Telix Pharmaceuticals Ltd (ASX: TLX) shares are rising on Thursday morning.
At the time of writing, the radiopharmaceuticals company's shares are up 1% to $25.88.
This follows the release of a wide-ranging update at its investor day.
Telix shares rise on investor day update
Telix started by reminding investors that it has started FY 2025 strongly.
As previously reported, the company delivered continued growth in global sales during the first quarter. This was driven largely by its flagship product, Illuccix – a PSMA-PET imaging agent used in prostate cancer detection.
For the three months, Telix generated US$151 million in Illuccix revenue, marking a 35% increase year on year. A further US$33 million of revenue came from its recently acquired RLS Radiopharmacies business.
In addition, the company highlighted that its second PSMA imaging agent, Gozellix, has launched in the United States. This makes Telix the only company to offer two FDA-approved agents in this domain. This not only diversifies its product offering but enhances its operational flexibility, improving access for healthcare providers.
Expanding global market opportunity
A key focus of the investor day was Telix's plan to expand its addressable market – both in terms of geography and indications.
The company outlined a strategy that it believes it can expand its total addressable market (TAM) to over US$6.7 billion. This compares to its current PSMA imaging TAM of $2.5 billion to $3.5 billlion.
Management advised that it is working on several studies to expand its clinical utility, including into earlier stages of prostate cancer and other indications like brain and kidney cancers.
For example, the company is planning the Zirmet study, which will investigate the performance of TLX250-CDx in clear cell renal cell carcinoma (ccRCC) patients that are suspected of recurrence based on conventional imaging. Management estimates that ccRCC has a TAM of US$750 million in the United States.
Another study will assess how accurately FET PET identifies treatment-related changes without incorrectly classifying as tumour progression.
The company is also advancing development of AI-driven tools for more personalised treatment, including dosimetry platforms to optimise dose delivery and reduce off-target effects – further positioning Telix as a precision medicine leader.
Commenting on its dosimetry plans, the company said:
Dosimetry is the scientific measurement, calculation, and assessment of the absorbed radiation dose • Used to ensure safety and effectiveness of exposure to: Assess the distribution of radiation over time and across tissues. Determine amount of radiation absorbed by tissues. Anticipate the potential effects on biological systems, including risk of radiation-induced damage.
Its goal is to "shift from image-guided dosimetry to computer-assisted dosimetry to optimize dose delivery and minimize off-target exposure."
All in all, this certainly is a company with big plans. As a result, it isn't surprising to see that Telix shares are up over 50% since this time last year.
