Financial highlights

FY 2024

	$ in millions	% Portfolio Receipts
Royalty receipts	2,771 +13% YoY
Milestones & other contractual receipts	31 -95% YoY
Portfolio Receipts	2,801 -8% YoY
Payments for operating and professional costs	-236	8.4%
Adjusted EBITDA (non-GAAP)	2,565	91.6%
Interest received/(paid), net	-113
Portfolio Cash Flow (non-GAAP)	2,452	87.5%