Royalty Pharma plc (RPRX) Q3 2025 TL;DR
Material Corporate Event & Accounting Impact: The central event was the May 2025 Internalization of the former manager (RP Manager) via a \(565.2 million business combination. This resulted in \)924.6 million in recognized Goodwill, assumption of a \(380 million Term Loan, and \)29.6 million in transaction costs YTD. This restructuring is the primary driver for the dramatic surge in Share-Based Compensation (SBC) expense to \(165.1 million YTD (\)73.4 million in Q3 alone), stemming from new equity instruments (Class E Interests, EPAs), which c
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