Summary
The fund managers believe that Telix Pharmaceuticals Ltd is positioned strongly within the radiopharmaceutical sector, particularly with its prostate cancer diagnostic product Illuccix, which has shown significant revenue growth and market share expansion. In their opinion, the company has a robust pipeline of therapeutics, including TLX-591, which is expected to deliver better outcomes than competitors. The fund managers noted that recent favorable regulatory updates and survival data from clinical trials are key catalysts for future growth. Despite some volatility, they believe the current pricing of Telix is justified based on its existing products and potential pipeline. However, concerns remain regarding pricing pressures once Illuccix transitions off pass-through payment status and the overall valuation of the therapeutic pipeline. Overall, the sentiment is cautiously optimistic, with expectations for continued revenue growth and strategic advancements in therapeutic offerings.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Source: Trading View
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Commentary From The Managers
Mint Asset Management
21 July 2025
$24.98
Summary
- Mint Asset Management notes a 7% decline in Telix Pharmaceuticals, indicating some profit taking by investors.
- Despite the decline, the company held a solid investor day, which provided positive engagement.
- No further upgrade to EPS was announced during the investor day, which may have influenced investor sentiment.
- The potential for Orphan drug status is being revisited, which could be a significant catalyst for the company.
- Mint Asset Management continues to hold its position based on the long-term outlook and developments in the pipeline.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
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Commentary From The Managers
Mint Asset Management
21 July 2025
$24.98
Summary
- Mint Asset Management notes a 7% decline in Telix Pharmaceuticals, indicating some profit taking by investors.
- Despite the decline, the company held a solid investor day, which provided positive engagement.
- No further upgrade to EPS was announced during the investor day, which may have influenced investor sentiment.
- The potential for Orphan drug status is being revisited, which could be a significant catalyst for the company.
- Mint Asset Management continues to hold its position based on the long-term outlook and developments in the pipeline.
Equity Trustees Asset Management
27 June 2025
$24.44
Summary
- Telix Pharmaceuticals is a commercial-stage biopharmaceutical company with an $8 billion market capitalisation.
- Focuses on developing and commercialising therapeutic and diagnostic radiopharmaceuticals.
- Many current cancer therapies are non-selective, impacting healthy tissue and vital organs.
- Telix’s radiopharmaceuticals offer targeted doses of radiation via injection, no matter the disease location.
- Generates significant revenue in the prostate cancer diagnostics space with strong growth prospects.
- The therapy pipeline for prostate cancer is promising, with potential expansion into other indications like kidney and brain cancer.
- Equity Trustees Asset Management continues to hold because Telix is a leader in the radiopharmaceutical field that warrants wider recognition.
Yarra Capital Management
31 Jan 2025
$29.34
Summary
- Telix Pharmaceuticals (TLX): current rating is underweight.
- Recent performance: outperformed following the RLS acquisition completion.
- Guidance upgrade: positive outlook on Illuccix revenues.
- Investment stance: Yarra Capital Management remains underweight due to valuation concerns.
- Outlook: cautious on TLX’s therapeutic pipeline.
Equity Trustees Asset Management
31 Dec 2024
$24.61
Summary
- Positive newsflow and updates from TLX adding confidence in navigating the radiopharmaceutical medicine field for oncology.
- Solid results in August, with the 3rd quarter update reaffirming revenue guidance.
- Successful commercialisation and rollout of the Illuccix product leading to strong cashflow growth.
- Consistent performance indicates steady share gains in a rapidly growing market.
- Good news on Illuccix price stability not subject to cuts when pass-through payments expire.
- Pipeline update aligns with expectations and is progressing well.
- Steady list of catalysts expected in 2025.
Equity Trustees Asset Management
30 Sept 2024
$20.73
Summary
- Equity Trustees Asset Management highlights Telix Pharmaceuticals (TLX) as a fast-growing biopharmaceutical company in the radiopharmaceuticals sector.
- TLX has successfully commercialized its prostate diagnostic product, Illucix, capturing market share from competitors.
- The company is nearing the launch of diagnostic agents for renal and brain cancers.
- Significant potential exists in the cancer therapeutic market, with TLX in late-stage trials for TLX591, a product showing superior outcomes.
- Telix operates in an industry with high barriers to entry, enhancing its competitive position.
- The company generates 60% gross margins and a 30% Return on Equity, indicating strong financial health.
- TLX has a promising earnings growth outlook, supporting its long-term viability.
- Valued on a Discounted Cash Flow (DCF) basis, the stock appears to be good value at current price levels.
Monash Investors
31 July 2024
$19.08
Summary
- Monash Investors notes that Telix Pharmaceuticals (TLX-ASX) has had a busy month with six key announcements.
