Company Reports

Telix's focus is expanding Illuccix and Gozellix distribution and investing in its new product pipeline. Illuccix launched in April 2022 and was the second commercially available PSMA imaging agent for prostate cancer. The US Food and Drug Administration, or FDA, approved Gozellix, which is also a PSMA imaging agent for prostate cancer in March 2025. These two agents form the group’s “Two Product Strategy.”

We take a fresh look at Telix Pharmaceuticals, amid a multitude of potentially transformative developments, both strategically and financially. In the process, we update our intrinsic assessment, prior to incorporation of the recently announced USD 1.65 billion ITM Isotopes Technologies purchase.

Telix has agreed to purchase ITM Isotope Technologies, the leading supplier of therapeutic radioisotope lutetium-177, with expansions of two other isotopes in the pipeline. Total consideration is USD 1.65 billion, with 76% in Telix shares priced at USD 11.84 per share, or AUD 16.68.

Telix’s strategy revolves around expanding its Illuccix distribution and investing in its product pipeline. Illuccix launched in April 2022 and was the second commercially available PSMA imaging agent for prostate cancer. It has gained significant market share due to changes in clinical practice and successful distribution. Illuccix is mainly used for staging suspected metastatic prostate cancer, which determines how far the cancer has spread beyond the prostate. If the cancer is in the early stage, this may be redundant. The adoption of Illuccix is also growing for suspected recurrence, monitoring, and patient selection for radioligand therapy. Telix has several distribution partners, including Cardinal Health, which operates the largest radiopharmaceutical network in the US and effectively distributes Illuccix to PET imaging sites.

Telix Pharmaceutical's Pixclara becomes the first positron emission tomography, or PET, imaging agent for glioma brain cancer to receive approval from the US Food and Drug Administration.

Telix Pharmaceutical's first-half underlying EBITDA was up 148% from a year ago to USD 52 million. This was driven by solid 27% revenue growth within its core precision medicine portfolio, powered by continued adoption of Illuccix and Gozellix across all markets.

Telix’s strategy revolves around expanding its Illuccix distribution and investing in its product pipeline. Illuccix launched in April 2022 and was the second commercially available PSMA imaging agent for prostate cancer. It has gained significant market share due to changes in clinical practice and successful distribution. Currently, Illuccix is mainly used for staging suspected metastatic prostate cancer, which determines how far the cancer has spread beyond the prostate. If the cancer is in the early stage, this may be redundant. The adoption of Illuccix is also growing for suspected recurrence, monitoring, and patient selection for radioligand therapy. Telix has several distribution partners, including Cardinal Health, who operate the largest radiopharmaceutical network in the US and effectively distribute Illuccix to PET imaging sites.

Telix’s strategy revolves around expanding its Illuccix distribution and investing in its product pipeline. Illuccix launched in April 2022 and was the second commercially available PSMA imaging agent for prostate cancer. It has gained significant market share due to changes in clinical practice and successful distribution. Currently, Illuccix is mainly used for staging suspected metastatic prostate cancer, which determines how far the cancer has spread beyond the prostate. If the cancer is in the early stage, this may be redundant. The adoption of Illuccix is also growing for suspected recurrence, monitoring, and patient selection for radioligand therapy. Telix has several distribution partners, including Cardinal Health, who operate the largest radiopharmaceutical network in the US and effectively distribute Illuccix to PET imaging sites.

We transfer coverage of Telix Pharmaceuticals, a developer of cancer imaging agents and therapeutics. It has a pipeline of products that target cancer cells with radiation for imaging and treatment. It earns most of its revenue from US sales of Illuccix, an imaging agent for prostate cancer.

Telix's March-quarter precision medicine sales grew 16% on December 2025 to USD 186 million. Total revenue was USD 230 million. The firm reiterated 2026 revenue guidance of USD 950 million-USD 970 million and research and development spending of USD 200 million-USD 240 million. Shares rose 5%.

Telix’s strategy revolves around expanding its Illuccix distribution and investing in its product pipeline. Illuccix launched in April 2022 and was the second commercially available PSMA imaging agent for prostate cancer. It has gained significant market share due to changes in clinical practice and successful distribution. Currently, Illuccix is mainly used for staging suspected metastatic prostate cancer, which determines how far the cancer has spread beyond the prostate. If the cancer is in the early stage, this may be redundant. The adoption of Illuccix is also growing for suspected recurrence, monitoring, and patient selection for radioligand therapy. Telix has several distribution partners, including Cardinal Health, who operate the largest radiopharmaceutical network in the US and effectively distribute Illuccix to PET imaging sites.

