Full Press Release Details
Melbourne (Australia) | 18 July 2024
Telix today provides an update on its revenue and operational performance for the quarter ended 30 June 2024 (Q2 2024).
Q2 2024 Financial Performance and Guidance Upgrade
The Company reports unaudited total revenue of approximately US$124M [1] (AU$189M) primarily generated from sales of Telix’s prostate cancer imaging product Illuccix®. This represents an increase of 55% on the prior corresponding quarter (Q2 2023: US$80M or AU$120M) and an increase of 8% on the previous quarter (Q1 2024: US$115M or AU$175M). Revenue generated from sales of Illuccix® in the United States (U.S.) was approximately US$121M (AU$184M, Q2 2023: US$78M or AU$116M).
On the basis of these results, the Company has upgraded revenue guidance for FY2024 which is now expected to be in the range of US$490M to US$510M (AU$745M to AU$776M at current exchange rates). This represents an approximate increase of 48% to 54% on 2023 revenue. Prior guidance was ranged at US$445M to US$465M [2] (AU$675M to AU$705M).
Dr Christian Behrenbruch, Managing Director and Group Chief Executive Officer said, “We have continued to deliver excellent quarterly growth in both revenue and dose volume sales of Illuccix. We have leveraged our unrivalled scheduling flexibility and clinical differentiation, to increase our market share and minimise the impact of new entrants.”
Revenue guidance is based on approved products in jurisdictions with a marketing authorisation [3] . Telix reaffirms guidance for R&D expenditure, which remains at an expected 40-50% increase compared with 2023, funded by earnings.
The above guidance is based on expected global and domestic economic conditions and is subject to known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially. As such, investors are cautioned not to place undue reliance on this guidance and in particular Telix cannot guarantee a particular result. In compiling financial forecasts, a number of key variables that may have a significant impact on guidance have been identified and are included below as a footnote [4] .
The Company will release its interim report and Appendix 4D for the six months ended 30 June 2024 on 22 August 2024.
Q2 2024 Operational Highlights
Telix continued to progress its extensive theranostic pipeline during the quarter. Highlights include positive data from prostate cancer therapy programs:
Telix is progressing multiple marketing authorisation applications across its precision medicine (diagnostic) portfolio, including:
Subsequent to the end of Q2 2024, the U.S. Centers for Medicare & Medicaid Services (CMS) announced proposed changes for the Hospital Outpatient Prospective Payment System (OPPS) rule, which would improve payments to Medicare patients for diagnostic radiopharmaceuticals in the U.S., including Illuccix® and future Telix diagnostic products, if approved [10] . Telix welcomes the proposal to keep the payment for the diagnostic radiopharmaceuticals separate from the nuclear medicine test (scan) after transitional pass-through payment status expires, which will facilitate continued patient access [11] . The proposal is now in a 60-day comment period, with a final rule to be issued in early November 2024 and take effect 1 January 2025.
To read the full ASX release, click here
[1] Conversion to AUD$ is at an average exchange rate realised during Q2 2024 of AUD$1 = US$0.658
[2] Telix ASX disclosures 22 February and 17 April 2024.
[3] Illuccix® has received a marketing authorisation in Australia, Canada and the U.S.
[4] Key variables that could cause actual results to differ materially include: the success and timing of research and development activities; decisions by regulatory authorities regarding approval of our products as well as their decisions regarding label claims; competitive developments affecting our products; the ability to successfully market new and existing products; difficulties or delays in manufacturing; trade buying patterns and fluctuations in interest and currency exchange rates; legislation or regulations that affect product production, distribution, pricing, reimbursement, access or tax; acquisitions and divestitures; research collaborations; litigation or government investigations; and Telix’s ability to protect its patents and other intellectual property.
[5] Imaging of prostate-specific membrane antigen with positron emission tomography.
[6] Telix ASX disclosure 27 May 2024.
[7] Prescription Drug User Fee Act.
[8] Brand name subject to final regulatory approval.
[9] Telix ASX disclosure 3 June 2024.
[10] CMS Press Release 10 July 2024.
[11] Telix ASX disclosure 11 July 2024.