Telix half-year revenue increases 22 per cent to 477 million dollars

MELBOURNE, Australia and INDIANAPOLIS, Aug. 20, 2026 /PRNewswire/ -- Telix Pharmaceuticals Limited (ASX: TLX, NASDAQ: TLX, "Telix") today announces its financial results for the period ended June 30, 2026.

H1 2026 key results

Group performance^[1]: Double-digit revenue growth and gross margin improvement

• Group revenue of US$477 million, up 22%^[2] year-over-year, tracking in line with the upper end of full year guidance of US$950 million to US$970 million.
• Group gross margin of 55%, up 2% year-over-year, Precision Medicine gross margin of 65%, up 1% year-over-year, reflecting solid commercial performance, a favorable product mix and operational efficiencies.
• Adjusted EBITDA^[3] of US$52 million, up 146% year-over-year reflecting strong demand across our product portfolio and initial non-refundable payment of US$40 million from Regeneron collaboration^[4].
• Research & Development (R&D) investment of US$124 million, primarily directed toward advancing late-stage therapeutic and precision medicine programs, supporting the Company's strategy to build diversified revenue streams.
• Entered into strategic collaboration with Regeneron to jointly develop and commercialize next generation radiopharmaceutical therapies^[4].
• Completed refinancing of existing convertible bond structure, issuing US$600 million of new convertible bonds due 2031^[5].
• Profit after tax of US$38 million includes US$40 million of other income received from Regeneron and finance costs of US$19 million, predominately related to refinancing of the convertible bonds.
• Generated positive operating cash flow of US$23 million and maintained a cash balance of US$252 million as of June 30, 2026.

Executive commentary

Managing Director and Group CEO, Dr. Christian Behrenbruch, stated: "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."

Segment results

Telix Precision Medicine: Strong volume growth of Illuccix® and Gozellix®

• Precision Medicine segment revenue up by 27% year-over-year reflecting continued success of Telix's two product strategy, with Illuccix^® and Gozellix^® delivering growth in sales volumes and market share gains.
• Gross margin of 65% up 1% year-over-year.
• Adjusted (segment) EBITDA up by 26% year-over-year to US$132 million.
• Patient enrollment nearing completion for Phase 3 BiPASS™ study of Illuccix and Gozellix for prostate cancer imaging in the pre-biopsy setting.
• Illuccix Japan Phase 3 registrational study enrollment completion^[6].
• New drug application (NDA) for Illuccix accepted and under review by the Chinese National Medical Products Administration (NMPA) Center for Drug Evaluation (CDE)^[7].
• TLX101-Px, (floretyrosine F 18) for glioma (brain cancer) imaging:
  • Pixclara^®[8] has been granted a PDUFA^[9] goal date by the FDA of September 11, 2026^[10].
  • Pixlumi^®[8] Marketing Authorization Application (MAA) in Europe validated and accepted for review^[11].
  • Pixclara^[8] Phase 3 Investigational New Drug (IND) application successfully cleared by FDA to explore indication expansion to brain metastases diagnosis.
• TLX250-Px, Zircaix^®[8] (zirconium-89 (⁸⁹Zr) girentuximab senvedoxam) for kidney cancer imaging: Telix continues to make good progress toward near-term resubmission of its U.S. Biologics License Application (BLA). The Company has been granted an extension of the BLA resubmission deadline, following receipt of a corrected Complete Response Letter (CRL)^[12]. Telix continues to work closely with the FDA to ensure the resubmission package comprehensively addresses all outstanding CRL items.

Telix Therapeutics: Investment delivering significant advances across a number of key late-stage development programs

Of the R&D investment, US$68 million was invested in the therapeutics pipeline. Milestones include:

• TLX591-Tx (lutetium (¹⁷⁷Lu) rosopatamab tetraxetan):
  • ProstACT Global Part 1 lead-in for Telix's lead prostate cancer therapy candidate in metastatic castration-resistant prostate cancer (mCRPC) met safety and dosimetry objectives, with no new safety signals observed^[13].
  • FDA confirmed that the safety data from Part 1 is sufficient to enable progression of Part 2 in the U.S. The FDA and Telix also achieved alignment on the Part 2 clinical trial protocol^[14].
  • Part 2 continues to enroll well in regions where recruitment is open including Australia, Canada, New Zealand, Singapore, South Korea, Türkiye and the United Kingdom.

• TLX597-Tx (¹⁷⁷Lu-DOTA-HYNIC-panPSMA):
  • OPTIMAL-PSMA Phase 2 investigator-initiated trial (IIT) evaluating TLX597-Tx for mCRPC completed patient enrollment of 120 patients^[15].
  • OPTIMAL-e Phase 2 study evaluating TLX597-Tx for metastatic hormone sensitive prostate cancer (mHSPC) dosed first patients^[16].
• TLX250-Tx (lutetium (¹⁷⁷Lu) girentuximab tetraxetan):
  • Dosed first patient in LUTEON, a pivotal trial of TLX250-Tx as a monotherapy in advanced ccRCC^[17].

