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Fund Manager Summary on Telix Pharmaceuticals Ltd (ASX:TLX)
In January 2026, Perennial Value Management commented that Telix Pharmaceuticals Ltd (ASX:TLX) declined modestly on no specific news and they see significant upside. Overall, fund managers view Telix as a commercially established radiopharmaceutical company with a strong prostate imaging franchise (Illuccix and next‑generation Gozellix) driving material revenue growth and supporting R&D and manufacturing expansion, but recent commentary has increasingly flagged execution and regulatory risks — notably two FDA Complete Response Letters for Pixclara and Zircaix in 2025, requested manufacturing comparability data and resubmission pathways, an SEC subpoena concerning disclosures, and near‑term margin pressure from lost or transitioning reimbursement (temporary TPT changes) and higher operating expenditure from acquisitions and commercial build‑out; actionable considerations are to monitor FDA resubmission outcomes and manufacturing scale‑up comparability, timing of Transitional Pass‑Through reimbursement for Gozellix and pricing stabilization for PSMA products, the trajectory of operating costs versus guidance, and progress on the SEC inquiry, while recognizing structural tailwinds in nuclear medicine, Telix’s US distribution/manufacturing footprint that mitigates tariff risk, a large addressable PSMA market and a therapeutics pipeline that could drive long‑term value if regulatory and execution issues are resolved.
Commentary From The Managers
There are 45 insights from 18 fund managers regarding their investment in Telix Pharmaceuticals Ltd (ASX:TLX) available on Thesis Tracker.
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Commentary From The Managers
Pendal Group
16 Mar 2026
$10.98
Summary
- Pendal Group continues to hold Telix Pharmaceuticals Ltd because the release of positive safety data for TLX591 clears a major de-risking milestone.
- The safety data for therapeutic TLX591 was released and appeared strong, removing a key near-term uncertainty for the stock.
- Telix plans to file with the FDA to advance the therapy to phase three clinical trials, a significant development milestone.
- Pendal views this as a positive catalyst that supports continued investment in the radiopharmaceutical growth story.
Perennial Value Management
31 Jan 2026
$10.48
Summary
- Perennial Value Management believes Telix is mispriced relative to its clinical progress and market opportunity and continues to hold because recent share weakness reflects short‑term volatility rather than a change in fundamentals, leaving significant upside.
- Clinical pipeline: multiple radiopharmaceutical candidates with differentiated mechanisms and clear pathways to regulatory approval and commercialisation.
- Near‑term catalysts: upcoming trial readouts and regulatory milestones that could materially de‑risk value and drive re‑rating.
- Commercial potential: addressable oncology markets, scalable sales model and first‑mover positioning in key indications.
- Balance sheet and funding: sufficient cash runway expected to fund critical development and launch activities, reducing near‑term capital risk.
- Valuation upside: current price embeds conservative assumptions; Perennial sees margin of safety with asymmetric upside if execution continues.
- Risk awareness: acknowledges biotech volatility, regulatory and execution risks, but judges probability‑weighted outcomes favour investors taking a patient stance.
- Market reaction: Telix (-5.8%) fell on no particular news; this weakness is viewed as a buying opportunity to increase exposure to the company’s upside.
Eiger Capital
31 Oct 2025
$16.08
Summary
- Telix Pharmaceuticals has experienced weakness this year but seems to have found a floor at current levels.
- Recent setbacks include two Complete Response Letters from the FDA for Zircaix (kidney cancer diagnostic) and Pixclara (brain cancer diagnostic).
- The issues with each product appear to be separate and are expected to be rectified.
- The latest quarterly update showed better than expected revenue and a slight increase in full year guidance.
- Telix continues to gain market share due to a strong US distribution network for their prostate cancer diagnostic products, Illucix and Gozellix.
- The company's strong commercial base and pipeline support Eiger Capital's continued position in the stock.
Clime Investment Management
31 Oct 2025
$16.08
Summary
- Telix Pharmaceuticals Ltd contributed positively to performance in October.
- Rebounded from recent weakness due to a solid Q3 sales result reported in mid-October.
- Supportive Q4 guidance enhances outlook.
