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Financial Royalty Assets (Tables) | 3 Months Ended
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Mar. 31, 2026
Receivables [Abstract] |
Summary of Financial Royalty Assets, Net | The gross carrying value, cumulative allowance for changes in expected cash flows, exclusive of the allowance for credit losses, and net carrying value for the current and non-current portion of financial royalty assets are as follows (in thousands):
|  |  |  | As of March 31, 2026
|  | Estimated Royalty Duration(1) |  | Gross Carrying Value |  | Cumulative Allowance for Changes in Expected Cash Flows (Note 9) |  | Net Carrying Value(4)
Cystic fibrosis franchise |  | 2039-2041(2) |  | $ | 4,836,196 |  |  | $ | — |  |  | $ | 4,836,196 |
Evrysdi |  | 2035-2036 |  | 2,307,411 |  |  | (389,643) |  |  | 1,917,768 |
Voranigo |  | 2038 |  | 979,753 |  |  | — |  |  | 979,753 |
Tysabri |  | (3) |  | 1,088,300 |  |  | (143,935) |  |  | 944,365 |
Trelegy |  | 2029-2030 |  | 935,020 |  |  | — |  |  | 935,020 |
Imdelltra |  | 2038-2041 |  | 926,780 |  |  | — |  |  | 926,780 |
Other |  | 2026-2042 |  | 8,969,956 |  |  | (1,982,732) |  |  | 6,987,224 |
Total |  |  |  | $ | 20,043,416 |  |  | $ | (2,516,310) |  |  | $ | 17,527,106 |
Less: Cumulative allowance for credit losses (Note 9) |  | (204,909) |
Total current and non-current financial royalty assets, net |  | $ | 17,322,197 |
(1)Durations shown represent our estimates as of the current reporting date of when a royalty will substantially end, which may vary by geography and may depend on clinical trial results, regulatory approvals, contractual terms, commercial developments, estimates of regulatory exclusivity and patent expiration dates (which may include estimated patent term extensions) or other factors. There can be no assurances that our royalties will expire when expected. (2)Royalty is perpetual. We estimate royalty duration of 2039-2041 due to expected Alyftrek patent expiration and potential generic entry thereafter leading to sales decline. (3)Royalty is perpetual. We have applied an end date of 2035 for purposes of accreting income over the royalty term, which is periodically reviewed based on our estimates of impact from biosimilars. (4)The net carrying value by asset is presented before the allowance for credit losses. Refer to Note 9–Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets for additional information.
|  |  |  | As of December 31, 2025
|  | Estimated Royalty Duration(1) |  | Gross Carrying Value |  | Cumulative Allowance for Changes in Expected Cash Flows (Note 9) |  | Net Carrying Value(3)
Cystic fibrosis franchise |  | 2039-2041(2) |  | $ | 4,901,121 |  |  | $ | — |  |  | $ | 4,901,121 |
Evrysdi |  | 2035-2036 |  | 2,331,262 |  |  | (494,123) |  |  | 1,837,139 |
Voranigo |  | 2038 |  | 982,802 |  |  | — |  |  | 982,802 |
Trelegy |  | 2029-2030 |  | 993,629 |  |  | (17,356) |  |  | 976,273 |
Imdelltra |  | 2038-2041 |  | 924,239 |  |  | — |  |  | 924,239 |
Tremfya |  | 2031-2032 |  | 909,607 |  |  | — |  |  | 909,607 |
Other |  | 2025-2042 |  | 9,417,689 |  |  | (2,674,043) |  |  | 6,743,646 |
Total |  |  |  | $ | 20,460,349 |  |  | $ | (3,185,522) |  |  | $ | 17,274,827 |
Less: Cumulative allowance for credit losses (Note 9) |  | (211,959) |
Total current and non-current financial royalty assets, net |  | $ | 17,062,868 |
(1)Durations shown represent our estimates as of December 31, 2025 of when a royalty will substantially end, which may vary by geography and may depend on clinical trial results, regulatory approvals, contractual terms, commercial developments, estimates of regulatory exclusivity and patent expiration dates (which may include estimated patent term extensions) or other factors. There can be no assurances that our royalties will expire when expected. (2)Royalty is perpetual. We estimate royalty duration of 2039-2041 due to expected Alyftrek patent expiration and potential generic entry thereafter leading to sales decline. (3)The net carrying value by asset is presented before the allowance for credit losses. Refer to Note 9–Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets for additional information.

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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