• TLX101-Tx (iodofalan ¹³¹I):
  • Enrolled first patient cohort in Part 1 (assessing safety and dose optimization) of IPAX BrIGHT, a pivotal trial of TLX101-Tx in patients with recurrent glioblastoma^[18].
  • Completed patient enrollment in IPAX-2, a Phase 1 study evaluating TLX101-Tx in patients with newly diagnosed glioblastoma^[19].

Telix Manufacturing Solutions (TMS): Expanding Telix's global footprint to enable next phase of growth

Telix continues to invest in its global infrastructure, expanding its TMS operations. The TMS segment includes RLS Radiopharmacies (RLS), IsoTherapeutics (U.S.), and production (and R&D) facilities in Sacramento (U.S.), Seneffe (Belgium), North Melbourne (Australia) and Yokohama (Japan), representing a significantly expanded global production and manufacturing footprint. TMS is central to Telix's long-term growth strategy and is expected to support increasing commercial demand and future pipeline expansion.

• TMS reported US$146 million total segment revenue, which includes US$89 million from third-party product sales and service fees, and US$58 million internal revenue^[20], reflecting growth in sales of Illuccix and Gozellix through the RLS network and contributing to Group gross margin improvement.
• TMS operating loss of US$33 million, includes US$10 million of depreciation and amortization on acquired intangibles.
• Adjusted EBITDA loss for the TMS segment of US$23 million (H1 2025: Adjusted EBITDA loss of US$13 million), driven by increased investment in supply chain and logistics functions to meet anticipated therapeutics infrastructure needs.
• Other TMS milestones in H1 2026 include:

• • Opened TMS North Melbourne, in partnership with the Melbourne Theranostic Innovation Centre (MTIC), aiming to accelerate the development of targeted radiopharmaceuticals.
  • TMS Seneffe completed first Good Manufacturing Practice (GMP) production run of a lutetium-based therapeutic candidate, validating the facility's capabilities to support the manufacture of Telix's next-generation therapeutics.

Guidance

• FY 2026 revenue and other income expected to be in excess of US$1 billion, with revenue progressing in line with upper end of FY 2026 guidance of US$950 million to US$970 million and US$40 million of other income received from Regeneron.
• Telix reaffirms R&D expenditure guidance of US$230 million to US$270 million, enabled by the Company's strong commercial performance and initial payment of US$40 million received from Regeneron.

Corporate update

The Company advises that on August 20, 2026, it entered into an equity distribution agreement (EDA) with Morgan Stanley & Co. LLC and William Blair & Company, L.L.C. (together, the "Sales Agents") to establish an "at-the-market" (ATM) facility. Under the ATM facility, the Company may, from time to time, determine to offer and issue new fully paid ordinary shares ("Shares") at prevailing market prices in the form of American Depository Shares (ADSs). Each ADS represents one Share. The ATM facility will provide an opportunity to facilitate greater access to the Company's securities on the Nasdaq stock exchange. The Company will control the offer process and has sole discretion over whether and when the ATM facility is used, the number of ADSs sold, and the minimum sale price of the ADSs. No offers or sales of ADSs will be made under the ATM facility unless and until a prospectus supplement has been filed with the U.S. Securities and Exchange Commission (SEC). The ATM facility will be subject to compliance with the ASX Listing Rules, including the Company's available share placement capacity.

Summary: Group financial results

Investor call

An investor webcast and conference call will be held at 9:00 a.m. AEST today, Thursday, August 20, 2026 (7:00 p.m. EDT Wednesday, August 19, 2026). Participants can register for the webcast via this link:
https://s1.c-conf.com/diamondpass/10056417-pz2402.html

^[1] Group performance includes Telix Precision Medicine, Telix Therapeutics and Telix Manufacturing Solutions (TMS).

^[2] All comparisons to H1 2025 results.

^[3] Earnings before interest, tax, depreciation and amortization.

^[4] Telix ASX disclosure April 13, 2026.

^[5] Telix ASX disclosure April 14, 2026.

^[6] Telix media release July 17, 2026. Japan Registry of Clinical Trials identifier: JRCT2031250473.

^[7] Telix media release January 20, 2026.

^[8] Launch and brand names subject to final regulatory approval. Zircaix (TLX250-Px, ccRCC imaging), Pixclara and Pixlumi (TLX101-Px, glioma imaging).

^[9] Prescription Drug User Fee Act.

^[10] Telix ASX disclosure April 10, 2026.

^[11] Telix media release May 1, 2026.

^[12] Corrected CRL issued April 10, 2026.

^[13] Telix ASX disclosure March 10, 2026.

^[14] Telix ASX disclosure July 2, 2026.

^[15] Telix LinkedIn June 25, 2026. Australian New Zealand Clinical Trials Registry ID: ACTRN12625000971437.

^[16] Telix media release July 16, 2026. Australian New Zealand Clinical Trials Registry ID: ACTRN12626000034336.

^[17] Telix media release July 21, 2026. ClinicalTrials.gov ID: NCT07197580. Clear cell renal cell carcinoma.

^[18] ClinicalTrials.gov ID: NCT07100730.

^[19] ClinicalTrials.gov ID: NCT05450744.

^[20] Inter-segment revenue is eliminated on consolidation, refer to note 3 of the Interim financial report lodged today with the ASX.

^[21] Earnings before interest, tax, depreciation and amortization and other gains/(losses) (net).