The rise of Telix Pharmaceuticals


In this week’s video insight, I discuss the remarkable progress of Telix Pharmaceuticals (ASX:TLX). Over the past ten months, Telix’s share price has seen significant growth, driven by advancements in radiation imaging and therapy technologies. Their flagship product, Illuccix, is gaining traction in the market. With impressive revenue growth and strategic acquisitions, Telix Pharmaceuticals is well-positioned for continued success in the healthcare sector. 


Hello, I’m David Buckland and welcome to this week’s video insight. 

Since introducing Telix Pharmaceuticals to The Montgomery Fund and the Australian Eagle Long/Short Fund over ten months ago, the share price has trended up from $11 to $15.75 per share, giving it a market capitalisation of $5.2 billion. 

Telix Pharmaceuticals targets radiation imaging and therapy technologies which have the potential to transform the way clinicians can find and manage cancer to inform treatment decisions and deliver personalised therapy. Its first commercial product for prostate cancer, Illuccix, was launched in April 2022 after approval for use in Australia, Canada, and the U.S.. Reimbursement in the U.S. came into effect on 1 July 2022, and the company’s financials have been trending very positively over the past two years. 

The following table details Telix Pharmaceuticals’ quarterly revenue, adjusted earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) and research development costs. 


Total revenue 

Adjusted EBITDAR 

Research and development costs 

June 2022 Quarter 




September 2022 Quarter 




December 2022 Quarte 




March 2023 Quarter 




June 2023 Quarter 




September 2023 Quarter 




December 2023 Quarter 




March 2024 Quarter 




Year to December 2023 

$502.7 (+214% from $160.1 million) 


$129.5m (up from $81.0 million) 

In the last several months, Telix Pharmaceuticals has announced four acquisitions. Lightpoint Medical and its SENSEI radio-guided surgery business cost an estimated U.S.$35 million, QSAM Biosciences (NASDAQ:QSAMW) cost an estimated U.S.$33 million, and up to U.S.$90 million in contingent clinical and commercial milestone payments. This enterprise develops therapeutic radiopharmaceuticals for primary and metastatic bone cancer.  

Iso Therapeutics was acquired for U.S.$14 million, and ARTMS for U.S.$82.0 million, and is expected to enhance the vertical integration of the Telix Pharmaceuticals supply chain and manufacturing by providing a greater level of control and security over the diagnostic isotopes. 

2023 was a turning point for Telix Pharmaceuticals as revenue jumped 214 per cent from $160.1 million to $502.5 million. Adjusted EBITDAR jumped to $180.8 million, whilst research and development costs increased from $81.0 million in 2022 to $130 million in 2023.  

Telix Pharmaceuticals revenue forecast for 2024 approximates $700 million, up around 40 per cent; whilst research and development costs are expected to increase by around 45 per cent to around $185 million. The March 2024 quarter results are in line with these expectations. 

Further anticipated growth hinges on Telix Pharmaceuticals’ entry into the radio-diagnostic markets for kidney and brain cancers, which are currently untapped and represent a combined annual U.S. addressable market of around U.S.$1.3 billion.  

Overall, the radiopharmaceutical sector’s growing appeal to major pharma companies positions and Telix Pharmaceuticals as a candidate for strategic partnership or acquisition, and the company’s management and board appear to be building excellent value for its shareholders. 

That’s all I have time for this week. Please continue to follow us on Facebook and X. 

The Montgomery Fund, the Montgomery [Private] Fund, the Montgomery Small Companies Fund and the Australian Eagle Trust Long Short Fund owns shares in Telix Pharmaceuticals. This article was prepared 24 May 2024 with the information we have today, and our view may change. Itdoes not constituteformal advice or professional investment advice. If you wish to trade Telix Pharmaceuticals, you should seek financial advice.   


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