Telix Pharmaceuticals Limited Overview
Telix is a commercial-stage, vertically integrated radiopharmaceutical company built around "theranostics": pairing a targeted diagnostic imaging agent with a matched radioactive therapy. Its economic engine is a US-centric precision diagnostics franchise in PSMA-PET prostate cancer imaging. Telix markets two FDA-approved gallium-68 gozetotide kits, Illuccix and Gozellix, and in September 2026 added Pixclara, the first FDA-approved FET-PET agent for glioma. Group revenue was US$803.8M in FY2025 and is guided to US$950–970M in FY2026. That cash flow funds a late-stage therapeutics pipeline, with three pivotal programs in prostate (TLX591-Tx), kidney (TLX250-Tx) and brain cancer (TLX101-Tx). Since 2024 Telix has assembled manufacturing and distribution assets: ARTMS cyclotron technology, IsoTherapeutics, the RLS US radiopharmacy network, and Belgian, Japanese and Australian GMP sites. The pending US$1.65B merger with ITM, the world's largest commercial lutetium-177 supplier, would extend that integration upstream into isotope supply and add a Phase 3-complete neuroendocrine therapy.
Company's own description
In its FY2025 Annual Report and its 2026 releases, Telix describes itself as a commercial-stage global radiopharmaceutical company. It says it is advancing targeted theranostics to improve outcomes for people with cancer across the patient journey. Theranostics means pairing a precision diagnostic with a targeted therapy so that one approach both diagnoses and treats disease.
The CEO's FY2025 letter sets out four strategic pillars:
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Deliver the late-stage therapeutic pipeline.
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Grow the precision medicine business.
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Build the next generation of radiopharmaceuticals.
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Expand global infrastructure for product delivery.
Clinical focus areas are:
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Urologic oncology (prostate and kidney)
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Neurologic oncology (glioma)
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Other solid tumours
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Haematologic malignancies
Operating model and segments
| Segment | What it does |
|---|---|
| Telix Precision Medicine (Px) | Diagnostic imaging agents and related medtech. Illuccix, Gozellix, Pixclara, Scintimun and the SENSEI surgical probe. This is the revenue-generating segment. |
| Telix Therapeutics (Tx) | The therapeutic radiopharmaceutical pipeline. Pre-revenue. |
| Telix Manufacturing Solutions (TMS) | Owned manufacturing, isotope production technology (ARTMS), contract and development services (IsoTherapeutics, Optimal Tracers), GMP sites in Belgium, Japan and Australia, and from 2025 the RLS radiopharmacy network. RLS sells third-party PET, SPECT and therapeutic radiopharmaceuticals and also dispenses Telix doses. |
Since 2025 the company has operated through three core segments:
In FY2025 disclosures RLS was reported as a distinct line ("RLS reported US$238.4M of total segment revenue"). In H1 2026, third-party radiopharmacy sales were reported within TMS (TMS total segment revenue US$146M, including US$89M from third parties).
Revenue model
| Revenue stream (FY2025, USD Mn) | Amount | % of group revenue |
|---|---|---|
| Precision Medicine product revenue | 621.9 | 77.4 |
| RLS third-party products and services | 170.1 | 21.2 |
| Other (balance) | 11.8 | 1.4 |
| Total | 803.8 | 100.0 |
Revenue is overwhelmingly product sales: cold kits for in-pharmacy radiolabelling, and finished unit doses dispensed through radiopharmacies. Smaller streams are:
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Third-party product sales and dose preparation/delivery services (RLS/TMS)
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Device sales (SENSEI, ARTMS cyclotron targets)
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Collaboration and licensing income. In H1 2026 this was a US$40M non-refundable upfront from Regeneron, booked as other income, not revenue.
There is no subscription revenue. Licensing income is lumpy.
Source: FY2025 Annual Report, Financial review. The "Other" figure is derived as the balance.
Value-chain position
Telix spans most of the radiopharmaceutical value chain:
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Isotope production technology (ARTMS QIS cyclotron gallium-68; lead-212 generator technology). Upstream lutetium-177, actinium-225 and terbium-161 capacity would come with ITM.
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Drug development
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GMP drug-product manufacturing (TMS Brussels South, Yokohama, North Melbourne, IsoTherapeutics in Texas)
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Radiopharmacy dispensing and last-mile delivery (RLS, 30+ US pharmacies)
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Specialist commercial organisation
The board says the group delivers more than 2.9 million commercial and clinical doses a year (FY2025 Chair's letter).
Customers and end-markets
Direct and indirect customers include:
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Hospital nuclear medicine departments
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Free-standing imaging centres
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Urology and oncology practices
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Third-party radiopharmacy networks (e.g., PharmaLogic, which distributes Pixclara)
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Biopharma partners (Regeneron; and, via ITM, Novartis as a lutetium-177 customer)
End-markets are prostate cancer imaging (dominant), brain tumour imaging, kidney cancer imaging (pending), bone infection imaging in Europe (Scintimun), and, prospectively, therapeutic radiopharmaceuticals.
Independent characterisation
Economically, Telix today is a high-growth US specialty diagnostics company funding a biotech pipeline.
Strength of the core: Precision Medicine generated US$216.4M of segment Adjusted EBITDA in FY2025, at a margin of about 35%.
Cost of the ambition: That profit is almost entirely consumed by therapeutics R&D (Adjusted EBITDA –US$98M in FY2025), manufacturing build-out (–US$22M) and corporate costs (–US$57M).
