Externalisation Revenue includes income from
collaborative arrangements on the Group’s
products where the Group retains a significant
ongoing interest and there is no derecognition
of an intangible asset. These may include
development arrangements, commercialisation
arrangements and collaborations.
Income may take the form of upfront access
fees, milestones and/or sales royalties.
Generally, upfront access fees are recognised
upon delivery of the access. Where the
Group provides ongoing services, revenue
will be recognised over the duration of those
services. Milestones and sales royalties
are recognised when the amount can be
reliably estimated.
Further detail on key judgements and
estimates is included in the Financial Review
from page 62.