The company collaborates with academic institutions, research hospitals, not-for-profits, and biotechnology companies to global pharmaceutical companies. It acquires existing royalties and partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties. Royalty Pharma's portfolio includes royalties on over 35 commercial products, such as Imbruvica, Xtandi, Tysabri, Tremfya, Trodelvy, Januvia, Promacta, Kalydeco, and ten development-stage product candidates. The company's business model focuses on acquiring revenue-producing intellectual property and assuming the risks and rewards of ownership.