Telix Pharmaceuticals reported a strong first half of 2026, with double-digit revenue growth and improved margins, supported by continued investment in a late-stage radiopharmaceutical pipeline advancing toward key clinical and regulatory milestones.
The company generated revenue of US$477 million for the six months to June 30, up 22 per cent on the corresponding period last year. The result places Telix on track toward the upper end of its full-year revenue guidance of US$950 million to US$970 million, while total revenue and other income for the year is expected to exceed US$1 billion.
Telix’s Precision Medicine business underpinned growth, with sales volume and market share gains for prostate cancer imaging products Illuccix and Gozellix driving a 27 per cent increase in segment revenue. Group gross margin rose to 55 per cent, while the Precision Medicine division delivered a 65 per cent gross margin, reflecting product mix, commercial execution and operational efficiencies.
The company reported adjusted earnings of US$52 million, up 146 per cent from the prior corresponding period, and profit after tax of US$38 million, compared with a US$2 million loss in the first half of 2025. The result included US$40 million in other income from Telix’s collaboration with Regeneron, partly offset by US$19 million in finance costs, largely associated with refinancing the company’s convertible bonds.
Telix also generated positive operating cash flow of US$23 million and ended the half with US$252 million in cash. During the period, it completed a refinancing that resulted in the issue of US$600 million in new convertible bonds due in 2031, strengthening its capacity to fund commercial expansion, manufacturing investment and development-stage programs.
Managing director and group chief executive Dr Christian Behrenbruch said the company had entered the second half with strong momentum, supported by commercial performance, market share gains and progress across clinical and regulatory programs.
"Telix delivered an outstanding first half, with strong revenue growth, market share gains and significant progress across clinical and regulatory milestones. Our strengthened balance sheet is enabling increased investment in late-stage programs, including ProstACT Global, market expansion opportunities within our precision medicine portfolio and manufacturing and supply chain capabilities that differentiate Telix. With multiple near-term catalysts, we enter the second half with strong momentum and confidence," Dr Behrenbruch said.
The company’s diagnostic portfolio remains the primary engine of growth, but Telix is also directing increasing resources toward therapeutic candidates in prostate cancer, kidney cancer and glioblastoma. Research and development expenditure rose to US$124 million during the half, with US$68 million invested in the therapeutic pipeline.
Among the most advanced programs, Telix said the lead-in portion of its ProstACT Global study of TLX591-Tx in metastatic castration-resistant prostate cancer had met safety and dosimetry objectives, with no new safety signals observed. The US Food and Drug Administration has confirmed that data from the first part of the trial are sufficient to enable progression to the second stage in the United States, where Telix has also aligned with the agency on the clinical trial protocol.
Recruitment for the second stage is continuing in Australia, Canada, New Zealand, Singapore, South Korea, Türkiye and the United Kingdom. Telix is also progressing its TLX597-Tx program, with the OPTIMAL-PSMA Phase 2 investigator-initiated study completing enrollment of 120 patients and the OPTIMAL-e study in metastatic hormone-sensitive prostate cancer dosing its first patients.
In kidney cancer, the company has dosed the first patient in the pivotal LUTEON trial of TLX250-Tx as a monotherapy for advanced clear cell renal cell carcinoma. In glioblastoma, Telix has enrolled the first patient cohort in the IPAX BrIGHT pivotal study of TLX101-Tx for recurrent disease and completed enrollment in the Phase 1 IPAX-2 study in newly diagnosed glioblastoma.
The company is also pursuing several regulatory opportunities in its imaging portfolio. Its glioma imaging agent TLX101-Px, which Telix intends to market as Pixclara in the United States, has been assigned an FDA action date of September 11. The European marketing authorisation application for the same agent, branded Pixlumi, has been accepted for review. Telix has also received FDA clearance for an investigational new drug application that could support expansion of Pixclara into the diagnosis of brain metastases.
Telix continues to work toward resubmission of its US biologics licence application for TLX250-Px, its kidney cancer imaging candidate. The company said it had received an extension to the resubmission deadline after the FDA issued a corrected complete response letter and that it was working to address all outstanding issues.
Manufacturing remains central to the company’s growth strategy. Telix Manufacturing Solutions generated US$146 million in segment revenue, including US$89 million from third-party product sales and service fees and US$58 million in internal revenue. The segment recorded an adjusted earnings loss of US$23 million as Telix increased investment in supply chain and logistics capabilities intended to support its future therapeutic portfolio.
During the half, Telix opened its North Melbourne manufacturing facility in partnership with the Melbourne Theranostic Innovation Centre. Its Seneffe facility in Belgium also completed its first good manufacturing practice production run of a lutetium-based therapeutic candidate, providing an early validation of the site’s capacity to manufacture next-generation radiopharmaceuticals.
Telix has reaffirmed full-year research and development expenditure guidance of US$230 million to US$270 million. The company said its commercial performance and the initial Regeneron payment had enabled it to maintain investment in late-stage programs while expanding its global manufacturing and distribution footprint.
