Updated view on Telix Pharma Ltd (TLX)

Hi Angela,

For subscribers not familiar with $8.5bn TLX, its a biotech firm that uses radioactive drugs to both image and treat cancer, its already selling products and making money globally.  TLX has an extensive radiopharmaceutical development pipeline, from late-stage candidates to early research. As you say, last month promising imaging tool for brain cancer Pixclara received a Complete Response Letter (CRL) from the FDA: not rejected but requesting additional confirmatory clinical data before granting approval.

• The FDA review could take several months to a year, so a realistic production and commercial launch is now more likely in late 2025 or into 2026, provided the clinical data satisfies the FDA’s requirements.

However, as we said  TLX is not a one trick pony they have a Illuccix in production and  Gozellix, a next-gen prostate cancer imaging agent which just received FDA approved in March. Plus TLX591 a prostate cancer therapy (Phase III)  and TLX250 a Kidney cancer therapy and imaging agent (late-stage development).

• Their gross margin is over 60% but they are spending aggressively on clinical trials and regulatory filings to expand its product pipeline. As more products like Gozellix and Pixclara gain approval and scale, margins are expected to rise.

We like TLX in the medium term.

Regarding new tax changes in the U.S, President Trump has proposed tariffs on imported pharmaceuticals, with the specifics still thin on the ground. They would impact both CSL & TLX.

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Telix Pharma Ltd (TLX)

LAST UPDATED 19/06/2025 14:58

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Telix Pharma Ltd (TLX)

LAST UPDATED 19/06/2025 14:58