Australia's second-biggest biotech company has posted its first-ever profit as its radioactive imaging agent for diagnosing prostate cancer continues to gain market share.
ASX-listed Telix Pharmaceuticals announced on Friday it had made $5.2 million in net profit for the six months to December, compared to a $104 million net loss in the second half of 2022.
The result was driven by strong US sales of its prostate cancer diagnostic agent, Illuccix, launched in America in April 2022 and which has gained around 34 per cent of the urology imaging market.
The imaging tracer binds to prostate cancer cells in the body so they can be revealed on a PET scan, aiding in cancer diagnosis.
The Melbourne-headquartered radiation oncology business more than tripled its revenue to $A502.5 million, with earnings before interest, tax, depreciation and amortisation of $58.4 million.
"We have really turned the corner in terms of our earnings, operating cash flow, and of course, profits," managing director and chief executive Christian Behrenbruch told analysts on Friday.
Dr Behrenbruch said Telix hoped to launch two additional imaging agents in 2024. Zircaix is designed for kidney cancer imaging while Pixclara would be used for brain cancer diagnosis.
With 170,000 kidney cancer scans performed annually, Telix sees a potential $US500 million initial opportunity for Zircaiz if the US Food and Drug Administration signs off on the imaging agent.
Telix requested a priority review in December.
On Friday afternoon, shares in the $3.6 billion company were down four per cent to $10.53
