H1 2026
Filed Aug 20, 2026H1 2026 revenue grew 22% to $477.3 million and Telix reported profit after tax of $38.3 million, supported by Precision Medicine growth and $40.0 million of Regeneron collaboration income.
Revenue growth, gross-margin improvement, positive operating cash flow and a swing to profit after tax were supported by continued U.S. demand for Illuccix and Gozellix, alongside the $40.0 million Regeneron collaboration payment.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue from contracts with customersother | $477.3 million | – | 22% |
| Cost of salesother | $217.0 million | – | 19% |
| Gross profitother | $260.3 million | – | 25% |
| Gross marginother | 55% | – | – |
| Other incomeother | $40.0 million | – | – |
| Research and development costsother | $123.8 million | – | 52% |
| Selling and marketing expensesother | $58.4 million | – | 19% |
| Manufacturing and distribution costsother | $28.7 million | – | 52% |
| General and administration costsother | $48.7 million | – | 2% |
| Other gains/(losses) (net)other | $5.6 million | – | – |
| Operating profitother | $46.4 million | – | 346% |
| Finance incomeother | $2.3 million | – | (37)% |
| Finance costsother | $19.4 million | – | 3% |
| Profit/(loss) before income taxother | $29.2 million | – | – |
| Income tax benefitother | $9.1 million | – | 257% |
| Profit/(loss) for the period attributable to owners of Telix Pharmaceuticals Limitedother | $38.3 million | – | – |
| Total comprehensive income for the period attributable to owners of Telix Pharmaceuticals Limitedother | $9.5 million | – | 191% |
| Basic earnings/(loss) per share from continuing operations after income tax attributable to ordinary equity holdersother | 11.30 cents | – | – |
| Diluted earnings/(loss) per share from continuing operations after income tax attributable to ordinary equity holdersother | 10.74 cents | – | – |
| Adjusted EBITDAnon-GAAP | $51.9 million | – | – |
| Net cash from operating activitiesother | $23.0 million | – | – |
| Net cash used in investing activitiesother | $33.7 million | – | – |
| Net cash provided by/(used in) financing activitiesother | $118.4 million | – | – |
| Cash and cash equivalentsother | $251.9 million | – | – |
| Total borrowingsother | US$'000 516,385 | – | – |
| Net assetsother | US$'000 487,675 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Precision MedicineU.S. sales from Gozellix® and Illuccix® were the primary driver, reflecting continued growth in sales volume, pricing and market share gains. | $388.6 million | – | 27% |
| TherapeuticsThe prior-period $4.0 million of R&D services revenue related to completion of revenue recognition associated with the first upfront payment received from the Grand Pharmaceutical Group Limited contract. | $nil | – | (100)% |
| Manufacturing SolutionsThe increase reflected a full six months of RLS operations, acquired in late January 2025. | $88.7 million | – | 10% |
Capital returns
- No dividend was proposed or paid.
- On April 15, 2026, Telix settled the issue of US$600,000,000 1.50 per cent Convertible Notes due 2031.
- Telix concurrently repurchased approximately A$637,000,000 in principal of its A$650,000,000 2.375% Convertible Bonds due 2029, representing approximately 98% of the outstanding Existing Bonds.
- In May 2026, Telix repurchased a further A$5 million of the Existing Bonds.
What drove it
- Continued demand for Illuccix® and Gozellix® in the U.S. drove revenue growth.
- Precision Medicine gross margin improved to 65% from 64%, supported by increased sales of Gozellix® in the U.S., disciplined pricing and control of cost of sales.
- The $40.0 million initial, non-refundable Regeneron payment was recognized as other income for Telix's contribution of background intellectual property into the collaboration.
- Manufacturing Solutions reported $146.2 million of total segment revenue, comprising $88.7 million of third-party product sales and service fees and $57.5 million of internal revenue.
- RLS contributed a full six months of operations in H1 2026 versus five months in H1 2025.
Concerns
- Therapeutics revenue from contracts with customers was $nil, compared with $4.0 million in H1 2025.
- Manufacturing Solutions recorded an Adjusted EBITDA loss of $23.0 million, compared with a loss of $12.7 million, as Telix invested in manufacturing, supply chain, logistics and facility buildout.
- Research and development costs increased 52% to $123.8 million as Telix advanced late-stage therapeutic assets and regulatory filings.
- Exchange differences on translation of foreign operations were $(30.1) million, contributing to total comprehensive income of $9.5 million despite profit after tax of $38.3 million.
- Telix expects expenses to increase as it continues development, regulatory activities, commercialization and marketing for product candidates.
