Telix Pharmaceuticals Ltd (TLX)

Price$11.93Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look roughly fair because growth is strong, but today's valuation already prices in substantial pipeline success.

Using roughly 340 million shares, the market value is about $4.0 billion. After about $252 million of cash and $516 million of borrowings at June 2026, enterprise value is near $4.3 billion, about 4.4 times the midpoint of 2026 revenue guidance. Even if Telix eventually turned 15% of sales into free cash flow—cash left after running and investing in the business—the market value would be about 28 times that cash. With current profit boosted by a $40 million one-time payment, the price already assumes substantial margin expansion and pipeline success. StockAnalysis.com+2SEC+2

Big pictureSales are compounding quickly, but normal cash generation still lags the headline profit.

2025 revenue reached about $804 million, up 56% from 2024, and first-half 2026 revenue reached $477 million, up 22% from a year earlier. The commercial imaging business produced a 65% gross margin. Yet cash durability is weaker than the sales trend suggests: first-half operating cash flow was $23 million and included a $40 million collaboration receipt, while research spending was $124 million, up 52%. Demand is not conventionally cyclical, but results can still be lumpy around regulatory decisions, product launches, reimbursement, and manufacturing execution. Telix Pharmaceuticals Limited+2SEC+2

Business strengthThe core imaging franchise is strong, while debt and future share issuance reduce downside protection.

Illuccix and Gozellix drove about $389 million of first-half Precision Medicine revenue, up 27%, and segment adjusted earnings before interest, tax, depreciation and amortization reached $132 million. Liquidity is adequate, with current assets about twice current liabilities, but borrowings exceeded cash by roughly $264 million. Telix refinanced into $600 million of 1.5% convertible notes due 2031, had equity incentives on issue equal to 7.8% under its plan, and opened an at-the-market share facility, creating future dilution risk. Telix Pharmaceuticals Limited+3SEC+3SEC+3

What could change the storyNew approvals could justify today's valuation, while regulatory setbacks or weaker margins would expose its premium.

The strongest upside is a wider commercial footprint: BiPASS may expand Illuccix and Gozellix into pre-biopsy prostate imaging, Pixclara faces an FDA decision, and other late-stage programs could add products beyond the current franchise. The bear case is equally concrete: 2026 research spending is guided to $230-$270 million, Manufacturing Solutions remains loss-making, and current earnings rely partly on a non-recurring collaboration payment. Sustained revenue growth above 20% with better cash conversion would strengthen the case; slower growth or failed approvals would weaken it. Telix Pharmaceuticals Limited+2Telix Pharmaceuticals Limited+2

AI: News

BiPASS enrollment completedTelix finished a pivotal prostate-imaging study and aligned with the FDA on a broader approval pathway.

On September 2, Telix said the Phase 3 BiPASS study had enrolled 350 patients in the United States and Australia. The study tests whether adding its prostate-targeted PET imaging to MRI can improve diagnosis before biopsy, potentially opening a much larger use case for Illuccix and Gozellix. The company also said it aligned with the FDA on a new drug application pathway. Nasdaq shares rose 5.5% that session, but timing alone does not prove the announcement caused the gain. Telix Pharmaceuticals Limited+1

Half-year growth, costly investmentFirst-half sales grew strongly, but one-time income and heavy research spending made underlying profitability less impressive.

On August 20, Telix reported first-half revenue of $477 million, up 22%, a 55% group gross margin, and $38 million profit after tax. However, the result included $40 million of other income from Regeneron, while research spending reached $124 million. Cash from operations was $23 million, also including that collaboration receipt. Telix simultaneously established an at-the-market share facility. Nasdaq shares gained about 2.5% on August 20 and fell 8.8% the next day, making simple event attribution unreliable. Telix Pharmaceuticals Limited+2SEC+2

Q2 revenue kept risingSecond-quarter sales advanced again, supporting guidance while management raised planned research investment.

