The Telix Pharmaceuticals Ltd (ASX: TLX) share price is rising again on Thursday morning.
In early trade, the radiopharmaceuticals company's shares have hit a record high of $20.76.
Why is the Telix share price at a record high?
Investors have been bidding the company's shares higher this morning after it released an update on its performance during the second quarter.
According to the release, for the three months ended 30 June, Telix achieved total revenue of approximately US$124 million (A$189 million) This represents an increase of 55% on the prior corresponding quarter and an 8% increase on the previous quarter.
Management advised that this revenue was primarily generated from sales of Telix's prostate cancer imaging product Illuccix in the United States.
Revenue generated from sales of Illuccix in the United States was approximately US$121 million during the three months.
Guidance upgraded
In light of this strong performance, the company has upgraded its revenue guidance for FY 2024.
It now expects revenue to be in the range of US$490 million to US$510 million (A$745 million to A$776 million at current exchange rates). This represents an increase of approximately 48% to 54% on FY 2023's revenue.
Telix was previously guiding to revenue of US$445 million to US$465 million for FY 2024, which means it has lifted its guidance by a sizeable 9.9% at the mid-point. This helps explain why the Telix share price is outperforming today.
This revenue guidance is based on approved products in jurisdictions with a marketing authorisation. Telix has also reaffirmed its guidance for research and development expenditure, which remains at an expected 40% to 50% increase compared with 2023. This will be funded by earnings.
The company's managing director and CEO, Dr Christian Behrenbruch, was rightfully pleased with the quarter. He said:
We have continued to deliver excellent quarterly growth in both revenue and dose volume sales of Illuccix. We have leveraged our unrivalled scheduling flexibility and clinical differentiation, to increase our market share and minimise the impact of new entrants.
Further information, such as profitability, was not released with this update. However, investors won't have to wait long to see if Telix's strong profit growth continued during the quarter.
The company revealed that it plans to release its half year results for the six months ended 30 June on 22 August.
Following today's gain, the Telix share price is now 70% over the past 12 months.
