Stock Analyst Note
Telix Pharmaceuticals Earnings: Expenses Tick Up but Long-Term Outlook Intact
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.