The Telix Pharmaceuticals Ltd (ASX: TLX) share price is roaring higher on Tuesday morning.
At the time of writing, the ASX 200 share is up 7% to $25.79.
Why is this ASX 200 share jumping?
Investors have been buying the company's shares this morning after it released an update on its performance in FY 2024.
According to the release, fourth quarter unaudited revenue came in at approximately US$142 million (AU$218 million). This represents an increase of 46% over the prior year corresponding quarter and a 5% lift quarter-over-quarter.
Telix's revenue is currently generated predominantly from sales of Illuccix, its diagnostic radiopharmaceutical for prostate cancer PET2 imaging.
In light of this strong finish to the year, the ASX 200 share has outperformed its guidance for FY 2024.
It revealed that total unaudited full year revenue is up 55% year on year to approximately US$517 million (AU$783 million). This compares to its guidance range of US$490 million to US$510 million for the year.
Another positive is that the therapeutic and diagnostic radiopharmaceuticals company's investment into research and development (R&D) remains in line with guidance and is being funded by earnings generated from product sales.
Management commentary
The ASX 200 share's managing director and group chief executive officer, Dr. Christian Behrenbruch, was pleased with the company's performance in the fourth quarter. He said:
This has been another great quarter of commercial performance. Strong sales of Illuccix have led Telix to close out the year with revenue above guidance, while significantly progressing our strategic priorities. Boosting our balance sheet and the Nasdaq listing were major corporate milestones. The acquisition of FAP-targeting assets is a major addition to our superb product pipeline.
We are well-positioned for significant expansion, including planned launches of multiple imaging products in key markets and advancing late-stage therapeutic assets into pivotal trials. 2025 is shaping up to be transformative year for Telix.
Those late-stage therapeutic assets include its glioblastoma therapy candidate, TLX101. Based on positive feedback from its meeting with the US FDA, Telix is planning to move forward with an investigational new drug (IND) submission in the first half of 2025.
In addition, it will be progressing its kidney cancer therapy candidate, TLX250, and its prostate cancer therapy candidate, TLX591.
Telix also advised that intends to provide its FY 2025 guidance when it reports its audited FY 2024 results on 20 February 2025.
Following today's gain, the Telix share price is now up 140% over the past 12 months.
