An apparatus for adjusting an engine valve. The valve is actuated by a cam on a camshaft. The cam has a cam surface that drives the valve by way of a follower. The radius of the cam surface varies in the axial direction in an angular section of the cam. A pulley surrounds one end of the camshaft. The camshaft is rotated relative to the pulley to change the valve timing and the camshaft is also moved axially to change the lift of the valve by changing the area of the cam surface engaged by the follower.