Telix Pharma shares stumble despite strong first-half turnaround
Make us a preferred source
Make us a preferred source on Google
The news: Telix Pharmaceuticals swung to a half-year profit on the back of its prostate cancer imaging product Illucix, but likely profit taking weighed on its shares in early trading.
The numbers: Telix reported an interim profit of $29.7 million late on Thursday, a turnaround from a $14.3 million loss a year ago. Revenue jumped 65% to $364 million, while underlying earnings were up 66% to $57.5 million.
The company also reiterated its full year revenue guidance of USD490 million ($730 million) to USD510 million, an increase of 48% to 53% from the previous year.
Shares in the company fell nearly 6% to $18.63 in early trading on the ASX. The stock has nearly doubled so far in 2024.
The context: The strong revenue growth reflected rising US sales of its prostate cancer imaging agent Illuccix, which is now in its second full year of commercial sales.
CEO Christian Behrenbruch said Telix is focused on expanding the near-term opportunity in precision medicine diagnostics with three new products planned for launch in 2025, subject to regulatory approval.
The company also reaffirmed guidance for R&D expenditure, which is expected to increase 40% to 50% compared with 2023, funded by earnings.
The source: ASX announcement
