Australia's Telix eyes best day in nearly 4 months on revenue growth

Reuters
14 Jan
Australia's Telix eyes best day in nearly 4 months on revenue growth

By Rajasik Mukherjee

Jan 14 (Reuters) - Shares of Australia's Telix Pharmaceuticals TLX.AX jumped to a near four-week high on Tuesday and looked set to post their best session in about four months, after the biopharmaceutical firm reported full-year revenue ahead of its forecast.

The stock gained as much as 7.4% to A$25.790, its highest level since Dec. 18, and was on track for its best trading day since Sept. 20 if current gains held.

After market hours on Monday, Melbourne-headquartered Telix reported a 55% rise in 2024 revenue to $517 million, beating its forecast of $490 million to $510 million.

"Strong sales of Illuccix have led Telix to close out the year with revenue above guidance, while significantly progressing our strategic priorities," group CEO Dr Christian Behrenbruch said in a statement.

Illuccix is the firm's diagnostic radiopharmaceutical for prostate cancer positron emission tomography $(PET.AU)$ imaging - a type of scan that helps to find the biochemical changes in cells. Telix said its revenue is currently generated predominantly from sales of Illuccix.

For the fourth quarter, the company reported a 46% rise in revenue to $142 million.

"The revenue numbers from Telix Pharmaceuticals were music to the ears of investors... (and) have kept the stock price in the good books of investors today," said Tim Waterer, chief market analyst at KCM Trade.

Separately, Telix said on Monday it had signed an agreement with antibody engineering company ImaginAb to buy a pipeline of therapeutic candidates and a research facility in California for $372 million.

(Reporting by Rajasik Mukherjee in Bengaluru; Editing by Subhranshu Sahu)

((Rajasik.Mukherjee@thomsonreuters.com;))

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