Quick Take: FY2024 ASX:TLX

Telix Pharmaceuticals – 2024 Annual Results Summary

Overall Report Tone

Telix Pharmaceuticals (ASX: TLX) delivered exceptional financial and operational performance in 2024, surpassing revenue expectations and significantly improving profitability. The company demonstrated strong commercial execution, particularly in the U.S., while advancing its clinical pipeline and expanding its global infrastructure. Several strategic acquisitions and regulatory approvals have positioned Telix for further growth in 2025.

Financial Summary

Metric	2024 Result	Change vs. 2023	% Change
Revenue	$783.2M	+$280.7M	+56%
Adjusted EBITDA	$99.3M	+$40.9M	+70%
Operating Cash Flow	$43.0M	+$19.1M	+80%
Profit After Tax	$49.9M	+$44.7M	+860%
Normalised EPS	15.07c	+13.44c	+825%
Dividend	None declared	–	–

New Information from the Latest Report

Revenue exceeded expectations at $783M, surpassing prior guidance of $745M-$776M.
Continued strong sales of Illuccix, the prostate cancer imaging agent, which remains the key revenue driver.
U.S. expansion bolstered by acquisitions, including RLS (USA) Inc., strengthening Telix’s radiopharmaceutical distribution and production capabilities.
Major regulatory approvals for Illuccix in Europe and the UK, supporting international revenue diversification.
Strategic acquisitions, including ImaginAb’s biologics platform and RLS’s radiopharmacy network, enhancing Telix’s theranostics pipeline.
Strengthened balance sheet with a $650M convertible bond issuance, supporting future growth initiatives.
Pipeline progression with key trials advancing for TLX591 (prostate), TLX250 (kidney), and TLX101 (brain cancer).
2025 revenue guidance provided: Expected revenue range of AU$1.18B to AU$1.23B (US$770M to US$800M).
R&D expenditure expected to increase by 20%-25% in FY2025.

Positive Surprises or Potential Concerns

Positive Surprises:

Revenue and earnings growth far exceeded expectations, reinforcing the commercial success of Illuccix.
Pipeline progress remains robust, with multiple late-stage trials moving forward and new approvals expected in 2025.
Strengthened U.S. presence through acquisitions, increasing control over supply and distribution.

Potential Concerns:

Increased competition in nuclear medicine, particularly in prostate cancer imaging and therapeutics.
Healthcare reimbursement risks, particularly in Australia and Canada, where policy shifts could impact pricing.
Regulatory delays in Europe and Brazil may affect near-term international revenue expansion.

Outlook Commentary

Telix expects strong continued growth in 2025, driven by:

Commercial expansion of Illuccix into new markets.
Regulatory approvals for new imaging agents (Gozellix, Zircaix, and Pixclara).
Advancement of key therapeutic trials, including TLX591 and TLX250 pivotal trials.
Infrastructure expansion, particularly through RLS integration and European GMP facility enhancements.

Guidance Statements

2025 revenue guidance provided: AU$1.18B to AU$1.23B (US$770M to US$800M), reflecting expected continued strong financial performance.
Further investment in R&D, expected to rise 20%-25% compared to FY2024.
Key clinical readouts in H1 2025, including ProstACT GLOBAL interim results for TLX591.

Result vs. Market Expectations

Outperformed expectations with a 56% revenue increase, well above consensus estimates.
Strong profit growth and positive operating cash flow were well received by investors.

Market Positioning

Telix solidifies its position as a leader in radiopharmaceuticals, with a diverse and growing commercial portfolio.
The acquisition of RLS enhances its U.S. presence, reducing dependency on third-party distribution.
The Illuccix franchise continues to dominate prostate cancer imaging, with potential expansion into additional indications.

Share Price Performance Leading into the Report

TLX shares had fallen from their high leading into this report.
Entered ASX100 in 2024, reinforcing institutional interest and long-term growth potential.
152% share price gain in 2024, making it one of the ASX’s best-performing biopharmaceutical stocks.

Telix Pharmacecuticals 12 month price chart with 3 EMA and volume

Disclaimer: This information is provided purely for educational purposes. It takes no account of an individual’s personal financial circumstances and hence can in no way constitute financial advice. The above data may be subject to errors or inconsistencies for which the author takes no liability. It is imperative that all investors do their own research or if they need advice, seek it from a qualified financial adviser.