Telix Pharmaceuticals

AU: TLX

AU$458.4m market cap

AU$1.81 last close

Telix Pharmaceuticals is a Melbourne-headquartered global biopharmaceutical company focused on the development of diagnostic and therapeutic products based on targeted radiopharmaceuticals or molecularly targeted radiation.

Investment summary

Telix is developing diagnostic and therapeutic radiopharmaceuticals for kidney, prostate and brain cancers. It is commercialising TLX591-CDx (illumet) in the US and Europe and anticipates filing for FDA approval shortly. Telix expects to fully enrol the ZIRCON Phase III for kidney cancer imaging agent TLX250-CDx by the end of 2020.

Y/E Dec
Revenue (A$m)
EBITDA (A$m)
PBT (A$m)
EPS (c)
P/E (x)
P/CF (x)
2018A 10.3 (17.5) (15.7) (6.84) N/A N/A
2019A 15.2 (24.3) (31.1) (11.94) N/A N/A
2020E 15.0 (25.6) (29.9) (11.79) N/A N/A
2021E 97.8 59.8 54.5 21.74 8.3 5.9
Industry outlook

Big pharma has shown keen interest in MTR products. In 2017 Novartis acquired Advanced Accelerator Applications, the developer of the MTR therapeutic Lutathera, for US$3.9bn. In 2014 Bayer acquired Algeta for ~US$2.6bn; Algeta had developed Xofigo, a therapeutic radiopharmaceutical for prostate cancer. In December 2018 Novartis acquired prostate cancer radiopharmaceutical developer, Endocyte for US$2.1bn.

Last updated on 17/09/2020
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Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (A$m) 6.7
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 33.7 37.3 19.5
Relative* 37.0 38.2 34.0
52-week high/low A$1.9/A$0.8
*% relative to local index
Key management
Christian Behrenbruch CEO
Douglas Cubbin CFO