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Telix Pharmaceuticals (TLX)

Business description

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.

Stock data

Market cap.A$86.2m
Last closeA$0.60
High / Low (52 weeks)A$1.0 / A$0.5
Stock market listingAU
Forecast net cash (A$m)31.4
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(29.2)(30)1.7
Relative *(25.5)(23.2)8.2

* % Relative to local index

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Y/E Dec Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (c) P/E (x) P/CF (x)
2016A N/A N/A N/A N/A N/A N/A
2017A 0.4 (6.4) (6.4) (4.98) N/A N/A
2018E 5.0 (13.0) (12.7) (6.21) N/A N/A
2019E 8.4 (17.8) (17.7) (8.33) N/A N/A

Last updated on 22/11/2018

Investment summary

Telix has assembled a portfolio of molecularly-targeted radiation therapeutic and imaging products for kidney, prostate and brain cancers; the acquisition of Atlab in September strengthened its position in prostate cancer. Each product has been validated by clinical studies or compassionate use, reducing development risk. The ZIRCON confirmatory Phase III for kidney cancer imaging agent TLX250-CDx is due to commence in Q418 at the completion of a bridging study, and report in H219. The IPAX-1 Phase I/II study of TLX101 therapy in GBM (brain cancer) commenced recruitment in October and is expected to read out in H219. Preparations for multiple Phase I/II studies of other agents are also underway. It is commercialising an investigational prostate cancer imaging kit in the US, including through Cardinal Health, and is developing plans for a pivotal study to allow full approval.

Last updated on 29/11/2018

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 October Novartis agreed to acquire prostate cancer radiopharmaceutical developer Endocyte for US$2.1bn.

Last updated on 29/11/2018

Key management

Christian Behrenbruch, CEO
Douglas Cubbin, CFO

Company address

401/55 Flemington Road
North Melbourne
VIC, 3006
Australia
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