- 2Q24 revenue of A$189m prompts management to upgrade full year guidance to A$745-776m, a 10% increase, indicating market share growth.
- This revenue guidance primarily reflects the US prostate imaging product Illuccix, excluding potential revenues from other markets and unapproved products.
- TLX raised A$650m via a convertible bond, surprising Monash Investors as TLX has a strong balance sheet and cash flows from Illuccix.
- This additional capital indicates plans to accelerate R&D programs and possibly pursue acquisitions for vertical integration.
- The proposed rule change by the CMS means diagnostic radiopharmaceuticals over US$630 per day will not face bundling, positively impacting Illuccix pricing.
- Future earnings projections improved significantly, with FY26E consensus EPS increasing by 57% to $0.80 per share.
- On the FDA front, TLX250-CDx's Biologics License Application was not accepted due to a manufacturing filter issue, but safety and efficacy data remains sound.
- Two additional FDA updates include a new cold kit for prostate imaging and an expanding access program for the glioma product TLX101-CDx.
- As a result, TLX shares rose 2.3% for the month.
Monash Investors
30 June 2024
$18.09
Summary
- Telix (ASX: TLX) stock price increased by 44%
- Sales from Telix’s cancer imaging drugs exceeded $500 million within two years
- Continued exceptional growth in sales reported
- Recent positive data released from clinical trials for prostate cancer therapy
- Monash Investors continues to hold due to strong sales performance and promising clinical results
Yarra Capital Management
30 June 2024
$18.09
Summary
- Telix Pharmaceuticals (TLX, underweight) has shown strong performance following the ProstACT Select trial read-out.
- The trial results for TLX-591 revealed higher efficacy than market expectations.
- TLX-591 aims to compete with Novartis’ Pluvicto in the developing prostate cancer radiopharmaceutical market.
- Yarra Capital Management remains underweight due to concerns over pricing outcomes after the Illuccix off-pass-through status.
Milford Asset Management
31 May 2024
$18.15
Summary
- Telix Pharmaceuticals experienced a share price increase of 20.6%.
- The rally was driven by favourable survival data regarding its treatment for radiographic castration-resistant prostate cancer.
- This result represents a positive step toward advancing its therapeutic pipeline.
- The pipeline is noted to be catalyst rich, suggesting ongoing potential for growth.
- In light of the strong share price rally over the past two months, Milford Asset Management has reduced its position size and locked in profits.
Monash Investors
31 May 2024
$18.15
Summary
- Telix (ASX: TLX) has once again appeared in Monash Investors' top contributors for the month with a performance of 21%.
- Sales from Telix’s cancer imaging drugs have demonstrated extraordinary growth, exceeding $500m after two years.
- The main highlight this month includes additional positive data from clinical trials of its prostate cancer therapy.
- Telix has achieved a 100-bagger mark for Monash Investors, having initially invested pre-IPO at approximately $0.17 in January 2017.
Monash Investors
28 Feb 2024
$12.13
Summary
- Telix (ASX: TLX) has experienced a share price increase of 8% this month.
- The company is achieving strong growth in its radiopharmaceutical sales.
- Telix has a robust pipeline of new imaging products and late-stage therapeutics.
- Future developments present multiple valuation triggers.
- Monash Investors regularly adjusts the portfolio weight in Telix to manage share price volatility.
- The current market pricing of TLX can be justified by its two existing commercial products.
- The kidney imaging product is set to commercialise within this calendar year.
- The market is currently undervaluing Telix's highly prospective pipeline.
Monash Investors
31 Jan 2024
$11.50
Summary
- Telix (ASX: TLX) continues its strong progress and share price rerating.
- Strong growth in radiopharmaceutical sales.
- A promising pipeline of new drugs is anticipated.
- Monash Investors regularly shave portfolio weight in Telix to manage volatility.
- The current pricing of TLX is justified by its two existing commercial products.
- The kidney imaging product is expected to commercialise within this calendar year.
- The market is assigning zero value to Telix's highly prospective pipeline.
Milford Asset Management
31 Jan 2024
$11.50
Summary
- Milford Asset Management notes a significant increase in Telix Pharmaceuticals Ltd of +14.1% following a recent trading update.
- The drug Illuccix has shown growth in line with expectations and has gained market share.
- Key potential driver for future growth includes the expected US approval and launch of TLX-250x in the second half of the year.
- Forecasts suggest a high adoption rate among clinicians for TLX-250x in the diagnosis of kidney cancer.
- Milford Asset Management continues to monitor these developments closely.
Pengana Capital Group
31 Oct 2023
$8.84
Summary
- Telix Pharmaceuticals Ltd experienced a 22% decline after reporting weaker than expected revenue for its prostate cancer diagnostic product, Illucix.
