TELIX Pharmaceuticals (ASX: TLX) – Telix Releases HY26 Results Presentation

Telix Pharmaceuticals reported first-half 2026 revenue of US$477 million, up 22% on the prior year, and the result moved the company firmly into profit. Adjusted EBITDA rose to $52 million from $21 million, and net profit after tax was $38 million against a $2 million loss in the first half of 2025. Cash closed the period at $252 million, up from $142 million at December 31, 2025.

Precision Medicine remains the engine. Sales of the PSMA-PET imaging agents Illuccix and Gozellix reached $388 million, up 27%, with a segment gross margin of 65% and adjusted EBITDA of $132 million, up 26%. Illuccix holds marketing authorizations in 24 countries and is commercially available in 22. Telix Manufacturing Solutions added $89 million of third-party revenue, up 10%, but posted an adjusted EBITDA loss of $23 million as the company builds GMP capacity in Seneffe, isotope production in Yokohama and therapy lines at selected RLS sites.

Spending is rising by design. R&D was $124 million, or 26% of revenue, compared with $82 million a year earlier, an increase of 51%, driven by progress across four late-stage programs. The company says the step-up was enabled by strong commercial execution and a $40 million upfront payment from Regeneron under a co-development and co-commercialization agreement. That payment sits in other income, so part of the profit improvement is not recurring revenue. Group gross margin was 55%, which the company attributes to disciplined pricing and manufacturing and distribution efficiencies.

Management expects FY2026 revenue at the upper end of its $950 million to $970 million guidance range, which excludes the Regeneron payment and assumes roughly 25% growth in Precision Medicine on approved products and geographies. R&D guidance is $230 million to $270 million, covering the new TLX597-Tx candidate, the Regeneron research collaboration, Pixclara indication expansion and BiPASS study expansion. These are company projections and carry the usual regulatory, clinical and macroeconomic risks.

The longer-term argument rests on BiPASS, a study of PSMA-PET imaging before prostate biopsy. Telix estimates the current addressable market at about 670,000 scans a year and says the new setting could add roughly 800,000 or more, though these are internal estimates and the study has not yet reported. Pixclara, a glioma imaging agent, carried an FDA PDUFA date of September 11, 2026, and Zircaix for kidney cancer imaging has a BLA resubmission in progress.

Next, investors will want the FDA outcome on Pixclara, the Zircaix resubmission, and the ProstACT Global Part 1 data readout. Other milestones the company lists include BiPASS enrollment completion, Illuccix approval in China, Japan enrollment completion and the opening of the North Melbourne manufacturing site. R&D spend against the $230 million to $270 million range and the cash balance will show how well profits are covering the pipeline.

View the full ASX announcement (PDF)

About TELIX Pharmaceuticals Limited (ASX: TLX)

TELIX Pharmaceuticals Limited is a commercial-stage biopharmaceutical company that develops and commercializes therapeutic and diagnostic radiopharmaceuticals for oncology and other serious diseases. The company operates through three segments: Precision Medicine, Therapeutics, and Manufacturing Solutions, focusing on targeted radiation therapies for various cancer indications. It operates in Australia, Belgium, Canada, the United Kingdom, the United States, and internationally.

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