Telix Pharmaceuticals records another quarter of strong revenue growth

Telix Pharmaceuticals (ASX:TLX) has reported an 18 per cent increase in revenue for the first three months of the calendar year 2024.

The company said the $175 million reported for the period was up from $148.1 million due to the growth generated from its prostate cancer imaging product, Illuccix.

Managing director and group CEO Dr Christian Behrenbruch said, “The continued, consistent growth of our precision diagnostics business is further evidence of an effective market growth strategy for our prostate cancer franchise. The dual benefit of an early revenue stream, and the ability to fund our late-stage therapeutic programs ensures we are on track to achieve major milestones in 2024 including the progression of three drug approval submissions in the U.S. and the international expansion of our Phase III ProstACT GLOBAL therapy trial in prostate cancer, subject to requisite regulatory approvals.

“The recently closed acquisitions of ARTMS, Inc. (ARTMS) and IsoTherapeutics Group, LLC (IsoTherapeutics) enhance the vertical integration of our business and differentiate Telix as a leading independent radiopharmaceutical company worldwide by adding manufacturing capabilities and facilities, and isotope production technologies to the Telix Group of companies.”

In the three months, Telix submitted an Investigational New Drug application to the US FDA to start the ProstACT GLOBAL Phase 3 trial of TLX5913 in the US, continued enrolment for the trial at Australian sites, and its TLX101-CDx was granted Fast Track designation for PET 5 characterisation of glioma 6.

The company reaffirmed its guidance for full-year revenue expected to be in the $675 million to $705 million, representing an approximate 35 to 40 per cent increase compared to 2023.

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