Telix Pharmaceuticals (NASDAQ:TLX) outlined a year of sharp top-line growth, continued investment in infrastructure, and an increasingly diversified product and pipeline strategy as management discussed full-year results and 2026 priorities on its earnings call.
Strategic framing: a platform built around cash generation and reinvestment
Chief Executive Officer and Managing Director Christian Behrenbruch described Telix as a radiopharmaceutical “platform” spanning five major segments: a therapeutics pipeline; internal innovation and discovery capabilities; the commercial precision medicine business; a specialty sales organization; and vertically integrated manufacturing and supply chain.
He also said the precision medicine business is more than a cash generator, calling it strategic validation of therapeutic targets, a way to streamline clinical trials, and an avenue to deepen relationships with physician stakeholders. Looking ahead to 2026, Behrenbruch said the company’s priorities are centered on:
- Continuing to grow approved products, including building on the launch of Gozetotide and the FDA approval of Gleolan in 2025.
- Launching two additional products pending regulatory outcomes: Pixclara (Pixlumia in Europe) for glioblastoma and Zircaix for renal cancer.
- Advancing several late-stage clinical programs, including pivotal and Phase III studies, with key near-term catalysts.
Behrenbruch acknowledged investor disappointment that Pixclara and Zircaix were not approved last year, but said the company has made “extensive changes” to management, boosted regulatory capabilities, and believes both programs are in good shape for resubmission and potential approval in 2026.
Financial results: revenue up 56% to $804 million
Chief Financial Officer Darren Smith reported full-year revenue of $804 million, representing 56% growth and “in line with our uplifted full year guidance.” Smith highlighted it as Telix’s third consecutive year of double-digit revenue growth.
Within the precision medicine business, revenue increased 22% year-over-year, and Smith said EBITDA for that segment improved 25% to $216 million, driven by demand for Illuccix and the launch of Gleolan.
On the consolidated income statement, Smith said:
- Group gross margin was 53%, consistent with first-half performance.
- Product development investment totaled $157 million, focused mainly on the late-stage pipeline.
- General and administration expenses decreased to 12% of revenue from 17% in the prior year, which management attributed to scale efficiencies.
- Adjusted EBITDA was $39.5 million, which Smith said was in line with market consensus.
Smith also discussed cash flow and liquidity. Telix generated $206 million from operations in 2025 and ended the year with $142 million in cash. Excluding a $52 million contingent consideration earn-out payment tied to Illuccix, Smith said the company produced $35 million of net positive operating cash flow.
2026 guidance: $950 million–$970 million revenue, higher R&D spend
Management guided to full-year 2026 revenue of $950 million to $970 million, which Smith described as implying roughly 20%+ revenue growth. He said the guidance is based on “current approved products in approved jurisdictions” and does not include any incremental contributions from pending product approvals.
For R&D, Telix expects to invest $200 million to $240 million in 2026, with the largest allocation directed toward therapeutics development. Smith said the R&D range will depend on achieving certain clinical outcomes and development milestones.
During Q&A, Behrenbruch addressed questions about profitability expectations, stating that Telix is not providing guidance beyond 2026 but that it is a “reasonable expectation” the company will invest the majority of earnings back into the business in 2026 and 2027. He added that a near-term profit objective is “not the name of the game,” with reinvestment spanning R&D, commercial expansion, and infrastructure.
Behrenbruch also said R&D investment is discretionary and can be adjusted, with the company prioritizing a set of highlighted trials—four therapeutic studies and the BYPASS study—if changes are needed.
Precision medicine: steady quarterly growth and a two-product strategy
Precision Medicine CEO Kevin Richardson said the precision medicine portfolio delivered $622 million in revenue in 2025, up 22% year-over-year, with sequential growth in every quarter. Richardson noted that Q3 was the “most challenging quarter” because it was the first full quarter after Illuccix’s transitional pass-through status expired and Medicare reimbursement transitioned to mean unit cost (MUC) for a subset of patients. Even so, he said the business delivered 3% quarter-over-quarter dose growth and 1% sales growth in Q3.
Richardson attributed performance to “clinical differentiation and operational reliability,” adding that Telix’s PSMA agents show fewer indeterminate bone lesions and higher inter-reader agreement compared with F-18 assets, which he said supports confidence in clinical decision-making.
He also highlighted Gleolan’s launch trajectory. Gleolan received FDA approval in April 2025, and transitional pass-through status became effective in October, enabling what he described as a pass-through-supported full launch in Q4 2025. Richardson said the company is “very pleased with the early uptake.”
Richardson said Telix is the only company with two PSMA agents on the market and described the dual-product strategy as a competitive advantage that provides customers with economic choice and scheduling flexibility. In response to an analyst question, he added that having two products helps Telix manage different customer reimbursement dynamics—including HOPPS accounts versus independent diagnostic testing facilities—and offers flexibility as CMS reimbursement evolves.
Global expansion, pending submissions, and key clinical catalysts
Richardson said Illuccix is available with reimbursement in 17 countries and has marketing authorizations in more than 24 markets. He said 2025 efforts focused on country-by-country access, while 2026 will pivot toward uptake in key European markets including the U.K., France, Germany, Italy, and Spain.
On Asia, Richardson said Telix and partner Grand Pharma submitted an NDA in China after a Phase III study that produced a 94.8% positive predictive value, including patients with very low PSA levels. In Japan, he said a 105-patient Phase III study is progressing, with the first patient dosed.
For Zircaix, Richardson said Telix has completed two Type A meetings with the FDA and believes it has alignment on key resubmission requirements. During Q&A, management said Zircaix remediation items are largely related to manufacturing and documentation, including a comparability deliverable between research-grade and commercial-scale material, and that Telix does not yet have definitive timing from the FDA on review duration after resubmission.
For Pixclara, Richardson said TLX101-CDx was recently filed with European regulators and a U.S. submission will follow. He also noted Pixclara has orphan drug and fast track designations from the FDA, and said commercial, medical, and supply chain teams are “launch-ready,” citing expanded access programs and anticipated commercial use.
Behrenbruch said Telix expects to soon release part one safety and dosimetry data from the ProstACT Global study at the same time it submits information to the FDA to request adding U.S. patients into the randomized portion of the study. In response to an analyst question, he said the company is not waiting on the FDA, but rather completing case report forms and validating the data set for submission and disclosure.
He also provided an updated expectation for a part two interim futility analysis in ProstACT Global, indicating it could occur in Q4 based on current recruitment trajectory, while noting timelines can change in clinical trials.
About Telix Pharmaceuticals (NASDAQ:TLX)
Telix Pharmaceuticals (NASDAQ: TLX) is a clinical-stage biopharmaceutical company focused on the development and commercialization of molecularly targeted radiopharmaceuticals for the diagnosis and treatment of cancer. Leveraging expertise in radiochemistry, nuclear medicine and oncology, Telix aims to address unmet clinical needs across a range of tumor types by pairing diagnostic imaging agents with therapeutic radionuclides.
The company’s pipeline spans both imaging and therapeutic candidates.