What to watch
- Continued revenue growth of Illuccix® and Gozellix®.
- The U.S. FDA PDUFA goal date of September 11, 2026 for Pixclara®.
- Progress of the Zircaix® U.S. BLA resubmission, with final Chemistry, Manufacturing and Controls documentation nearing completion.
- Completion of enrollment in BiPASS™ and advancement of ProstACT Global Part 2, LUTEON and IPAX BrIGHT.
- Execution of the Regeneron collaboration, including its option to expand from four initial therapeutic programs to four additional programs.
- Operationalization and expansion of the TMS network, including the stated target of 50 QUANTM® Irradiation System installations globally by the end of 2026.
Balance sheet and cash flow
- Cash and cash equivalents were $251.9 million as of June 30, 2026.
- Net cash from operating activities was $23.0 million, including $442.9 million in receipts from customers and $40.0 million in receipts from collaboration agreements.
- Payments to suppliers and employees were $439.0 million, income taxes paid were $14.8 million, and payments for contingent consideration were $1.3 million.
- Net cash used in investing activities was $33.7 million, including $14.5 million of purchases of property, plant and equipment, $8.8 million of contingent-consideration payments and $4.6 million of deferred-consideration payments.
- Financing cash flows included $587.5 million of proceeds from borrowings and $466.5 million of repayment of borrowings.
- Outstanding bank-loan facilities were $9.4 million as of June 30, 2026.
- The total convertible bond liability was US$'000 507,055 as of June 30, 2026.
Analysis
Telix reported H1 2026 revenue from contracts with customers of $477.3 million, up 22% from $390.4 million in H1 2025. The commercial result was led by Precision Medicine, where revenue increased 27% to $388.6 million. Telix attributed that growth to U.S. sales of Gozellix® and Illuccix®, with higher sales volumes, pricing and market-share gains. Manufacturing Solutions generated $88.7 million of external revenue, with a full six months of RLS operations compared with five months in the prior period contributing to the increase.
Gross profit increased 25% to $260.3 million, while Group gross margin improved to 55% from 53%. Management attributed the margin improvement to product mix, operating efficiencies and strong Precision Medicine performance. Precision Medicine gross margin increased to 65% from 64%, supported by increased Gozellix® sales, pricing discipline and cost-of-sales control. Cost of sales increased 19%, below the revenue growth rate, although the Group noted that higher-volume, lower-margin SPECT imaging product sales at RLS and the full-half effect of RLS remain part of the overall mix.
Operating expenditure increased as Telix funded its pipeline and commercial infrastructure. R&D costs increased 52% to $123.8 million, with investment directed toward late-stage therapeutic programs, the Pixclara® NDA and Zircaix® BLA resubmissions, BiPASS™ expansion and other regulatory activity. Selling and marketing expenses rose 19% to $58.4 million, while manufacturing and distribution costs rose 52% to $28.7 million. Manufacturing Solutions remained loss-making, posting an Adjusted EBITDA loss of $23.0 million, compared with a loss of $12.7 million, as Telix continued investing in its vertically integrated network.
Profitability improved materially. Operating profit rose to $46.4 million from $10.4 million, and profit after tax was $38.3 million compared with a $2.3 million loss. The result included $40.0 million of other income from the initial Regeneron collaboration consideration and $5.6 million in other gains, while finance costs were $19.4 million. Group Adjusted EBITDA was $51.9 million, compared with $21.1 million. Total comprehensive income was lower than net profit at $9.5 million because exchange differences on translation of foreign operations were $(30.1) million.
Cash generation remained positive, with net cash from operating activities of $23.0 million compared with $17.7 million. Cash and cash equivalents were $251.9 million at June 30, 2026. Telix refinanced its convertible debt during the half, issuing US$600,000,000 of 1.50 per cent Convertible Notes due 2031 while repurchasing approximately A$637,000,000 in principal of the 2029 Convertible Bonds and a further A$5 million in May. The filing provides no quantitative forward revenue, margin, expense or tax-rate guidance, but identifies continued Illuccix® and Gozellix® growth, follow-on imaging launches, therapeutic-pipeline progress, RLS integration and TMS network operationalization as key future drivers.
Not in the filing
stated, not guessed- Quantitative forward revenue guidance
- Quantitative forward gross-margin guidance
- Quantitative forward operating-expense guidance
- Quantitative forward tax-rate guidance
- Free cash flow
- Prior-quarter comparisons for reported metrics
- GAAP or non-GAAP classification, as the filing reports under IFRS
- Dividend amount
- Share-repurchase program or common-share repurchases
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.