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> shares gained ~14% YTD. Clinical trial update, re-submission of NDA for Pixclara, 2025 revenue achieving guidance, and 2026 guidance for continued double-digit growth drove the rally.</li>
<li>Telix has guided for 2026 revenue of $950–970M, up 18–21% YoY, with pending regulatory approvals providing further upside potential. Precision Medicine revenue is expected to grow ~25% YoY.</li>
<li>2026 is going to be catalyst heavy for Telix, with Zircaix BLA resubmission in the U.S. and NDA resubmission acceptance of Pixclara in the U.S. being the major ones.</li>
</ul>



Telix Pharmaceuticals (TLX AU) shares gained ~14% YTD. Clinical trial update, re-submission of NDA for Pixclara, 2025 revenue achieving guidance, and 2026 guidance for continued double-digit growth drove the rally.
Telix has guided for 2026 revenue of $950–970M, up 18–21% YoY, with pending regulatory approvals providing further upside potential. Precision Medicine revenue is expected to grow ~25% YoY.
2026 is going to be catalyst heavy for Telix, with Zircaix BLA resubmission in the U.S. and NDA resubmission acceptance of Pixclara in the U.S. being the major ones.


Telix Pharmaceuticals (TLX AU): Shares Are Bouncing off Lows; Driving Forces Behind and What’s Next

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<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 2025 revenue of $804M (~A$1.2B), slightly ahead of the lower range of the upgraded guidance range of $800–820M.</li>
<li>Telix shares reacted negatively to the result. No mention of 2026 guidance and any timeline for resubmission of NDA for Pixclara and Zircaix are the key negative takeaway.</li>
<li>In near term, Telix share performance is expected to remain muted. An update upon acceptance of the refiling of Pixclara and/or Zircaix will be next catalyst.</li>
</ul>



Telix Pharmaceuticals (TLX AU) reported 2025 revenue of $804M (~A$1.2B), slightly ahead of the lower range of the upgraded guidance range of $800–820M.
Telix shares reacted negatively to the result. No mention of 2026 guidance and any timeline for resubmission of NDA for Pixclara and Zircaix are the key negative takeaway.
In near term, Telix share performance is expected to remain muted. An update upon acceptance of the refiling of Pixclara and/or Zircaix will be next catalyst.


Telix Pharmaceuticals (TLX AU): Achieves 2025 Guidance; Geography and Portfolio Expansion on Card

Thematic (Sector/Industry)

<ul>
<li>Fosun Pharmaceutical initiated Phase 2 trial of FXS7553 for COPD in China. CSPC Pharma’s mpox mRNA vaccine candidate obtained clinical trial approval from the FDA.</li>
<li>Akeso secured NMPA approval for ivonescimab, in combination with chemotherapy, for the treatment of first-line squamous non-small cell lung cancer (sq-NSCLC). This indication marks ivonescimab’s third major approval.</li>
<li>Daiichi Sankyo’s Enhertu got China approval for the first-line treatment of breast cancer. Peptidream marked a milestone following the initiation of Phase 1 study for two radioligand therapies by Novartis.</li>
</ul>


Fosun Pharmaceutical initiated Phase 2 trial of FXS7553 for COPD in China. CSPC Pharma’s mpox mRNA vaccine candidate obtained clinical trial approval from the FDA.
Akeso secured NMPA approval for ivonescimab, in combination with chemotherapy, for the treatment of first-line squamous non-small cell lung cancer (sq-NSCLC). This indication marks ivonescimab’s third major approval.
Daiichi Sankyo’s Enhertu got China approval for the first-line treatment of breast cancer. Peptidream marked a milestone following the initiation of Phase 1 study for two radioligand therapies by Novartis.


APAC Healthcare Weekly (August 16) – Akeso, Fosun Pharma, CSPC Pharma, Daiichi Sankyo, Peptidream

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<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 ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 2nd (reported today). The aggregated short interest was USD50.5bn.</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 Northern Star Resources, Alcoa, Wesfarmers, Brambles, Suncorp.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 2nd (reported today). The aggregated short interest was USD50.5bn.
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 Northern Star Resources, Alcoa, Wesfarmers, Brambles, Suncorp.


ASX Short Interest Weekly (Oct 2nd): Northern Star Resources, Alcoa, Wesfarmers, Brambles, Suncorp

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)