Pharmaceutical manufacturer IDT Australia (ASX:IDT) has updated investors, reporting a significant rise in revenue for the final three months of the calendar year 2024.
The company said total unaudited revenue for the quarter nearly doubled from the previous corresponding period (pcp). Preliminary unaudited revenue for the quarter increased by 97.7 per cent to $5.3 million over the pcp.
IDT said it has had the third consecutive record high quarterly revenue since it embarked on a strategic transformation program two years ago.
Its unaudited total revenue is $10.5 million for the first half of the financial year 2025, an 82 per cent increase over the pcp.
IDT said its advanced therapies vertical was the standout performer with unaudited revenue in the quarter of $2.5 million compared to $136,000 in the pcp. It attributed the growth to new contracts, growing demand for antibody-drug conjugates, and mRNA technologies.
CEO Paul McDonald said, "The significant increase in Q2FY25 revenue and new contracts won in the quarter are driven by the continued growth in the Advanced Therapies vertical, which typically attracts higher margins due to the need for more complex manufacturing processes and higher barriers of entry. Pleasingly, a lot of this demand is driven by return work and US-based customers who are attracted to Australia due to its high regulatory standards, cost-effectiveness and R&D tax credits. As a leading drug manufacturer, IDT is benefiting from this thematic.”