18 unchanged sentences
We are subject to interest rate fluctuation exposure through our investments in money market accounts and marketable securities, the majority of which bear a variable interest rate.
−Removed: As of December 31, 2022, we held cash and cash equivalents of $1.7 billion, of which $1.7 billion was cash and $5.1 million was invested in interest-bearing money market funds.
−Removed: We also held $24.4 million in marketable securities at December 31, 2022, which were invested in certificates of deposit and government securities.
−Removed: As of December 31, 2021, we had cash and cash equivalents of $1.5 billion, of which $887.8 million was cash, $598.3 million was invested in interest-bearing money market funds and $55.0 million was invested in commercial paper and certificates of deposit.
+Added: As of December 31, 2023, we held cash and cash equivalents of $477.0 million, of which $319.6 million was cash and $157.4 million was invested in interest-bearing money market funds.
+Added: As of December 31, 2022, we had cash and cash equivalents of $1.7 billion, of which $1.7 billion was cash and $5.1 million was invested in interest-bearing money market funds.
We also held $24.4 million in marketable securities which were invested in commercial paper and certificates of deposit.
3 unchanged sentences
Our debt portfolio is managed on a consolidated basis and management makes financing decisions to achieve the lowest cost of debt capital and to maximize portfolio objectives.
−Removed: As of December 31, 2022, 100% of our outstanding debt has fixed interest rates.
−Removed: We have a $1.5 billion Revolving Credit Facility with a variable interest rate that remained undrawn as of December 31, 2022.
−Removed: We are subject to interest rate fluctuation exposure related to the Revolving Credit Facility, if drawn.
−Removed: We may manage our exposure to interest rate volatility on future debt issuances by entering into treasury rate lock contracts to lock in the rate on the interest payments related to anticipated debt issuances.
−Removed: In June 2021, we executed treasury rate lock contracts with notional amounts totaling $600.0 million to fix the interest rate on a portion of the principal related to our 2021 Notes issued in July 2021.
−Removed: The treasury lock contracts were terminated in July 2021.
+Added: As of December 31, 2023, 100% of our outstanding Notes have fixed interest rates.
+Added: We have a $1.8 billion Revolving Credit Facility with a variable interest rate that had no outstanding borrowing balance as of December 31, 2023.
+Added: We are subject to interest rate fluctuation exposure related to the Revolving Credit Facility for the amounts drawn.
Credit and Counterparty Risk
2 unchanged sentences
The majority of our royalty assets and receivables arise from contractual royalty agreements that pay royalties on the sales of underlying pharmaceutical products in the United States, Europe and the rest of the world, with concentrations of credit risk limited due to the broad range of marketers responsible for paying royalties to us and the variety of geographies from which our royalties on product sales are derived.
−Removed: The products in which we hold royalties are marketed by leading biopharmaceutical industry participants, including, among others, AbbVie, Amgen, Bristol Myers Squibb, Gilead, Johnson & Johnson, Lilly, Merck, Pfizer, Novartis, Biogen, Roche/Genentech and Vertex.
−Removed: For 2022 and 2021, Vertex, as the marketer and payor of our royalties on the cystic fibrosis franchise, accounted for 31% and 32% of our current portion of Financial royalty assets, net, respectively, representing the largest individual marketer and payor of our royalties.
+Added: The products in which we hold royalties are marketed by leading biopharmaceutical industry participants, including, among others, Vertex, GSK, Roche, Johnson & Johnson, Biogen, AbbVie, Astellas, Pfizer, Novartis and Gilead.
+Added: As of December 31, 2023 and 2022 , Vertex, as the marketer and payor of our royalties on the cystic fibrosis franchise, accounted for 32% and 31% of our current portion of financial royalty assets, respectively, and represented the largest individual marketer and payor of our royalties.
Refer to “Understanding Our Results of Operations” within this MD&A for a discussion of the royalty payors accounting for 10% or more of our total income and other revenues for 2023 and 2022.
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.