Dear Shareholders,
I am pleased to present our results, and operating review and product developments, for the financial year ended 31 December 2023.
Our continued growth
This has been another year of tremendous growth and accomplishment at Telix.
We have established a significant commercial footprint in the U.S., enhanced our in-house manufacturing and development capabilities and capacity, and are delivering milestones across our commercial and clinical theranostic portfolio of innovative treatments for cancer and rare diseases.
Total revenue generated in 2023 was $502.5 million, predominately from commercial sales of Illuccix®, our prostate cancer imaging agent, which launched two years ago. This has enabled us to build a financially sustainable business that is now funding in excess of $100 million in research and development activities annually. Most of our investment in 2024 is focused on the delivery of late-stage programs, including preparation to launch our kidney cancer imaging agent Zircaix™1 and Pixclara™,1 an imaging agent for cancerous brain lesions, subject to regulatory approval, and advancing the ProstACT GLOBAL therapy trial of TLX591.
Radiopharmaceuticals (including theranostics) are set to become a fundamental pillar in cancer care. The opportunity is vast and growing rapidly, with global sales forecast to reach US$35 billion by 2035.2 Much of this will be driven by the delivery of therapeutic products.
In its short history, Telix has built a strong foundation as a diversified business and demonstrated our ability to capture this opportunity. We have an extensive clinical-stage pipeline of first-in-class or best-in-class therapeutic assets validated by clinical data, a specialist and proven commercial team, and have commenced the vertical integration of our supply chain and manufacturing activities.
Growing our commercial footprint in urology will remain a key focus for the Company in 2024. This will be achieved through the continued growth of Illuccix® sales in the U.S. and expansion into global markets along with, subject to regulatory approval, the launch of Zircaix™.1 The development of our recently acquired complementary surgical (Lightpoint Medical's SENSEI®) and artificial intelligence (AI) tools will also contribute to our growth.
As momentum builds in our clinical programs, shareholders can expect to see greater focus on our therapeutic pipeline as we work towards recruitment milestones and data readouts across multiple clinical trials. Notably, we have commenced recruiting patients into a Phase III study of our lead investigational prostate cancer therapy, ProstACT GLOBAL, initially in Australia, with international sites to be added during 2024. The completion of the ProstACT SELECT study in 2023 provided a valuable insight into the differentiated approach of our first-in-class radio antibody-drug conjugate (rADC), supporting a clinically-relevant safety profile and short dosing regimen, and highlighting potential advantages compared to the small molecule approach. We expect to report further data from this trial in mid-2024, and hope this will further crystallise the potential advantages of this asset.
Our commitment to sustainability
Our approach to sustainability continues to evolve as we mature as a company. We believe the foundations of delivering sustainable value to our shareholders and all stakeholders include a social purpose that puts people front and centre, ethical and good governance practices, performance, and respecting our responsibility to the environment.
I am pleased to inform you that we have made progress on a number of important initiatives including programs to foster diversity and inclusion in the workforce and a commitment to operate within sound environmental practices.
You can read more about our progress and vision for a sustainable future in the Sustainability section of this Report.
An acknowledgement of our people
The calibre of talent at Telix is impressive, as is their commitment to our purpose of improving the lives of people with cancer and rare diseases. As the Company matures and our profile increases, we are able to attract more specialists in the field of radiopharmaceuticals and people with the required experience to take us through our next phase of growth. We have an ongoing process of succession planning at the executive level, together with development opportunities for all Telix employees. This has resulted in some appointments and internal promotions that refresh the skills required to take the Company forward. I thank our employees – past and present – who have contributed to our journey to date.
On behalf of the Board, I would like to thank our Managing Director and Group Chief Executive Officer (MD & CEO), Dr Christian Behrenbruch, for his extraordinary commitment to Telix and his leadership of the Company, the Group Executive Team (GET) and our worldwide employees who have contributed to our success in 2023.
Once again, my Board colleagues have supported me in my role as Chairman and this has resulted in a very effective Board and contributed to the achievements of Telix in 2023.
I would also like to thank our shareholders for their ongoing support.
2024 is shaping up to be another exciting year for Telix and I look forward to sharing the next phase of our journey with you.
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H Kevin McCann AO | |
- Trade name subject to final regulatory approval.
- Medrays Intel Nuclear Medicine Market report 2022.