorded provision expense for changes in expected cash flows related to the cystic fibrosis franchise, primarily due to the inclusion of consensus estimates in 2024 for Vertex’s Alyftrek and the conservative assumption that royalties will only be collected on the tezacaftor component of Alyftrek and not on the deuterated ivacaftor component. Although we believe that the deuterated ivacaftor component of Alyftrek is the same as ivacaftor and is therefore royalty-bearing, Vertex has made public statements that it believes the deuterated ivacaftor component is not royalty-bearing. If deuterated ivacaftor is determined to be royalty-bearing, we may recognize provision income in our results of operations at that time. Additionally, we recorded provision expense for Crysvita due to declines in sales forecasts. The provision expense for credit losses was primarily driven by our contingent obligation to fund the acquisition of Voranigo.
Previous wording
R&D funding expense increased by $50.0 million in the first quarter of 2025 as compared to the first quarter of 2024, related to a $50.0 million payment to Biogen for litifilimab.
Current wording
R&D funding expense increased by $300.0 million in the second quarter of 2025 as compared to second quarter of 2024, primarily driven by the R&D funding related to daraxonrasib of $250.0 million and the R&D funding arrangement with Biogen for litifilimab of $50.0 million.
Previous wording
G&A expenses increased by $53.1 million, or 92.0% in the first quarter of 2025 as compared to the first quarter of 2024, primarily driven by higher Operating and Personnel Payments in the current period related to the January 2025 sale of the MorphoSys Development Funding Bonds and higher Portfolio Receipts in the current period.
Current wording
G&A expenses increased by $178.1 million, or 158.5%, in the first six months of 2025 as compared to the first six months of 2024, primarily driven by higher employee compensation expenses recognized following the Internalization and the acquisition-related costs of $28.7 million incurred for the Internalization. The increase in G&A expenses was also partially attributable to higher Operating and Personnel Payments of $33.0 million as a result of the January 2025 sale of the MorphoSys Development Funding Bonds.
Previous wording
Equity in earnings of equity method investees was $6.4 million in the first quarter of 2025 as compared to equity in losses of equity method investees of $14.1 million in the first quarter of 2024. Equity in earnings of equity method investees was primarily driven by an income allocation from the Legacy SLP Interest of $8.2 million in the first quarter of 2025. Equity in losses of equity method investees was primarily driven by a loss allocation from the Legacy SLP Interest of $9.4 million in the first quarter of 2024.
Current wording
Equity in earnings of equity method investees was $9.1 million in the first six months of 2025 as compared to equity in losses of equity method investees of $12.4 million in the first six months of 2024. Equity in earnings of equity method investees was primarily driven by an income allocation from the Legacy SLP Interest of $10.6 million in the first six months of 2025. Equity in losses of equity method investees was primarily driven by a loss allocation from the Avillion Entities of $7.8 million in the first six months of 2024.
Previous wording
Interest expense increased by $21.0 million, or 47.5% in the first quarter of 2025 as compared to the first quarter of 2024, primarily driven by the issuance of the $1.5 billion of senior unsecured notes in June 2024. The weighted average coupon rate on our senior unsecured notes outstanding as of March 31, 2025 and 2024 was 3.06% and 2.48%, respectively.
Current wording
Interest expense increased by $40.7 million, or 43.6%, in the first six months of 2025 as compared to the first six months of 2024, primarily driven by the issuance of the $1.5 billion of senior unsecured notes in June 2024 and the $380 million term loan that we assumed as part of the Internalization. The weighted average coupon rate on our senior unsecured notes outstanding as of June 30, 2025 and 2024 was 3.06%.
Previous wording
Other income, net of $127.9 million in the first quarter of 2024 was primarily comprised of $77.7 million of gains on equity securities and $46.4 million of gains on available for sale debt securities. The gains on available for sale debt securities were primarily driven by the change in fair value of the MorphoSys Development Funding Bonds.
Current wording
Other income, net of $99.9 million in the first six months of 2024 was primarily comprised of $46.2 million of gains on available for sale debt securities, $30.6 million of gains on equity securities and $20.8 million of interest income on cash and cash equivalents. The gains on available for sale debt securities were primarily driven by the changes in fair value of the MorphoSys Development Funding Bonds.
