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Telix Pharmaceuticals
(Sydney:TLX)
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Rating:57Neutral
Price Target:
AU$15.00
â–²(2.32% Upside)
Action:Reiterated
Date:07/03/26
The score is held back mainly by financial risk signals (2025 net loss, negative free cash flow, and rising leverage). Offsetting this are strong technical momentum and an encouraging earnings outlook with FY2026 growth guidance, though regulatory timing and reinvestment-driven profitability constraints keep the rating in the mid-range.
Positive Factors
Sustained high revenue growth and clear FY2026 guidance
Consistent multi-year double-digit growth and explicit FY2026 guidance demonstrate durable commercial traction and scaling of sales operations. This level of top-line expansion improves operating leverage, supports ongoing reinvestment in pipeline and infrastructure, and underpins a higher base for future margin expansion and cash generation.
Negative Factors
Rising leverage and elevated debt levels
A material step-up in debt relative to equity reduces financial flexibility and increases refinancing and interest-rate exposure. For a company with volatile near-term earnings and continued high R&D spend, elevated leverage heightens the risk that growth investments will require external funding or constrain capital allocation if cash generation falters.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained high revenue growth and clear FY2026 guidance
Consistent multi-year double-digit growth and explicit FY2026 guidance demonstrate durable commercial traction and scaling of sales operations. This level of top-line expansion improves operating leverage, supports ongoing reinvestment in pipeline and infrastructure, and underpins a higher base for future margin expansion and cash generation.
Read all positive factors
Telix Pharmaceuticals (TLX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$5.76B
Dividend YieldN/A
Average Volume (3M)1.87M
Price to Earnings (P/E)―
Beta (1Y)1.20
Revenue Growth59.13%
EPS Growth-121.52%
CountryAU
Employees1,152
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.03
Shares Outstanding339,784,300
10 Day Avg. Volume1,472,861
30 Day Avg. Volume1,873,147
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$25.27Price Target Upside72.35% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.03
Revenue Forecast (FY)AU$984.53M
Telix Pharmaceuticals Business Overview & Revenue Model
Company Description
Telix Pharmaceuticals Limited is an Australian-based radiopharmaceutical company dedicated to pioneering molecularly targeted radiation (MTR) products. These innovations are developed for the diagnosis and treatment of various cancers and rare con...
How the Company Makes Money
Telix primarily makes money by selling radiopharmaceutical products and related services. A key revenue stream is commercial product revenue from its approved prostate cancer imaging agent (Illuccix, a kit used to prepare gallium-68 gozetotide for...
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 | 87.58M | 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 | 409.88M | 255.35M | 109.81M |
| Cash, Cash Equivalents and Short-Term Investments | 212.74M | 710.35M | 123.24M | 116.33M | 22.04M |
| Total Debt | 699.77M | 581.45M | 17.45M | 10.45M | 2.54M |
| Total Liabilities | 1.15B | 948.22M | 249.39M | 175.35M | 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 Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | AU$5.76B | -527.41 | -1.72% | ― | 59.13% | -121.52% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | AU$1.07B | -10.14 | -59.59% | ― | ― | -70.72% | |
45 Neutral | AU$56.39M | -0.78 | -93.08% | ― | 116.02% | 75.56% | |
42 Neutral | AU$411.74M | -38.26 | -47.44% | ― | ― | -15.48% | |
41 Neutral | AU$40.16M | -0.37 | -134.65% | ― | ― | 62.72% | |
40 Underperform | AU$73.69M | -0.89 | -69.20% | ― | ― | -73.11% |
* Healthcare Sector Average
AU:TLX
Telix Pharmaceuticals
16.88
-0.25
-1.46%
AU:IMU
Imugene
0.08
-0.20
-71.23%
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Immutep Ltd
0.05
-0.20
-79.60%
AU:RAC
Race Oncology Ltd.
2.05
0.89
76.72%
AU:CU6
Clarity Pharmaceuticals Ltd.
2.81
-0.80
-22.16%
AU:RAD
Radiopharm Theranostics Limited
0.01
-0.01
-52.00%
Telix Pharmaceuticals Corporate Events
Telix Sets August Investor Call for H1 2026 Results
Jul 30, 2026
Telix Pharmaceuticals will release its financial results for the half-year ended June 30, 2026 on August 20, 2026, and has scheduled an investor webcast and conference call that morning in Australia, corresponding to the evening of August 19 in th...
Telix Lifts Q2 Revenue to US$247m as Radiopharma Pipeline Advances
Jul 21, 2026
Telix reported Q2 2026 group revenue of US$247 million, up 21% year-on-year and 7% quarter-on-quarter, driven by US$202 million from its Precision Medicine division, which grew 30% year-on-year. Management said U.S. dose volumes rose 7% on strong ...
Telix trims potential dilution as conditional share rights lapse
Jul 9, 2026
Telix Pharmaceuticals has reported the lapse of several tranches of share rights and share appreciation rights, resulting in the cessation of a combined total of more than 500,000 equity-linked securities. These instruments, including various Aust...
Telix Pharmaceuticals Issues New Shares After Conversion of Unquoted Securities
Jul 9, 2026
Telix Pharmaceuticals has reported the issue of 83,750 new ordinary fully paid shares on June 16, 2026, following the exercise or conversion of previously unquoted options or other unquoted convertible securities. The notification, lodged with the...
