Telix Pharmaceuticals Ltd
TLX, TLPPF · Pharmaceutical Preparations · EDGAR filings ↗
Reference price $14.87 — last insider purchase, 2026-04-29 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
B77Rapidly scaling commercial-stage radiopharmaceutical franchise with strong growth but a slim net loss.
Strengths
- Revenue $804M, up 56% (74th pct) with a real, IP-backed commercial theranostics franchise
- Positive operating margin (3.7%, 78th pct), interest coverage 164x, and 53% gross margin
- Top-quartile returns relative to sector (ROA 84th, ROE 72nd pct) despite the loss
Risks
- Net loss of $7.1M in 2025 with negative operating cash flow; profitability not yet consistent
- Gross margin compressed from 65% to 53% on lower-margin RLS acquisition mix
- Identified material weakness in internal controls and Phase 3 binary clinical-pipeline risk
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Fund exitedNotable fund(s) exited this quarter: CITADEL ADVISORS LLC
- Net lossNet loss (net margin -0.9%)
- Cash burnNegative free cash flow (-43.0M)
- Material weakness• We have identified a material weakness in our internal control over financial reporting
- Strong balance sheetStrong balance sheet — $142M cash & investments, ~13 quarters of runway
- Insider buyingInsider buying — 2 open-market buy(s) by 1 insider(s) (~$996,738, last 6mo) Form 4 ↗
- Notable holderHeld by 1 notable fund(s): FMR LLC (as of 2026-03-31)
Key metrics
Gross margin
53.1%
Operating margin
3.7%
Net margin
-0.9%
Return on equity
-1.7%
Return on assets
-0.6%
ROIC
2.9%
Revenue growth (QoQ)
55.6%
Net-income growth
-121.2%
Debt / equity
1.0×
Interest coverage
164.5×
Current ratio
1.4×
Free cash flow
-$43M
Tangible book value
$216M
Cash & investments
$142M
Cash runway
13q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-29 | Behrenbruch Christian | Buy | 33K | $14.87 |
| 2026-04-28 | Behrenbruch Christian | Buy | 34K | $14.48 |
| 2026-03-29 | Smith Darren Charlton | Option exercise | 1.1K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06537596 ↗ | 89Zr-olaratumab Dosimetry in Participants With Soft Tissue Sarcoma Soft Tissue Sarcoma | PHASE1 | Recruiting | 2026-03-01 |
| NCT05847348 ↗ | 68Ga-PSMA-11 Efficacy in Detecting BCR Prostate Cancer in Chinese Patients Biochemical Recurrence of Malignant Neoplasm of Prostate, Prostate Cancer | PHASE3 | Recruiting | 2025-12-30 |
| NCT04876651 ↗ | The Present Study Aims to Compare Patients Who Receive the Investigational Product (177Lu-DOTA-rosopatamab) Plus Standard of Care, in Comparison to Standard of Care Only Metastatic Prostate Cancer | PHASE3 | Terminated | 2025-07-01 |
| NCT05563272 ↗ | 89Zr-girentuximab for PET Imaging of CAIX Positive Solid Tumors Cervical Cancer, Colorectal Cancer | PHASE2 | Terminated | 2025-05-09 |
| NCT05861778 ↗ | Evaluation of 89Zr-TLX250 PET/CT in Chinese Patients With Indeterminate Renal Masses or Suspected Recurrent Renal Clear Cell Carcinoma Clear Cell Renal Cell Carcinoma, Suspected Recurrent Renal Clear Cell Carcinoma | PHASE1 | Completed | 2023-11-27 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-02-20 | 2025-12-31 | 0001628280-26-009943 ↗ |
| 20-F | 2025-02-24 | 2024-12-31 | 0001140361-25-005562 ↗ |