Telix Pharmaceuticals (TLX: $28.06) has exceeded expectations, reporting A$783 million in full-year 2024 revenue, 3% above guidance. Like most pharmaceutical developers, Telix maintains a strong gross margin of 65% ($509.6 million). Net profit after tax came in at $49.9 million (6.4% of revenue).
Over the last three years, the focus has been on building initial revenue, with its first product, Illuccix, which was launched in just April 2022. From 2025 - 2027 the emphasis will be on expanding its revenue base to other products (see table). And in 2028 and beyond, the company aims to broaden that revenue base to higher-value therapeutics.
Telix's direct competitor, Lantheus Holdings, increased sales of its product Pylarify by $322 million (US$206 million) over 2024, slightly outpacing Telix which increased sales by $274 million over the year. In terms of percentage growth, Pylarify sales were up 24% to US$1.06 billion compared to 56% growth for Telix's Illuccix. Lantheus expects this market will grow to over US$3 billion a year in 2029, with Pylarify and Illuccix being the two entrenched products.
Telix CEO Chris Behrenbruch acknowledged that R&D expenses rose in line with expectations, now $195 million. Telix continues to advance late-stage assets with a higher probability of success, while expanding market share for its flagship prostate cancer diagnostic, Illuccix.
The company has FDA assessments due for its next three diagnostic products in development. The first, Gozellix, is similar to Illuccix, but provides more flexibility in distribution times based on higher activity gallium-68, produced with the acquired proprietary technology from ARTMS.
In April a decision is due from the FDA for its brain cancer diagnostic. And in August a decision with its application for approval of its kidney cancer diagnostic is expected.
CY25 Outlook: Continued Growth
Telix has issued CY25 revenue guidance of A$1.18-1.23 billion, a 50% increase from CY24. Notably, this does not yet factor in revenue from currently unapproved products, those being the potential launches of Gozellix, Pixclara, and Zircaix in 2025.
Share Sales by Founders
This week the company announced that its two co-founders both sold $59 million of shares in block trades at $29.50 per share, with no intentions for either to sell additional shares in the foreseeable future.
Key Pipeline Updates
| Drug |
Indication / Type |
Status |
| Gozellix (TLX007-CDx) |
Prostate cancer, Dx |
NDA accepted, PDUFA of 24 March 2025 |
| Pixclara (TLX101-CDx) |
Brain cancer, Dx |
NDA accepted, PDUFA of 26 April 2025 |
| Zircaix (TLX250-CDx) |
Kidney cancer, Dx |
BLA accepted, PDUFA of 27 August 2025 |
Telix is capitalised at $9.4 billion.
Bioshares recommendation: Hold
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