Telix Pharmaceuticals Limited (ASX: TLX, NASDAQ: TLX) posted strong financials for the first half of 2026, with revenue jumping 22% to US$477 million. Based in MELBOURNE, Australia and INDIANAPOLIS, the company hit the high end of its annual forecast, aiming for US$950 million to US$970 million in revenues.
Gross margins climbed to 55%, up 2% from last year, thanks to a favorable product mix. The Precision Medicine unit, featuring Illuccix® and Gozellix®, saw margins reach 65%, a 1% rise. Adjusted EBITDA soared to US$52 million, a 146% increase, boosted by strong demand and a US$40 million payment from a deal with Regeneron.
Telix invested US$124 million in R&D to advance its therapeutic and precision medicine programs. It also refinanced its convertible bonds, issuing US$600 million due in 2031.
Profit after tax hit US$38 million, incorporating income from Regeneron and US$19 million in finance costs from the bond refinancing. Operating cash flow was positive at US$23 million, with cash reserves of US$252 million as of June 30, 2026.
Dr. Christian Behrenbruch, Managing Director and Group CEO, expressed confidence in the company’s path forward. He stated, "Telix delivered an outstanding first half, with strong revenue growth, market share gains and significant progress across clinical and regulatory milestones." He noted the solid balance sheet supports further investment in late-stage programs and market growth.
The Precision Medicine division saw a 27% revenue boost year-over-year, driven by sales of Illuccix and Gozellix. The Phase 3 BiPASS™ study for prostate cancer imaging is nearing completion. A new drug application for Illuccix is under review by China's medical regulator.
In its therapeutic pipeline, Telix spent US$68 million, hitting key milestones. The ProstACT Global Part 1 lead-in for TLX591-Tx met safety and dosimetry goals, and the FDA agreed this data suffices for moving to Part 2.
Telix also advanced other therapeutic candidates. TLX597-Tx finished patient enrollment for the OPTIMAL-PSMA Phase 2 trial, while TLX250-Tx began dosing in a pivotal trial for advanced kidney cancer. The company is working with the FDA on resubmitting its U. S. Biologics License Application for TLX250-Tx.
On the manufacturing side, Telix is expanding globally, with operations in the U. S., Belgium, Australia, and Japan. The Telix Manufacturing Solutions division reported US$146 million in revenue, including US$89 million from third-party sales and service fees. Despite a US$33 million operating loss, this segment is key for meeting future demand and pipeline growth.
Looking ahead, Telix expects FY 2026 revenue and other income to surpass US$1 billion, maintaining its R&D spend guidance of US$230 million to US$270 million. The company also set up an at-the-market facility with Morgan Stanley & Co. LLC and William Blair & Company, L. L. C. to support its growth strategy.