Valuation implications: The equity case therefore depends on two things. First, the durability of PSMA-PET pricing and share as US reimbursement transitions. Second, converting the pipeline into approved therapies.
What ITM would change: The merger would make Telix one of the few radiopharma companies combining commercial diagnostics, a scaled isotope business and late-stage therapeutics. It would also add integration and financing complexity.
Strategy
Stated strategy themes (FY2025 Annual Report)
Management further emphasises three themes:
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Reinvesting earnings to bring the first therapeutic products to commercialisation
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Growing the Precision Medicine business through label expansion and new launches
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Positioning Telix at the forefront of radiopharma industry consolidation (CEO, ITM announcement, Sept 2026)
Strategic initiatives, last 24 months
| Initiative | Date | Description / targets |
|---|---|---|
| Vertical integration via RLS | Closed Jan 2025 | US radiopharmacy network; cyclotron installs to build a US radiometal production network |
| Two-product PSMA strategy | 2025–26 | Illuccix plus Gozellix, giving workflow and reimbursement choice; drove 30% YoY Precision Medicine growth in Q2 2026 |
| BiPASS registration programme | 2025–26 | Pre-biopsy PSMA-PET plus MRI; enrolment complete; Fast Track; NDA pathway agreed |
| AlFluor™ platform | Jun 2025 onward | Fluorine-18 PSMA lifecycle management |
| Global manufacturing build-out | 2025–26 | Brussels South GMP, Yokohama, North Melbourne |
| Regeneron collaboration | Apr 2026 | 50/50 co-development of antibody-based radiotherapeutics |
| Capital management: convertible refinancing | Apr 2026 | US$600M 1.50% notes due 2031; 2029 bonds retired |
| ITM merger | Sep 2026 | Vertical integration into isotopes. Targets US$50M of synergies within two years, on top of ITM's own programme to cut operating costs back to FY2025 levels. ITM expected to be EBITDA-positive from FY2027. |
| Sustainability | 2025–26 | First Double Materiality Assessment; three-pillar strategy approved Aug 2025; GHG reduction roadmap due 2026 |
| SOX compliance | 2,025 | Substantial progress toward Sarbanes-Oxley compliance for the US listing |
Guidance and medium-term targets
| Item | Guidance |
|---|---|
| FY2026 group revenue | US$950–970M, tracking toward the upper end (Aug 2026) |
| FY2026 revenue plus other income | In excess of US$1 billion (including US$40M Regeneron) |
| FY2026 R&D expenditure | US$230–270M (raised from the US$200–240M "pipeline R&D" guided in Feb 2026) |
| Pro forma Telix + ITM 2026 revenue and other income | Above US$1.3 billion (management estimate, unaudited) |
| Synergies | US$50M targeted in the first two years post-ITM |
| Medium-term financial targets beyond 2026 | — |
Pixclara revenue is excluded from FY2026 guidance.
Products & Services
Precision Medicine — commercial products
| Product | Description and capabilities | Target customer | Approval / launch | Pricing |
|---|---|---|---|---|
| Illuccix® (kit for preparation of gallium-68 gozetotide injection; TLX591-Px) | Cold kit radiolabelled on site with generator- or cyclotron-produced gallium-68. Used for PSMA-PET imaging of prostate cancer and for selecting patients for PSMA-directed therapy. A Prior Approval Supplement extended the US label to patient selection in the pre-taxane setting (Oct 2025). | Nuclear medicine departments, radiopharmacies, urologists, oncologists | FDA Dec 2021; US launch Apr 2022. Available in 22 countries including the US, Australia, Canada, Brazil, UK and 19 European markets. China NDA accepted Jan 2026. Japan Phase 3 enrolment complete (2026). | List price not publicly disclosed in sources reviewed |
| Gozellix® (kit for gallium-68 gozetotide; next-generation) | Second-generation PSMA-PET kit giving workflow and reimbursement flexibility. The ARTMS cyclotron gallium-68 drug master file was referenced with Gozellix in March 2025. Telix calls this a "two-product" PSMA strategy and is the only company with two FDA-approved PSMA imaging agents. | Same as Illuccix | FDA Mar 2025; HCPCS Level II code (Jul 2025); CMS transitional pass-through payment from 1 Oct 2025 | TPT reimbursement; price not disclosed |
| Pixclara® (floretyrosine F 18 / 18F-FET; TLX101-Px) | Amino acid PET agent targeting LAT1/LAT2 transporters. Indicated to distinguish recurrent or progressive glioma from treatment-related change, in adults and in children aged one month and older. First FDA-approved FET-PET agent. Included in NCCN CNS Cancers guidelines. Orphan Drug and Fast Track designations. | Neuro-oncology centres; about 24,000 new US glioma cases a year | FDA approval announced 14 Sep 2026 (PDUFA 11 Sep 2026). First US patients dosed (Indianapolis, Cleveland) and commercial supply via PharmaLogic, Oct 2026. EU MAA for "Pixlumi" validated. Phase 3 IND cleared for brain metastases. | Not disclosed. FY2026 guidance excluded Pixclara revenue. |
| Scintimun® (99mTc-besilesomab) | SPECT imaging of osteomyelitis (bone infection) | European hospitals | Approved in 32 European countries and Mexico | — |
| SENSEI® | Miniaturised drop-in gamma probe for minimally invasive and robotic-assisted radioguided surgery | Surgeons and urologists | FDA-registered; CE Mark | — |
Precision Medicine — pipeline and lifecycle programmes
| Programme | Status (latest) | Notes |
|---|---|---|