Previous wording
Net income attributable to the EPA Entity was $41.5 million in the first quarter of 2025, which represents the Equity Performance Awards recognized for the quarter. We began recognizing Equity Performance Award in the first quarter of 2025 as certain conditions were met during the period.
Current wording
Net income attributable to Founder’s Equity was $1.0 million in the second quarter of 2025. We began recognizing EPAs in the first quarter of 2025 as certain conditions were met during the period.
Previous wording
Net income attributable to the Legacy Investors Partnerships was $76.9 million in the first quarter of 2025 as compared to net loss attributable to the Legacy Investors Partnerships of $10.6 million the first quarter of 2024, and was primarily driven by higher net income attributable to Old RPI as a result of provision income recognized in 2025 as compared to provision expense recognized in 2024.
Current wording
Net income attributable to Legacy Investors Partnerships increased by $76.9 million in the first six months of 2025 as compared to first six months of 2024, primarily driven by higher net income attributable to Old RPI as a result of provision income recognized in 2025 as compared to provision expense recognized in 2024.
Previous wording
Net income attributable to the Continuing Investors Partnerships increased by $75.2 million in the first quarter of 2025 as compared to the first quarter of 2024. The increase was primarily due to higher net income attributable to RP Holdings as a result of provision income recognized in 2025 as compared to provision expense recognized in 2024. Additionally, the exchanges by investors in the Continuing Investors Partnerships who indirectly own RP Holdings Class B Interests for our Class A ordinary shares resulted in a decline in the Continuing Investors Partnerships’ ownership of RP Holdings.
Current wording
Net income attributable to Continuing Investors Partnerships increased by $52.0 million in the first six months of 2025 as compared to first six months of 2024. The increase was primarily due to higher net income attributable to RP Holdings as a result of provision income recognized in 2025 as compared to provision expense recognized in 2024, which was partially offset by higher R&D expense recognized in 2025. Additionally, the exchanges by investors in the Continuing Investors Partnerships who indirectly own RP Holdings Class B Interests for our Class A ordinary shares resulted in a decline in the Continuing Investors Partnerships’ ownership of RP Holdings.
Previous wording
Our portfolio consists of royalties on more than 35 marketed therapies and 15 development-stage product candidates. The therapies in our portfolio address therapeutic areas such as rare disease, cancer, neuroscience, infectious disease, hematology and diabetes, and are delivered to patients across both primary and specialty care settings. The table below shows Portfolio Receipts, including Royalty Receipts by product and milestones and other contractual receipts, in order of contribution to total Royalty Receipts for the first quarter of 2025 (in thousands):
Current wording
Our portfolio consists of royalties on more than 35 marketed therapies and 16 development-stage product candidates. The therapies in our portfolio address therapeutic areas such as rare disease, cancer, neuroscience, infectious disease, hematology and diabetes, and are delivered to patients across both primary and specialty care settings. The table below shows Portfolio Receipts, including Royalty Receipts by product and milestones and other contractual receipts, in order of contribution to total Royalty Receipts for the first six months of 2025 (in thousands):
Previous wording
(2)Other products primarily include Royalty Receipts on the following products: Cimzia, Crysvita, Emgality, Entyvio, Farxiga/Onglyza, IDHIFA, Nesina, Nurtec ODT, Orladeyo, Rytelo, Soliqua, Voranigo and distributions from the Legacy SLP Interest, which are presented as Distributions from equity method investeesin the condensed consolidated statements of cash flows.
Current wording
(2)Other products primarily include Royalty Receipts on the following products: Cimzia, Crysvita, Emgality, Entyvio, Farxiga/Onglyza, IDHIFA, Nurtec ODT, Orladeyo, Prevymis, Rytelo, Skytrofa, Soliqua and distributions from the Legacy SLP Interest, which are presented as Distributions from equity method investeesin the condensed consolidated statements of cash flows.
