The September 11 PDUFA date for Pixclara is the next major binary catalyst. Continued revenue momentum and cash generation support the raised guidance range. Monitor SEC subpoena developments, though no charges have been asserted. The successful bond refinancing reduces interest cost and extends maturity.
Price Chart
Executive Summary
Telix reported a strong H1 2026 with revenue of $477.4M (+22% YoY), swinging to a net profit of $38.3M from a -$2.3M loss, driven by Precision Medicine growth ($388.6M, +27%) and a $40M Regeneron collaboration payment. The company raised FY 2026 revenue guidance to the upper end of $950M-$970M range and increased R&D investment 52% to $123.8M. Key catalysts include a PDUFA date of September 11, 2026 for Pixclara (TLX101-Px) and progress across multiple late-stage therapeutic programs.
Key Facts
- Revenue from contracts with customers was $477.4M for H1 2026, up 22% from $390.4M in H1 2025.
- Net profit after tax was $38.3M, compared to a loss of $2.3M in H1 2025.
- Precision Medicine segment revenue grew 27% to $388.6M, with gross margin improving to 65%.
- Adjusted EBITDA was $51.9M, up 148% from $21.1M in H1 2025.
- R&D costs increased 52% to $123.8M, focused on late-stage therapeutic pipeline and regulatory filings.
- Cash and cash equivalents were $251.9M as of June 30, 2026, up from $141.9M at Dec 31, 2025.
- The company completed a debt refinancing: issued $600M 1.50% Convertible Notes due 2031 and repurchased ~98% of existing 2.375% bonds due 2029.
- FY 2026 revenue guidance raised to upper end of $950M-$970M range, excluding the $40M Regeneron payment.
- Pixclara (TLX101-Px) NDA resubmission accepted by FDA with PDUFA date of September 11, 2026.
- The company received a subpoena from the SEC and is subject to a securities class action; both in early stages.
Financial Impact
Revenue growth of $87.0M (+22%), net profit swing of $40.6M vs prior loss, Adjusted EBITDA more than doubled to $51.9M.
Risk Factors
- SEC subpoena and securities class action litigation are unresolved and could escalate.
- Pixclara and Zircaix regulatory decisions carry binary risk.
- The $40M Regeneron payment is non-recurring; core operating profit excluding this item was ~$6M.
- R&D spending is increasing rapidly (52% YoY) and may pressure margins.
- Foreign exchange translation losses of $30.1M reduced total comprehensive income.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-058126 |
| Document: a20260820telixhy26append.htm | 0001628280-26-058126 |
| Document: tlx-20260630.htm | 0001628280-26-058126 |
| Document: presentation.htm | 0001628280-26-058126 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 6-K | $12.83 $11.95 | ▼ −6.86% | ▼ −8.99% | $10.55 (−17.77%) |
Sep 14, 2026 18d ago | Press Release | $11.78 $11.31 | ▼ −3.99% | ▼ −4.10% | $10.55 (−10.44%) |
Sep 2, 2026 4w ago | 6-K | $11.45 $11.90 | ▲ +3.93% | ▲ +4.89% | $10.55 (−7.86%) |
Sep 1, 2026 4w ago | Press Release | $11.45 $11.90 | ▲ +3.93% | ▲ +4.89% | $10.55 (−7.86%) |
Aug 20, 2026 6w ago | 6-K | $12.42 $11.38 | ▼ −8.41% | ▼ −9.53% | $10.55 (−15.06%) |
Aug 20, 2026 6w ago | Press Release | $12.42 $11.38 | ▼ −8.41% | ▼ −9.53% | $10.55 (−15.06%) |
Jul 30, 2026 9w ago | Press Release | $9.89 $11.52 | ▲ +16.48% | ▲ +12.97% | $10.55 (+6.67%) |
Jul 21, 2026 10w ago | Press Release | $10.32 $10.10 | ▼ −2.13% | ▲ +0.27% | $10.55 (+2.23%) |
Jul 21, 2026 10w ago | 6-K | $10.92 $9.98 | ▼ −8.61% | ▼ −7.38% | $10.55 (−3.39%) |
Jul 20, 2026 10w ago | Press Release | $10.92 $9.98 | ▼ −8.61% | ▼ −7.38% | $10.55 (−3.39%) |
US Market Status
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