| Zircaix® (TLX250-Px; 89Zr-girentuximab) — clear-cell renal cell carcinoma (ccRCC) PET | Original BLA received a CRL on 28 Aug 2025. A corrected CRL was issued on 10 Apr 2026 and the resubmission deadline was extended. Resubmission was described as "near-term" at H1 2026 (Aug 2026). | Breakthrough Therapy designation. ZIRCON-X data showed nearly half of patients would have a change in clinical management. US$14.1M of launch inventory was expensed to R&D in FY2025 and is reversible on approval. |
| BiPASS™ (68Ga-PSMA-PET plus MRI, pre-biopsy diagnosis) | Phase 3 enrolment completed and FDA alignment on the NDA pathway (1 Sep 2026). Fast Track designation (30 Sep 2026). | Company estimates it could add about 800,000 scans a year to the addressable market (FY2025 CEO letter) |
| AlFluor™ ([18F]AlF-PSMA-11) | Lifecycle management; agreement with University Hospital Ghent to support a US registration trial | Fluorine-18 alternative to gallium-68 for PSMA |
| Illuccix China / Japan | China NDA under review; Japan Phase 3 enrolment complete | Geographic expansion |
| Pixclara — brain metastases | Phase 3 IND cleared (H1 2026) | Label expansion |
| TLX300-Px (89Zr-olaratumab) | Phase 1 ZOLAR (soft tissue sarcoma, PDGFRα) | Imaging proof of concept for future therapy |
Therapeutics — pipeline (none approved)
| Asset | Modality / target | Indication | Stage (latest) |
|---|---|---|---|
| TLX591-Tx (177Lu-rosopatamab tetraxetan) | Lutetium-177 radio-antibody, PSMA | Metastatic castration-resistant prostate cancer (mCRPC) | ProstACT Global Phase 3 (NCT06520345). Part 1 safety/dosimetry (36 patients) complete and presented as a late-breaking oral at ASCO 2026. Part 2 is a 2:1 randomised expansion of about 490 patients, recruiting in Australia, New Zealand and Canada. FDA Type B alignment to start Part 2 in the US (2 Jul 2026), subject to an IND amendment; EU CTA pending. |
| TLX250-Tx (177Lu-girentuximab) | Lutetium-177 antibody, CAIX | Advanced ccRCC | LUTEON Phase 2/3 monotherapy (sites initiating). STARLITE-1 Phase 1b/2 investigator-initiated trial with cabozantinib and nivolumab. |
| TLX101-Tx (iodofalan 131I) | Iodine-131 amino acid, LAT1 | Recurrent glioblastoma | IPAX BrIGHT pivotal (approved in Australia and the EU; sites open). IPAX-Linz Phase 2 IIT showed encouraging efficacy. |
| TLX592-Tx (225Ac-PSMA-RADmAb) | Actinium-225 targeted alpha therapy | mCRPC | AlphaPRO Phase 1 first-in-human approved |
| TLX252-Tx (225Ac-girentuximab) | Actinium-225 alpha therapy, CAIX | Kidney and other CAIX+ cancers | ALPHIX Phase 1 approved |
| TLX400-Tx (177Lu-DOTAGA.Glu.(FAPi)2) | Fibroblast activation protein (FAP) | Solid tumours | Clinical data published (J Nucl Med, Thyroid). Acquired 2025. |
| TLX090-Tx (153Sm-DOTMP) | Samarium-153 bone-seeking agent | Metastatic bone pain | SOLACE Phase 1 (first US patients, Oct 2025) |
| TLX66-Tx (90Y-DTPA-besilesomab) | Yttrium-90 | Bone marrow conditioning; paediatric high-risk leukaemia | Phase 2 IIT |
| TLX102-Tx (211At-APA) | Astatine-211 alpha therapy | Glioma; leptomeningeal disease | FDA Orphan Drug designation; preparing first-in-human |
| TLX597-Tx | Not detailed in sources | Prostate (per ITM slide) | Early |
| Regeneron programmes (4 initial, option for 4 more) | Regeneron antibodies or bispecifics plus Telix radiochemistry | Solid tumours | Discovery / preclinical (from Apr 2026) |
TMS — manufacturing and services
| Offering | Description |
|---|---|
| ARTMS QUANTM Irradiation System (QIS®) | Cyclotron-based solid-target production of gallium-68 and other radiometals. DMF referenced with Gozellix (2025) and Illuccix (Jan 2026). |
| Lead-212 generator technology | Validated with production runs completed (Mar 2025) |
| RLS Radiopharmacies | Described as the only Joint Commission-accredited US radiopharmacy network. 30+ pharmacies dispensing PET, SPECT and therapeutic doses. Cyclotron installations under way at selected sites. |
| IsoTherapeutics (Angleton, TX) | Radiochemistry, development and manufacturing services |
| Optimal Tracers (Sacramento, CA) | PET tracer development and manufacturing |
| TMS Brussels South (Seneffe, BE) | GMP commercial dose production. A first production run under the new configuration was reported in Q2 2026. |
| TMS Yokohama (JP) | First Asia-Pacific cyclotron/GMP facility (opened Nov 2025) |
| TMS North Melbourne (AU) | Opened 2026 with the Melbourne Theranostic Innovation Centre; described as sovereign Australian manufacturing |
Products to be added on completion of the ITM merger (pending)
| Product | Description |
|---|---|
| n.c.a. lutetium-177 (EndolucinBeta®, EMA-approved) | ITM describes itself as the largest commercial lutetium-177 supplier by revenue and the primary external supplier for Novartis's Pluvicto. Distributes to more than 65 countries and over 400 destinations weekly. |
| Actinium-225 | Via the Actineer joint venture, with exclusive long-term radium-226 access through Canadian Nuclear Laboratories |
| Terbium-161 | Planned |
| ITM-11 (177Lu-edotreotide) | Phase 3 COMPETE in G1–G2 GEP-NETs: median progression-free survival 23.9 vs 14.1 months against everolimus (stratified HR 0.673). FDA CRL on 7 Aug 2026 limited to CMC and facility issues. COMPOSE (G2–G3) and LEVEL (lung NETs) Phase 3 trials ongoing. |
Financial Narrative
Income statement — US$ basis (as presented in the FY2025 Annual Report / 20-F)
Notes:
- Sources: FY2025 Appendix 4E and Annual Report (half-year revenue and gross-margin chart: H1/H2 2022 17.1/90.3; 2023 148.8/184.2; 2024 239.6/277.0; 2025 390.4/413.4); Telix + ITM presentation slide 27 (FY2024–25 gross profit).