Previous wording
•Cystic fibrosis franchise – Royalty Receipts from the cystic fibrosis franchise, including Kalydeco, Orkambi, Symdeko/Symkevi and Trikafta/Kaftrio, which is marketed by Vertex for patients with certain mutations causing cystic fibrosis, increased by $31.3 million in the first quarter of 2025 as compared to the first quarter of 2024. The increase was primarily due to strong Trikafta/Kaftrio performance and demand globally, including in younger age groups, and higher net realized pricing in the United States.
Current wording
•Cystic fibrosis franchise – Royalty Receipts from the cystic fibrosis franchise, including Kalydeco, Orkambi, Symdeko/Symkevi, Trikafta/Kaftrio and Alyftrek, which is marketed by Vertex for the treatment of cystic fibrosis, increased by $30.3 million in the first six months of 2025 as compared to the first six months of 2024. The increase was primarily due to strong Trikafta/Kaftrio demand globally and higher net realized pricing in the United States, while outside the United States saw strong performance in many established markets, offset by a revenue decline in Russia.
Previous wording
•Trelegy – Royalty Receipts from Trelegy, which is marketed by GSK for the maintenance treatment of chronic obstructive pulmonary disease and asthma, increased by $14.7 million in the first quarter of 2025 as compared to the first quarter of 2024, primarily driven by strong volume growth across all regions reflecting patient demand, single inhaler triple therapy class growth and increased market share.
Current wording
•Trelegy – Royalty Receipts from Trelegy, which is marketed by GSK for the maintenance treatment of chronic obstructive pulmonary disease and asthma, increased by $22.8 million in the first six months of 2025 as compared to the first six months of 2024, primarily driven by continued growth across all regions, reflecting patient demand, single inhaler triple therapy class growth, and increased market share.
Previous wording
•Tysabri – Royalty Receipts from Tysabri, which is marketed by Biogen for the treatment of multiple sclerosis, decreased by $8.0 million in the first quarter of 2025 as compared to the first quarter of 2024, primarily due to increased competition.
Current wording
•Tysabri – Royalty Receipts from Tysabri, which is marketed by Biogen for the treatment of multiple sclerosis, decreased by $16.0 million in the first six months of 2025 as compared to the first six months of 2024, primarily due to increased competition.
Previous wording
•Xtandi – Royalty Receipts from Xtandi, which is marketed by Pfizer and Astellas for the treatment of prostate cancer, increased by $11.5 million in the first quarter of 2025 as compared to the first quarter of 2024, driven primarily by strong demand due to uptake of the non-metastatic castration-sensitive prostate cancer (nmCSPC) indication following approval in the fourth quarter of 2023 and increased affordability in the United States.
Current wording
•Xtandi – Royalty Receipts from Xtandi, which is marketed by Pfizer and Astellas for the treatment of prostate cancer, increased by $14.7 million in the first six months of 2025 as compared to the first six months of 2024, driven primarily by strong sales growth across all regions, particularly in the United States.
Previous wording
•Imbruvica – Royalty Receipts from Imbruvica, which is marketed by AbbVie and Johnson & Johnson for the treatment of blood cancers and chronic graft versus host disease, decreased by $4.2 million in the first quarter of 2025 as compared to the first quarter of 2024, reflecting competitive pressures.
Current wording
•Imbruvica – Royalty Receipts from Imbruvica, which is marketed by AbbVie and Johnson & Johnson for the treatment of blood cancers and chronic graft versus host disease, decreased by $9.8 million in the first six months of 2025 as compared to the first six months of 2024, reflecting competitive pressures.
Previous wording
•Evrysdi – Royalty Receipts from Evrysdi, which is marketed by Roche for the treatment of spinal muscular atrophy, increased by $7.7 million in the first quarter of 2025 as compared to the first quarter of 2024, attributable to the incremental royalties we acquired in the second quarter of 2024. The increase was further driven by its strong global position in patient share and total patients.
Current wording
•Evrysdi – Royalty Receipts from Evrysdi, which is marketed by Roche for the treatment of spinal muscular atrophy, increased by $15.7 million in the first six months of 2025 as compared to the first six months of 2024, attributable to the incremental royalties we acquired in the second quarter of 2024 and strong growth globally.
