Telix Pharmaceuticals Ltd. (AU:TLX)
ASX:TLX
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Telix Pharmaceuticals
(Sydney:TLX)
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Rating:60Neutral
Price Target:
AU$13.50
▲(6.05% Upside)
Action:ReiteratedDate:03/26/26
The score is primarily held back by weaker financial quality signals—negative 2025 cash flow, a return to net loss, and rising leverage—despite strong multi-year revenue growth. Offsetting this are constructive technical momentum and a supportive earnings call with upbeat FY2026 growth guidance, though valuation metrics are unfavorable given the negative P/E and no dividend yield.
Positive Factors
Strong multi-year revenue growth & guidance
Sustained high revenue growth and explicit FY2026 guidance reflect durable commercial traction and expanding addressable demand for Telix’s radiopharmaceuticals. Consistent scaling across years underpins reinvestment capacity, supports fixed-cost absorption, and strengthens the company's ability to fund pipeline and international launches over the medium term.
Negative Factors
Rising leverage and weakened balance sheet
A meaningful step-up in debt relative to equity reduces financial flexibility and raises refinancing and covenant risk, especially for a company with volatile near-term earnings. Elevated leverage constrains the firm's ability to self-fund opportunistic investments or absorb regulatory delays without resorting to costly external financing over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong multi-year revenue growth & guidance
Sustained high revenue growth and explicit FY2026 guidance reflect durable commercial traction and expanding addressable demand for Telix’s radiopharmaceuticals. Consistent scaling across years underpins reinvestment capacity, supports fixed-cost absorption, and strengthens the company's ability to fund pipeline and international launches over the medium term.
Read all positive factors
Telix Pharmaceuticals (TLX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$4.31B
Dividend YieldN/A
Average Volume (3M)3.51M
Price to Earnings (P/E)―
Beta (1Y)0.91
Revenue Growth60.23%
EPS Growth-66.98%
CountryAU
Employees415
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.02
Shares Outstanding338,891,050
10 Day Avg. Volume3,843,162
30 Day Avg. Volume3,512,162
Financial Highlights & Ratios
PEG Ratio2.81
Price to Book (P/B)6.08
Price to Sales (P/S)3.04
P/FCF Ratio-44.20
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$24.05Price Target Upside88.94% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.03
Revenue Forecast (FY)AU$959.14M
Telix Pharmaceuticals Business Overview & Revenue Model
Company Description
Telix Pharmaceuticals Limited, a radiopharmaceutical company, develops molecularly targeted radiation (MTR) products for cancer and rare diseases in Australia, Belgium, Japan, Switzerland, and the United States. The company focuses on developing d...
How the Company Makes Money
Telix makes money primarily by commercializing radiopharmaceutical products and generating revenue from their sale and distribution to healthcare providers (e.g., hospitals and imaging centers), as well as through related supply-chain and service ...
Telix Pharmaceuticals Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 20, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive commercial and strategic picture: very strong top-line growth (56% FY2025), a high-margin, cash-generative Precision Medicine engine, successful recent FDA approval and launches, a deep late-stage pipeline with three pivotal therapeutic programs, and upgraded R&D investment to accelerate therapeutics. Offsetting these strengths are regulatory setbacks that require resubmissions (Pixclara and Zircaix), modest consolidated profitability due to aggressive reinvestment (adjusted EBITDA $39.5M), a lean year-end cash balance after major investments, and near-term concentration in the U.S. reimbursement environment. Management has outlined a clear plan to self-fund pipeline advancement and scale manufacturing, but execution and timing of regulatory approvals and the ramp of international reimbursement remain key risks.Positive Updates
Strong Revenue Growth
Total FY2025 revenue grew 56% year-over-year to $804 million (third consecutive year of double-digit revenue growth), in line with guidance; FY2026 revenue guidance set at $950–$970 million (roughly 20%+ growth).
Negative Updates
Regulatory Setbacks and Resubmissions
Pixclara (Pixlumi) and Zircaix did not gain approval in the prior year and require resubmissions; company cites FDA process turbulence and has undertaken management and regulatory capability changes but expects resubmissions and approvals in 2026 (timing remains an execution risk).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth
Total FY2025 revenue grew 56% year-over-year to $804 million (third consecutive year of double-digit revenue growth), in line with guidance; FY2026 revenue guidance set at $950–$970 million (roughly 20%+ growth).
