Melbourne-based pharmaceutical manufacturer IDT has announced a significant increase in quarterly revenue, reaching its highest level since its strategy update in late 2022.
Revenue for the three months to the end of June 2024 increased by 87 per cent compared to last year's corresponding period. The $4.6 million generated in the quarter was also 44 per cent higher than the three months to the end of March 2024.
The company expects to report full-year revenue for the financial year 2024 of $13.5 million, up 92 per cent on the previous year and above the guidance range of $12.9 million to $13.4 million.
The company said its solid growth was driven by its 'three pillars'.
The standout was its Advanced Therapies division, which recorded quarterly unaudited revenue of $1.1 million versus $0.06 million in the corresponding period last year. The division is focused on Antibody–Drug Conjugates and mRNA.
IDT said its Active Pharmaceutical Ingredient manufacturing division recorded a 182 per cent increase in unaudited revenue to $1.3 million. Revenue in its Specialty Orals pillar rose 6.7 per cent to $1.9 million.
One of the company's customers, Myndbio, recently submitted an acquisition proposal that valued IDT at around $90 million. Myndbio is currently undertaking non-exclusive due diligence on IDT.
During the June 2024 quarter, IDT also successfully completed a $7 million capital raising via a fully underwritten pro-rata non-renounceable entitlement offer. The company said the proceeds from the raise will be used to fund capital expenditures for current and future work in Advanced Therapies, including the recently announced contract with Sanofi Australia.
Under the contract, IDT is supporting the manufacture of Sanofi's global mRNA assets under development.
IDT CEO Paul McDonald said, “We closed the financial year on a strong footing on the back of our successful strategy to reorganise the business to focus on three core pillars. With the ramp-up in our Advanced Therapies vertical expected to drive growth in IDT for years to come, along with the continued expansion in our other two pillars, our Company is well positioned to deliver further improved results in this new financial year.”