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Highlights:
- Shares of Telix Pharmaceuticals gained over 18% at 3:00 PM AEST on the ASX today.
- Telix has posted a ten-fold surge in the June quarterly revenue against the previous year.
- The revenue was driven by excellent sales of Illuccix in the US during the said period.
- The commercial sale of Illuccix is likely to begin in New Zealand and Australia too.
Shares of Telix Pharmaceuticals Limited (ASX:TLX) exploded on the ASX today (21 July 2022) after the company shared its activities report for the June quarter. The Australian pharmaceutical company has reported a more than ten-fold increase in its total revenue from its previous quarter.
As per the ASX announcement, the June quarter was the first commercial quarter of Telix’s Illuccix, and it was a complete hit.
Backed by the news, Telix shares were trading 18.132% strong at AU$6.580 apiece at 3:00 PM AEST on the ASX.
Meanwhile, benchmark ASX 200 Health Care index (INDEXASX:XHJ) was up 1.43% at 42,926.50 at 3:12 PM AEST.
What is Illuccix? Why has it created so much buzz today?
Illuccix is a prostate cancer imaging product launched by Telix during the June quarter in the US. The first doses of Illuccix were first administered on 14 April 2022.
On Thursday, the drug kept buzzing across the media as its commercial sale during June quarter has triggered the total revenue of Telix to reach to record levels, gaining ten times. Telix recorded AU$22.5 million in revenue during the June quarter, out of which AU$3.2 million was earned from pre-commercial sales.
In just ten weeks, the company generated revenue of AU$19.3 million from sale of Illuccix in the US.
Image source: © A1stock | Megapixl.com
During these three months, the distribution network of Illuccix expanded considerably from 117 to 140 radiopharmacies. The pharmacy network expansion offers broad geographic coverage, increasing capacity in regional and metropolitan markets.
Soon, the commercial sale of Illuccix is expected to begin across New Zealand and Australia. Also, Telix said that the marketing authorisation applications for Illuccix are progressing across 17 countries.
Key highlights of the June quarter
- As of 30 June 2022, Telix had AU$122.6 million in cash reserves.
- Net operating outflows were down from AU$33.6 million in the previous quarter to AU$25.8 million this quarter.
- During these three months, the company had invested AU$17.4 million in clinical, manufacturing and R&D activities.
Other operational updates
- Telix said it had completed the ZIRCON Phase 3 kidney cancer imaging trial enrollment, with 300 patients being dosed.
- The core therapeutics clinical programs for brain, kidney and prostate cancer are progressing well.
- During the quarter, the company appointed Kevin Richardson as Telix Americas CEO and Darren Smith as group chief financial officer.
