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Telix Pharmaceuticals
(Sydney:TLX)
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Rating:53Neutral
Price Target:
AU$14.50
â–¼(-10.27% Downside)
Action:Reiterated
Date:10/22/26
The score is held back primarily by weakening cash flow (negative operating and free cash flow in 2025) and rising leverage, despite strong multi-year revenue growth and solid gross margins. Technicals also lean soft with the price below key short/intermediate moving averages and a negative MACD. Valuation is demanding with a high P/E. Offsetting these, the latest earnings call was constructive with reiterated (upper-end) FY2026 revenue guidance, strong H1 growth and margins, and multiple near-term regulatory catalysts, though regulatory and spending risks remain.
Positive Factors
Strong commercial growth
Sustained double-digit growth across the group and core Precision Medicine franchise indicates expanding commercial adoption rather than reliance on a single temporary gain. Continued growth at this scale can strengthen operating leverage, support pipeline investment, and broaden Telix’s revenue base over the next several quarters.
Negative Factors
Recent cash-flow reversal
The reversal into negative operating and free cash flow weakens cash conversion and increases reliance on financing while the company continues investing in growth. If sustained, it could constrain reinvestment flexibility and make execution more sensitive to spending levels, working capital needs, and product timing.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong commercial growth
Sustained double-digit growth across the group and core Precision Medicine franchise indicates expanding commercial adoption rather than reliance on a single temporary gain. Continued growth at this scale can strengthen operating leverage, support pipeline investment, and broaden Telix’s revenue base over the next several quarters.
Read all positive factors
Telix Pharmaceuticals (TLX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$4.35B
Dividend YieldN/A
Average Volume (3M)2.44M
Price to Earnings (P/E)93.1
Beta (1Y)1.11
Revenue Growth26.66%
EPS Growth179.32%
CountryAU
Employees1,152
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.14
Shares Outstanding340,330,380
10 Day Avg. Volume2,431,164
30 Day Avg. Volume2,435,288
Financial Highlights & Ratios
PEG Ratio4.58
Price to Book (P/B)9.10
Price to Sales (P/S)4.63
P/FCF Ratio-67.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$24.93Price Target Upside54.26% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)0.08
Revenue Forecast (FY)AU$978.06M
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 | 816.72M | 783.21M | 502.55M | 160.10M | 7.60M |
| Gross Profit | 683.46M | 433.78M | 509.68M | 314.39M | 29.34M | -29.77M |
| EBITDA | 45.18M | 40.18M | 90.10M | 23.15M | -92.84M | -70.07M |
| Net Income | 47.18M | -7.24M | 49.92M | 5.21M | -104.08M | -80.51M |
Balance Sheet | ||||||
| Total Assets | 1.97B | 1.18B | 1.52B | 406.32M | 255.35M | 109.81M |
| Cash, Cash Equivalents and Short-Term Investments | 363.61M | 141.96M | 710.35M | 123.24M | 116.33M | 22.04M |
| Total Debt | 836.98M | 466.96M | 581.45M | 17.45M | 10.45M | 2.54M |
| Total Liabilities | 1.26B | 767.25M | 948.22M | 255.89M | 175.35M | 106.17M |
| Stockholders Equity | 703.92M | 415.66M | 568.21M | 148.91M | 80.01M | 2.16M |
Cash Flow | ||||||
| Free Cash Flow | -88.71M | -56.10M | 9.00M | 13.09M | -77.83M | -60.67M |
| Operating Cash Flow | -21.58M | -17.57M | 43.03M | 23.88M | -63.97M | -59.33M |
| Investing Cash Flow | -76.29M | -290.52M | -135.17M | -25.49M | -17.00M | -2.73M |
| Financing Cash Flow | 167.50M | -3.78M | 638.92M | 10.19M | 174.96M | 2.85M |
Telix Pharmaceuticals Technical Analysis
Negative
16.16
Price Trends
15.80
Negative
15.62
Negative
14.01
Negative
Market Momentum
-0.73
Positive
30.64
Neutral
7.18
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:TLX, the sentiment is Negative. The current price of 16.16 is above the 20-day moving average (MA) of 15.07, above the 50-day MA of 15.80, and above the 200-day MA of 14.01, indicating a bearish trend. The MACD of -0.73 indicates Positive momentum. The RSI at 30.64 is Neutral, neither overbought nor oversold. The STOCH value of 7.18 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
53 Neutral | AU$4.35B | 93.09 | 7.11% | ― | 26.66% | 179.32% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | AU$32.43M | -0.41 | -98.86% | ― | ― | -27.73% | |
42 Neutral | AU$300.97M | -25.20 | -36.95% | ― | ― | -125.09% | |
42 Neutral | AU$578.28M | -5.47 | -51.15% | ― | ― | -44.83% | |
42 Neutral | AU$18.84M | -0.26 | -144.24% | ― | -23.82% | 12.36% | |
41 Neutral | AU$19.78M | -0.11 | -414.10% | ― | ― | -2.15% |
* Healthcare Sector Average
AU:TLX
Telix Pharmaceuticals
12.79
-3.38
-20.90%
AU:IMU
Imugene
0.04
-0.35
-90.65%
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Immutep Ltd
0.02
-0.28
-92.67%
AU:RAC
Race Oncology Ltd.