- Clime Investment Management continues to hold because Telix offers latent option value.
- Current valuation is primarily based on its diagnostic portfolio.
- Most future value creation potential lies in the development of therapeutic products.
Selector Funds Management
31 Oct 2025
$16.08
Summary
- Selector Funds Management continues to hold Telix Pharmaceuticals (ASX:TLX) based on recent business updates.
- Telix reported US$206m in revenue for Q3, marking a 1% increase QoQ and a 53% increase year-on-year.
- PSMA imaging revenue reached US$155m, with a 1% QoQ increase, indicating signs of stabilisation in competitive pricing pressures.
- The imaging agent Gozellix received transitional pass through status, enabling full reimbursement by Medicare and Medicaid in the U.S. from 1 October.
- Telix has an agreement with the FDA on a resubmission pathway for its Glioma imaging agent Pixclara expected in 4Q25.
- Prior to the resubmission of Zircaix for kidney cancer imaging, Telix has requested a Type A meeting with the FDA.
- The company has raised its full year revenue guidance from US$770m-US$800m to US$800m-US$820m.
- Telix's current market capitalisation stands at $5.3b.
Selector Funds Management
30 Sept 2025
$14.57
Summary
- Selector Funds Management continues to hold Telix Pharmaceuticals (ASX:TLX) due to recent positive developments.
- Telix reached an agreement with the U.S. FDA for the resubmission pathway of its Glioma imaging agent.
- The resubmission package will include additional confirmatory efficacy study analysis, with plans to resubmit the NDA in Q4 2025.
- Dr. David Cade emphasized the flexibility in delivering additional data requested by the FDA.
- The goal remains to bring the Glioma imaging agent to U.S. patients for improved diagnosis and management.
- Telix announced that the U.S. CMS granted Transitional Pass-Through (TPT) payment status for Gozellix, its imaging agent for prostate cancer.
- This TPT status allows separate reimbursement under the U.S. Hospital Outpatient payment system starting 1 October 2025.
- CEO Kevin Richardson noted that TPT status is a strong endorsement of Gozellix's clinical value.
- Gozellix's reimbursement milestone aims to reduce patient costs and enhance access to advanced imaging.
- Telix is the only provider with two FDA-approved and reimbursed products in this imaging class.
- Market capitalisation of Telix stands at $5 billion.
Mint Asset Management
30 Sept 2025
$14.57
Summary
- Mint Asset Management continues to hold Telix Pharmaceuticals Ltd as it has been a strong contributor to the fund.
- There are many catalysts that could unlock significant future upside in the stock.
- The stock faced challenges in the quarter, including regulatory investigations and investor unease due to new product delays.
- Director selling and legal concerns negatively impacted investor sentiment.
- Delays to the launch and pricing of products are viewed as temporary setbacks.
- The Complete Response Letters (CRLs) for Pixclara and Zircaix have deferred launch timelines, influenced by the novel therapy and potential FDA changes.
- Mint Asset Management believes the diagnostic segment of the business is worth double the current share price, with therapeutics valued similarly.
- In hindsight, there was a missed opportunity to take more profit at December highs and a need to be more aware of the market's positive lean towards key catalysts.
Equity Trustees Asset Management
30 Sept 2025
$14.57
Summary
- Equity Trustees Asset Management notes that a combination of SEC/FDA questions and a softer earnings outlook has impacted the stock.
- Lower revenues and higher investment relative to expectations have contributed to this outlook.
- While strong revenue growth is anticipated over the next three years, the required investment is also higher.
- This means that earnings growth in the short to medium term is not as strong as originally forecast.
- Despite these challenges, TLX has a strong pipeline of new products.
- The company has limited-to-no impact from proposed Trump tariffs, as all products sold in the US are produced domestically.
- Equity Trustees Asset Management believes that despite short-term impacts, the longer-term outlook remains very positive.
- The current valuation of TLX is considered very attractive.
Australian Eagle Asset Management
30 Sept 2025
$14.57
Summary
- Australian Eagle Asset Management believes Telix Pharmaceuticals Ltd is a multinational cancer theranostics company and reduced their position because the share price is approaching our valuation target, trimming exposure by -0.50%.
