The Telix Pharmaceuticals Ltd (ASX: TLX) share price plunged in early trade on Thursday after the company revealed its results for the half-year ending 30 June.
Shares in the ASX biotech company are currently trading down 4.1% at $6.96 after touching an intraday low of $6.66 this morning.
What did the company report?
- Revenue up 726% to hit $24 million
- Loss after income tax attributable to shareholders up 118% to $70.9 million
- Cash at the end of the half-year 456% higher to hit $122.6 million
- Global sales of Illuccix were $22.5 million.
What else happened in the half-year?
The major highlight for Telix in the first half of the calendar year 2022 was arguably the biggest milestone in the company's history. That was the commercial launch of its prostate cancer product Illuccix in April, which triggered an 11% share price gain that morning.
The product is now available in 149 pharmacies across the United States, which brought in $19.3 million in sales.
What did management say?
Telix chair Kevin McCann and chief executive Christian Behrenbruch jointly released a statement saying:
Telix is developing a portfolio of radiopharmaceutical products that aims to address significant unmet medical [needs] in oncology and rare diseases.
The principal activities of the group during the half-year were directed to the first commercial sales of Illuccix in the United States and the further development of the group's pipeline of radiopharmaceutical products, including completion of recruitment into the company's phase III pivotal clinical trial of TLX250-CDx for renal cancer imaging.
What's next?
The company did not provide specific guidance for the second half or the full year.
Telix is currently working through approvals to commercially release Illuccix in Australia, Europe, the United Kingdom, Canada, South Korea and China. The product already has commercial approval for the New Zealand market.
The pharma company is also working on solutions for other cancers, such as renal and bone marrow.
Telix share price snapshot
The Telix share price has been on a wild ride this year.
It started 2022 at around $8.22 but was caught up in the brutal sell-off of high-growth and biotechnology shares to plunge to $3.55 by mid-May.
But since then, the commercial release of Illuccix seems to have caught investors' attention, with the stock more than doubling in just three months.
