The Telix Pharmaceuticals Ltd (ASX: TLX) share price is pushing higher in trade today.
At the time of writing, the share is trading more than 11% in the green at $6.21 apiece.
Investors are bidding up the Telix share price following the release of its quarterly cash flow statement and activities report for the quarter ended 30 June 2022.
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Telix reports 10x revenue increase in Q4
- Total revenue of $22.5 million from global sales of Illuccix in its first commercial quarter, 10x increase on previous quarter
- Cash balance of $122 million
- Cash inflows of $5.4 million, up from around $2 million in the previous quarter
- $17.4 million invested in R&D, manufacturing and clinical development activities
- Telix reports it has 5.5 quarters of cash based on net cash used in operations in the June 2022 quarter
What else happened for Telix last quarter?
It was the commercial launch of Illuccix in the US. Telix distributed the product to 140 pharmacies across pharmacy networks in America.
Illuccix (aka TLX591–CDx) is Telix's prostate imaging product. The company notes that Illuccix commercial sales revenue from the US between 14 April and 30 June 2022 was USD$13.6 million (AUD$19.3 million).
Telix also completed enrolment for its ZIRCON Phase III kidney cancer imaging trial. It now has 300 patients dosed, per the release.
It also signed an in-licence agreement with Lilly to develop the antibody Olaratumab "as a diagnostic and therapeutic radiopharmaceutical agent".
New Group CFO, Darren Smith, was also appointed into his role, to take effect on 1 August 2022.
Management commentary
Speaking on the results, Telix Managing Director and Group CEO, Dr Christian Behrenbruch said:
The U.S. commercial launch of Illuccix is off to a strong start. This result reflects the efficacy of our differentiated business model in a large and growing market. We've delivered doses across the entire country, demonstrating the value of our nationwide pharmacy distribution partnerships and with industryleading on-time delivery.
We are meeting the needs of our customers and patients through reliable service delivery, flexible scheduling and wide accessibility to PSMA-PET imaging. With reimbursement effective 1 July, we expect to see Illuccix revenues grow considerably.
Telix share price snapshot
In the past 12 months, the Telix share price has clipped a 19% gain. A bulk of this was seen in the past month of trade, with shares up 50% in that time.