- Investment thesis: exposure to a company focused on diagnostic and therapeutic radiopharmaceuticals that could benefit from commercialisation and regulatory catalysts.
- Valuation discipline: near-target valuation prompted profit-taking to lock in gains and manage portfolio risk.
- Remaining exposure: retained a position to participate in potential upside from upcoming clinical, regulatory or commercial developments.
- Key risks: clinical trial outcomes, regulatory approvals, reimbursement and commercial uptake, plus potential dilution and execution risk.
- Portfolio actions: redeployed capital to higher-conviction opportunities while monitoring Telix for any changes that warrant re‑accumulation.
- Monitoring focus: upcoming trial readouts, regulatory milestones, partner/commercial updates and cash runway will determine future position adjustments.
SG Hiscock & Company
31 Aug 2025
$14.90
Summary
- Telix Pharmaceuticals (ASX: TLX) experienced a significant decline of -30.6% in August.
- The company received a second FDA Complete Response Letter (CRL) for its kidney cancer imaging agent Zircaix.
- The FDA's request for additional comparability and manufacturing data has delayed US reimbursement timelines by at least 12 months.
- Shares fell -18.8% on the day of the CRL announcement, compounding an earlier setback from April concerning the glioblastoma imaging asset Pixclara.
- This double regulatory disappointment has raised concerns about management's execution.
- Despite these challenges, Telix reported solid 1H25 results with US$390m revenue, reflecting a 63% YoY increase, primarily driven by Illuccix.
- Given the elevated execution risk and uncertainty surrounding near-term catalysts, SG Hiscock & Company has decided to reduce their position in TLX.
Sage Capital
31 Aug 2025
$14.90
Summary
- Sage Capital continues to hold Telix Pharmaceuticals (ASX: TLX) despite a recent 31% drop following an FDA setback with Zircaix.
- The setback necessitates further analysis to confirm the comparability of scaled-up manufacturing.
- Core products Illucix and Gozellix are performing strongly, indicating resilience in the product line.
- Current trading suggests that the stock is below intrinsic value, presenting a potential opportunity.
Antares Capital
31 Aug 2025
$14.90
Summary
- Antares Capital continues to hold its position in Telix Pharmaceuticals (TLX) despite recent share price declines.
- The company provided two negative updates impacting market perception.
- First update indicated a higher cost outlook, revealing lower than expected margins during the transition to launching therapeutics products.
- Second update disclosed that the FDA requested additional information regarding the mass manufacturing process for the Ziraix product.
- Antares Capital views these issues as more profit pushed out rather than lost.
- However, the continuing mistakes in execution are becoming a source of frustration.
Perennial Partners
31 Aug 2025
$14.90
Summary
- Perennial Partners continues to hold Telix Pharmaceuticals Ltd. despite a recent decline of -30.6%.
- The sell-off was primarily due to failure to receive FDA approval for its renal imaging agent.
- This issue was related to manufacturing certification, rather than concerns about efficacy.
- Perennial Partners views this situation as a delay in the product's market entry, rather than a fundamental problem.
- The fund manager believes there is significant upside potential for the stock moving forward.
Monash Investors
31 Aug 2025
$14.90
Summary
- Monash Investors continues to hold a position in Telix Pharmaceuticals despite recent challenges.
- Recent FDA rejection of a radiopharmaceutical product led to a 31% decline in August.
- This decline has cost the portfolio over 1%.
- Telix has experienced a series of negative updates, leading to decreased market confidence.
- Despite these setbacks, Monash Investors maintains a positive view on Telix's long-term prospects.
- The company's core prostate cancer imaging agent has seen great commercial success and continues to grow.
- Telix's development pipeline is believed to have potential future winners despite current FDA challenges.
- Monash has reduced its holding size, making Telix a less important position in the portfolio.
- Future adverse developments are expected to be relatively contained from current levels.
- There is potential for the position to rebuild if investor sentiment towards the company improves.
Sterling Managed Investments
31 Aug 2025
$14.90
Summary
- Sterling Managed Investments has recently built a small position in Telix Pharmaceuticals (TLX).
- TLX is recognized as a leading radiopharmaceutical company with a proven track record.
