Australia’s Telix Pharmaceuticals jumps to record on robust forecast, results

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By Aaditya GovindRao

(Reuters) -Shares of Australia’s Telix Pharmaceuticals jumped to a record high on Friday after the company forecast bumper revenue for the current year and logged a nine-fold jump in 2024 profit, driven by sales of its prostate cancer imaging product Illuccix.

The stock was up 12.9% at A$29.885, as of 0355 GMT, after rising as much as 15.3% to A$30.495, while the benchmark S&P/ASX 200 was trading down 0.2%.

Analysts at investment manager TD Cowen bumped up their target price on Telix to A$35 from A$25 after the strong results and forecast.

On Thursday, Telix forecast 2025 revenue in the range of A$1.18 billion to A$1.23 billion ($755.55 million to $787.57 million), above consensus estimate of A$1.03 billion, according to analysts at TD Cowen.

The company reported revenue of A$783.2 million for 2024, beating the top end of its forecast range of A$745 million to A$776 million. Profit after tax soared to A$49.9 million, helped by strong sales of Illuccix.

Group CEO Christian Behrenbruch said Telix has three further precision medicine product commercial launches for the U.S. and the European rollout of Illuccix planned for 2025.

The current revenue forecast does not count the impact from the potential launches, which include Zircaix, a radiodiagnostic for a type of kidney cancer, and Pixclara, a diagnostic for brain cancer, the company said.

“Zircaix and Pixclara should add to the already successful diagnostic franchise,” TD Cowen analysts said in a note.

($1 = 1.5618 Australian dollars)

(Reporting by Aaditya Govind Rao in Bengaluru; Editing by Sherry Jacob-Phillips and Subhranshu Sahu)