MELBOURNE, Australia, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Telix Pharmaceuticals Limited (ASX: TLX, Telix, the Company) today announces its financial results for the half-year ended 30 June 2024. All figures are in AU$ unless otherwise stated.1
H1 2024 financial highlights
Total Group revenue of $364.0 million, an increase of 65% compared to H1 2023, reflecting continued growth in sales of its prostate cancer imaging agent, Illuccix® in the United States (U.S.), now in its second full year of commercial sales.
Net profit after tax of $29.7 million compared to a net loss of $14.3 million in H1 2023.
Gross margin improved to 66% (compared to 63% in H1 2023), supported by stable selling price of Illuccix® and disciplined cost control.
Adjusted earnings before interest, tax, depreciation, and amortisation (Adjusted EBITDA) of $57.5 million, an increase of $22.8 million or 66%, when compared to $34.7 million in H1 2023.
Adjusted earnings before interest, tax, depreciation, amortisation and research and development (Adjusted EBITDAR) of $137.1 million, a significant uplift from $81.3 million in H1 2023, demonstrating the profitability of the commercial organisation.
Net cash generated from operating activities of $39.1 million (compared to $13.3 million in H1 2023), primarily from sales of Illuccix®.
Closing cash balance was $118.8 million as at 30 June 2024. Subsequent to the reporting period, Telix completed a convertible bond financing, raising $650.0 million (before costs).
Telix reaffirms its full year 2024 revenue guidance of US$490M to US$510M ($745 million to $776 million at current exchange rates), representing a ~48-54% increase on FY 2023. Telix also confirms previously advised guidance for R&D expenditure remains unchanged.2
H1 2024 operational highlights
Positive efficacy data generated by the ProstACT SELECT (TLX591) study, and proof-of-concept in the CUPID (TLX592) study reinforce the clinical potential and differentiation of the Company's beta and alpha prostate cancer therapy programs.
For the Phase III ProstACT GLOBAL trial (TLX591), the Investigational New Drug application was cleared by the U.S. Food and Drug Administration (FDA) and site activation commenced in the U.S.
Expansion of the commercial precision medicine (diagnostic imaging) portfolio:
Regulatory filing of a New Drug Application (NDA) for a new PSMA-PET3 product (TLX007-CDx) accepted by the FDA.
Regulatory filings for two additional new products: TLX101-CDx (Pixclara®4 for imaging of glioma) and TLX250- CDx (Zircaix®4 for imaging of kidney cancer) expected in Q3 2024, and Q4 20245, respectively.
Illuccix® European Union (EU) and United Kingdom (UK) submissions progressing in line with expectations and in accordance with guidance to industry. All questions raised by the German Federal Institute for Drugs and Medical Devices (Bundesinstitut für Arzneimittel und Medizinprodukte, BfArM) as EU competent authority during standard review "clock-stop" period have been addressed. The UK Medicines & Healthcare Products Regulatory Agency (MHRA) regulator's assessment report has been received with no substantive issues raised. Decisions expected in H2 2024.
Illuccix® submission with the Brazilian Health Regulatory Agency (Agencia Nacional de Vigilancia Sanitaria, ANVISA) in the final stages of review with an approval decision anticipated during Q3 2024 based on current information. Approval is expected, however regulator has been experiencing strike action.
Completion of the ARTMS and IsoTherapeutics acquisitions further ...
