Up 74% in 6 months, guess which ASX 200 healthcare stock just hit another all-time high

Apr 23,2024
Up 74% in 6 months, guess which ASX 200 healthcare stock just hit another all-time high

One ASX healthcare stock is clocking a new record price today while the S&P/ASX 200 Index (ASX: XJO) struggles to keep its head above water.

The Aussie share market is flailing this afternoon after the Australian Bureau of Statistics (ABS) published March inflation figures.

To the absolute displeasure of Australian equity investors, the monthly consumer price index rose 1.0% in the March-ending quarter, reflecting an annual rate of 3.6%. Economists were expecting 3.5%. The concern of a prolonged interest rate pause is dampening much of the market today.

But breaking through the bemoaning bout is an ASX healthcare stock on a roll. Factoring in today's 4% gain, this little beauty is up 73.9% in a six-month timespan.

I'm talking about none other than Telix Pharmaceuticals Ltd (ASX: TLX).

Let's delve deeper into this record-setter.

Investors have acquired a taste for Telix Pharmaceuticals over the past six months.

Momentum began building in the backend of 2023 when the company completed the acquisition of Lightpoint Medical and put forward its intentions to take over QSAM Biosciences. The two purchases expanded upon Telix's radiopharmaceutical ensemble.

The ASX healthcare stock didn't stop there.

This year, the company acquired IsoTherapeutics and ARTMS, a US drug manufacturer and an Isotope producer. It's evidence that Telix is unafraid to put its cash to work, using some of its $123 million cash stash.

Among all the acquisitions, the core business — underpinned by Illucix — keeps humming along.

The company released its first quarter update on 17 April, showing further growth for its prostrate cancer imaging agent. Unaudited total revenue grew 18% to US$114.9 million, driven mainly by sales in the United States.

Topping it off, the ASX healthcare stock reaffirmed guidance of US$445 million to US$465 million in revenue for FY2024.

While Telix is generating revenue from its prostrate imaging agent, it's also exploring other cancer-targeting agents.

The United States Food and Drug Administration granted the company 'fast track designation' last week for TLX101-CDx glioma (brain cancer) imaging. Renal imaging is also in Telix's product pipeline for future growth potential.

Monash Investors' Shane Fitzgerald has described this ASX healthcare stock as one that could go 'on to become the next CSL in Australia'.

For now, it's a high-flying single-product company with a $4.9 billion market capitalisation.