Australia | Apr 10 2026
This story features TELIX PHARMACEUTICALS LIMITED.
For more info SHARE ANALYSIS: TLX
The company is included in ASX100, ASX200, ASX300 and ALL-ORDS
Telix Pharmaceuticals' March quarter performance beat forecasts with company management lauding the two product PSMA imaging strategy.
- Telix Pharmaceuticals’ March quarter impresses
- Gozellix uptake drives volume and pricing
- Illuccix continues to grow despite Gozellix competition
- Guidance appears conservative amid strong demand
By Mark Woodruff
Biopharmaceutical company Telix Pharmaceuticals ((TLX)) revealed stronger-than-expected first quarter revenue, highlighting the strength of its Precision Medicine division.
Singing the praises of Telix’s pharmacy distribution model, Managing Director and Group CEO Dr. Behrenbruch stated [due to] “our two product PSMA imaging strategy, differentiated clinical positioning and expanding commercial presence globally, we are seeing a solid foundation for continued growth through 2026″.
Illuccix and Gozellix form the core of Telix’s Precision Medicine segment, which largely comprises its imaging (diagnostics) business alongside other pipeline imaging agents.
The company uses cancer-targeting molecules such as prostate-specific membrane antigen (PSMA) in its imaging and therapy programs; in imaging, the targeting molecule is paired with a diagnostic isotope, while in therapy it is paired with a treatment isotope that delivers radiation to cancer cells.
Precision Medicine drives current earnings for Telix via diagnostics, while the Therapeutics segment represents future growth via targeted treatments, and Telix Manufacturing Solutions (TMS) provides the manufacturing backbone supporting both.
Beating the consensus estimate for US$163m, unaudited 1Q revenue of US$230m marks an 11% quarter-on-quarter increase, with Precision Medicine accounting for US$186m (a 16% rise), supported by respective dose volume growth and price premium of 5% and 11%.
Jarden attributes the outcome to strong uptake of Gozellix, with US dose volumes across Illuccix and Gozellix rising 5% quarter-on-quarter. Growth was likely further supported by favourable mix and pricing, following Gozellix’s Transitional Pass-Through (TPT) status effective October 1, 2025.
Analysts at Canaccord Genuity highlight Gozellix’s introduction drove average selling price (ASP) and market share gains.
These ASP and volume growth trends for the quarter are encouraging to UBS, with momentum expected to continue as Gozellix expands into academic centres in 2026.
The academic centre space is currently dominated by US-based radiopharmaceutical company Lantheus Holdings, which owns Pylarify, the market leader in US PSMA imaging.
Further opportunity is also anticipated for Gozellix to penetrate rural hospitals, where access to positron emission tomography (PET) imaging remains limited.
FY26 Guidance
Management re-affirmed FY26 revenue guidance of between US$950m-US$970m, implying sales now only need to grow at an around 3% quarter-on-quarter compound annual growth rate (CAGR) to achieve the midpoint of guidance, Canaccord explains.
No surprise, revenue guidance is seen as relatively conservative, with growth likely supported by strong uptake of Gozellix and continued expansion of Illuccix into the rest of the world (ROW). Illuccix is available in 21 countries, including the United States and 16 countries across Europe.
Despite this geographical reach, Bell Potter observes ex-US sales will likely account for only around 5% of Telix’s global revenues, reflecting significantly lower pricing in other jurisdictions and access to the compound via non-commercial hospital channels.
Canaccord also anticipates potential sales contributions from imaging agents Pixclara (brain cancer) and, subject to approval, Zircaix for kidney cancer.
R&D expenditure of between -US$200m-US$240m, or around 25% of revenue, has been guided for FY26, although UBS notes this could increase if Pixclara and/or Zircaix launch during 2026.
Elsewhere, drug candidates include TLX591 for prostate cancer therapy, along with TLX250 and TLX101, the underlying assets behind Zircaix and Pixclara, respectively.
Progress so far in 2026 includes the recent TLX591 (Global-1) safety readout and Pixclara’s New Drug Application (NDA) resubmission.
Telix’s imaging agents
Jarden comments another encouraging aspect of the revenue update was continued growth in Illuccix, which increased quarter-on-quarter despite expectations Gozellix would begin to cannibalise its market share.
While Gozellix’s higher activity offers scheduling and other operational advantages over Illuccix, Canaccord notes its adoption is primarily driven by the immediacy and magnitude of reimbursement available under its TPT status.
The company’s core commercial offering centres on PSMA-targeted imaging agents used in the detection and management of prostate cancer, most notably its flagship product Illuccix and newer entrant Gozellix.
Both are radiopharmaceutical diagnostics based on Gallium-68 tracers that bind to PSMA, a protein highly expressed on prostate cancer cells. This allows clinicians to precisely locate and stage disease using PET imaging.
This ability forms a critical part of a growing “theranostics” approach. Telix is positioning itself as a player in this area, which combines therapy and diagnostics using the same biological targets.
While the two products are functionally similar, their roles within the company’s portfolio differ.
Illuccix is the established, revenue-generating cornerstone, with broad regulatory approvals and global commercial uptake.
Gozellix represents a strategic extension of the PSMA imaging franchise, supporting lifecycle management, potential regulatory flexibility, and market expansion.
Together, the products reinforce Telix’s position in precision oncology, while providing a platform for future growth alongside its therapeutic pipeline of drug candidates that treat cancer using targeted radiation.
Outlook
For the remainder of 2026, Canaccord highlights the longevity of the PSMA franchise beyond Gozellix, along with balance sheet flexibility including potential refinancing.
Morgan Stanley notes Telix is targeting a 1H26 NDA submission for Zircaix and re-submitted its NDA to the FDA in mid-March for Pixclara.
Following the Pixclara re-submission, Citi ascribed $1.00 of value to the asset within its $32.00 price target for Telix.
Bell Potter’s near-term catalysts include FDA acceptance of the re-submitted NDA for Pixclara and an amendment to the IND for TLX591.
There are five Buy ratings set by the five brokers monitored daily and researching Telix Pharmaceuticals in the FNArena database.
As there were no target price changes following the March quarter update, the average stays at $25.84, implying around 89% upside to yesterday’s closing price of $13.64.
Reactions were stronger outside of daily coverage, with Canaccord raising its target to $30.00 from $28.50 and Jarden increasing its target by 80c to $21.80. Both brokers are Buy-rated.
Find out why FNArena subscribers like the service so much: “Your Feedback (Thank You)” – Warning this story contains unashamedly positive feedback on the service provided.
FNArena is proud about its track record and past achievements: Ten Years On
Click to view our Glossary of Financial Terms
CHARTS
For more info SHARE ANALYSIS: TLX - TELIX PHARMACEUTICALS LIMITED
