Royalty Pharma (RPRX) went public in June as I concluded that the company is an interesting business and stock to follow. I noted that the company has seen steady growth, is very profitable, leverage is modest, pro-forma earnings multiples look compelling, and on top of that, the company employs quite a unique and interesting business model. As the company reported its second quarter results, the first earnings report since the company went public, it is time to update the investment thesis.
The Thesis, The Stance
The name of the company pretty much sums