Financial Data and Key Metrics Changes - The company reported a 56% growth in revenue to AUD 804 million, marking its third consecutive year of double-digit revenue growth [18][20] - EBITDA improved by 25% to AUD 216 million, driven by strong demand for Illuccix and the launch of Gozellix [20][23] - The gross margin remained stable at 53%, with 94% of gross margin generated from the precision medicine business [21][22] Business Line Data and Key Metrics Changes - Revenue from the precision medicine business increased by 22% year-over-year, contributing an additional AUD 113 million [20][23] - The precision medicine business demonstrated a 28% increase in operating profit and a 25% increase in EBITDA [23] - The company invested AUD 157 million into product development, focusing on its late-stage pipeline [22] Market Data and Key Metrics Changes - The precision medicine portfolio generated AUD 622 million in revenue, up 22% year-over-year, with sequential growth every quarter [31] - Illuccix is now available in 17 countries with reimbursement secured, and marketing authorizations in over 24 markets [35] - The company anticipates a 25% growth in its precision medicine business for 2026, driven by the full year of RLS revenue [28] Company Strategy and Development Direction - The company aims to transition to a high-value therapeutic business, with planned R&D investment in the range of AUD 200 million to AUD 240 million for 2026 [26] - The focus will remain on reinvesting revenues back into the business rather than optimizing near-term earnings per share [26][72] - The company is committed to building long-term value through disciplined capital allocation and strategic investments in R&D and commercial performance [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another year of roughly 20%+ revenue growth in 2026, with guidance set at AUD 950 million to AUD 970 million [28][30] - The company is focused on executing its strategic plan to grow the precision medicine business by expanding product offerings and geographic reach [35] - Management acknowledged the challenges faced with regulatory approvals but emphasized the importance of learning from these experiences to enhance future submissions [15][72] Other Important Information - The company has over 30 sponsored and collaborative studies running, with four major trials highlighted as priorities for the year [49] - The ProstACT Global study is currently recruiting for part two, with results expected to be released soon [50] - The company has made extensive changes to its management team and regulatory affairs capabilities to improve future product submissions [15] Q&A Session Summary Question: When might data for 591 be available? - Management indicated that the company is not waiting on the FDA and will disclose data as soon as it is available [56][58] Question: Insights on the two-product strategy for Illuccix and Gozellix? - The two-product strategy allows the company to manage economic needs and preferences of different customer types, adapting to changes in reimbursement environments [61][62] Question: Clarification on reinvesting earnings for future years? - Management confirmed that the majority of earnings will be reinvested back into the company for growth, particularly in R&D and commercial development [72] Question: Growth contribution from markets outside the US? - Currently, 95% of revenue is US-based, but the company expects this mix to change as it expands into other markets [78] Question: Will R&D spending be adjusted based on commercial performance? - Management stated that R&D investment is discretionary and can be adjusted based on commercial performance, focusing on priority studies [75][76]

Financial Data and Key Metrics Changes - The company reported a 56% growth in revenue to AUD 804 million, marking its third consecutive year of double-digit revenue growth [15][17] - EBITDA improved by 25% to AUD 216 million, driven by strong demand for Illuccix and the launch of Gozellix [17][20] - The gross margin remained stable at 53%, with 94% of gross margin generated from the precision medicine business [19][20] Business Line Data and Key Metrics Changes - Revenue from the precision medicine business increased by 22% year-over-year, contributing an additional AUD 113 million [17][20] - The precision medicine business demonstrated a 28% increase in operating profit and a 25% increase in EBITDA [20] - The company invested AUD 157 million into product development, focusing on its late-stage pipeline [19] Market Data and Key Metrics Changes - The precision medicine portfolio delivered AUD 622 million in revenue, up 22% year-over-year, with sequential growth every quarter [28] - Illuccix is now available in 17 countries with reimbursement secured, and marketing authorizations exist in over 24 markets [32] - The company anticipates a 25% growth in precision medicine revenue in 2026, driven by the full year of RLS revenue [26] Company Strategy and Development Direction - The company aims to transition to a high-value therapeutic business, with planned R&D investment in the range of AUD 200 million to AUD 240 million for 2026 [24] - A dual product strategy for Illuccix and Gozellix is expected to enhance market share and manage economic needs of healthcare accounts [56] - The focus remains on reinvesting revenues back into the business rather than optimizing near-term earnings per share [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another year of double-digit revenue growth, with guidance set at AUD 950 million to AUD 970 million for 2026 [26][27] - The company is committed to disciplined financial management and anticipates strong momentum heading into 2026 [25][27] - Management highlighted the importance of clinical credibility and operational reliability in sustaining market leadership [30] Other Important Information - The company has over 30 sponsored and collaborative studies running, with four major trials identified as priorities for the year [46] - The ProstACT Global study is progressing well, with recruitment for part two ramping up [47] - The company is focused on expanding its product offerings and indications, particularly in key markets like China and Japan [32][33] Q&A Session Summary Question: When might data for 591 be available? - Management indicated that the company is not waiting on the FDA and will disclose data as soon as it is available [52][54] Question: Insights on the two-product strategy for Illuccix and Gozellix? - The two-product strategy allows the company to manage economic needs and adapt to changing reimbursement environments [56][59] Question: Will earnings be reinvested to achieve close to zero NPAT for F-26, F-27, and F-28? - Management confirmed that the majority of earnings will be reinvested back into the company for growth initiatives [66][67] Question: How much growth in precision medicine is coming from markets outside the US? - Currently, 95% of revenue is US-based, but the company expects this mix to change as it expands into other markets [72] Question: Thoughts on the collaboration with Atley and Stanford focusing on astatine-211? - Management expressed excitement about the potential of astatine-211 and its fit within the product portfolio [76]