Telix Pharmaceuticals reports significant R&D tax refund

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Telix Pharmaceuticals (ASX:TLX) has received a $17.25 million R&D tax refund from the federal government for eligible activities undertaken in the year ended 31 December 2021.

The company announced on 28 September 2021 that it had received an expanded overseas finding from the Department of Industry, Science, Energy and Resources. The finding means it can claim an R&D tax cash rebate, or deduction (once annual revenue exceeds $20 million), on eligible R&D investment up to a gross amount of $139 million from the 2021 financial year through to 31 December 2027.

According to Telix chief financial officer Doug Cubbin, “The Australian Federal Government’s R&D Tax Incentive has delivered significant benefit to Telix over the years. The direct consequence has been the ability to more actively invest in research and development within Australia as well as accelerate the financing of our programs for the benefit of patients in Australia and abroad.

"We expect this to be our final R&D tax credit refund as we transition to a stage of generating sustainable revenue. Telix’s transition to a commercial-stage biopharmaceutical company is a great demonstration of the importance of this government initiative in supporting investment in the Australian biotechnology industry and fostering the translation of Australian research and innovation to commercial and clinical outcomes.”