Read all positive updates
Company Guidance
The company guided to FY2026 revenue of $950–$970 million (roughly 20%+ growth versus FY25), with Precision Medicine expected to grow up to ~25% (baseline 15–20% annualized, potentially ~30% CAGR with indication expansion and ~40% including Pixclara and Zircaix); R&D investment is planned at $200–$240 million in 2026 (after $157 million invested in 2025), and the 2026 revenue range excludes incremental contributions from pending approvals. For context FY2025 results were revenue $804 million (+56% YoY), Precision Medicine revenue $622 million (+22% YoY) with Precision Medicine EBITDA of $216 million (+25%), group gross margin ~53% (≈94% of gross margin, about $400 million, generated by Precision Medicine), adjusted EBITDA $39.5 million, operating cash flow $206 million (net positive operating cash flow of $35 million excluding a $52 million contingent payment), ending cash $142 million, and the company noted it has reinvested ~$0.5 billion into the business—emphasizing discretionary R&D spend linked to commercial performance.Telix Pharmaceuticals Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
52
Neutral
Cash Flow
38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.25B | 783.21M | 502.55M | 160.10M | 7.60M |
| Gross Profit | 662.07M | 509.68M | 314.39M | 29.34M | -29.77M |
| EBITDA | 61.33M | 92.55M | 22.97M | -92.84M | -70.07M |
| Net Income | -11.05M | 49.92M | 5.21M | -104.08M | -80.51M |
Balance Sheet | |||||
| Total Assets | 1.77B | 1.52B | 398.30M | 255.35M | 109.81M |
| Cash, Cash Equivalents and Short-Term Investments | 212.74M | 710.35M | 123.24M | 116.33M | 22.04M |
| Total Debt | 785.24M | 581.45M | 17.45M | 10.45M | 2.54M |
| Total Liabilities | 1.15B | 948.22M | 249.39M | 178.44M | 106.17M |
| Stockholders Equity | 622.89M | 568.21M | 148.91M | 80.01M | 2.16M |
Cash Flow | |||||
| Free Cash Flow | -85.62M | 9.00M | 13.09M | -77.83M | -60.67M |
| Operating Cash Flow | -26.82M | 43.03M | 23.88M | -63.97M | -59.33M |
| Investing Cash Flow | -443.42M | -135.17M | -25.49M | -17.00M | -2.73M |
| Financing Cash Flow | -5.77M | 638.92M | 10.19M | 174.96M | 2.85M |
Telix Pharmaceuticals Technical Analysis
Positive
12.73
Price Trends
10.58
Positive
12.11
Positive
15.48
Negative
Market Momentum
0.68
Negative
65.95
Neutral
81.67
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:TLX, the sentiment is Positive. The current price of 12.73 is above the 20-day moving average (MA) of 11.14, above the 50-day MA of 10.58, and below the 200-day MA of 15.48, indicating a neutral trend. The MACD of 0.68 indicates Negative momentum. The RSI at 65.95 is Neutral, neither overbought nor oversold. The STOCH value of 81.67 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:TLX.
Telix Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | AU$494.48M | 14.96 | 13.29% | 0.38% | 7.76% | 1.55% | |
60 Neutral | AU$4.31B | -342.48 | -2.08% | ― | 60.23% | -66.98% | |
59 Neutral | AU$1.51B | 78.41 | 9.20% | ― | 12.35% | 26.73% | |
52 Neutral | AU$2.82B | ― | -18.31% | ― | 198.58% | 3.97% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
42 Neutral | AU$56.78M | -5.28 | -62.49% | ― | ― | 10.78% | |
40 Underperform | AU$69.26M | -3.40 | -35.86% | ― | ― | -19.21% |
* Healthcare Sector Average
AU:TLX
Telix Pharmaceuticals
12.73
-14.80
-53.76%
AU:CUV
Clinuvel Pharmaceuticals
9.85
-1.84
-15.76%
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Mesoblast Limited
2.19
0.04
1.86%
AU:NEU
Neuren Pharmaceuticals Limited
11.93
-0.08
-0.67%
AU:IMM
Immutep Ltd
0.05
-0.24
-83.51%
AU:PTX
Prescient Therapeutics Limited
0.05
0.01
25.58%
Telix Pharmaceuticals Corporate Events
Telix Issues New Deferred Share Rights Under Employee Incentive Scheme
Mar 19, 2026
Telix Pharmaceuticals has notified the market of the issue of 126,668 new unquoted securities in the form of Deferred Share Rights, split between 60,528 ex-U.S. rights and 66,140 U.S. rights, effective 18 March 2026. These securities are being iss...