Revenue CAGR: FY2022–FY2025 about 95.6% a year; FY2023–FY2025 about 55.4% a year.
FY2025 R&D: of US$171.2M includes US$14.1M of Zircaix launch inventory expensed. The release separately cites US$157.1M of "product development" R&D.
FY2025 net loss: includes US$22.5M of non-cash interest unwind on the convertible bonds; the release cites US$26.7M of total non-cash finance costs.
Income statement — A$ basis (as originally reported)
Notes:
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Sources: FY2023 Appendix 4E and Annual Report (22 Feb 2024).
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FY2023 Illuccix global revenue was A$496.2M (98.7% of group revenue).
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The company was pre-commercial before the April 2022 Illuccix launch.
Interim trend
Sources: H1 2026 Appendix 4D; H1 2026 results release; Telix + ITM presentation slide 28.
H1 2026 finance costs were US$19M, mainly from the convertible bond refinancing.
Balance sheet
Notes:
- Sources: FY2025 AR; H1 2026 Appendix 4D; Telix + ITM presentation slide 29 (Telix standalone balance sheet at 30 Jun 2026).
Debt split: - Borrowings at H1 2026 are essentially the US$600M 1.50% convertible notes due 2031, carried at an amortised liability component.
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BNP Paribas and IMBC loans had an outstanding balance of US$9.4M at 30 Jun 2026.
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Short-term borrowings are not separately disclosed in the summary.
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FY2025 net tangible assets per share were –100.00 US cents (FY2024: 16.00), reflecting acquired intangibles.
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Accumulated losses were US$110.9M at 30 Jun 2026.
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93.1% of cash was held in US dollars.
Cash flow
Sources: FY2025 AR, Financial review.
FY2025 acquisitions: RLS US$220.7M plus ImaginAb and FAP assets US$18.1M.
FY2025 investing cash flow: total US$285.9M (FY2024: US$86.7M).
FY2025 operating cash detail: customer receipts US$774.2M (FY2024: US$467.7M); interest paid US$13.7M; income tax paid US$21.3M.
Ratios
Basis:
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H1 2026 ratios are analyst-computed from the Appendix 4D summary and slide 29.
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LTM Adjusted EBITDA is about US$70.5M (FY2025 39.5 – H1 2025 21 + H1 2026 52).
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ROE and ROA are flattered by the US$40M non-recurring Regeneron income.
Commentary on trends, inflections and drivers
Revenue. Telix's top-line trajectory is among the steepest of any ASX healthcare company.
- Revenue went from essentially pre-commercial in FY2021 to US$803.8M in FY2025, and is guided to US$950–970M in FY2026.
FY2022–FY2023: growth was pure Illuccix adoption in the US PSMA-PET market.
FY2025: the 56% increase blended Precision Medicine growth (+22%) with the first-time consolidation of US$170.1M of RLS third-party sales.
H1 2026: growth (+22%) is increasingly driven by Precision Medicine volume and share gains across the Illuccix/Gozellix pair (+27%). This suggests the two-product strategy is defending share as reimbursement shifts.
Margins. The most important inflection is the mix-driven fall in group gross margin, from 65% in FY2024 to 53% in FY2025.
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This is not price erosion in the core. RLS carries low-margin SPECT and third-party PET distribution, and cost of sales now includes dose preparation and delivery.
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Precision Medicine segment profitability has been remarkably stable at a 34–35% Adjusted EBITDA margin across four reporting periods.
Profitability. Group profitability compressed in FY2025: Adjusted EBITDA fell from US$66.9M to US$39.5M and Telix moved from a US$33.7M net profit to a US$7.1M loss. Management characterised this as deliberate reinvestment. The drivers were:
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Higher R&D (+34%)
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Manufacturing scale-up
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Amortisation of RLS intangibles
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Non-cash convertible interest
H1 2026 returned to a US$38.3M net profit, but this owes much to the one-off US$40M Regeneron upfront.
Balance sheet. The balance sheet transformed in 2025.
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Cash fell from US$440.0M to US$141.9M after US$246.4M of strategic investments, chiefly RLS.
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The April 2026 refinancing replaced the A$650M 2.375% bonds due 2029 with US$600M 1.50% notes due 2031. This extended maturity by about two years, reduced the coupon and lifted cash to US$251.9M.
