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Segment reporting
 12 Months Ended
Dec. 31, 2024
Segment reporting [Abstract]  
Segment reporting
3.
Segment reporting
 
The Group has operations in the Americas, Asia Pacific, and Europe, Middle East and Africa regions.
 
Reportable segments
 
Following the strategic priority reorganization announcement in August 2024 the Group has presented three reportable segments. The reorganization reflects the Group’s focus as a therapeutics-led radiopharmaceutical company committed to precision oncology. As a result, the prior period segment information has been retrospectively revised to reflect the current segment presentation. There is no change to the total revenue or profit/(loss) after tax of the Group.
 
The Group’s operating segments are based on the reports reviewed by the Group Chief Executive Officer who is considered to be the chief operating decision maker.
 
Segment performance is evaluated based on Adjusted earnings before interest, tax, depreciation and amortization (Adjusted EBITDA). Adjusted EBITDA excludes the effects of the remeasurement of contingent consideration and government grant liabilities and other income and expenses which may have an impact on the quality of earnings such as impairments where the impairment is the result of an isolated, non-recurring event. Interest income and treasury related finance costs are not allocated to segments as this activity is managed by a central treasury function, which manages the cash position of the Group.

Segment assets and liabilities are measured in the same way as in the financial statements. The assets and liabilities are allocated based on the operations of the segment.
 
 
Reportable segment
  
Principal activities
 
Precision Medicine
  
Commercial sales of Illuccix and other diagnostic products subsequent to obtaining regulatory approvals. This segment includes the development activities of the Group’s diagnostic pipeline. The Group’s International and Medical Technologies businesses are operating segments that are included within the Precision Medicine reportable segment due to the similar nature of the diagnostic products being sold or developed for commercialization.
 
Therapeutics
  
Developing the Group’s core therapeutic pipeline for commercialization. This segment includes revenue received from license agreements prior to commercialization and research and development services. This segment includes the development activities of the Group’s therapeutic pipeline.
 
Manufacturing Solutions
  
Telix Manufacturing Solutions business. This segment comprises costs to operate our facilities and assets associated with the Group’s vertically integrated manufacturing and supply chain. This business includes facilities at Brussels South, IsoTherapeutics, Optimal Tracers and ARTMS.
 
Reconciling items includes head office and centrally managed costs.

3.1.
Segment performance
 
 
Precision
Medicine
    
Therapeutics
    
Manufacturing
Solutions
    
Total
segment
  
2024
 
 
A$’000
    
 
A$’000
    
 
A$’000
    
 
A$’000
  
Revenue from contracts with customers
    
771,106
      
9,351
      
2,750
      
783,207
  
Cost of sales
    
(270,821
)
    
-
      
(2,708
)
    
(273,529
)
Gross profit
    
500,285
      
9,351
      
42
      
509,678
  
Research and development costs
    
(111,348
)
    
(82,582
)
    
(707
)
    
(194,637
)
Selling and marketing expenses
    
(84,562
)
    
(136
)
    
(775
)
    
(85,473
)
Manufacturing and distribution costs
    
(7,807
)
    
(4
)
    
(17,920
)
    
(25,731
)
General and administration costs
    
(42,800
)
    
(92
)
    
(5,801
)
    
(48,693
)
Other losses (net)
    
(8,909
)
    
-
      
123
      
(8,786
)
Operating profit/(loss)
    
244,859
      
(73,463
)
    
(25,038
)
    
146,358
  
Other losses (net)
    
8,909
      
-
      
(123
)
    
8,786
  
Depreciation and amortization
    
5,573
      
-
      
1,293
      
6,866
  
Adjusted earnings before interest, tax, depreciation and amortization
    
259,341
      
(73,463
)
    
(23,868
)
    
162,010
  
 


  
Precision
Medicine
    
Therapeutics
    
Manufacturing
Solutions
    
Total
segment
  
2023
 
A$’000
    
A$’000
    
A$’000
    
A$’000
  
Revenue from contracts with customers
    
496,738
      
5,391
      
418
      
502,547
  
Cost of sales
    
(188,157
)
    
-
      
-
      
(188,157
)
Gross profit
    
308,581
      
5,391
      
418
      
314,390
  
Research and development costs
    
(80,327
)
    
(47,566
)
    
(644
)
    
(128,537
)
Selling and marketing expenses
    
(49,991
)
    
(118
)
    
-
      
(50,109
)
Manufacturing and distribution costs
    
(7,601
)
    
(76
)
    
(2,192
)
    
(9,869
)
General and administration costs
    
(30,979
)
    
(127
)
    
(3,516
)
    
(34,622
)
Other losses (net)
    
(35,138
)
    
-
      
-
      
(35,138
)
Operating profit/(loss)
    
104,545
      
(42,496
)
    
(5,934
)
    
56,115
  
Other losses (net)
    
35,138
      
-
      
-
      
35,138
  
Depreciation and amortization
    
5,511
      
45
      
231
      
5,787
  
Adjusted earnings before interest, tax, depreciation and amortization
    
145,194
      
(42,451
)
    
(5,703
)
    