- The nuclear medicine industry is experiencing growth, particularly in radiopharmaceuticals and precision medicine.
- TLX has established itself as a leader in prostate cancer imaging with its product, Illuccix.
- The company is actively funding ongoing R&D to access the larger radioligand therapy market.
- CEO Chris Behrenbruch, a co-founder and 7% shareholder, has led the team to consistently outperform.
- Sterling Managed Investments believes TLX is well positioned to scale and drive long-term value.
- The fund manager initiated a position due to the rapidly evolving field of radiopharmaceuticals.
Clime Investment Management
31 Aug 2025
$14.90
Summary
- Clime Investment Management initiated a position in Telix Pharmaceuticals (TLX), a leading radiopharmaceutical company.
- The fund manager views the recent delay in the launch of Zircaix (TLX-250) as a transitory setback rather than a long-term issue.
- Telix's Breakthrough Therapy designation for Zircaix reinforces confidence in its eventual approval and market entry.
- The nuclear medicine industry is expanding, with radiopharmaceuticals gaining traction over traditional cancer diagnostics.
- Telix has established itself in prostate cancer imaging with its product, Illuccix, which supports its growth potential.
- Ongoing investment in R&D positions Telix to access the larger market of radioligand therapy.
- CEO Chris Behrenbruch's leadership and significant shareholding demonstrate commitment to the company's success.
- Clime Investment Management remains confident in Telix’s long-term growth prospects and value creation potential.
Bennelong Australian Equity Partners
31 July 2025
$21.05
Summary
- Bennelong Australian Equity Partners continues to hold an investment in Telix Pharmaceuticals Ltd (TLX) due to its strategic developments.
- TLX reported Q225 revenue in line with expectations, indicating stability despite current challenges.
- TLX is experiencing a transitional phase as the initial three-year "pass through" reimbursement for Illucix, a prostate cancer diagnostic, has expired.
- Pricing for Illucix is now softer, which aligns with prior expectations.
- To mitigate this challenge, TLX is advancing a second diagnostic, Gozellix, which has received approval but is pending favorable reimbursement.
- Anticipation exists for the "pass through" reimbursement for Gozellix in October, which could enhance its market position.
- The long-term potential for TLX remains significant in both diagnostics and therapies across multiple cancer types.
Selector Funds Management
31 July 2025
$21.05
Summary
- Selector Funds Management continues to hold Telix Pharmaceuticals (ASX:TLX) due to strong quarterly performance.
- Reported revenue of US$204m, reflecting a 10% increase quarter-on-quarter.
- Prostate imaging agent Illucix contributed US$154m, up 2%.
- Reaffirmed FY25 revenue guidance of US$770m-US$800m.
- Grant of a permanent HCPCS code for next-generation prostate imaging agent Gozellix, marking a significant commercial milestone.
- Successful meeting with the U.S. FDA to establish a path for re-submitting a New Drug Application for brain cancer imaging agent candidate Pixclara.
- Received a subpoena from the U.S. SEC regarding disclosure of prostate cancer therapeutic candidates.
- Market capitalisation stands at $7.0b.
Monash Investors
31 July 2025
$21.05
Summary
- Monash Investors continues to hold Telix Pharmaceuticals despite a recent 13% decline affecting portfolio performance by 0.6%.
- Investor sentiment turned negative in July due to softer-than-expected product pricing and concerns over competition.
- News regarding the SEC investigation into Telix’s disclosures related to prostate cancer therapeutics added to the negative sentiment.
- While no significant adverse outcomes are anticipated from the investigation, it has impacted stock perception.
- In August, Telix guided to a higher level of operating expenditure due to acquisitions, affecting earnings expectations and valuation.
- Shares have continued to de-rate, but Monash Investors believes the market is over-discounting recent negative news.
- The underlying growth profile and large addressable market for Telix remain strong for the future.
- Portfolio impact has been mitigated by modest reductions in position size, now under 3%.
- Continued price declines present an opportunity for Monash Investors to consider increasing their position as valuations become attractive.
Glennon Small Companies
31 July 2025
$21.05
Summary
- Telix Pharmaceuticals (ASX: TLX) experienced a share price decline of -13.8%.
