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SW

Steven Wheen

Research Analyst at Jarden

Sydney, NSW, AU

Steven Wheen is the Head of Healthcare and Managing Director in Equity Research at Jarden, specializing in in-depth healthcare sector analysis. He covers a range of healthcare companies, leveraging his track record and experience from prior analyst roles at Evans & Partners, JP Morgan, and Macquarie Bank. Steve began his career after earning an Economics degree from the University of Sydney, bringing over a decade of research expertise before joining Jarden in April 2021. He is recognized for his analytical rigor and sector knowledge, holding leadership roles across leading financial institutions and providing advanced insights to institutional clients.

Steven Wheen's questions to Telix Pharmaceuticals (TLX) leadership

Question · H2 2025

Steve Wheen asked why the European market for Illuccix and Gozellix is not expected to be a significant growth driver for Telix in the next 12 months, despite product approvals, and also inquired about the shelf life of expensed R&D inventory (cakes) and its potential P&L impact upon FDA approval.

Answer

Christian Behrenbruch, CEO and Managing Director of Telix Pharmaceuticals, explained that European reimbursement processes are lengthy (9-12 months post-approval) and product-specific, delaying material sales. Kevin Richardson, CEO of the Precision Medicine Business, added that 2025 focused on gaining market access, with 2026 now pivoting to execution. Christian also confirmed that the shelf life of expensed R&D inventory extends beyond launch, and it is expected to be backed out of the P&L upon FDA approval.

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Question · H2 2025

Steve Wheen asked why the European market for Illuccix and Gleolan is not expected to be a significant growth driver in the next twelve months, and also inquired about the shelf life of expensed R&D inventory (cakes).

Answer

CEO Christian Behrenbruch and Kevin Richardson, CEO of the Precision Medicine Business, explained that European growth is slower due to longer reimbursement timelines (9-12 months post-approval) and country-specific product reimbursement, with 2025 focused on market access. They confirmed that expensed R&D inventory (cakes) has a shelf life extending far beyond the product launch time.

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Steven Wheen's questions to RESMED (RMD) leadership

Question · Q3 2025

Steven Wheen of Jarden asked about the remaining runway for gross margin improvement above 60%, focusing on non-FX drivers like freight, manufacturing, and procurement.

Answer

CFO Brett Sandercock explained that the company is focused on building a sustainable, long-term pipeline of margin improvement initiatives. While significant progress has been made on freight optimization, further opportunities exist. He also cited manufacturing efficiencies from scale, platform maturity (AS10/AS11), and future design/procurement efforts as key drivers to continue expanding gross margin into the 60s.

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Fintool can predict RESMED logo RMD's earnings beat/miss a week before the call