Leverage and the ITM transaction. Leverage remains material relative to EBITDA, at about 3.6x net debt to LTM Adjusted EBITDA. The pending ITM transaction would add about US$302M of assumed net debt. In return it would contribute a manufacturing business that ITM says will deliver about US$106M of annualised manufacturing EBITDA in FY2026.
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Segment Overview
| Segment | Contents | Products / services |
|---|---|---|
Precision Medicine (Px) | Diagnostic radiopharmaceuticals and surgical medtech | Illuccix, Gozellix, Pixclara (from Sept 2026), Scintimun (EU/Mexico), SENSEI gamma probe; pipeline including Zircaix, BiPASS, AlFluor PSMA |
Therapeutics (Tx) | Therapeutic radiopharmaceutical R&D | TLX591-Tx, TLX250-Tx, TLX101-Tx, TLX592, TLX252, TLX400, TLX090, TLX66, TLX102 and others. No revenue. |
Telix Manufacturing Solutions (TMS) | Manufacturing, isotope technology, CDMO and radiopharmacy network | ARTMS QIS cyclotron systems; IsoTherapeutics; Optimal Tracers; TMS Brussels South, Yokohama, North Melbourne; RLS radiopharmacies (reported separately in FY2025, within TMS in H1 2026) |
Other / Corporate | Group costs | Unallocated corporate expense |
Results by Segment and Segment Margins & Growth (%)
| Metric | FY2024 | FY2025 | H1 2025 | H1 2026 |
|---|---|---|---|---|
Precision Medicine revenue (USD Mn) | 509.8 | 621.9 | 306.0 | 388.6 |
RLS/TMS third-party revenue (USD Mn) | 0 | 170.1 | 79.0 | 89.0 |
RLS/TMS total segment revenue incl. internal (USD Mn) | — | 238.4 | — | 146.0 |
Group revenue (USD Mn) | 516.6 | 803.8 | 390.4 | 477.4 |
Precision Medicine Adj. EBITDA (USD Mn) | 174 | 216.4 | 105 | 132 |
Therapeutics Adj. EBITDA (USD Mn) | -50 | -98 | -44 | -32 |
Manufacturing/TMS Adj. EBITDA (USD Mn) | -16 | -22 | -13 | -23 |
Other/Corporate Adj. EBITDA (USD Mn) | -41 | -57 | -27 | -25 |
Group Adj. EBITDA (USD Mn) | 67 | 39.5 | 21 | 52 |
Precision Medicine Adj. EBITDA margin (%) | 34.1 | 34.8 | 34.3 | 34.0 |
Precision Medicine share of group revenue (%) | 98.7 | 77.4 | 78.4 | 81.4 |
Revenue by Segment
| Metric | Q2 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|
Group revenue (USD Mn) | 204 | 230 | 247 |
Precision Medicine revenue (USD Mn) | 155 | 186 | 202 |
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View Subscription PlansIncome Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | — | 107.4 | 333.0 | 516.6 | 803.8 |
Gross profit (USD Mn; FY22–23 derived from half-year margins) | — | 67.4 | 209.8 | 336 | 426 |
Gross margin (%) | — | 62.8 | 63.0 | 65.0 | 53.0 |
R&D expense (USD Mn) | — | — | — | 127.9 | 171.2 |
Operating profit (USD Mn) | — | — | — | 55.2 | 29.8 |
Adjusted EBITDA (USD Mn) | — | — | — | 66.9 | 39.5 |
Profit/(loss) before tax (USD Mn) | — | — | — | 38.0 | -5.3 |
Income tax expense (USD Mn) | — | — | — | 4.2 | 1.9 |
Net profit/(loss) attributable (USD Mn) | — | — | — | 33.7 | -7.1 |
EPS basic (US cents) | — | — | — | 10.17 | -2.11 |
Dividends per share (US cents) | 0 | 0 | 0 | 0 | 0 |
Operating margin (%) | — | — | — | 10.7 | 3.7 |
Adjusted EBITDA margin (%) | — | — | — | 13.0 | 4.9 |
Net margin (%) | — | — | — | 6.5 | -0.9 |
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View Subscription PlansIncome Statement and Per-Share Data
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
Revenue (AUD Mn) | 160.1 | 502.5 | 783.2 |
Adjusted EBITDA (AUD Mn) | -67.8 | 58.4 | — |
R&D investment (AUD Mn) | 80.3 | 128.5 | — |
Sales and marketing expense (AUD Mn) | 37.8 | 54.4 | — |
General and administration expense (AUD Mn) | 17.7 | 36.1 | — |
Net profit/(loss) after tax (AUD Mn) | -104.1 | 5.2 | 49.9 |
EPS basic (A$ cents) | -33.50 | 1.63 | — |
Operating cash flow (AUD Mn) | -64.0 | 23.9 | — |
Income Statement and Margin Analysis (%) (Half-Yearly)
| Metric | H1 2025 | H1 2026 |
|---|---|---|
Revenue (USD Mn) | 390.4 | 477.4 |
Cost of sales (USD Mn) | 181.7 | 217.0 |
Gross profit (USD Mn) | 208.6 | 260.3 |
Gross margin (%) | 53.4 | 54.5 |
Other income (USD Mn) | 0 | 40 |
R&D (USD Mn) | 82 | 124 |
Operating expenses ex-R&D (USD Mn) | 116 | 136 |
Operating profit (USD Mn) | 10 | 46 |
Adjusted EBITDA (USD Mn) | 21 | 52 |
Net profit after tax (USD Mn) | — | 38.3 |
Operating cash flow (USD Mn) | 17.7 | 23 |
Balance Sheet