- Despite the drop, Telix continues to gain market share from competitor Lantheus in a growing market.
- Early data from the Prostact Select clinical trial for the therapeutic drug TLX591 showed better than expected safety, but less impressive declines in PSA scores compared to competitors like Clarity Pharmaceutical.
- Telix argues that PSA scores are not a reliable efficacy indicator, highlighting their drug's unique antibody-based mechanism that remains in cancerous cells longer.
- Promising survival data from an early phase 2 study suggests it may be premature to dismiss TLX591, although the data remains controversial.
- With Clarity valued at $300 million versus Telix's $3 billion, Pengana Capital Group sees a more favorable risk-reward profile for Clarity, but continues to hold both stocks.
Monash Investors
31 Oct 2023
$8.84
Summary
- Monash Investors observes a significant drop in Telix Pharmaceuticals (ASX: TLX) share price by 22% recently.
- Initial investment was made at the equivalent of $0.17 per share 7 years ago, with the stock reaching $9.20 today.
- Telix specializes in radiopharmaceuticals for cancer patients and is now a cash flow positive business.
- The company has generated over $500m pa in sales for its prostate cancer imaging product, showing strong growth.
- Last month, Telix reported results from a Phase 1 study for a potential prostate therapy drug, successfully meeting its endpoints.
- Despite this, the market reacted negatively due to lower PSA reductions compared to competitors, which Monash Investors believes to be an incorrect assumption.
- Telix's drug operates at a lower dose than competitors but may result in better patient survival, as seen in prior studies.
- The likely reason for the lower PSA reduction is the use of antibodies instead of small molecules, potentially providing greater effectiveness.
- The upcoming Phase 2 and 3 trials will aim to validate these findings.
- Monash Investors is confident that Telix’s business operations justify the current share price and promise high returns from its imaging and therapy product pipeline.
- Since the beginning of November, Telix's share price has recovered 8%.
- Future outlook remains strong, with valuations indicating over 60% upside potential from current stock levels.
Pengana Capital Group
30 June 2023
$11.22
Summary
- Telix Pharmaceuticals is the Fund’s largest holding, showing strong performance with a 15% increase.
- UBS has initiated coverage of Telix Pharmaceuticals with a target price of $14.
- The company presented promising data at the American Urological Association's Annual meeting in Chicago.
- Data highlighted the efficacy of its renal cancer diagnostic product TLX250-CDX in detecting small lesions under 2cm.
- This efficacy is crucial for driving product uptake upon anticipated approval later this year or early next year.
- Pengana Capital Group continues to hold Telix Pharmaceuticals due to these positive developments.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who has invested in Telix Pharmaceuticals Ltd (ASX:TLX)?
Fund managers including Milford Asset Management, Monash Investors, Equity Trustees Asset Management, Yarra Capital Management, Pengana Capital Group and Mint Asset Management have invested in Telix Pharmaceuticals Ltd (ASX:TLX).
Why have investment managers invested in Telix Pharmaceuticals Ltd (ASX:TLX)?
Fund managers are investing in Telix Pharmaceuticals Ltd due to its strong performance in the radiopharmaceutical sector, particularly in cancer diagnostics and treatment. The company has shown impressive revenue growth, with sales exceeding $500 million for its prostate cancer imaging product, Illuccix, and is expanding its market share. Positive clinical trial results and a robust therapeutic pipeline, including promising developments for kidney and brain cancer treatments, further enhance its appeal. Fund managers appreciate Telix's strategic moves, such as raising capital for accelerated R&D and potential acquisitions, which indicate confidence in future growth. Additionally, favorable regulatory updates and the company's ability to maintain pricing stability for its products contribute to a positive outlook, making Telix a compelling investment opportunity.
What happened to Telix Pharmaceuticals Ltd (ASX:TLX)?
In recent comments made by fund managers about Telix Pharmaceuticals Ltd, notable insights emerged as the share price hovered around $24.44 in June 2025 and $24.98 in July 2025. Equity Trustees Asset Management highlighted that despite Telix’s impressive $8 billion market capitalisation, the company remains relatively unknown. As a commercial-stage biopharmaceutical firm, Telix specializes in developing targeted therapeutic and diagnostic radiopharmaceuticals, particularly for cancer and rare diseases, with a strong revenue stream from prostate cancer diagnostics and promising growth forecasts. Mint Asset Management noted a slight profit-taking trend, even after a successful investor day, emphasizing the potential for Telix's orphan drug status to boost its market presence. Overall, Telix Pharmaceuticals is positioned as a leader in the radiopharmaceutical sector, with significant advancements anticipated in its therapy pipeline.