Telix Pharmaceuticals Reports Lapse of Over 1 Million Share Appreciation Rights
Mar 17, 2026
Telix Pharmaceuticals has reported the lapse of 1,014,318 share appreciation rights (SARs) under its equity incentive arrangements, after the performance or vesting conditions attached to these rights were not met or became incapable of being sati...
Telix Resubmits U.S. FDA Application for Glioma Imaging Agent TLX101-Px
Mar 15, 2026
Telix Pharmaceuticals has resubmitted a New Drug Application to the U.S. FDA for TLX101-Px (Pixclara), an F-18 FET PET imaging agent designed to differentiate recurrent or progressive glioma from treatment-related changes in adult and pediatric pa...
Telix Tightens Capital Structure as Incentive Rights Lapse and Are Cancelled
Mar 11, 2026
Telix Pharmaceuticals has reported the cessation of several classes of equity-linked incentives, including 140,278 share appreciation rights, 1,957 deferred share rights, and 33,407 performance share appreciation rights, all effective 6 March 2026...
Telix Seeks ASX Quotation for New Employee Share Plan Securities
Mar 11, 2026
Telix Pharmaceuticals has applied to the ASX for quotation of 50,782 new fully paid ordinary shares issued under its employee share and stock purchase plans. The additional securities, dated March 12, 2026, modestly expand the company’s shar...
Telix Highlights Early Phase 3 Safety Data for Prostate Cancer Radiotherapy TLX591-Tx
Mar 9, 2026
Telix Pharmaceuticals has outlined the safety and dosimetry results from Part 1 of its global Phase 3 ProstACT study (NCT06520345) evaluating TLX591-Tx, a lutetium-177 labeled PSMA-targeting therapy called rosopatamab tetraxetan, in prostate cance...
Telix Phase 3 Prostate Cancer Trial Hits Safety Goals, Paves Way for Global Expansion
Mar 9, 2026
Telix Pharmaceuticals reported that Part 1 of its global Phase 3 ProstACT trial of TLX591-Tx, a first-in-class lutetium-177 PSMA-targeted radio antibody-drug conjugate for metastatic castration-resistant prostate cancer, met its primary safety and...
Telix to Release Escrowed Shares Tied to Lightpoint Acquisition
Mar 8, 2026
Telix Pharmaceuticals will release 41,697 ordinary shares from voluntary escrow on 17 March 2026, shares that were originally issued to Lightpoint Medical as part of the consideration for acquiring its SENSEI radio-guided surgery business. The sma...
Telix Files 2025 Corporate Governance Statement and Appendix 4G with ASX
Feb 19, 2026
Telix Pharmaceuticals has lodged its latest corporate governance statement with the ASX for the financial year ended 31 December 2025, confirming that the document is current as of 20 February 2026 and available on the company’s investor rel...
Telix Showcases Promising Glioblastoma Data in FY 2025 Results Briefing
Feb 19, 2026
Telix Pharmaceuticals highlighted new clinical evidence for its investigational LAT1-targeted therapy TLX101-Tx, used in a patient with recurrent glioblastoma who showed a near-complete response on F-FET imaging. The data, showcased as part of its...
Telix Lifts Revenue 56% as It Doubles Down on Late-Stage Radiopharmaceutical Pipeline
Feb 19, 2026
Telix reported FY 2025 revenue of US$803.8 million, a 56% increase that exceeded guidance, and generated positive adjusted operating cash flow while absorbing higher costs from acquisitions and expanded commercial infrastructure. The company inves...