| Metric | FY2024 | FY2025 | H1 2026 |
|---|---|---|---|
Cash and cash equivalents (USD Mn) | 440.0 | 141.9 | 251.9 |
Total current assets (USD Mn) | — | — | 488 |
Intangible assets incl. goodwill (USD Mn) | — | — | 585 |
Property, plant and equipment (USD Mn) | — | — | 72 |
Total assets (USD Mn) | — | — | 1,362 |
Borrowings, non-current — convertible bonds and loans (USD Mn) | — | — | 505 |
Lease liabilities (USD Mn) | — | — | 60 |
Total current liabilities (USD Mn) | — | — | 242 |
Total liabilities (USD Mn) | — | — | 874 |
Net assets / equity (USD Mn) | — | — | 488 |
Net debt excl. leases (USD Mn) | — | — | 253 |
Working capital (USD Mn) | — | — | 246 |
Cash Flow
| Metric | FY2024 | FY2025 | H1 2026 |
|---|---|---|---|
Net operating cash flow (USD Mn) | 27.5 | -17.3 | 23 |
Operating cash flow excl. ANMI contingent payment (USD Mn) | 27.5 | 34.5 | 23 |
Capex — TMS and manufacturing investment (USD Mn) | 9.1 | 25.7 | — |
Free cash flow, OCF less capex (USD Mn) | 18.4 | -43.0 | — |
Acquisitions, net of cash (USD Mn) | — | 238.8 | — |
Dividends paid (USD Mn) | 0 | 0 | 0 |
Share buybacks (USD Mn) | 0 | 0 | 0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | H1 2026 (annualised where relevant) |
|---|---|
ROE (%) | 15.7 |
ROA (%) | 5.6 |
Current ratio (x) | 2.02 |
Debt / equity (x) | 1.03 |
Net debt / LTM Adj. EBITDA (x) | 3.6 |
Interest coverage, operating profit / finance costs (x) | 2.4 |
Asset turnover (x) | 0.70 |
Segment Overview — Precision Medicine
| Segment | United States | Europe | APAC | LATAM |
|---|---|---|---|---|
Precision Medicine | Core market: Illuccix, Gozellix, Pixclara | Illuccix approved in 19 EU markets plus UK; Scintimun in 32 countries; Pixlumi MAA under review | Illuccix in Australia; China NDA under review; Japan Phase 3 complete | Illuccix in Brazil; R2PHARMA JV (Mar 2025) |
TMS | RLS (30+ pharmacies), IsoTherapeutics (TX), Optimal Tracers (CA) | Brussels South (Belgium) | Yokohama (Japan), North Melbourne (Australia) | — |
Therapeutics | ProstACT Part 2 US start pending IND amendment | EU CTA pending; IPAX BrIGHT approved in EU | ProstACT recruiting in Australia/NZ; approved in China, Japan, Singapore, South Korea | — |
Valuation Snapshot
| Metric | Value | Date / source |
|---|---|---|
ASX close | A$15.08 | 15 Oct 2026 (ad-hoc-news) |
Market capitalisation | A$5.1B | 15 Oct 2026 |
Nasdaq ADS last close | about US$10.65 | Mid-Oct 2026 (CNN Markets) |
Nasdaq 52-week range | US$6.28 – 16.94 | Yahoo Finance (Oct 2026) |
ASX price on FY2025 results day | about A$10.43 (+14.2% on day) | 20 Feb 2026 (Market Matters) |
ITM deal reference price (30-day VWAP) | A$16.65 / US$11.841 | Sept 2026 |
ASX IPO price | A$0.65 | — |
Valuation Multiples
| Multiple | Telix | Basis |
|---|---|---|
Market cap (USD Bn) | 3.6 | A$5.1B at 0.71 |
Enterprise value (USD Bn) | 3.9 | Plus about US$253M net debt (30 Jun 2026) |
EV / Sales FY2026E (x) | 4.0 | Mid-point guidance US$960M |
EV / Adj. EBITDA LTM (x) | about 55 | LTM about US$70.5M; not meaningful for valuation |
P/B (x) | about 7.3 | Equity US$488M |
Analyst Ratings & Targets
| Broker | Rating | Target | Date |
|---|---|---|---|
UBS | Buy | A$26.00 | 11 Oct 2026 |
Canaccord Genuity | Buy | Not stated in source | 4 Oct 2026 |
Consensus 1-year target (Nasdaq ADS) | — | about US$21 | Yahoo Finance |
Capital Instruments
| Instrument | Amount | Coupon | Maturity | Notes |
|---|---|---|---|---|
Senior unsecured convertible notes | US$600M | 1.50% | About 22 Apr 2031 | Conversion price US$13.85 (about A$19.55); guaranteed by Telix Pharmaceuticals Ltd and Telix Pharmaceuticals (US) Inc. |
A$650M convertible bonds due 2029 | Retired | 2.375% | — | More than 85% repurchased (about A$637M); remainder redeemed |
BNP Paribas / IMBC Group loans | US$9.4M outstanding | Not stated | Not stated | Entered Q1 2022 (Belgium) |
ITM net debt to be assumed | About US$302M | Not stated | Not stated | ITM borrowings US$180M at 30 Jun 2026; rollover is a closing condition |
Analyst Conclusions
Guidance and expectations
FY2026: revenue US$950–970M, upper end expected. Revenue plus other income above US$1B. R&D US$230–270M.
Pro forma with ITM: 2026 revenue and other income above US$1.3B, with ITM expected to contribute positive EBITDA from FY2027.
