Edison Investment Research Limited
London, UK, 2 July 2020
Edison issues outlook on Telix Pharmaceuticals (TLX)
We expect 2020 to be a major turning point for Telix Pharmaceuticals. The regulatory submissions for illumet will determine whether the company will start commercial operations in 2021. The clinical groundwork for TLX-250-CDx is being laid in the ongoing pivotal Phase III ZIRCON study, which recently restarted in Europe and is expected to be fully enrolled by the end of 2020. Finally, the company has guided towards starting new clinical studies for TLX591 and TLX250 in late 2020, contingent on FDA feedback and financing. This report provides our clinical and commercial outlook.
We increased our valuation to A$571m or A$2.25 per basic share, from A$522m or A$2.06 per basic share. This increase is due to us updating the epidemiological numbers in our model to reflect the latest projections from the WHO and NIH on renal and prostate cancers, and because we now include Breakthrough designation for TLX250-CDx. Otherwise our forecasts remain unchanged.
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