The Telix Pharmaceuticals Ltd (ASX: TLX) share price is racing higher on Friday morning.
At the time of writing, the pharmaceutical company's shares are up 13% to a record high of $30.00.
This follows the release of its full year results after the market close yesterday.
Telix share price jumps on FY 2024 results
- Revenue up 56% to $783.2 million
- Cost of sales up 45% to $273.6 million
- Research and development (R&D) up 51% to $194.6 million
- Operating profit up 423% to $82.1 million
- Profit after tax up 860% to $49.9 million
What happened in FY 2024?
For the 12 months ended 31 December, Telix reported a 56% increase in revenue to $783.2 million and an 860% jump in profit after tax of $49.9 million.
This growth was driven primarily from sales of Illuccix and helped the company beat its full year revenue guidance of $745 million to $776 million.
But if you thought this top line growth was going to slow any time soon, think again. Management has unveiled its guidance for FY 2025 and revealed that it is expecting its sales to grow at a similar rate over the next 12 months.
It has guided to FY 2025 revenue of $1.18 billion to $1.23 billion for the financial year. This represents an increase of approximately 51% to 57%, respectively, year on year.
And this doesn't include any potential revenue for products that have not yet received a marketing authorisation such as Gozellix, Pixclara, and Zircaix.
Management also revealed that it expects its R&D expenditure to increase in the range of 20% to 25% compared to FY 2024.
'An extraordinary year'
Telix's CEO, Dr. Christian Behrenbruch, was rightfully pleased with the company's performance in FY 2024. He commented:
2024 has been an extraordinary year for Telix. We generated strong financial growth while investing for the future. The Precision Medicine business is poised for step-change growth with three commercial product launches planned for this year in the U.S. and the European rollout of Illuccix. We have a deep therapeutic pipeline with multiple assets moving into pivotal trials, and we are building out the infrastructure to ensure we can deliver our products to patients around the world.
We see 2025 as a year of significant growth and evolution for Telix in terms of international business, multiple product launches and the integration of key infrastructure that will further deliver on our mission to ensure global patient access.
The Telix share price is up 170% since this time last year.
