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Telix Pharmaceuticals
(Sydney:TLX)
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Rating:58Neutral
Price Target:
AU$16.00
â–¼(-0.99% Downside)
Action:Reiterated
Date:08/22/26
The score is held back primarily by weaker recent financial quality (negative 2025 cash flow, elevated and rising leverage, and earnings volatility) despite strong revenue growth. Technicals are supportive with the stock above key moving averages and positive MACD, and the latest earnings call was constructive with reiterated guidance and improving H1 profitability, but valuation remains a key risk given the very high P/E and lack of dividend yield support.
Positive Factors
Strong Revenue Growth
Sustained double-digit growth, led by Precision Medicine, demonstrates strong product adoption and commercial execution. Management’s maintained full-year guidance and expectation of landing near the upper end support continued revenue expansion over the next several quarters.
Negative Factors
Rising Leverage
A faster increase in debt than equity reduces financial flexibility and raises refinancing and interest burden risks. This is especially important while earnings remain volatile, because weaker profitability could constrain investment capacity or increase dependence on external funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Sustained double-digit growth, led by Precision Medicine, demonstrates strong product adoption and commercial execution. Management’s maintained full-year guidance and expectation of landing near the upper end support continued revenue expansion over the next several quarters.
Read all positive factors
Telix Pharmaceuticals (TLX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$5.33B
Dividend YieldN/A
Average Volume (3M)1.68M
Price to Earnings (P/E)119.0
Beta (1Y)1.14
Revenue Growth26.66%
EPS Growth179.32%
CountryAU
Employees1,152
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.14
Shares Outstanding339,784,300
10 Day Avg. Volume2,053,667
30 Day Avg. Volume1,676,628
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$24.70Price Target Upside52.82% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)0.07
Revenue Forecast (FY)AU$980.20M
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:Aug 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 19, 2027
Earnings Call Sentiment Positive
The call highlighted multiple strong commercial and clinical positives: double‑digit revenue growth (H1 revenue $477M, +22% YoY), robust Precision Medicine momentum (~$390M, +27% YoY), improving margins, a solid cash position ($252M), near-term regulatory catalysts (Pixclara PDUFA on 11 Sep) and advancement of Phase III therapeutic programs and the BiPASS study. Offsetting these are material regulatory uncertainties (notably the Zircaix CRL and required resubmission to address third‑party manufacturing deficiencies), timing risk for European approvals, higher near‑term R&D spend ($230M–$270M guidance) and competitive/reimbursement dynamics. Overall, the highlights — including strong commercial execution, product launches, pipeline progress and strategic partnerships — materially outweigh the lowlights, though execution against regulatory milestones and funding of increased R&D spend remain key watch items.Positive Updates
Strong Top-Line Growth
Reported group revenue of $477 million for H1 2026, up 22% year-on-year, driven by robust commercial execution in the Precision Medicine franchise.
Negative Updates
Zircaix Regulatory Setback and Resubmission Requirement
Zircaix received a corrected Complete Response Letter (CRL) from the FDA related to third-party manufacturing deficiencies. Management said the resubmission is a top priority and is expected 'very soon' (company control), but the CRL represents a material regulatory hurdle and timing uncertainty for this asset.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line Growth
Reported group revenue of $477 million for H1 2026, up 22% year-on-year, driven by robust commercial execution in the Precision Medicine franchise.
Read all positive updates
Company Guidance
Management reiterated FY2026 revenue guidance of $950–$970m (saying they expect to land at the upper end) after reporting H1 revenue of $477m (+22% YoY) with Precision Medicine sales ~ $390m (+27% YoY) and Precision Medicine gross margin at 65% (consolidated gross margin 55%). They updated R&D guidance to $230–$270m (R&D was 26% of H1 revenue), noted Precision Medicine growth is expected to exceed 20% YoY and that cash was $252m following a convertible bond refinance. H1 EBITDA was $52m (up 146% YoY) with net profit after tax $38m, OpEx fell 1% as a percentage of sales, TMS third‑party revenue was $89m (+10% YoY) and internal RLS revenues were $57m (+70% YoY). Near‑term regulatory timelines cited include a U.S. PDUFA date for Pixclara on Sept 11, a Zircaix resubmission expected in the next 1–2 months, and clinical readouts driven by event‑based triggers (e.g., ProstACT Part 2 interim analysis at 81 progression events) and BiPASS nearing targeted enrollment.Telix Pharmaceuticals Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
52
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.31B | 1.25B | 783.21M | 502.55M | 160.10M | 7.60M |
| Gross Profit | 683.46M | 662.07M | 509.68M | 314.39M | 29.34M | -29.77M |
| EBITDA | 45.18M | 61.33M | 87.58M | 22.97M | -92.84M | -70.07M |
| Net Income | 47.18M | -11.05M | 49.92M | 5.21M | -104.08M | -80.51M |
Balance Sheet | ||||||
| Total Assets | 1.97B | 1.77B | 1.52B | 409.88M | 255.35M | 109.81M |
| Cash, Cash Equivalents and Short-Term Investments | 363.61M | 212.74M | 710.35M | 123.24M | 116.33M | 22.04M |
| Total Debt | 836.98M | 699.77M | 581.45M | 17.45M | 10.45M | 2.54M |
| Total Liabilities | 1.26B | 1.15B | 948.22M | 249.39M | 175.35M | 106.17M |
| Stockholders Equity | 703.92M | 622.89M | 568.21M | 148.91M | 80.01M | 2.16M |
Cash Flow | ||||||
| Free Cash Flow | -88.71M | -85.62M | 9.00M | 13.09M | -77.83M | -60.67M |
| Operating Cash Flow | -21.58M | -26.82M | 43.03M | 23.88M | -63.97M | -59.33M |
| Investing Cash Flow | -76.29M | -443.42M | -135.17M | -25.49M | -17.00M | -2.73M |
| Financing Cash Flow | 167.50M | -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 |
|---|---|---|---|---|---|---|---|
58 Neutral | AU$5.33B | 119.03 | 7.11% | ― | 26.66% | 179.32% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | AU$433.31M | -34.57 | -36.95% | ― | ― | -125.09% | |
45 Neutral | AU$72.21M | -0.89 | -98.86% | ― | ― | -27.73% | |
45 Neutral | AU$846.89M | -7.97 | -51.15% | ― | ― | -44.83% | |
42 Neutral | AU$36.25M | -0.21 | -414.10% | ― | ― | -2.15% | |
42 Neutral | AU$39.04M | -0.58 | -144.24% | ― | -23.82% | 12.36% |
* Healthcare Sector Average
AU:TLX
Telix Pharmaceuticals
16.47
2.67
19.35%
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Telix Pharmaceuticals Corporate Events
Telix outlines H1 2026 progress in radiopharmaceutical and precision medicine units
Aug 19, 2026
Telix Pharmaceuticals released an interim H1 2026 results presentation outlining updates across therapeutics, precision medicine, and financial performance. The briefing, led by senior executives including the CEO, CFO, Chief Medical Officer and t...
Telix swings to profit on strong U.S. radiopharmaceutical sales
Aug 19, 2026
Telix Pharmaceuticals reported robust half-year revenue growth to 477.35 million U.S. dollars, up 22 percent from the prior period, driven largely by continued strong U.S. sales of Illuccix and Gozellix. Gross profit rose to 260.35 million dollars...
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...
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.