You specifically mentioned other things that you see as risk like CF. And I think we’ve been very clear about the CF that from our perspective, first of all, we think we have a very solid position there and defensible position. And we’ve really looked at the IP situation there when we made our investment in 2014. And then again, when we acquired the residual interest of the Cystic Fibrosis Foundation had. And at that point, realized that we have a lot more knowledge about the IP situation when we made this last investment, much more recently. And again, we were very comfortable with our position. That’s why we spent another $600 million there. Now Terry has done a great job explaining that the potential variance there to revenues which are about $800 million currently and growing from that franchise.
Our — a couple of hundred million dollars in the business and this is sort of at the later part of this decade in a business that should have much higher revenues than we have currently. Other things, competition I think our position of strength increases as time goes by for many reasons. The team that we have which is excellent, our cost of capital and the scale of our business has which gives us a huge advantage. So I think I feel much better today regarding our competitive positions than even a couple of years ago, 2, 3, 4 years ago when some of the new entrants came to market where they are very strong businesses, some of these private equity firms with access to a lot of capital and potential good teams. But as we’ve now been competing with them over the last 2, 3, 4 years, honestly, I think we feel very, very strong about our market position.
So I think, yes, there are risks. But one thing to just remember is that Royalty Pharma compared to many, many other businesses in life sciences has something which is really, really unique that I think is not appreciated well by many investors or it’s sort of underappreciated which is the fact that we come in and make these investments with a very, very attractive risk/reward profile because we’re coming in with — first of all, with the approved product. The risk is obviously very low at that point. There is some risk, obviously but much lower. And we have, based on our structure and ability to make very attractive investments in approved products that when we have the leverage end up returning very high returns. And then with the unapproved, it’s an approach of having a portfolio and having many investments that have very significant upside potential.
And when you look at our business in a nutshell, it provides us ability to invest in this great industry in some of the most attractive therapies that are being developed on a diversified basis and with very, very low additional cost, infrastructure costs, right, very low overhead and not a lot of the sort of challenges that other companies face in terms of very high operating expenses, manufacturing expenses and other things. So I think overall, I think the risk reward is very attractive and tilted towards high returns and also towards consistent sort of double-digit top line and bottom line growth which is very unique in life sciences. And it’s predictable and it’s high growth. So that’s my answer to your question.
Operator: I would now like to turn the conference back to Pablo Legorreta for closing remarks.
Pablo Legorreta: Sure. Thank you, operator. And thank you to everyone on the call for your continued interest in Royalty Pharma. If you have any follow-up questions, please feel free to reach out to George Grofik. Thank you, everyone.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