Previous wording
•Promacta – Royalty Receipts from Promacta, which is marketed by Novartis for the treatment of chronic immune thrombocytopenia purpura (ITP) and aplastic anemia, increased by $1.6 million in the first quarter of 2025 as compared to the first quarter of 2024, experiencing growth despite discontinued promotion in most markets.
Current wording
•Promacta – Royalty Receipts from Promacta, which is marketed by Novartis for the treatment of chronic immune thrombocytopenia purpura (ITP) and aplastic anemia, increased by $3.8 million in the first six months of 2025 as compared to the first six months of 2024, experiencing growth despite discontinued promotion in most markets. In May 2025, Camber Pharmaceuticals announced the launch of eltrombopag in the United States (the first AB-rated generic for Promacta).
Previous wording
•Tremfya– Royalty Receipts from Tremfya, which is marketed by Johnson & Johnson for the treatment of plaque psoriasis and active psoriatic arthritis, was relatively flat in the first quarter of 2025 as compared to the first quarter of 2024 due to market growth and share gains, partially offset by unfavorable patient mix and inventory dynamics.
Current wording
•Tremfya– Royalty Receipts from Tremfya, which is marketed by Johnson & Johnson for the treatment of plaque psoriasis, active psoriatic arthritis and inflammatory bowel disease, increased by $6.5 million in the first six months of 2025 as compared to the first six months of 2024 primarily due to market share gains and market growth, including the newly launched indication in ulcerative colitis, partially offset by unfavorable patient mix, inventory dynamics and the impact of Medicare Part D redesign.
Previous wording
•Cabometyx/Cometriq – Royalty Receipts from Cabometyx/Cometriq, which is marketed by Exelixis, Ipsen and Takeda, for the treatment of advanced renal cell carcinoma as well as hepatocellular carcinoma in patients previously treated with sorafenib, increased by $2.8 million in the first quarter of 2025 as compared to the first quarter of 2024, primarily driven by continued demand growth from uptake in combination with Opdivo in first-line renal cell carcinoma and an increase in average net selling price.
Current wording
•Cabometyx/Cometriq – Royalty Receipts from Cabometyx/Cometriq, which is marketed by Exelixis, Ipsen and Takeda, primarily for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, increased by $6.5 million in the first six months of 2025 as compared to the first six months of 2024, largely driven by continued demand growth from uptake in combination with Opdivo in first-line renal cell carcinoma and an increase in average net selling price.
Previous wording
•Spinraza – Royalty Receipts from Spinraza, which is marketed by Biogen for the treatment of spinal muscular atrophy, increased by $6.3 million in the first quarter of 2025 as compared to the first quarter of 2024. Royalties in the prior year period were impacted by the $1.5 billion cap.
Current wording
•Spinraza – Royalty Receipts from Spinraza, which is marketed by Biogen for the treatment of spinal muscular atrophy, increased by $8.7 million in the first six months of 2025 as compared to the first six months of 2024. Royalties in the first quarter of 2024 were lower due to the $1.5 billion cap, benefiting year-over-year royalty receipts growth.
Previous wording
•Trodelvy – Royalty Receipts from Trodelvy, which is marketed by Gilead for the treatment of adult patients with metastatic triple-negative breast cancer and pre-treated hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative metastatic breast cancer, increased by $2.3 million in the first quarter of 2025 as compared to the first quarter of 2024, attributable to increased demand in all regions as well as higher average realized price.
Current wording
•Trodelvy – Royalty Receipts from Trodelvy, which is marketed by Gilead for the treatment of metastatic triple-negative breast cancer and pre-treated hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative metastatic breast cancer, increased by $1.9 million in the first six months of 2025 as compared to the first six months of 2024, primarily attributable to increased demand across all regions, partially offset by inventory dynamics and lower average realized price.
Previous wording
•Erleada– Royalty Receipts from Erleada, which is marketed by Johnson & Johnson for the treatment of patients with prostate cancer, increased by $1.8 million in the first quarter of 2025 as compared to the first quarter of 2024, driven by continued share gains and market growth.
