Telix Pharmaceuticals (ASX:TLX) turns profitable in 1HFY24, eyes over 50% revenue growth in FY24

4 min read | September 25, 2024 05:43 PM AEST | By Team Kalkine Media

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Telix Pharmaceuticals (ASX:TLX) turns profitable in 1HFY24, eyes over 50% revenue growth in FY24 — Image source: Shutterstock

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Highlights

Revenue for 1HFY24 was AUD 364.0 million, up 64.9% YoY

Sales of lead imaging product, Illuccix® made significant contribution in half year revenueTLX turned profitable with a net profit of AUD 29.7 million in 1HFY24

The company expects 48-54% YoY revenue growth in FY24 to AUD 745-776 million with R&D expenditure expected to increase by 40-50% YoY

An ASX-listed biopharmaceutical company, Telix Pharmaceuticals Limited (ASX:TLX), develops and commercialises therapeutic and diagnostic radiopharmaceuticals and related medical devices. Its lead imaging product is Illuccix® which has gained approvals from the FDA, TGA, and Health Canada, has been a key driver of revenue growth in the first half of the financial year 2024 (1HFY24). Sales of Illuccix® in the US made significant contribution to the group revenue in 1HFY24, as the revenue reached AUD 364.0 million, up 64.9% over previous corresponding period.

After reporting a loss of AUD 14.3 million in 1HFY23, Telix turned profitable with a net profit of AUD 29.7 million in 1HFY24.

Growth outlook for FY24

In FY24, the company expects to see 48-54% YoY growth in revenue to AUD 745-776 million and record 40-50% YoY increase in research and development expenditure.

Looking beyond 2024, the company intends to expand its precision medicine diagnostics portfolio with the launch of three products in 2025, pending regulatory approval. Moreover, the focus is on expanding internal manufacturing capabilities, exploring potential M&A opportunities and accelerate clinical development of key programs.

A pivotal move in this direction is an agreement between TLX and RLS (USA) Inc., the only joint-commission-accredited radiopharmacy network in America distributing SPECT, PET and therapeutic radiopharmaceuticals. The agreement was signed to acquire RLS from RLS Group Ltd, its parent company.

This transaction is expected to expand manufacturing footprint in North America and also create foundation for next generation radiometal production network, poised to benefit both Telix and select strategic commercial partners.

Share performance of TLX

TLX shares closed 3.87% lower at AUD 20.12 apiece on 25 September 2024. In the past one year, TLX’s share price has gained almost 77.74%, while in the last three months, it has surged by almost 6.40%.

52-week high of TLX is AUD 20.93, recorded on 24 September 2024, and 52-week low is AUD 8.20, recorded on 23 October 2023.

TLX Daily Technical Chart, Source: EODHD/Others

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 25 September 2024. The reference data in this report has been partly sourced from EODHD/Others.

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