High Conviction Growth – Telix Pharma Update

Telix Pharmaceuticals Q1 2025 Results and Business Update – Summary

Financial Performance

• Telix Pharmaceuticals reported unaudited Q1 2025 revenue of US$186 million, a 62% increase year-over-year (Q1 2024: US$115 million) and a 31% rise quarter-over-quarter (Q4 2024: US$142 million).

• Revenue breakdown:

  • US$151 million from global sales of Illuccix®, up 35% year-over-year and 9% quarter-over-quarter.

  • US$33 million from RLS Radiopharmacies, reflecting two months of contribution since the January 2025 acquisition.

• The company reaffirmed its full-year 2025 revenue guidance of US$770–800 million, including Illuccix® sales in approved markets and 11 months of RLS revenue.

• R&D expenditure is expected to increase 20–25% over FY 2024.

Operational and Strategic Highlights

• Illuccix® continues to gain market share and maintain price stability. Telix is now the only company with two FDA-approved PSMA-PET imaging agents (Illuccix® and Gozellix®), broadening its reach in prostate cancer imaging.

• The RLS acquisition has expanded Telix’s U.S. manufacturing footprint, supporting further growth and mitigating risks from global trade dynamics.

• Gozellix® received FDA approval in March 2025, offering a longer shelf life and broader distribution for prostate cancer imaging. U.S. commercial launch is set for Q2 2025, with Cardinal Health and RLS as distribution partners.

• Illuccix® received positive regulatory decisions in the EU, UK, and Brazil, with launches commencing in these markets in Q2 2025.

Therapeutics and Pipeline Progress

• The Phase 3 ProstACT™ Global trial (TLX591 for prostate cancer) continues recruitment, with a Part 1 readout expected in H1 2025.

• The Phase 2 IPAX-Linz trial (TLX101 for brain cancer) reported positive preliminary results, with good tolerability and no serious adverse events.

• IND submissions for pivotal trials of TLX101 (brain cancer) and TLX250 (kidney cancer) are on track for 2025, pending regulatory approval.

• The first patient was dosed in the Phase 1 ZOLAR trial (TLX300-CDx for soft tissue sarcoma).

• Telix acquired FAP-targeting radiopharmaceutical candidates (lead compound now TLX400) and the therapeutics assets of ImaginAb, Inc., adding next-generation candidates and a biologics research facility.

• The company developed a new generator technology for lead-212, enhancing isotope supply for targeted alpha therapy.

Manufacturing and Supply Chain

• The Brussels South (Seneffe) facility received GMP accreditation, enabling commercial radiopharmaceutical production.

• Telix expects no material impact from recent U.S. trade tariffs or Chinese export controls, given its U.S.-based manufacturing and lack of reliance on rare earth elements used in semiconductors.

Board Changes

• H Kevin McCann AO will retire as Board Chair in May 2025, succeeded by Tiffany Olson.

• Marie McDonald and Anne Whitaker joined as Non-Executive Directors, with committee appointments as part of board renewal.

Guidance and Risks

• Revenue guidance is subject to economic and regulatory factors, including product approvals, reimbursement decisions, and competitive developments.

• Investors are cautioned about forward-looking statements due to inherent risks and uncertainties.

Company Overview

• Telix is a global biopharmaceutical company specializing in radiopharmaceuticals for oncology and rare diseases, with operations in Australia, the U.S., Brazil, Canada, Europe, and Japan.

• Key products include Illuccix® (prostate cancer imaging), Gozellix® (next-generation PSMA-PET agent), Scintimun® (bone infection imaging), and SENSEI® (surgical gamma probe).