The Group has identified certain alternative performance measures (APMs) that it believes will assist the understanding of the performance of the business.
The Group believes that Adjusted earnings before interest, tax and research and development costs (Adjusted EBITRD), Adjusted earnings before interest, tax, depreciation and amortization and research and development costs (Adjusted EBITDAR), Adjusted earnings before interest, tax, depreciation and amortization (Adjusted EBITDA) and net tangible assets per share provide useful information to users of the financial statements. The terms are not defined terms under IFRS and may therefore not be comparable with similarly titled measures reported by other companies. They are not intended to be a substitute for, or superior to, IFRS measures and are discussed further in the Glossary.
Outlined below is a reconciliation of the Group's APMs used to measure performance.
2024 | 2023 | |||
|---|---|---|---|---|
Metric | Note | Operating segment | $’000 | $’000 |
Operating profit | 82,130 | 15,840 | ||
Adjusting items: | ||||
Revenue from contracts with customers | Therapeutics | (9,351) | (5,391) | |
Research and development costs | 194,637 | 128,537 | ||
U.S. listing costs | 9,077 | - | ||
Acquisition transaction costs | 8,177 | - | ||
Other (gains)/losses (net) | (8,123) | 35,854 | ||
Adjusted EBITRD | 276,547 | 174,840 | ||
Depreciation and amortization | 8,018 | 6,743 | ||
Adjusted EBITDAR | 284,565 | 181,583 | ||
Product development revenue and costs | (185,286) | (123,146) | ||
Adjusted EBITDA | 99,279 | 58,437 |