IDT Australia (ASX: $IDT) Third Quarter Operating Revenue Update

IDT Australia Limited (ASX: $IDT) has announced a remarkable 48% increase in third quarter operating revenue for the period ended 31 March 2024. The unaudited revenue of $3.2 million in 3QFY24 exceeded the previous corresponding period by 48% and surpassed the full FY23 revenue by 27%. The company is optimistic about sustaining this growth momentum, supported by the recent award of a significant contract by Sanofi Australia.

Executive Commentary on Growth and Strategic Partnerships

Our strategy to drive further margin expansion by offering a more complete service that is capable of producing a range of complex drug formulations is paying off. Our contract with Sanofi is a testament to this and our partnership with Sanofi and other potential pharmaceutical groups will only grow from here. We are only at the start of our business reset and our Company has plenty of room to continue to grow, especially given our exposure to several industry tailwinds and our unique competitive advantages, such as our world-class facilities and expertise.

Summary of IDT Australia's Third Quarter Performance and Outlook

IDT Australia Limited (ASX: $IDT) has demonstrated robust performance in the third quarter of FY24, with significant revenue growth across all three business pillars. The company's positive outlook is reinforced by the signing of a Master Service Agreement with Sanofi, indicating a promising future in the formulation, development, and manufacture of novel mRNA-based vaccines. With a strong sales pipeline and new contracts, IDT Australia anticipates sustained growth and is well-positioned to capitalize on industry tailwinds and its competitive advantages. The company's focus on higher-value contracts and complex formulations aligns with its strategic vision, setting the stage for continued expansion and success.