Royalty Pharma plc

Royalty Pharma plc (NASDAQ: RPRX) is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry. Founded in 1996, the company has pioneered the royalty market by collaborating with innovators ranging from academic institutions and research hospitals to biotechnology companies and leading global pharmaceutical firms. The company's website is www.royaltypharma.com.

The core business involves acquiring royalties that entitle Royalty Pharma to payments based directly on top-line sales of biopharmaceutical therapies. As of December 31, 2025, the company's portfolio includes royalties on more than 35 commercial products and 20 development-stage product candidates. Notable marketed therapies in the portfolio include Vertex's Trikafta and Alyftrek for cystic fibrosis, GSK's Trelegy for respiratory conditions, Biogen's Tysabri and Spinraza for neurological disorders, Roche's Evrysdi for spinal muscular atrophy, and Amgen's Imdelltra for small cell lung cancer, among others. In 2025, the company generated Portfolio Receipts of $3.3 billion, representing the sum of royalty receipts and milestone payments from its portfolio investments.

The company operates through a highly diversified portfolio structure that mitigates risk by spreading exposure across multiple products, therapeutic areas, and marketers. No single product accounted for more than 26 percent of Portfolio Receipts in 2025. The estimated weighted average duration of the portfolio is approximately 13 years based on projected cumulative cash royalty receipts. The business model captures attractive aspects of the biopharmaceutical industry, including long product life cycles and non-cyclical revenues, while avoiding exposure to research and development costs, manufacturing infrastructure, and commercial operations.

Royalty Pharma employs a dynamic capital allocation framework designed to support long-term shareholder value creation. In 2025, the company deployed $2.6 billion in capital to acquire royalties, milestones, and other contractual receipts. The company had 100 employees as of December 31, 2025, following the completion of its internalization of its former external manager in May 2025. The company maintains operations in the United States and operates as a holding company incorporated under the laws of England and Wales.