Consensus: at the FY2025 result, FY2026 revenue consensus was about US$858M (Market Matters), well below guidance. This implies upgrades since.
Bull case
-
Diagnostics compounding plus new launches. Precision Medicine is growing 27–30% with stable margins of about 34%. Pixclara (launched Oct 2026), a possible Zircaix approval and the BiPASS label (about 800,000 extra scans) give multi-year growth that is not in FY2026 guidance.
-
ITM transforms earnings quality. About US$106M of annualised isotope manufacturing EBITDA plus US$50M of synergies could turn group Adjusted EBITDA sharply positive from 2027. ITM-11, with clean Phase 3 data and a CMC-only CRL, offers a near-term entry into radioligand therapy revenue at about US$210k per patient.
-
Platform validation and optionality. The Regeneron 50/50 deal, three pivotal therapeutic programmes and a scarce integrated supply chain make Telix a strategic asset in a consolidating sector.
Bear case
-
Regulatory execution. Three CMC- or facility-driven CRLs across Telix and ITM in 16 months suggest a systemic manufacturing and regulatory weakness. That weakness could recur on Zircaix, ITM-11 or the therapeutics.
-
Dilution and balance-sheet stretch. 23.7% equity dilution, up to US$700M of further milestone equity, a US$600M convertible, and about US$555M of combined net debt pro forma, against modest standalone EBITDA. Escrow expiry creates a share overhang in 2027–28.
-
Core franchise pressure plus legal overhang. Same-molecule competition (Locametz), fluorine-18 alternatives and US reimbursement cycles threaten PSMA pricing. Meanwhile the SEC inquiry and class action remain unresolved, and the chair is interim.
Key catalysts and monitorables (next 12 months)
| Expected timing | Catalyst |
|---|---|
| Oct 2026 | Q3 2026 revenue update |
| Nov 2026 | EGM vote on ITM share issue and board appointments |
| By 31 Dec 2026 (extendable 3 months) | ITM closing; ITM-11 NDA resubmission or agreed path |
| Near-term | Zircaix BLA resubmission and PDUFA date |
| H2 2026 – 2027 | ProstACT Global Part 2 US IND amendment clearance and EU CTA |
| 2,027 | BiPASS NDA filing |
| 2026–27 | China Illuccix approval decision; Japan filing |
| Feb 2027 | FY2026 results and FY2027 guidance (first with ITM if closed) |
| H1 2027 | COMPOSE (ITM-11) second interim analysis |
| Ongoing | SEC investigation outcome; class action rulings; permanent chair appointment; Pixclara reimbursement and uptake |
Analyst verdict
Telix has executed one of the more remarkable commercial build-outs in global radiopharmaceuticals. In five years it went from a pre-revenue ASX biotech to a company guiding to nearly US$1 billion of 2026 revenue. Its Precision Medicine engine is genuinely high quality: three FDA-approved PET agents, a two-product PSMA strategy that is gaining share, and segment margins that have held around 34–35% through rapid growth. The April 2026 refinancing and the Regeneron collaboration show that capital markets and big pharma both regard the platform as credible.
The investment debate, however, has moved from "can Telix sell diagnostics?" to "can Telix industrialise and regulate complex radiopharmaceuticals at scale?" On that question the record is mixed. The Pixclara CRL was remediated within about 17 months, which is encouraging. But Zircaix remains unresolved more than a year after its CRL, and the ITM acquisition imports another CMC-related CRL as a closing condition. Group-level profitability is still thin once therapeutics and manufacturing investment are absorbed. Pro forma leverage and dilution from ITM are meaningful, and governance has been unsettled by chair turnover and an open SEC inquiry.
The ITM merger is strategically coherent. Owning the leading lutetium-177 franchise secures supply for Telix's own therapies, adds a cash-generative isotope business and offers a near-term route into radioligand therapy through ITM-11. If it closes on schedule and ITM-11 is approved by end-2027, the combined group could plausibly exit 2027 with diversified, EBITDA-positive revenue well above US$1.3 billion.