Telix reported positive safety data for TLX591, its prostate cancer therapy candidate. The completed safety study was required before enrolling US patients for the main study compiling data for how effective the therapy is. The shares rose 8% on March 10.

Telix's 2025 underlying EBITDA fell 34% to USD 40 million on solid 22% organic sales growth offset by significant strategic investment in R&D and manufacturing. Guidance for 2026 implies strong revenue growth of 19%, outpaced by R&D growth of 34% at the midpoints. Shares rallied 14%.

Telix’s strategy revolves around expanding its Illuccix distribution and investing in its product pipeline. Illuccix launched in April 2022 and was the second commercially available PSMA imaging agent for prostate cancer. It has gained significant market share due to changes in clinical practice and successful distribution. Currently, Illuccix is mainly used for staging suspected metastatic prostate cancer, which determines how far the cancer has spread beyond the prostate. If the cancer is in the early stage, this may be redundant. The adoption of Illuccix is also growing for suspected recurrence, monitoring, and patient selection for radioligand therapy. Telix has several distribution partners, including Cardinal Health, who operate the largest radiopharmaceutical network in the US and effectively distribute Illuccix to PET imaging sites.

Telix's 2025 revenue rose 56% to USD 804 million, meeting prior guidance, and it's continuing its geographic expansion strategy. It has filed its core prostate cancer imaging agent, Illuccix, for regulatory approval in China with its distribution partner, Grand Pharma.

Telix’s strategy revolves around expanding its Illuccix distribution and investing in its product pipeline. Illuccix launched in April 2022 and was the second commercially available PSMA imaging agent for prostate cancer. It has gained significant market share due to changes in clinical practice and successful distribution. Currently, Illuccix is mainly used for staging suspected metastatic prostate cancer, which determines how far the cancer has spread beyond the prostate. If the cancer is in the early stage, this may be redundant. The adoption of Illuccix is also growing for suspected recurrence, monitoring, and patient selection for radioligand therapy. Telix has several distribution partners, including Cardinal Health, who operate the largest radiopharmaceutical network in the US and effectively distribute Illuccix to PET imaging sites.

Telix's third-quarter Illuccix sales grew 17% to USD 155 million. Total revenue was USD 206 million. The firm upgraded full-year 2025 revenue guidance by 3% to USD 800 to USD 820 million. Guidance for full-year research and development spending to grow up to 25% is unchanged.

Telix’s strategy revolves around expanding its Illuccix distribution and investing in its product pipeline. Illuccix launched in April 2022 and was the second commercially available PSMA imaging agent for prostate cancer. It has gained significant market share due to changes in clinical practice and successful distribution. Currently, Illuccix is mainly used for staging suspected metastatic prostate cancer, which determines how far the cancer has spread beyond the prostate. If the cancer is in the early stage, this may be redundant. The adoption of Illuccix is also growing for suspected recurrence, monitoring, and patient selection for radioligand therapy. Telix has several distribution partners, including Cardinal Health, who operate the largest radiopharmaceutical network in the US and effectively distribute Illuccix to PET imaging sites.

Telix’s strategy revolves around expanding its Illuccix distribution and investing in its product pipeline. Illuccix launched in April 2022 and was the second commercially available PSMA imaging agent for prostate cancer. It has gained significant market share due to changes in clinical practice and successful distribution. Currently, Illuccix is mainly used for staging suspected metastatic prostate cancer, which determines how far the cancer has spread beyond the prostate. If the cancer is in the early stage, this may be redundant. The adoption of Illuccix is also growing for suspected recurrence, monitoring, and patient selection for radioligand therapy. Telix has several distribution partners, including Cardinal Health, who operate the largest radiopharmaceutical network in the US and effectively distribute Illuccix to PET imaging sites.

The US Food and Drug Administration requires extra data for Telix's pipeline product Zircaix, a diagnostic tool for kidney cancer. It also found deficiencies at third-party manufacturers that need to be resolved prior to resubmission. Shares reacted negatively, down roughly 19%.