Telix Pharmaceuticals (TLX) H1 2026 earnings summary

Executive summary

• Achieved H1 2026 revenue of $477.3M, up 22% year-over-year, driven by strong Precision Medicine sales, Illuccix and Gozellix launches, and international expansion.

• Net profit after tax was $38.3M, reversing a prior year loss, aided by a $40M upfront payment from a Regeneron collaboration.

• Gross margin improved to 55%, with Precision Medicine gross margin at 65%, reflecting operational efficiencies and product mix.

• Advanced multiple late-stage clinical programs, including three Phase III therapeutic candidates and expanded R&D investments.

• Strategic collaboration with Regeneron and refinancing of $600M convertible bonds strengthened financial position.

Financial highlights

• Group revenue reached $477.3M, up 22% year-over-year, with Precision Medicine revenue up 27% to $388.6M.

• Adjusted EBITDA was $52M (up 146% year-over-year), net profit after tax $38.3M, and gross profit $260.3M (up 25%).

• Cash balance increased to $252M as of June 30, 2026, following successful convertible bond refinancing.

• R&D investment was $124M, representing 26% of revenue.

• Commercial profit of AUD 153M, representing a 29% return on revenue and income.

Outlook and guidance

• FY 2026 revenue guidance maintained at $950–970M, expected at the upper end, with potential to exceed $1B including other income.

• Precision Medicine business anticipated to grow over 20% year-on-year; R&D investment guidance updated to $230–270M.

• Guidance does not include unapproved products, providing potential upside.