Telix Seeks ASX Quotation for Additional Ordinary Shares
Jul 9, 2026
Telix Pharmaceuticals has applied to the ASX for quotation of 405,463 ordinary fully paid shares, to be issued on June 30, 2026. The application, lodged as an Appendix 2A under the ASX Listing Rules, reflects the formal listing of newly created eq...
Citi Group Entities Exit Substantial Holder Status in Telix Pharmaceuticals
Jul 3, 2026
Citigroup Global Markets Australia and related Citi group entities have notified Telix Pharmaceuticals that they have ceased to be a substantial holder in the company as of 30 June 2026. The change reflects a series of adjustments in relevant inte...
Citigroup Entities Exit Substantial Holder Status in Telix Pharmaceuticals
Jun 23, 2026
Citigroup Global Markets Australia and related Citi entities have notified Telix Pharmaceuticals that they have ceased to be substantial shareholders as of 19 June 2026, following a series of changes in their relevant interests in Telix’s or...
Telix Director David Gill Increases Stake With Nasdaq ADS Purchase
Jun 16, 2026
Telix Pharmaceuticals has disclosed a change in the holdings of director David Gill, who has increased his direct interest in the company via an on-market purchase of American Depositary Shares on Nasdaq. Gill acquired 10,200 ADS at a price of US$...
Telix Issues New Tranche of Unquoted Equity Under Employee Incentive Schemes
Jun 1, 2026
Telix Pharmaceuticals has issued a new tranche of unquoted equity securities under its employee incentive schemes, covering various forms of rights for staff in different jurisdictions. The company created 27,121 deferred share rights for ex-U.S. ...
Telix boosts CEO equity incentives with new long-term rights grant
Jun 1, 2026
Telix Pharmaceuticals has disclosed changes to the holdings of Managing Director and CEO Dr Christian Behrenbruch, reflecting the grant of additional performance share appreciation rights and deferred share rights approved at the company’s 2...
Telix Grants Share Appreciation Rights to Director Marie McDonald
Jun 1, 2026
Telix Pharmaceuticals has disclosed a change in director Marie McDonald’s interests, following the grant of 23,139 Share Appreciation Rights under the company’s Equity Incentive Plan. The award, approved by shareholders at the 21 May 2...
Telix Grants Share Appreciation Rights to Director Jellison After AGM Approval
Jun 1, 2026
Telix Pharmaceuticals has granted 21,597 Share Appreciation Rights to director William Jellison under its Equity Incentive Plan, following shareholder approval at the company’s 2026 Annual General Meeting. The rights, which carry a notional ...
Telix Grants Share Appreciation Rights to Director Maria Rivas
Jun 1, 2026
Telix Pharmaceuticals has updated the market on the equity interests of non-executive director Maria Rivas, confirming the grant of 21,597 Share Appreciation Rights under its Equity Incentive Plan. The allocation, approved by shareholders at the 2...
Telix Grants Share Appreciation Rights to Director David Gill
Jun 1, 2026
Telix Pharmaceuticals has granted 30,048 Share Appreciation Rights to director David Gill under its Equity Incentive Plan, following shareholder approval at the company’s 2026 Annual General Meeting. The rights, which carry a notional exerci...
Telix Shareholders Back All Resolutions at Annual General Meeting
May 21, 2026
Telix Pharmaceuticals reported that all resolutions presented at its annual general meeting in Melbourne were passed by shareholders via poll, signaling broad investor support for the company’s current strategy and governance. The successful...
Telix underscores radiopharma portfolio and regulatory risks at shareholder meeting
May 21, 2026
Telix Pharmaceuticals used its latest shareholder meeting materials to highlight the breadth of its approved and investigational radiopharmaceutical portfolio, led by Illuccix and supported by imaging agents like Scintimun and the SENSEI surgical ...
Telix boosts radiopharma scale and pivots deeper into cancer therapeutics
May 21, 2026
Telix used its 2025 Annual General Meeting to highlight strong commercial momentum, reporting 2025 group revenue of US$804 million, up 56% year-on-year, driven by Illuccix and the launch of Gozellix. First-quarter 2026 revenue rose to US$230 milli...
Telix Issues New Shares to Complete Deferred ImaginAb Acquisition Payment
May 8, 2026
Telix Pharmaceuticals has issued 264,943 fully paid ordinary shares to satisfy a US$4 million deferred payment related to its acquisition of U.S.-based ImaginAb, Inc., a deal previously disclosed to the market. The company stated that the shares w...
Telix Seeks ASX Quotation for Additional Ordinary Shares
May 8, 2026
Telix Pharmaceuticals has applied for quotation on the ASX of 264,943 new fully paid ordinary shares, expanding its listed securities base. The additional shares, issued under previously announced transactions, modestly increase Telix’s equi...
Challenger exits substantial holder position in Telix Pharmaceuticals
May 6, 2026
Challenger Limited, a major Australian investment and financial services group, has filed a notice with the ASX confirming it has ceased to be a substantial shareholder in Telix Pharmaceuticals. The change reflects a reduction in Challenger’...
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.
Disclaimer
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.