Telix 2023 Full Year Results: Inaugural Profit Achieved, Strong Revenue Growth Underpins Investment in Late-stage Pipeline
2023 highlights
-
Total Group revenue of$502.5M , an increase of 214% from$160.1M in 2022 primarily driven by continued strong growth in sales of Illuccix® in the second year since commercial launch (April 2022 ) - Delivered positive adjusted earnings before interest, tax, depreciation, and amortisation (adjusted EBITDA) of
$58.4M an increase of$126.2M , compared to a loss of$67.8M in 2022 - Inaugural full year profit of
$5.2M after tax. A substantial improvement on the net loss after tax of$104.1M in 2022 - Investment in research and development (R&D) and selling, general and administration (SG&A) reflects progress across the late-stage pipeline and scale-up of the commercial organisation
- Overall operating costs as a percentage of revenue have reduced to 52% from 105% in 2022
- Gross margin has improved to 63% (vs. 59% in 2022) reflecting distribution and manufacturing costs optimisation
- Positive operating cash inflow in line with commercial sales growth, demonstrated through customer receipts of
$463.7M (vs.$124.1M in 2022), and - Closing cash balance was
$123.2M as at31 December 2023 .
Progress across the core pipeline includes:
- First patients dosed in the ProstACT GLOBAL Phase III clinical trial of TLX591, a first-in-class investigational rADC[2] for prostate cancer therapy
- Positive interim readout from the ProstACT SELECT Phase I clinical trial reinforcing the differentiation of TLX591, including favourable safety profile and clinical utility of the patient-friendly short dosing regimen
- Submission of the Biologics License Application (BLA) for TLX250-CDx (Zircaix™[3]) to the
United States Food and Drug Administration (U.S. FDA) for kidney cancer imaging on a rolling review basis - Patients dosed in multiple clinical trials of
Telix's therapeutic candidate TLX250 for clear cell renal cell carcinoma (ccRCC) and other solid tumours expressing carbonic anhydrase IX (CAIX) - First cohort of patients dosed in the IPAX-2 trial investigating
Telix's glioblastoma therapy candidate, TLX101, in newly diagnosed patients - Commercialisation plans underway for glioma imaging agent, TLX101-CDx (Pixclara™[3]), ahead of the planned submission of a New Drug Application (NDA) to the
U.S. FDA in Q1 2024, and - Ethics approval granted to commence biodistribution and safety study of TLX300-CDx, first human study of radiolabelled olaratumab being developed as a therapeutic candidate for soft-tissue sarcoma.
Dr
"This is an excellent result which demonstrates the strength of the
"We are highly focused on the development of our theranostic pipeline and vertical integration of supply and manufacturing. This activity is key to diversifying our revenue streams, creates additional value for our therapeutic assets and further differentiates
Further details on the Company's results can be found in the Appendix 4E, the accompanying investor presentation, and 2023 Annual Report lodged with the ASX and also available on the Company's website.
Guidance
Full year revenue for 2024 expected range of
Revenue guidance is based on worldwide sales of Illuccix®, with potential upside from Zircaix™[3] (kidney cancer imaging) and Pixclara™[3] (glioma imaging), subject to product regulatory approvals. Guidance will be updated throughout the year, as appropriate, to reflect product approvals.
Expected additional investment of 40-50% in R&D (compared with 2023), including both external and internal costs funded by operating cash flow and broadly in line with revenue growth.
2024 R&D investment activity is expected to include validation of commercial manufacturing and market launch activities in preparation for approval of Zircaix™[3] and Pixclara™[3] a fully operationalised ProstACT GLOBAL therapy trial in prostate cancer, and initiation of additional therapeutic clinical trials, including manufacturing activity, across the broader pipeline. 2024 R&D investment also includes indication expansion and life-cycle management of Illuccix®.
Investor call
An investor webcast will be held at
Participants can register for the webcast and find audio call details at the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=Y7PkfQhS
About
Visit www.telixpharma.com for further information about
Full
Telix Investor Relations
Ms. Kyahn Williamson
SVP Investor Relations and Corporate Communications
Email: kyahn.williamson@telixpharma.com
This announcement including earnings guidance has been authorised for release by the Telix Pharmaceuticals Limited Board.
Legal Notices
The information contained in this announcement is not intended to be an offer for subscription, invitation or recommendation with respect to shares of
This announcement may contain forward-looking statements that relate to anticipated future events, financial performance, plans, strategies or business developments. Forward-looking statements can generally be identified by the use of words such as "may", "expect", "intend", "plan", "estimate", "anticipate", "outlook", "forecast" and "guidance", or other similar words. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements are based on the Company's good-faith assumptions as to the financial, market, regulatory and other risks and considerations that exist and affect the Company's business and operations in the future and there can be no assurance that any of the assumptions will prove to be correct. In the context of
To the maximum extent permitted by law,
©2024
[1] Conversion to AUD$ is at the exchange rate on the relevant transaction date. The average exchange rate realised during the period was AUD$1 = |
[2] Radio antibody-drug conjugate. |
[3] Trade name subject to final regulatory approval. |
[4] Telix ASX disclosure |
[5] Telix ASX disclosure |
[6] Telix ASX disclosure |
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