Telix shares surge on US sales
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The news: Telix Pharmaceuticals shares have surged in early trading following strong quarterly results.
The numbers: The company’s shares rose 11.32% to $13.96 in early trading on the ASX after the company posted an 18% increase in unaudited total revenue to $175 million during the March quarter, compared to the previous quarter’s $148.1 million.
US revenue grew by 18% to USD111.8 million ($173.66 million) during the quarter.
The company reaffirmed its full-year revenue guidance to be in the range of $675 million to $705 million which is around a 35% to 40% increase compared to the prior year.
It also reaffirmed that research and development investment was expected to increase by 40% to 50% for in 2024.
Telix’s shares have risen 57.03% over the past 12 months.
The context: The boost in revenue was primarily due to sales of Telix’s prostate cancer imaging product Illuccix.
The company also noted that the recent acquisitions of ARTMS and IsoTherapeutics Group enhanced the vertical integration of the business.
What they said: Telix group CEO and managing director 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,” he said.
The milestones included the progression of three drug approval submissions in the US and the international expansion of its phase three prostate cancer therapy trial, subject to regulatory approvals.
The source: ASX announcement
