TELIX PHARMACEUTICALS LIMITED (TLX)
Share Price Analysis and Chart

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22/09/2026

1

Buy

$19.00

20.56%

Following completion of the significant merger with ITM Group, Telix Pharmaceuticals will become the dominant global supplier of reactor-produced Lu-177 isotopes.

The stock sold off following the announcement and the broker notes the transaction is not without risk, with current shareholders diluted by around -30%.

The transaction is expected to be dilutive to earnings in FY27, in addition to adding US$302m in net debt. While earnings may take a year or so to be realised, Bell Potter finds the underlying value compelling. Buy rating and $19 target unchanged.

After reviewing today's announcement, Bell Potter's initial view is that Telix Pharmaceuticals' proposed scrip-based merger with Germany's ITM Group is strategically compelling.

ITM is a leading manufacturer of therapeutic isotopes, including lutetium-177 (177Lu), the dominant isotope used in radiopharmaceutical cancer therapies such as Novartis's blockbuster Pluvicto.

The merger would create a vertically integrated radiopharmaceutical company with significantly greater exposure to the fast-growing lutetium-177 therapeutic isotope market, the analyst explains.

The -US$1.65bn upfront transaction cost for Telix also adds ITM-11, a late-stage cancer therapy offering potential near-term revenue, subject to resolution of a recent FDA complete response letter.

Telix could pay up to a further -US$700m in contingent consideration, subject to ITM-11 achieving specified regulatory approvals and commercial sales milestones, potentially increasing the total transaction value to -US$2.35bn.

ITM's isotope production margins exceed 40%, highlights Bell Potter. Upside is seen for circa US$50m of cost synergies.

Management at Telix expects the acquisition to be earnings (EBITDA) accretive in 2027.

Bell Potter has placed its earnings forecasts and $19 target under review. Buy.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.48 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 11.57 cents.

Broker commentary and detailed analysis is available for Full Members Only.
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Broker commentary and detailed analysis is available for Full Members Only.
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21/09/2026

1

Buy

$21.00

33.25%

Jarden maintains a Buy rating for Telix Pharmaceuticals with its target price increased to $21.00 from $20.70 following the US FDA approval of its glioma imaging agent, TLX101-CDx (PIXCLARA).

The analyst notes this is a highly anticipated milestone that diversifies the precision medicine portfolio, representing the company's second FDA-approved product after its prostate cancer diagnostic.

Jarden highlights the approval should help validate the research and development pipeline, restoring investor confidence impacted by previous delays to PIXCLARA and the pending approval of ZIRCAIX.

While making no earnings revisions, Jarden lifts its target price by increasing the base-case risk-weighting for PIXCLARA to 100% from 90% and rolling forward its discounted cash flow model.