Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/telix-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:26052:1" rel="noopener">Telix Pharmaceuticals (TLX AU)</a> reported 3Q25 revenue of $206M, up 53% YoY and 1% QoQ.  Mainstay PSMA imaging revenue increased 17% YoY and 1% QoQ to $155M, driven by Illuccix.</li>
<li>Telix has raised 2025 revenue guidance to $800–820M from $770–800M. During 9M25, the company recorded revenue of $512M, indicating 4Q25 revenue of $288–308M, up 45% QoQ.</li>
<li>We are positive on the long-term growth prospect. With strong commercialization of existing products, rich pipeline, and localized manufacturing prowess, Telix is well-positioned to become a global radiopharmaceutical powerhouse.</li>
</ul>



Telix Pharmaceuticals (TLX AU) reported 3Q25 revenue of $206M, up 53% YoY and 1% QoQ.  Mainstay PSMA imaging revenue increased 17% YoY and 1% QoQ to $155M, driven by Illuccix.
Telix has raised 2025 revenue guidance to $800–820M from $770–800M. During 9M25, the company recorded revenue of $512M, indicating 4Q25 revenue of $288–308M, up 45% QoQ.
We are positive on the long-term growth prospect. With strong commercialization of existing products, rich pipeline, and localized manufacturing prowess, Telix is well-positioned to become a global radiopharmaceutical powerhouse.


Telix Pharmaceuticals (TLX AU): Strong Operating Performance in 3Q25; 2025 Guidance Raise

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Dec 12th (reported today). The aggregated short interest was USD29.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in JB Hi-Fi, National Australia Bank, Bluescope Steel, Scentre, Metcash.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Dec 12th (reported today). The aggregated short interest was USD29.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in JB Hi-Fi, National Australia Bank, Bluescope Steel, Scentre, Metcash.


ASX Short Interest Weekly (Dec 12th): JB Hi-Fi, National Australia Bank, Bluescope Steel, Scentre

<ul>
<li>For 1H25, <a href="https://www.smartkarma.com/entities/telix-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:26052:1" rel="noopener">Telix Pharmaceuticals (TLX AU)</a> recorded revenue of $390M, up 63% YoY and 41% HoH. Even after excluding RLS revenue, base business revenue grew 30% YoY and 12% HoH.</li>
<li>Illuccix continues to drive revenue growth. Global sales of Illuccix were $306M in 1H25, up 29% YoY, reflecting continued growth in sales volume and market share gains in the U.S.</li>
<li>SEC subpoena has not affected the normal business operation. Telix is “fully cooperating with the SEC and is in the process of responding to the information request.”</li>
</ul>


For 1H25, Telix Pharmaceuticals (TLX AU) recorded revenue of $390M, up 63% YoY and 41% HoH. Even after excluding RLS revenue, base business revenue grew 30% YoY and 12% HoH.
Illuccix continues to drive revenue growth. Global sales of Illuccix were $306M in 1H25, up 29% YoY, reflecting continued growth in sales volume and market share gains in the U.S.
SEC subpoena has not affected the normal business operation. Telix is “fully cooperating with the SEC and is in the process of responding to the information request.”


Telix Pharmaceuticals (TLX AU): Here’s Why Sentiment Has Improved

<ul>
<li>
<a href="https://www.smartkarma.com/entities/telix-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:26052:1" rel="noopener">Telix Pharmaceuticals (TLX AU)</a> received a subpoena from the SEC seeking various documents and information primarily relating to the company’s disclosures regarding the development of prostate cancer therapeutic candidates.</li>
<li>Telix is in the process of responding to the information request. The company has elected to notify the Australian Securities and Investments Commission of the SEC’s information request.  </li>
<li>SEC subpoena will not affect the normal business operation of Telix. While the matter is ongoing, Telix will continue clinical development programs for its prostate cancer therapy candidates.</li>
</ul>



Telix Pharmaceuticals (TLX AU) received a subpoena from the SEC seeking various documents and information primarily relating to the company’s disclosures regarding the development of prostate cancer therapeutic candidates.
Telix is in the process of responding to the information request. The company has elected to notify the Australian Securities and Investments Commission of the SEC’s information request.  
SEC subpoena will not affect the normal business operation of Telix. While the matter is ongoing, Telix will continue clinical development programs for its prostate cancer therapy candidates.


Telix Pharmaceuticals (TLX AU): Why Negative Impact of SEC Probe Is A Temporary Setback

<ul>
<li>
<a href="https://www.smartkarma.com/entities/telix-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:26052:1" rel="noopener">Telix Pharmaceuticals (TLX AU)</a> has launched next-generation prostate cancer imaging agent, Gozellix in the U.S. With two FDA-approved commercial products, current U.S. addressable market opportunity is $2.5B+.</li>
<li>The FDA is expected to communicate its decision regarding the approval of Zircaix, kidney cancer imaging candidate, on August 27. Telix estimates initial U.S. market opportunity for Zircaix is $500M+.</li>
<li>Illuccix continued its momentum through gaining market share and maintaining price stability in a competitive landscape. In 1Q25, Illuccix revenue increased 35% YoY and 9% QoQ to $151M.</li>
</ul>



Telix Pharmaceuticals (TLX AU) has launched next-generation prostate cancer imaging agent, Gozellix in the U.S. With two FDA-approved commercial products, current U.S. addressable market opportunity is $2.5B+.
The FDA is expected to communicate its decision regarding the approval of Zircaix, kidney cancer imaging candidate, on August 27. Telix estimates initial U.S. market opportunity for Zircaix is $500M+.
Illuccix continued its momentum through gaining market share and maintaining price stability in a competitive landscape. In 1Q25, Illuccix revenue increased 35% YoY and 9% QoQ to $151M.


Telix Pharmaceuticals (TLX AU): New Product Launch In US; More to Follow; Illuccix on Strong Footing

Australia

Telix Pharmaceuticals Limited operates as a biotechnology company. The Company develops and commercializes molecularly-targeted radiation therapy for the treatment of prostate, renal, and brain cancer. Telix Pharmaceuticals serves patients worldwide.

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Telix Pharmaceuticals (TLX AU)