Telix 2025 Half-Year Results: Strong commercial performance enables investment for long-term growth

Melbourne (Australia) and Indianapolis, IN (U.S.) | 21 August 2025

Telix today announces its financial results for the half-year ended 30 June 2025. All figures are in USD unless stated otherwise.

H1 2025 key results1

Group performance2: Reflects strategic investment for long-term value creation

  • Revenue of $390.4 million, up by 63%3 and on track to meet full year guidance4.
  • Group gross profit margin of 53% reflects product mix change to include third-party RLS sales. Illuccix® margin remains stable.
  • Adjusted EBITDA5 of $21.1 million, reflective of increased operating expenditure driven by strategic acquisitions, investment in commercial infrastructure, and research and development (R&D) investment.
  • $81.6 million invested into R&D, a 47% increase year-over-year. Investment was primarily focused on late-stage assets in the therapeutics and precision medicine pipeline. Full year R&D investment guidance is maintained6.
  • Loss before tax of $4.8 million includes $12.4 million in non-cash finance costs associated with convertible bonds issued in July 2024 and increased amortization cost of $9.5 million (2024 $2.4 million) following RLS acquisition.
  • Positive operating net cash flow of $17.7 million, cash balance $207.2 million following $241. 8 million of strategic merger and acquisition (M&A) investment.

Telix Precision Medicine: Commercial business delivers profitable growth

  • Precision Medicine segment revenue up by 30% compared to H1 2024, driven by continued increase in Illuccix dose volumes.
  • Illuccix gross margin remains stable at 64%.
  • Adjusted EBITDA up by 24% year-over-year to $104.6 million.
  • Selling and marketing expenses of $40.9 million, reflecting incremental investment in commercial infrastructure for new product launches (Illuccix European launches and Gozellix®, Zircaix® and Pixclara®7).

Telix Manufacturing Solutions (TMS): Investment in infrastructure to scale operations and meet future demand

  • TMS segment includes RLS Radiopharmacies (RLS, U.S.8), IsoTherapeutics (TX, U.S.), and TMS facilities in Sacramento (CA, U.S.), Brussels South (Belgium), North Melbourne (Australia) and Yokohama (Japan), representing a significantly augmented global production and manufacturing footprint to support clinical and commercial operations.
  • Operating expenses of $30.5 million for the segment include $14.9 million for RLS business and $15.6 million to support start-up and integration activities (ex-RLS).
  • third-party PET9 and SPECT10 product sales and distribution service fees, and $30.5 million inter-segment revenue.
  • RLS delivered an Adjusted EBITDA loss of $1.1 million.

Telix Therapeutics: Reinvesting earnings to accelerate late-stage pipeline

Of the total R&D investment, 54% ($43.9 million) was invested in the therapeutics pipeline. Milestones achieved include:

  • TLX591 (177Lu-rosopatamab tetraxetan): Completed target enrollment of 30 patients for Part 1 of the Phase 3 study in advanced metastatic castration resistant prostate cancer (mCRPC). The trial has received regulatory approval to proceed in Australia, China, Canada, New Zealand, Turkey and Japan.
  • TLX592 (225Ac-PSMA-RADmAb): Approval to commence a Phase 1, first-in-human therapeutic study of a targeted alpha therapy in advanced mCRPC.
  • TLX101 (131I-iodofalan, or 131I-IPA): Approval to commence IPAX BrIGHT, an international pivotal trial, to commence at Australian sites initially.
  • TLX090 (153Sm-DOTMP): Investigational New Drug (IND) application approved for a Phase 1 bridging study for Telix’s therapeutic candidate for the palliation of bone pain in patients with osteoblastic metastatic disease to the bone.

Commentary

Managing Director and Group CEO, Dr. Christian Behrenbruch, commented on the result:

“Telix continues to deliver strong revenue growth while building a foundation for the future. The first half of 2025 was a period of rapid transformation as we expanded our global manufacturing operations, invested in launching new products in new markets, and accelerated the development of our therapeutic pipeline. These investments have positioned Telix for sustainable, long-term growth, while our diversified business provides multiple drivers of success. To generate future revenue growth, we are confident in securing product approvals for Pixclara and Zircaix while advancing geographic and indication expansion for the PSMA portfolio.”

To the view the full ASX release, click here

To the view the Interim Report, click here

To view the accompanying investor presentation, click here

An investor webcast and conference call will be held at 9.30am AEST on Thursday 21 August 2025 (7.30pm EDT Wednesday 20 August 2025).   

Participants can register for the webcast at the following link: https://edge.media-server.com/mmc/p/x4gytx8w/

Participants can register for the teleconference here: https://s1.c-conf.com/diamondpass/10049152-x745re.html

  1. See summary Group financial results table at end of this document. ↩︎
  2. Group performance includes Telix Precision Medicine, Telix Therapeutics and Telix Manufacturing Solutions (TMS). ↩︎
  3. All comparisons to H1 2024 results. ↩︎
  4. FY 2025 revenue guidance of US$770 million to US$800 million. ↩︎
  5. Earnings before interest, tax, depreciation and amortization. ↩︎
  6. Increased investment range for FY 2025 expected to be 20% to 25% compared to FY 2024. ↩︎
  7. Launch and brand names subject to final regulatory approval. ↩︎
  8. RLS network is comprised of 28 locations across the U.S. ↩︎
  9. Positron emission tomography. ↩︎
  10. Single photon emission computed tomography. ↩︎