1.54
-1.90
-55.25%
AU:CU6
Clarity Pharmaceuticals Ltd.
1.55
-3.06
-66.38%
AU:RAD
Radiopharm Theranostics Limited
0.01
-0.01
-58.33%
Telix Pharmaceuticals Corporate Events
Telix lifts Q3 revenue, wins FDA nod for glioma imaging as ITM merger reshapes platform
Oct 20, 2026
Telix posted group revenue of US$245 million for the third quarter of 2026, up 19% year-on-year, driven by 30% growth in its Precision Medicine business as demand for PSMA imaging agents Illuccix and Gozellix remained strong and U.S. dose volumes ...
Telix Pharmaceuticals Reports Lapse of Conditional Equity Securities
Oct 4, 2026
Telix Pharmaceuticals Limited is a biopharmaceutical company listed on the ASX as TLX, with operations focused on developing and commercializing pharmaceutical products and employing various share rights and share appreciation rights in its capita...
Telix Issues 15,000 New Shares From Conversion of Unquoted Securities
Oct 4, 2026
Telix Pharmaceuticals has issued 15,000 new fully paid ordinary shares following the exercise or conversion of previously unquoted equity securities. The additional TLX shares, dated 27 August 2026 and formally notified to the market on 5 October ...
Telix Adds 436,366 New Shares to ASX Listing
Oct 4, 2026
Telix Pharmaceuticals has applied for quotation of 436,366 new ordinary fully paid shares on the Australian Securities Exchange, following the conversion or exercise of existing options or other convertible securities. The new TLX shares were issu...
Telix Wins FDA Fast Track for Pre-Biopsy Prostate Cancer Imaging Program
Sep 29, 2026
Telix Pharmaceuticals has secured U.S. FDA Fast Track designation for its BiPASS pre-biopsy prostate cancer imaging program, which evaluates gallium-68 PSMA-PET imaging in combination with MRI to guide initial diagnosis. The company recently compl...
Telix Director David Gill Boosts Nasdaq ADS Stake
Sep 25, 2026
Telix Pharmaceuticals has disclosed a change in director David Gill’s holdings, highlighting an increase in his stake in the company’s Nasdaq-listed American Depositary Shares. Gill acquired 11,800 TLX ADS on market at US$11.31 per sha...
Telix Pharmaceuticals Issues New Shares Under Employee Stock Plan
Sep 25, 2026
Telix Pharmaceuticals Limited has issued 1,645 ordinary fully paid shares under its Employee Stock Purchase Plans, with the new securities to be quoted on the ASX under the existing TLX issuer code. The shares were issued on September 25, 2026, as...
Telix Secures ASX Waivers to Support US$1.65bn ITM Acquisition
Sep 21, 2026
Telix Pharmaceuticals has outlined detailed terms for its proposed US$1.65 billion cash-free, debt-free acquisition of ITM Isotope Technologies Munich SE, including a substantial upfront share-based payment, assumption of net debt, and management ...
Telix to Acquire ITM in US$1.65 Billion Deal to Build Radiopharmaceutical Powerhouse
Sep 20, 2026
Telix Pharmaceuticals has agreed to merge with ITM Isotope Technologies Munich, a leading global producer of therapeutic radioisotopes including lutetium-177 and actinium-225, in a deal valuing ITM at US$1.65 billion on a cash-free, debt-free basi...
Telix applies to quote new shares issued under employee equity plans
Sep 14, 2026
Telix Pharmaceuticals has issued 108,080 fully paid ordinary shares under its employee share and stock purchase plans, expanding its quoted securities on the ASX. The move underscores Telix’s continued use of equity incentives to reward and ...
Telix Wins FDA Nod for First FET-PET Glioma Imaging Drug Pixclara
Sep 13, 2026
Telix Pharmaceuticals has secured U.S. FDA approval for Pixclara, the first FET-PET imaging drug for glioma, addressing a significant unmet need in brain cancer diagnostics for both adult and pediatric patients. The product enables physicians to b...
Telix Wraps Phase 3 BiPASS Enrollment, Secures FDA NDA Pathway for Expanded PSMA-PET Use
Sep 1, 2026
Telix Pharmaceuticals has completed enrollment of 350 patients in its Phase 3 BiPASS study, which evaluates the use of its PSMA-PET imaging agents Illuccix and Gozellix in combination with MRI to detect prostate cancer before biopsy. The company h...
Telix Names David Gill Board Chair to Steer Global Radiopharmaceutical Growth
Aug 31, 2026
Telix Pharmaceuticals has appointed veteran life sciences executive David Gill as Chair of its Board, effective immediately, as part of a planned succession following his May 2026 arrival as a Non-Executive Director. He replaces interim Chair Dr. ...
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...
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.