On balance, Telix screens as a high-conviction-growth, high-execution-risk asset. At about 4x EV/FY2026E sales the market is not paying a premium for the pipeline. Value creation over the next 12 months hinges on three binary items: ITM completion, the Zircaix and ITM-11 resubmissions, and the US start of ProstACT Part 2. Investors should size positions accordingly and track regulatory milestones more than quarterly revenue.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / background |
|---|---|---|
Dr. Christian Behrenbruch | Co-founder, Managing Director and Group CEO | MD and CEO since 3 Jan 2017. Credentials include BEng (Hons), DPhil (Oxford), JD, MBA, GAICD. Born 1975 (per Kalkine). |
Darren Smith | Group Chief Financial Officer | Previously Global CFO and Company Secretary at Sirtex Medical (2008–2019). B.Bus, FCPA, MBA. |
Dr. David Cade | Group Chief Medical Officer | Formerly CMO at Cochlear Ltd and CMO at Sirtex Medical |
Dr. Darren Patti, PharmD | Group Chief Operating Officer | Joined Mar 2021 as US COO/GM Americas; Group COO from 11 Mar 2024. Previously 15 years at Sofie Biosciences. Authorised Nuclear Pharmacist. Received a 15% base uplift for 2026 after RLS widened his scope. |
Kevin Richardson | CEO, Telix Precision Medicine | Formerly CEO Americas; previously COO of UroShape Medical |
Richard Valeix | CEO, Telix Therapeutics | Formerly Group Chief Commercial Officer. |
Raphael Ortiz | CEO, Telix International | Leads EMEA, APAC and LATAM commercial operations. |
Christian Krautkramer | Group General Counsel | Signatory on Sept 2026 Form 6-K |
Genevieve Ryan | Company Secretary | Signatory on FY2025 Appendix 4E |
Dr. Andreas Kluge | Co-founder; Chief Medical Advisor; Director | MD, PhD. Major shareholder. |
Board of Directors
| Name | Role | Appointed / notes |
|---|---|---|
Dr. Mark Nelson | Independent Non-Executive Chair (Interim) | Interim Chair since Feb 2026, after Tiffany Olson's resignation effective 3 Feb 2026 |
Dr. Christian Behrenbruch | Managing Director and Group CEO | Executive director |
Dr. Andreas Kluge | Director (co-founder) | Non-independent |
Marie McDonald | Non-Executive Director; Chair, People Committee | From 3 Mar 2025 |
David Gill | Non-Executive Director | From 11 May 2026 |
Dr. Maria Rivas | Non-Executive Director | From 11 May 2026. More than 25 years in late-stage clinical development and commercialisation; director of The Cooper Companies. |
William (Bill) Jellison | Non-Executive Director | From 11 May 2026. Former VP and CFO of Stryker; director of Medtronic plc. Audit committee expertise. |
Proposed on ITM closing: Dr. Andrew Cavey (ITM CEO) and Dr. Barbara Weber (ITM director) | Directors, 3-year term | Subject to EGM approval (expected Nov 2026) |
Directors' Remuneration
| Executive | Fixed remuneration (USD) | STVR awarded (USD) |
|---|---|---|
Christian Behrenbruch (MD & CEO) | 556,718 | 339,874 |
Major Shareholders
| Holder | Shares (M) | % | Source / date |
|---|---|---|---|
Andreas Kluge (incl. Gnosis Verwaltungsgesellschaft mbH) | 22.7 | 6.1–6.7 | Substantial holder notice 6 Feb 2026 (Gnosis 20.675M, 6.10%); Simply Wall St |
Christian Behrenbruch (incl. Elk River Holdings Pty Ltd) | 20.7–21.6 | 6.1–6.4 | Substantial holder notice 6 Feb 2026 (Elk River 20.675M, 6.10%) |
State Street Global Advisors | 21.2 | 6.3 | Simply Wall St (date uncertain) |
Citigroup Global Markets Australia | 20.1 | 5.9 | Substantial holder notice 22 May 2026; likely custody or stock lending |
The Vanguard Group | 16.2 | 4.8 | Simply Wall St |
Grand Pharmaceutical Group Ltd | 10.9 | 3.2 | Simply Wall St (strategic holder) |
JPMorgan Chase (private banking) | 6.7 | 2.0 | Simply Wall St |
Norges Bank Investment Management | 6.1 | 1.8 | Simply Wall St |
UV-Cap GmbH & Co KG | 5.4 | 1.6 | Simply Wall St |
JPMorgan Asset Management | 4.6 | 1.4 | Simply Wall St |
BlackRock | 4.6 | 1.4 | Simply Wall St |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Relevant products / position |
|---|---|---|
PSMA-PET imaging | Lantheus Holdings (Nasdaq: LNTH) | Pylarify (18F-piflufolastat), the US PSMA-PET market leader by revenue |
PSMA-PET imaging | Novartis | Locametz (68Ga-gozetotide kit), the direct same-molecule competitor to Illuccix |
PSMA-PET imaging | Bracco / Blue Earth Diagnostics | Posluma (18F-flotufolastat); Axumin |
PET/SPECT diagnostics and radiopharmacy | GE HealthCare (Pharmaceutical Diagnostics) | Broad nuclear medicine portfolio |
Radiopharmacy and distribution (vs RLS) | Cardinal Health Nuclear & Precision Health; PharmaLogic; Jubilant Radiopharma; SOFIE; Siemens PETNET | Dispensing networks |
Radioligand therapy | Novartis | Pluvicto (PSMA), Lutathera (SSTR) — the incumbents TLX591-Tx and ITM-11 must displace |
Radioligand therapy | Eli Lilly (Point Biopharma); Bristol Myers Squibb (RayzeBio); AstraZeneca (Fusion Pharmaceuticals) | Big-pharma entrants with lutetium-177 and actinium-225 pipelines |
Radioligand therapy (ASX peer) | Clarity Pharmaceuticals (ASX: CU6) | Copper-64/67 SAR-bisPSMA theranostics |
Isotope supply (vs ITM) | Eckert & Ziegler; SHINE Technologies; NorthStar; Curium; Nusano | Lutetium-177 and actinium-225 production |
Glioma imaging (vs Pixclara) | No FDA-approved FET competitor; MRI is the standard of care | First-mover |
Kidney cancer imaging (vs Zircaix) | No approved CAIX-PET agent | First-mover if approved |
Peer Comparison FY2025
| Metric | Telix FY2025 | Lantheus FY2024 | Novartis Pluvicto FY2024 | Eckert & Ziegler FY2024 |
|---|---|---|---|---|
Revenue | US$803.8M | US$1,533M | US$1,392M (product sales) | about €296M |
Revenue growth | +56% | about +18% | — | — |
Gross margin | 53% | — | — | — |
R&D intensity | 21.3% | — | n/a (segment of Novartis) | — |
Recent Developments
Hiring trends are positive on third-party data (headcount up about 18.5% in 2025).
