A message from the Chair

Dear Shareholders,

I am pleased to present our results, operating review and product developments for the financial year ended 31 December 2024.

This was a year where Telix delivered fundamental growth, organically and by acquisition, which advanced our goal to be a global leader in radiopharmaceuticals and precision medicine.

During the year, we expanded our extensive commercial footprint in the United States (U.S.), achieved key development milestones across our commercial and clinical theranostic portfolio of innovative treatments for cancer, and further expanded our in-house manufacturing and development capabilities and capacity.

Telix is now a global radiopharmaceutical company with a specialist commercial organization, a deep pipeline of late-stage and next-generation theranostic programs, and global manufacturing capabilities. We are further differentiated by our end-to-end solutions for patients and our fully integrated radiopharma ecosystem.

We continued to build an industry-leading PSMA1 imaging franchise. The growth in sales of Illuccix® was key to delivering a 56% uplift in revenue for the year, to a total revenue of $783.2 million2. Our financially sustainable business has funded $194.6 million in research and development activities.  Our investment is focused predominantly on the delivery of our late-stage therapeutic programs.

Our precision medicine business is expanding Illuccix® into global markets including Europe and the United Kingdom, and, subject to regulatory approval, has planned commercial launches of our new prostate cancer imaging agent TLX007-CDx (Gozellix®3), our kidney cancer imaging agent TLX250-CDx (Zircaix®3), and TLX101-CDx (Pixclara®3) our imaging agent for cancerous brain lesions.

We are also progressing our therapeutic pipeline, through the Phase 3 ProstACT GLOBAL4 trial of TLX591, a therapeutic agent for prostate cancer. This trial has been expanded in 2024 to include U.S. sites. An interim read-out of Part 1 is expected in H1 2025.

The acquisitions of ARTMS, Inc. (ARTMS) and IsoTherapeutics Group, LLC (IsoTherapeutics), in the first half of 2024, added vital skills, resources and technologies to expand our supply chain and manufacturing capabilities. This is further enhanced by the acquisition of RLS (USA), Inc. (RLS; RLS Radiopharmacies) completed as of January 2025, which augments our existing distribution network for last-mile delivery across the U.S. and provides expansionary space to build out a radiometal production network to meet future demand for radiopharmaceuticals.

Telix’s strong performance translated to an impressive return for shareholders. Telix entered the ASX100 and was one of the top performing stocks on the ASX in 2024, delivering a share price increase of 144% over 12 months.  We strengthened our balance sheet with the $650 million issuance of convertible bonds5, and completed our dual listing on the Nasdaq. The Nasdaq listing aligns with our strategic goals to broaden our global investor base and create shareholder value, by raising our visibility in one of the most dynamic global markets for buying biopharmaceutical investment stock; it is also an important step in our maturation, particularly given our growing presence in the U.S., our largest commercial market and where the majority of our workforce, which is now approaching 1,000 employees, is based. 

Telix remains proud to be an Australian-headquartered, global success story.

Our commitment to governance and sustainability

In 2024, your Board has sought, through good governance and risk management, to maintain shareholder confidence and market trust.

Our sustainability strategy, which continues to evolve, is designed to integrate sustainability into all that we do. Importantly, we continue to focus on innovation and operations in a sustainable way in order to drive better patient outcomes, engage and develop our talent. You can read more about our progress and vision for a sustainable future in the Sustainability section of this Report.

The Board

Following the retirement of co-founder and Non-Executive Director, Dr. Andreas Kluge, from the Board in October, our Board continues to assess the skills and experience needed for strong stewardship-in-governance and intends to make new appointments in the near future. 

Given that the majority of our revenue occurs outside Australia, the Board has a program of traveling to the U.S. and Belgium.  The Board met with senior executives, local leadership and top talent, and key partners, during our visits to the Belgium facility in Brussels South and the U.S. headquarters in Indianapolis during the year.

An acknowledgment of our people

Our talented employees have contributed to our outstanding success in 2024, and on behalf of the Board and shareholders, I express our gratitude for their continued hard work and commitment. We have an ongoing process of succession planning at the executive level, together with development opportunities for all Telix employees. During the year, I am pleased to report that this has resulted in material appointments and internal promotions that refresh the skills required to take the Company forward. It is a sign of the maturation of Telix that internal appointments have occurred.

In conclusion, on behalf of the Board, I would like to thank our Managing Director and Group Chief Executive Officer, Dr. Christian Behrenbruch, for the commitment, vision and energy he continues to bring to Telix, and also to the dedicated Group Executive Team he leads.

Once again, my Board colleagues have been supportive of me in my role as Chairman. The Telix Board is collegiate, effective and hardworking, and its activity has contributed to many of the Telix achievements during 2024.

Now, as we look forward to the 2025 year, we have some very significant milestones ahead for the Company. The Company continues to be faithful to its purpose and to making the lives of cancer patients better.

H Kevin McCann AO
 Independent Non-Executive Chairman

Telix Board members and management visit Telix Manufacturing Solutions in Brussels South Belgium (September 2024).
  1. Prostate-specific membrane antigen.
  2. All subsequent figures are in AU$, unless otherwise indicated.
  3. Brand name subject to final regulatory approval.
  4. ClinicalTrials.gov ID: NCT06520345.
  5. Convertible bonds are listed on the Singapore Stock Exchange.