On July 21, Telix reported quarterly revenue of $247 million, up 21% from a year earlier and 7% from the prior quarter. Precision Medicine revenue rose 30% year over year to $202 million. Management said full-year revenue was tracking near the top of its $950-$970 million range, while research spending guidance increased to $230-$270 million. The update strengthened evidence that the imaging franchise is scaling, but also confirmed that a large share of the growing gross profit will be reinvested. Telix Pharmaceuticals Limited

Pixclara decision nearingA near-term FDA decision could add a new imaging product or reinforce regulatory risk.

The FDA accepted Telix's resubmitted application for Pixclara in April and set a September 11, 2026 decision goal. Pixclara is intended to image glioma, or brain cancer, and has Fast Track and Orphan Drug designations. Because the application previously received a Complete Response Letter requesting additional evidence, approval is not assured. A positive decision would diversify revenue beyond prostate imaging; another setback would delay launch economics and challenge the growth assumptions already embedded in the valuation. Telix Pharmaceuticals Limited+2Telix Pharmaceuticals Limited+2

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Revenue

2022

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$803.8M	$516.6M	$333.0M	$108.9M
Gross profit	$426.4M	$336.2M	$209.5M	$64.6M
Gross margin	53.05%	65.08%	62.93%	59.29%
Research & development	$171.2M	$127.9M	$85.3M	$54.9M
Operating expenses	$396.7M	$281.0M	$198.5M	$115.1M
Operating income	$29.8M	$55.2M	$11.0M	−$50.5M
Operating margin	3.70%	10.68%	3.31%	−46.34%
EBITDA	$51.3M	$60.0M	$15.5M	−$62.6M
EBITDA margin	6.38%	11.62%	4.65%	−57.47%
Net income	−$7.1M	$33.7M	$4.2M	—
Net profit margin	−0.89%	6.52%	1.26%	—
Basic EPSper basic share	-$0.02	$0.10	$0.01	—
Diluted EPSper diluted share	-$0.02	$0.10	$0.01	—

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of TLX
Holder	Shares held
FMR LLC	561.21K
LAZARD ASSET MANAGEMENT LLC	284.21K
PORTLAND INVESTMENT COUNSEL INC.	266.2K
Private Advisor Group, LLC	197.25K
MARSHALL WACE, LLP	189.19K
MORGAN STANLEY	165.98K
Integrated Wealth Concepts LLC	164.4K
Hennion & Walsh Asset Management, Inc.	150.14K
UBS Group AG	134.7K
BLAIR WILLIAM & CO/IL	122.99K
Raiffeisen Bank International AG	115K
Quadrature Capital Ltd	102.43K
JPMORGAN CHASE & CO	77.54K
XY Capital Ltd	71.29K
XTX Topco Ltd	68.78K
Vanguard Personalized Indexing Management, LLC	58.99K
NLB Skladi, upravljanje premozenja, d.o.o.	58K
Mariner, LLC	37.09K
Capricorn Fund Managers Ltd	36.1K
GTS SECURITIES LLC	35.54K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$996.7K disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 29, 2026Form 4	Behrenbruch ChristianMD & Group CEO	BuyOrdinary Shares · indirect	33.4K	$14.87	$497.2K	20.74M
Apr 28, 2026Form 4	Behrenbruch ChristianMD & Group CEO	BuyOrdinary Shares · indirect	34.5K	$14.48	$499.6K	20.71M

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat19 days ago
Telix agrees to $1.65 billion ITM merger with additional milestone payments
Telix Pharmaceuticals ($TLX) signed an agreement to combine with ITM Isotope Technologies Munich for upfront consideration of $1.65 billion on a cash-free, debt-free basis. After adjustments, ITM shareholders are expected to receive approxi ...
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Telix Pharmaceuticals Ltd (TLX)

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Telix agrees to $1.65 billion ITM merger with additional milestone payments