Telix 2023 Full Year Results

Inaugural Profit Achieved, Strong Revenue Growth Underpins Investment in Late-stage Pipeline

MELBOURNE, Australia, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Telix Pharmaceuticals Limited (ASX: TLX, Telix, the Company) today announces its results for the financial year ended 31 December 2023. All figures are in AUD$ unless otherwise stated.¹

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 at 31 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 rADC² 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 (Zircaix³) 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 (Pixclara³), 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.