Royalty Pharma PLC

Royalty Pharma buys royalty interests from drug developers, universities, and inventors, then collects a percentage of sales revenue from the resulting pharmaceutical products. It doesn't develop or sell drugs itself. Revenue comes from royalty payments tied to the commercial performance of drugs like Imbruvica (blood cancers), Tysabri (multiple sclerosis), and Vertex's cystic fibrosis treatments, across a portfolio of 35+ approved products. Customers are effectively the drug companies paying royalties; the underlying end-users are patients. The business model is essentially capital deployment—Royalty Pharma provides upfront cash to royalty holders in exchange for long-term income streams from drug sales.