Telix Pharmaceuticals Ltd Ordinary Shares

TLX: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$59.00	Wmvmk	Qfmpbslb

Telix Pharmaceuticals Earnings: Expenses Tick Up but Long-Term Outlook Intact

Shane Ponraj

Aug 23, 2024

No-moat Telix Pharmaceuticals reported interim 2024 underlying EBITDA growth of 66% to AUD 58 million, below our expectations. While group revenue grew strongly by 29% on second half 2023, underlying operating expenditure, excluding research and development, grew by 35%. Higher expenses were driven by increased investment in salesforce operations and unexpectedly high investment in infrastructure to support commercial operations.

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