- Telix Pharmaceuticals (TLX) reports more than a ten-fold quarter-on-quarter revenue increase for the three months ending June 30
- The healthcare company received $22.5 million in total revenue which reflects sales of its prostate cancer imaging product Illuccix
- Illuccix launched in the US during the June quarter with the help of an expanded distribution network and Telix expects the product to launch in Australia and NZ in the current quarter
- At the end of the quarter, Telix had $122.6 million in cash and an estimated 5.5 quarters left if spending levels remain the same
- Company shares are up 13.5 per cent and trading at $6.32 as of 1:14 pm AEST
Telix Pharmaceuticals (TLX) has reported a significant increase in total revenue for the June 2022 quarter.
The healthcare stock received $22.5 million in total revenue which is more than a ten-fold increase on the previous quarter.
Telix attributed the revenue growth to global sales of its Illuccix product which is its lead prostate cancer imaging product.
Illuccix was launched in the US during the June quarter with first commercial doses administered from April 14.
Between April 14 and June 30, Illuccix accounted for US$13.6 million (A$19.7 million) in US revenue which was mainly generated through the company’s nuclear pharmacy distribution partners to imaging centres and hospitals.
Telix Managing Director and Group CEO Dr Christian Behrenbruch said the US commercial launch is off to a strong start.
“This result reflects the efficacy of our differentiated business model in a large and growing market. We’ve delivered doses across the entire country, demonstrating the value of our nationwide pharmacy distribution partnerships and with industry-leading on-time delivery,” he said.
The company said its Illuccix distribution network expanded from 117 to 140 radiopharmacies which aligned with its goal of expanding geographic coverage and boosting capacity in metropolitan and regional markets to offer reliable access to its product.
Telix expects commercial sales for Illuccix to commence in Australia and New Zealand in the current September quarter.
As for other markets, Telix signed licence and distribution deals in Canada and Saudi Arabia during the quarter. It also has commercial distribution agreements in place in all major European Union markets and the UK, as well as within the APAC region, Canada and Brazil.
In terms of cash inflow and expenditure, Telix received $5.4 million in customer receipts, up from $1.9 million in the March quarter.
The company also received $17.2 million in government tax incentives for research and development work undertaken in 2021.
Net operating outflows came in at $25.8 million, down from $33.6 million in the previous quarter.
More than $8.9 million was allocated to investing activities which reflects a one-off licence fee payment and $2.1 million in build-out costs for a manufacturing facility in Brussels South.
At the end of the June quarter, Telix had $122.6 million in cash and an estimated 5.5 quarters left if spending levels remain the same.
Company shares were up 13.5 per cent and were trading at $6.32 at 1:14 pm AEST.