Telix Pharmaceuticals (TLX) investor relations material

Strategy and operating model

• Three growth engines: scale commercial operations, advance precision medicine and therapeutic assets, and expand integrated manufacturing and supply capabilities.

• Commercial operations span 22 countries and 45 manufacturing sites, supported by an in-house commercial organization; three products are FDA-approved.

• Launch timelines shortened from nearly four months for ILLUCCIX to six weeks for GOZELLIX and two weeks for PIXCLARA, attributed to greater supply-chain control.

• Selective vertical integration aims to secure supply, speed trials and launches, retain manufacturing know-how, support margins and reduce execution risk; infrastructure investment is expected to be ~$100m annually.

• Integrated capabilities span isotope production, GMP manufacturing, radiolabelling, quality control and distribution; ITM would add isotope production and a network supplying lutetium to hospitals in 65 countries.

Commercial business and market expansion

• Illuccix is available in 22 countries; U.S. addressable markets presented were ~US$2.7B for Illuccix/Gozellix, ~US$106M for Pixclara, ~US$600M for Zircaix and ~US$3.3B for BiPASS.

• Gozellix NDA is under review in China; Pixclara is FDA-approved, included in NCCN guidelines and recognized in international guidelines.

• Potential 2027 additions include Zircaix, BiPASS and ITM-11, subject to regulatory approvals and, for ITM assets, transaction close.

• BiPASS evaluates PSMA-PET with MRI to detect clinically significant prostate cancer and guide biopsy; Phase 3 enrollment completed at 350 participants, with a positive study potentially tripling patients served.

• PIXCLARA is FDA-approved for brain cancer imaging; FET-PET use in the U.S. is expected to expand, and imaging may distinguish active glioma from post-treatment changes and guide biopsy.

Financial outlook and capital allocation

• FY2026 revenue guidance is US$950M–US$970M, plus US$40M other income; guidance was reaffirmed in October 2026.

• Precision medicine revenue is expected to grow >25% YoY; gross margin was 65% in H1 2026, with R&D investment estimated at 26% of sales versus a 35% average for therapeutic-focused peers.

• FY2026 R&D investment guidance is US$240M–US$260M, prioritized for late-stage assets and linked to milestones, clinical evidence and value potential; H1 net profit after tax was US$38M and cash was US$252M at June 30, 2026.

• FY2027 revenue trajectory was described as ~$1.5bn, or AUD 2bn, including ITM revenue; formal 2027 guidance is expected in the new year, and the revenue bridge is illustrative rather than guidance.

• Investment remains weighted toward pipeline and infrastructure in 2026–27, with a planned shift to earnings growth in 2028; ITM targets positive EBITDA contribution from 2027 and US$50M in synergies over two years.