- The drop was attributed to the company indicating higher-than-expected operating costs.
- Despite the challenges, top-line growth remains strong.
- The recent sell-off has led to a 40% retracement from February highs, presenting a potentially attractive entry point.
- Most brokers have trimmed price targets by about 5%, reflecting cautious sentiment.
- However, Glennon Small Companies continues to hold due to confidence in Telix’s long-term commercialisation strategy and product pipeline.
Sage Capital
31 July 2025
$21.05
Summary
- Telix Pharmaceuticals (ASX: TLX) reported Q2 2025 revenue showcasing strong volumes.
- Pricing pressure has been noted, but Sage Capital views this as a short-term dynamic.
- Sage Capital maintains a positive outlook ahead of the launch of a higher-priced product.
- Sage Capital continues to hold due to the potential for future growth.
Clime Investment Management
31 July 2025
$21.05
Summary
- Clime Investment Management has recently built a small position in Telix Pharmaceuticals (TLX).
- TLX is recognized as a leading radiopharmaceutical company with a strong outlook for shareholder value creation.
- The nuclear medicine industry is experiencing growth, with radiopharmaceuticals gaining traction over traditional cancer treatments.
- TLX has established itself as a leader in prostate cancer imaging through its product, Illuccix.
- The company is committed to ongoing R&D investment to access the larger market of radioligand therapy.
- CEO Chris Behrenbruch, a co-founder and 7% shareholder, has driven consistent outperformance.
- Despite being a detractor in performance over July, TLX's June quarterly results were solid.
- The recent subpoena from the US SEC regarding disclosure on prostate cancer therapies is not viewed as a terminal issue.
- Clime will continue to monitor the situation closely as subpoenas are common for US-listed companies.
- Overall, TLX is well positioned to scale and drive long-term value in a rapidly evolving field.
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
30 June 2025
$24.42
Summary
- Equity Trustees Asset Management notes that TLX and other healthcare stocks have faced uncertainty due to potential regulatory changes from the US administration.
- Negative sentiment has largely stemmed from the removal of Transitional Pass Through (TPT) pricing on TLX's radio diagnostic product Illuccix, which accounts for approximately 20% of TLX's sales.
- Pricing is anticipated to decline by 50% or 10% at the group level for the September quarter only.
- TLX's second generation product, Gozellex, is expected to receive TPT from the December quarter, indicating only one quarter without TPT.
- TPT is typically implemented for a duration of 3 years.
- Equity Trustees Asset Management believes the market is overly focused on short-term quarterly results.
- There is optimism regarding TLX's recovery due to positive developments, such as the Zircaix approval in August and dosimetry/safety readings of its prostate therapeutic product in August/September.
Selector Funds Management
30 June 2025
$24.42
Summary
- Selector Funds Management attended Telix Pharmaceuticals' investor day in New York, gaining insights from executives and expert physicians.
- CEO Christian Behrenbruch highlighted recent milestones, including the approval of the prostate imaging agent Gozellix in the U.S.
- Telix's Belgium manufacturing facility has been approved to produce commercial radiopharmaceutical doses.
- The growth strategy focuses on expanding product offerings, geographic expansion, and broader patient access through label expansions.
- Sales of the imaging agent Illuccix grew by 35% to US$151m in Q1 2025, indicating successful global rollout.
- The kidney diagnostic agent Zircaix is awaiting FDA PDUFA approval on 27 August 2025.
- Multiple therapeutic products are in development for prostate, kidney, and brain cancer, including potential first-in-class therapies.
- Key drug candidates include TLX591 (prostate cancer, phase three), TLX-101 (glioblastoma, phase two), and TLX-250 (renal cell carcinoma, phase two).
- Telix is evaluating TLX-252, a next-generation kidney cancer therapy, across multiple cancer types in pre-clinical studies.
- Telix Pharmaceuticals has a market capitalisation of $8.2b.
Clime Investment Management
30 June 2025
$24.42
Summary
- Clime Investment Management has recently built a small position in Telix Pharmaceuticals (TLX).
- Telix is a leading radiopharmaceutical company with a proven track record.