97,040
  



 
Precision
Medicine
    
Therapeutics
    
Manufacturing
Solutions
    
Total
segment
  
2022
 

A$’000
    

A$’000
    

A$’000
    

A$’000
  
Revenue from contracts with customers
    
156,369
      
3,727
      
-
      
160,096
  
Cost of sales
    
(65,170
)
    
-
      
-
      
(65,170
)
Gross profit
    
91,199
      
3,727
      
-
      
94,926
  
Research and development costs
    
(48,285
)
    
(32,402
)
    
-
   
(80,687
)
Selling and marketing expenses
    
(36,313
)
    
-
      
-
      
(36,313
)
Manufacturing and distribution costs
    
(2,564
)
    
(12
)
    
(1,373
)
    
(3,949
)
General and administration costs
    
(23,807
)
    
-
      
(775
)
    
(24,582
)
Other losses (net)
    
(17,496
)
    
10
      
-
      
(17,486
)
Operating profit/(loss)
    
(37,266
)
    
(28,677
)
    
(2,148
)
    
(68,091
)
Other losses (net)
    
17,496
      
(10
)
    
-
      
17,486
  
Depreciation and amortization
    
4,679
      
40
      
21
      
4,740
  
Adjusted earnings before interest, tax, depreciation and amortization
    
(15,091
)
    
(28,647
)
    
(2,127
)
    
(45,865
)
 
3.2.
Reconciliation of total segment adjusted EBITDA to profit/(loss) before income tax
 

      
2024
    
2023
    
2022
  
 
Note
    
 
A$’000
    
 
A$’000
    
 
A$’000
  
Total segment adjusted EBITDA
        
162,010
      
97,040
      
(45,865
)
Unallocated income, expenses and eliminations:
                            
General and administration costs
        
(81,137
)
    
(39,559
)
    
(22,574
)
Other gains/(losses) (net)
9
      
8,123
      
(35,854
)
    
(18,751
)
Finance income
        
10,862
      
1,019
      
1
  
Finance costs
 10
      
(36,936
)
    
(13,772
)
    
(6,693
)
Depreciation and amortization
        
(6,866
)
    
(5,787
)
    
(4,740
)
Profit before income tax
        
56,056
      
3,087
      
(98,622
)
 
General and administration costs predominantly comprise of employment costs of $39,136,000 (2023: $21,949,000 2022: $14,341,000) and other centrally managed IT, legal and other corporate costs.

General and administration costs were particularly affected by the costs associated with our secondary listing on the Nasdaq of $9,077,000 and transaction expenses related to the acquisitions of QSAM, ARTMS and IsoTherapeutics of $8,177,000.
 
3.3.
Operating segment assets and liabilities
 


  
Precision
Medicine
    
Therapeutics
    
Manufacturing
Solutions
    
Total
segment
    
Reconciling
items
    
Group
  
December 31, 2024
 
A$’000
    
A$’000
    
A$’000
    
A$’000
    
A$’000
    
A$’000
  
Total assets
  

479,764
      
216,123
      
222,208
      
918,095
      
598,336
      
1,516,431
  
Total liabilities
    
240,618
      
16,869
      
86,377
      
343,864
      
604,354
      
948,218
  
Additions to non- current assets
    
2,427
      
139,876
      
168,534
      
310,837
      
513
      
311,350
  



 
Precision
Medicine
    
Therapeutics
    
Manufacturing
Solutions
    
Total
segment
    
Reconciling
items
    
Group
  
December 31, 2023
 
A$’000
    
A$’000
    
A$’000
  
A$’000
    
A$’000
    
A$’000
  
Total assets
  

216,180
      
41,917
      
36,835
      
294,932
      
111,026
      
405,958
  
Total liabilities
    
180,379
      
18,709
      
20,172
      
219,260
      
37,787
      
257,047
  
Additions to non-current assets
    
66,321
      
5,116
      
-
      
71,437
      
-
      
71,437
  
 
Reconciling items primarily comprise cash and cash equivalents held centrally $526,974,000 (2023: $68,768,000), investments in financial assets $56,093,000 (2023: $12,260,000), property, plant and equipment $1,750,000 (2023: $3,942,000), borrowings (convertible bonds) $555,557,000 (2023: $nil) which are managed centrally.
 
3.4.
Geographical information
 

  
2024
    
2023
    
2022
    
2024
    
2023
  

 
Revenue by
location of customer
    
Revenue by
location of customer
    
Revenue by
location of customer
    
Non-current assets by location of asset
    
Non-current assets by location of asset
  
   
A$’000
    
A$’000
    
A$’000
    
A$’000
    
A$’000
  
Australia
  

1,220
      
1,166
      
149
      
90,993
      
21,057
  
Belgium
    
546
      
458
      
564
      
100,637
      
77,469
  
Canada
    
2,542
      
1,272
      
456
      
126,419
      
-
  
United Kingdom
    
579
      
1,306
      
2,045
      
54,638
      
50,346
  
United States
    
762,308
      
489,657
      
150,006
      
173,591
      
4,130
  
Other countries
    
16,012
      
8,688
      
6,876
      
4,852
      
-
  
Total
    
783,207
      
502,547
      
160,096
      
551,130
      
153,002
  
 
The total non-current assets figure above excludes deferred tax assets.