Up 135% in a year, why this ASX 200 healthcare stock is 'on track to become a truly great Australian success'

A leading fund manager expects more strong performance from this surging ASX 200 healthcare stock.

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S&P/ASX 200 Index (ASX: XJO) healthcare stock Telix Pharmaceuticals Ltd (ASX: TLX) has delivered some smashing returns to shareholders, both over the short and long term.

And it looks well-placed to continue outperforming.

Shares in the diagnostic and therapeutic product developer have gained a whopping 135% since this time last year.

Longer term, the ASX 200 healthcare stock is now up 339% in two years.

Shorter term, the Telix Pharmaceuticals share price leapt 19.2% in January.

And this made Telix shares one of the "stand-out contributors" in January for the Monash Investors Small Companies Fund.

ASX 200 healthcare stock on the growth path

"Telix has been a long held holding for the fund and is a top holding." Monash Investors noted in the fund's January investor update. "The company had an eventful January with a number of positive developments helping drive its shares up 19% to contribute 1% to performance."

Commenting on those positive developments for the ASX 200 healthcare stock, the fund managers said:

First, it announced the acquisition of a bundle of next-gen therapeutic candidates, a biologics tech platform, and research facility, further building out its drug pipeline and innovation capabilities. It also completed its previously announced acquisition of a radiopharmacy network.

It announced the European approval of its principal product, prostate imaging agent Illuccix. This is an important milestone in along the pathway to full global commercialisation of this product.

Monash Investors also pointed to the company's strong revenue growth for driving the Telix Pharmaceuticals share price higher once more in January.

"These fundamental developments were topped off with a revenue announcement ahead of prior guidance," the fund managers said.

After market close on 13 January, the company announced that it had achieved total unaudited full-year revenue of around US$517 million (AU$783 million), up 55% year on year. That handily beat the ASX 200 healthcare stock's full-year revenue guidance range of US$490 million to US$510 million.

Looking ahead, Monash Investors concluded, "Telix continues its global growth journey and remains on track to become a truly great Australian success."

What's the latest from Telix Pharmaceuticals?

This morning, the ASX 200 healthcare stock reported on further global market penetration with its principal product, prostate imaging agent Illuccix.

Telix announced that the United Kingdom Medicines and Healthcare Products Regulatory Agency has approved the Marketing Authorisation Application for Illuccix.

According to the release, Illuccix is indicated in the UK for the detection and localisation of prostate-specific membrane antigen (PSMA)-positive lesions in adults with prostate cancer, using PET (positron emission tomography).

Commenting on the UK approval, Telix Pharmaceuticals CEO Raphael Ortiz said:

PSMA-PET imaging is one of the most important developments in prostate cancer detection in recent years, and we are delighted that we can now bring Illuccix to physicians and their patients across the UK.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Telix Pharmaceuticals. The Motley Fool Australia has recommended Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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