- The nuclear medicine industry is experiencing growth, with radiopharmaceuticals gaining market share.
- TLX has established itself as a leader in prostate cancer imaging through its product, Illuccix.
- The company is investing in R&D to access the larger market of radioligand therapy.
- CEO Chris Behrenbruch, a co-founder and 7% shareholder, has led the team to consistent outperformance.
- Overall, TLX is well positioned to scale and drive long-term value in a rapidly evolving field.
Glennon Small Companies
30 June 2025
$24.42
Summary
- Glennon Small Companies continues to hold a high-conviction position in Telix Pharmaceuticals (ASX: TLX).
- The stock faced pressure in June, despite positive developments.
- Approval for the Biological Licence Application (BLA) for Zircaix (⁸⁹Zr) is imminent.
- The market reaction may be influenced by the longer lead time for commercial revenue, expected to start in calendar year 2026.
- The addressable market for Zircaix is estimated at USD $500 million.
- Potential for approximately 113,000 annual scans reinforces the strategic long-term opportunity.
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.
Selector Funds Management
30 Apr 2025
$27.13
Summary
- Telix Pharmaceuticals Ltd. reported a total 1Q25 revenue of US$186m, marking a 62% year-on-year increase and a 31% quarter-on-quarter growth.
- Group sales included US$33m from the recently acquired RLS Radiopharmacies.
- Sales of the prostate imaging agent Illuccix grew by 35% to US$151m, with a 9% QoQ increase.
- Telix received a complete response letter from the U.S. FDA for its glioma imaging agent Pixclara, indicating it cannot be approved in its current form.
- The FDA cited quantitative inconsistency in the application and stated that additional clinical evidence is required.
- No safety or manufacturing concerns were raised regarding Pixclara.
- Telix plans to hold a hearing to understand FDA requirements, followed by a data submission.
- Telix expects a meeting with the FDA within 30 days after data submission.
- The probability of a new trial for Pixclara remains uncertain.
- Pixclara has received orphan drug and fast track designation from the FDA.
- Telix reiterated its sales guidance for the financial year of US$770m-800m.
- Telix has a market capitalization of $9.7b.
Selector Funds Management
31 Mar 2025
$26.52
Summary
- Selector Funds Management continues to hold an investment in Telix Pharmaceuticals, highlighting its strong market position in targeted radiopharmaceuticals.
- Founded in 2015, Telix Pharmaceuticals focuses on advancing precision care through Molecularly Targeted Radiation (MTR).
- The company’s lead product, Illuccix, received FDA approval in 2021 and generated significant revenue growth, reaching $771 million in 2024.
- Telix commands an estimated 35% market share in the U.S. prostate imaging market, with a total addressable market of $3.3 billion.
- Selector Funds Management notes that the company has ambitious growth plans, including the upcoming FDA approvals for Zircaix and Pixclara.
- Over 25% of revenues, amounting to $194 million, was reinvested in research and development to support future product launches.
- Telix has a robust financial position with $710 million in net cash, positioning it well for future growth.
- The company aims to transform into a globally active, multi-product organization by the end of 2025, as stated by CEO Christian Behrenbruch.
- Recent FDA approvals for Gozellix and expansion into Latin America with Illuccix demonstrate Telix's commitment to scaling its operations.
- Selector Funds Management is optimistic about Telix's potential to lead in the rapidly growing field of radiopharmaceuticals.
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.
Selector Funds Management
31 Jan 2025
$29.34
Summary
- Selector Funds Management continues to hold a positive outlook on Telix Pharmaceuticals Ltd.
- Telix reported 4Q24 unaudited revenue of approximately US$142m, with full year revenue of circa US$517m, exceeding previous guidance.
- CEO Christian Behrenbruch highlighted strong sales of Illuccix contributing to revenue exceeding expectations.
- Major corporate milestones include boosting the balance sheet and achieving a Nasdaq listing.
- The acquisition of FAPtargeting assets enhances Telix's product pipeline.
- Telix is strategically positioned for significant expansion with planned launches of multiple imaging products.
- Advancements in late-stage therapeutic assets are set to enter pivotal trials.
