On February 20, 2025 Telix Pharmaceuticals Limited (ASX: TLX, Nasdaq: TLX, Telix, the Company) reported its financial results for the year ended 31 December 2024 (Press release, Telix Pharmaceuticals, FEB 20, 2025, View Source [SID1234650432]). All figures are in AU$ unless stated otherwise.

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FY2024 highlights

Total revenue, driven primarily from sales of Illuccix of $783.2 million, up by 56%1 from $502.5 million in 2023, beating full year guidance2.
Second year of profitable growth, delivered in a period of investment, including:
R&D investment of $194.6 million, in line with guidance, with a focus on late-stage assets.
Expanded global supply chain and product delivery infrastructure, including acquisitions of ARTMS, Inc. and IsoTherapeutics Group, LLC, and expansion of Telix Manufacturing Solutions’ Brussels South facility, resulting in an incremental increase of $15.8 million in manufacturing and distribution investment.
Adjusted EBITDA of $99.3 million, up by 70%, demonstrating strong underlying growth3.
Telix continued to deliver on its growth strategy. The Company’s key achievements, aligned to its strategic pillars:
Grow precision medicine: Prepared for launch of three new products TLX007-CDx (Gozellix), TLX101-CDx (Pixclara) and TLX250-CDx (Zircaix)4 in 2025 while continuing to increase sales and market share for Illuccix.
Deliver late-stage therapeutics: Expanded ProstACT GLOBAL Phase 3 prostate cancer therapy trial recruitment in the U.S. and continued to advance therapeutic trials for the brain and kidney cancer programs.
Build next generation pipeline: Delivered clinical proof-of-concept for first alpha therapy candidate in prostate cancer (TLX592) and added depth to urology franchise with acquisition of FAP5-targeting theranostic.
Expand global delivery infrastructure: Completed acquisitions of ARTMS, IsoTherapeutics and RLS (USA), Inc. (RLS)6 and expanded Brussels South facility, in preparation to commence GMP7 production in 2025.
For a full list of operational achievements, please refer to the Telix 2024 Annual Report.

1. All comparisons to Full Year 2023 results.

2. Previously stated guidance of AU$745 million to AU$776 million (US$490 million to US$510 million).

3. Adjusted EBITDA excludes one-off expenses related to both the Company’s U.S. capital markets activity ($9.1 million) and strategic acquisitions ($8.2 million).

4. Launch and brand names subject to regulatory approval.

5. Fibroblast activation protein. Transaction subject to customary closing conditions.

6. RLS acquisition completed 27 January 2025, subsequent to year end. Refer to ASX disclosure.

7. Good manufacturing practice.

Summary Group financial results

Full Year 2024

Full Year 2023

AU$M

AU$M

% change

Revenue

783.2

502.5

56 %

Cost of sales

(273.6)

(188.2)

45 %

Gross profit

509.6

314.3

62 %

Research and development (R&D)

(194.6)

(128.5)

51 %

Selling and marketing

(85.5)

(50.1)

71 %

Manufacturing and distribution

(25.7)

(9.9)

160 %

General and administration

(129.8)

(74.2)

75 %

Other gains/(losses) (net)

8.1

(35.9)

*

Operating profit

82.1

15.7

423 %

Profit after tax

49.9

5.2

860 %

Adjusted EBITDA1

99.3

58.4

70 %

Cash from operating activities

43.0

23.9

80 %

1. Earnings before interest, tax, depreciation and amortization.

Commentary

Group CEO, Dr. Christian Behrenbruch, commented on the result:

"2024 has been an extraordinary year for Telix. We generated strong financial growth while investing for the future. The Precision Medicine business is poised for step-change growth with three commercial product launches planned for this year in the U.S. and the European rollout of Illuccix. We have a deep therapeutic pipeline with multiple assets moving into pivotal trials, and we are building out the infrastructure to ensure we can deliver our products to patients around the world. We see 2025 as a year of significant growth and evolution for Telix in terms of international business, multiple product launches and the integration of key infrastructure that will further deliver on our mission to ensure global patient access."

Further details on the Company’s results can be found in the Appendix 4E, investor presentation, and 2024 Annual Report lodged with the ASX and also available on the Company’s website.

Guidance

Telix provides FY2025 revenue guidance of $1.18 billion to $1.23 billion (US$770 million to US$800 million1). This guidance includes revenue from Illuccix (in jurisdictions with a marketing authorization)2 and 11 months of revenue from RLS (and excluding RLS revenue generated from Illuccix). Guidance does not reflect revenue for products that have not yet received a marketing authorization (for example, Gozellix, Pixclara and Zircaix3).

Telix has also provided R&D expenditure guidance, expecting an increased investment range of 20% to 25% compared to FY2024.

lnvestor call

An investor webcast will be held at 9.00am AEDT on Friday 21 February 2025 (5.00pm EST, Thursday 20 February 2025).

Participants can register for the webcast and find audio call details at the following link: View Source diamondpass/10044775-kmnuu.html