Telix revenue surges but company posts loss for 2025
Feb 19, 2026
Telix Pharmaceuticals has reported its financial results for the year ended 31 December 2025, showing revenue from contracts with customers rising 56% to US$803.8 million compared with 2024. Despite this strong top-line growth, the company swung t...
Telix Pharmaceuticals Announces Departure of Director Tiffany Olson
Feb 3, 2026
Telix Pharmaceuticals has announced that director Tiffany Olson has ceased to be a director of the company as of 3 February 2026. At the time of her departure, Olson held 106,550 fully paid ordinary shares in Telix and 52,070 share appreciation ri...
Telix Sets Date for 2025 Full-Year Results and Investor Webcast
Feb 3, 2026
Telix Pharmaceuticals has announced that it will release its full-year financial results for the period ended 31 December 2025 on 20 February 2026 AEDT, followed by an investor webcast and conference call on the same day to brief shareholders and ...
Telix Pharmaceuticals Chair Resigns as Board Installs Interim Successor
Feb 2, 2026
Telix Pharmaceuticals has announced the resignation of Board Chair and Non-Executive Director Tiffany Olson, effective 3 February 2026, and the appointment of long-standing independent Non-Executive Director Dr. Mark Nelson as Interim Chair. The b...
Challenger Ceases to Be Substantial Holder in Telix Pharmaceuticals
Jan 23, 2026
Challenger Limited has filed a notice with the ASX confirming that it and its associated entities have ceased to be a substantial holder in Telix Pharmaceuticals Ltd, meaning their voting power has fallen below the substantial holding threshold. T...
Telix to Release Escrowed Shares from Lightpoint Acquisition
Jan 22, 2026
Telix Pharmaceuticals will release 47,256 ordinary shares from voluntary escrow on 31 January 2026, representing stock originally issued to Lightpoint Medical as part of the consideration for Telix’s acquisition of Lightpoint and its SENSEI ...
JPMorgan Ceases to Be Substantial Holder in Telix Pharmaceuticals
Jan 22, 2026
JPMorgan Chase Co. and its affiliates have notified Telix Pharmaceuticals Ltd that they have ceased to be a substantial holder in the company as of 20 January 2026, following a series of transactions involving securities lending, collateral arran...
Telix Hits FY2025 Revenue Guidance on Gozellix Momentum, Advances Radiopharma Pipeline
Jan 20, 2026
Telix Pharmaceuticals reported unaudited full-year 2025 revenue of approximately US$804 million, meeting its upgraded guidance and reflecting strong growth in its Precision Medicine business, which generated US$161 million in the fourth quarter dr...
Telix’s Illuccix Prostate Cancer Imaging NDA Accepted for Review in China
Jan 19, 2026
Telix Pharmaceuticals and its Greater China partner Grand Pharmaceutical Group have had their New Drug Application for TLX591-Px (Illuccix) accepted for review by China’s National Medical Products Administration, marking Telix’s first ...
Telix Corrects ASX Filing on Option Exercise and Share Issuance
Jan 13, 2026
Telix Pharmaceuticals has corrected an earlier Appendix 2A filing with the ASX, clarifying that 51,828 options (TLXAL) were exercised for cash, resulting in the issuance of 51,828 ordinary shares rather than the 37,295 shares previously disclosed ...
Telix Pharmaceuticals Reports Lapse of Unvested Share Rights and Appreciation Rights
Jan 12, 2026
Telix Pharmaceuticals has announced the lapse of several classes of conditional securities, including 45,000 share rights (TLXAP), 326,334 share appreciation rights (TLXAO), and 84,896 US performance share appreciation rights (TLXAW), all of which...
Telix Publishes J.P. Morgan Conference Deck and Sets Date for Q4 2025 Results
Jan 12, 2026
Telix Pharmaceuticals has released the investor presentation that Managing Director and Group CEO Dr. Christian Behrenbruch will deliver at the 44th Annual J.P. Morgan Healthcare Conference in San Francisco, with the session to be webcast live and...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.