Telix 2024 Half-Year Results: Strong Commercial Revenue and Profit Growth to Support Strategic Priorities

Melbourne (Australia) | 22 August 2024

Telix 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 unchanged2.

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 enhance ongoing vertical integration strategy, delivering greater control over supply chain and additional self-sufficiency and capabilities in manufacturing, particularly for gallium-68 (68Ga) and zirconium-89 (89Zr) to support near-term revenue and margin growth.

Dr Christian Behrenbruch, Managing Director and Group Chief Executive Officer commented on the result:

“Telix continues to grow revenue from Illuccix®, increase gross profit margin and manage costs effectively, while investing for future growth. Our achievements in the first half of 2024 have created value for shareholders and positioned the Company for success on multiple fronts. Building on our commercial success with Illuccix®, we are focused on expanding the near-term opportunity in precision medicine diagnostics with three new products planned for launch in 2025, subject to regulatory approval. At the same time, new efficacy data from the ProstACT SELECT trial has reinforced the therapeutic potential of TLX591 – our Phase III asset for prostate cancer therapy, while we have a number of additional significant clinical milestones ahead across our therapeutic pipeline.

“We also continue to build out our internal manufacturing capability, which we believe is a competitive advantage for our radiopharmaceutical supply chain and ability to deliver patient doses globally. Telix’s successful $650 million convertible bond offering will facilitate our ambitions in this regard, while also positioning us to accelerate clinical development on key programs and capitalise on potential strategic M&A opportunities.

“We believe the radiopharmaceutical sector is at an inflection point and Telix has the proven commercial ability, clinical experience and balance sheet strength to advance our leading-edge theranostic pipeline. With a proven revenue stream and a clear path to future business growth, Telix is positioned at the vanguard of this fast-growing field.”

Investor Call

An investor webcast will be held at 9.00am AEST on Friday 23 August 2024 (7.00pm EDT, Thursday 22 August 2024).

To view the full Results Announcement click here

To view the the 1H 2024 Appendix 4D and Interim Report click here

To view the accompanying H1 2024 Results Presentation click here


  1. Conversion to AU$ is at the exchange rate on the relevant transaction date. The average exchange rate realised during the period was AU$1 = US$0.66; AU$1 = €0.58. ↩︎
  2. Telix ASX disclosures 18 July 2024 and 22 February 2024. Revenue guidance is based on approved products in jurisdictions with a marketing authorisation. Illuccix® has received a marketing authorisation in Australia, Canada and the U.S. ↩︎
  3. Imaging of prostate-specific membrane antigen with positron emission tomography. ↩︎
  4. Brand name subject to final regulatory approval. ↩︎
  5. FDA has requested further validation for the TLX250-CDx Biologics License Application (BLA) filing to advance to full review. Telix ASX disclosure 31 July 2024. ↩︎