Current wording
•Erleada– Royalty Receipts from Erleada, which is marketed by Johnson & Johnson for the treatment of prostate cancer, increased by $2.8 million in the first six months of 2025 as compared to the first six months of 2024, primarily driven by continued share gains and market growth.
Previous wording
•Milestones and other contractual receipts increased by $38.5 million in the first quarter of 2025 as compared to the first quarter of 2024, primarily attributable to a milestone payment in the amount of $27.4 million related to Airsupra.
Current wording
•Milestones and other contractual receipts increased by $91.4 million in the first six months of 2025 as compared to the first six months of 2024, primarily attributable to a one-time distribution related to the Legacy SLP Interest and a milestone payment in the amount of $27.4 million related to Airsupra.
Previous wording
•Trodelvy. In April 2025, Gilead announced positive topline results from the Phase 3 Ascent-04/Keynote-D19 study, demonstrating that Trodelvy plus Keytruda significantly improved progression-free survival (“PFS”) compared to Keytruda and chemotherapy in patients with previously untreated PD-L1+ metastatic triple-negative breast cancer. Overall survival (“OS”), a key secondary endpoint, was not mature at the time of the PFS primary analysis. However, there was an early trend in improvement for OS with Trodelvy plus Keytruda. Gilead will continue to monitor OS outcomes, with ongoing patient follow-up and further analyses.
Current wording
In April 2025, Gilead announced positive topline results from the Phase 3 Ascent-04/Keynote-D19 study, demonstrating that Trodelvy plus Keytruda significantly improved PFS compared to Keytruda and chemotherapy in patients with previously untreated PD-L1+ mTNBC. Overall survival, a key secondary endpoint, was not mature at the time of the PFS primary analysis. However, there was an early trend in improvement for OS with Trodelvy plus Keytruda and Gilead will continue to monitor OS outcomes.
Previous wording
•Tremfya. In May 2025, Johnson & Johnson announced that the European Commission (“EC”) approved Tremfya for the treatment of adult patients with moderately to severely active Crohn’s disease.
Current wording
•Tremfya. In May 2025, Johnson & Johnson announced that the EC approved of Tremfya for the treatment of adult patients with moderately to severely active Crohn’s disease.
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Current report — wording carried from elsewhere
Net income attributable to non-controlling interests
Current report — wording carried from elsewhere
Equity in earnings of equity method investees was relatively flat in the second quarter of 2025 as compared to the second quarter of 2024.
Current report — wording carried from elsewhere
Net income attributable to non-controlling interests
Current report — wording carried from elsewhere
•Trodelvy. In May 2025, Gilead Sciences announced positive topline results from the Phase 3 ASCENT-03 study. The study met its primary endpoint, demonstrating a highly statistically significant and clinically meaningful improvement in progression-free survival (“PFS”) compared to chemotherapy in patients with first-line metastatic triple-negative breast cancer (“mTNBC”) who are ineligible to receive immunotherapy. Overall survival, a key secondary endpoint, was not mature at the time of PFS primary analysis. Gilead will continue to monitor OS outcomes, with ongoing patient follow-up and further analysis planned.
Current report — wording carried from elsewhere
Our obligations under the Notes are fully and unconditionally guaranteed by RP Holdings and RP Manager, our non-wholly owned subsidiaries (together, the “Guarantor Subsidiaries”). Our remaining subsidiaries (the “Non-Guarantor Subsidiaries”) do not guarantee the Notes.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
We consummated an exchange offer on February 11, 2020 (the “Exchange Offer”) to facilitate our IPO. Through the Exchange Offer, investors which represented 82% of the aggregate limited partnership interests in the various partnerships (the “Legacy Investors Partnerships”) that owned Royalty Pharma Investments, an Irish unit trust (“Old RPI”), exchanged their limited partnership interests in the Legacy Investors Partnerships for limited partnership interests in RPI US Partners 2019, LP, a Delaware limited partnership, or RPI International Holdings 2019, LP, a Cayman Islands exempted limited partnership (together, the “Continuing Investors Partnerships”).
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
We were in compliance with the financial covenants as of March 31, 2025.