- 2025 is anticipated to be a transformative year for Telix.
- Telix has a market capitalization of $9.9b.
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.
Selector Funds Management
31 Dec 2024
$24.61
Summary
- Selector Funds Management continues to hold Telix Pharmaceuticals (ASX:TLX) due to its recent resubmission of the kidney cancer imaging agent TLX250-CDx to the U.S. FDA for clear cell renal cell carcinoma (ccRCC).
- The company has installed two new cyclotrons at its Belgium facility, enhancing its manufacturing capabilities for Europe, the Middle East, and Africa (EMEA).
- One cyclotron will focus on clinical and commercial supply, while the other will be dedicated to R&D activities.
- Commercial production is expected to commence in the second half of calendar year 2025, contingent on regulatory approvals.
- Chief Operating Officer Darren Patti highlighted the growing demand, with over 10 million radiopharmaceutical procedures anticipated in the EU this year.
- The new cyclotrons will provide significant flexibility and reliable supply from Telix’s first bench-to-bedside manufacturing facility.
- Since acquiring the Brussels South site in April 2020, the rapid progress in decommissioning and building out the facility has been commendable.
- Telix Pharmaceuticals currently holds a market capitalization of $8.3 billion.
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.
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.
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.
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
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.
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.
The completeness, accuracy or current status of the investments referenced are not guaranteed.
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Frequently Asked Questions
Who is investing in Telix Pharmaceuticals Ltd (ASX:TLX)?
Fund managers including Milford Asset Management, Monash Investors, Equity Trustees Asset Management, Yarra Capital Management, Pengana Capital Group, Mint Asset Management, Selector Funds Management, Clime Investment Management, Glennon Small Companies, Bennelong Australian Equity Partners, Sage Capital, SG Hiscock & Company, Antares Capital, Perennial Partners, Sterling Managed Investments, Eiger Capital, Australian Eagle Asset Management and Perennial Value Management have invested in Telix Pharmaceuticals Ltd (ASX:TLX).
Why do fund managers invest in Telix Pharmaceuticals Ltd?
Fund managers invest in Telix Pharmaceuticals Ltd due to its strong position in the growing field of radiopharmaceuticals, particularly its successful prostate cancer imaging agent, Illuccix, which has generated significant revenue. The company's promising therapeutic pipeline, including products for kidney and brain cancers, presents considerable growth potential. Additionally, Telix's established manufacturing and distribution capabilities, alongside a sound financial position, contribute to an attractive risk/reward profile for investors, despite some recent concerns about valuation and product pricing.
What happened to Telix Pharmaceuticals Ltd (ASX:TLX)?
Fund managers have invested in Telix Pharmaceuticals Ltd due to its promising long-term growth potential despite short-term setbacks. While the company faces temporary challenges from regulatory issues and product delays, it boasts a robust pipeline of new therapeutic and diagnostic products. Fund managers appreciate Telix's strong revenue growth, expanding market share in the prostate cancer diagnostic sector, and existing FDA approvals, which provide a solid commercial base. Additionally, improved guidance for future revenues and significant catalysts expected in the coming years contribute to a favorable investment outlook.
What is the short interest in Telix Pharmaceuticals Ltd (ASX:TLX)?
The short interest in Telix Pharmaceuticals Ltd (ASX:TLX) is 10.89% which makes it the eighth most shorted stock on the ASX. Of the 338.7M shares that Telix Pharmaceuticals Ltd has on issue, 36.9M have been sold short.
What does Telix Pharmaceuticals Ltd (ASX:TLX) do?
Telix Pharmaceuticals Limited. engages in the development and commercialization of several clinical-stage oncology assets. It operates through the following segments: Commercial, Product Development, and Group and Unallocated. The Commercial segment includes sales of Illuccix and other products subsequent to obtaining regulatory approvals. The Product Development segment develops radiopharmaceutical products for commercialization. It focuses on cancer care, specifically in prostate, renal or kidney and glioblastoma or brain cancer. Its products include TLX250, TLX591, and TLX101. The company was founded by Andreas Kluge and Christian P. Behrenbruch in November 2015 and is headquartered in Melbourne, Australia.
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