Telix Pharmaceuticals (ASX:TLX) share price up 7% on revenue increase

Telix is nearing its goal to become a financial sustainable, revenue-generating company.

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The Telix Pharmaceuticals Ltd (ASX: TLX) share price is soaring on the back of the company's earnings for the first half of 2021.

Right now, the Telix share price is $6.94, 6.77% higher than it was at yesterday's close.

Lab technician analyses a sample in a laboratory for a clinical trial

Image source: Getty Images

Telix share price jumps on 81% revenue increase

Here's how the development-focused radiopharmaceutical company performed during the first half of 2021:

  • $2.91 million in revenue – up 81% on the prior corresponding period
  • Total comprehensive loss of around $32 million
  • Around $13 million spent on research and development
  • Telix received $1.8 million in cash receipts from customers in 1H21
  • No dividend proposed or paid

The company ended the 6-month period with approximately $49 million in cash and $43,000 in borrowings.

What was Telix was up to in the first half of 2021?

The first half of 2021 has been a busy period for Telix and its share price.

The company's lead investigational prostate cancer PET imaging product, illuccix, was granted national authorisation in Czech Republic.

Iluccix was also accepted for submission and evaluation by the Australian Therapeutic Goods Administration (TGA). It's expected to receive final decisions from authorities in 17 countries, including the USA, UK, Europe, Australia and Canada, before the end of 2021.

In March, Telix agreed that Grand River Aseptic Manufacturing would perform commercial-scale manufacturing of illuccix.

April saw Telix agreeing that Global Medical Solutions will manufacture and supply Telix's MTR products for clinical development programs in Australia.

In May, Telix entered into a commercial distribution agreement with Eckert & Ziegler Strahlen und Medizintechnik to market illuccix in Germany.

Commentary from Telix

Telix provided commententary on the results that have boosted its share price today. The company stated:

[Over the first half of 2021] Telix made significant progress towards its objective of transitioning to a commercial-stage, financially sustainable, revenue-generating company…

With interest and activity building in the field of prostate cancer MTR for both diagnostic and therapeutic use, Telix has been working closely with suppliers and distribution partners to ensure that the roll-out of illuccix, its first planned commercial product, is delivered seamlessly and without delay…

Activities during the half-year were directed to advancing each of the Group's four lead programs in prostate, kidney, brain, and hematologic (blood) cancers and rare diseases, as well as strengthening strategic commercial global partnerships.

What's next for Telix?

Here's what might boost the Telix share price during the second half of 2021.

Additionally, Telix stated its made good progress towards transitioning to a commercial-stage, financially sustainable, revenue-generating company.

Its next milestones are:  

  • Commencing the Phase III ProstACT randomised controlled trial of Telix's lead prostate cancer therapy candidate; TLX591
  • Completing the company's Phase III ZIRCON trial of its investigational renal cancer positron emission tomography imaging product
  • Launching illuccix

Telix expects illuccix will receive final decisions from authorities in the USA, UK, Europe, Australia and Canada before the end of 2021.

Telix share price snapshot

The Telix share price has gained 72% year to date. It is also 394% higher than it was this time last year.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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