Financial highlights

FY 2025

	$ in millions	% Portfolio Receipts
Royalty receipts	3,127 +13% YoY
Milestones & other contractual receipts	128 nm
Portfolio Receipts	3,254 +16% YoY
Payments for operating and professional costs	-288	8.9%
Adjusted EBITDA (non-GAAP)	2,966	91.1%
Interest received/(paid), net	-242
Portfolio Cash Flow (non-GAAP)	2,742	83.7%