TLX -15.13%: Released a decent 2Q25 update with a modest revenue beat, however this was overshadowed by news of a Securities Exchange Commission (SEC) subpoena request related to development of the company’s prostate cancer therapies, specifically therapeutic candidates.
- 1H25 revenue ~US$390m, 13% ahead of consensus expectations
- Radiopharmacies (RLS) revenue ~US$79m, +15.8% ahead of consensus
- European ILLUCCIX sales underwhelmed at US$6.1m (vs US$20.5m expected)
Reaffirmation of FY25 revenue guidance is positive at $770-800 million, though as we have harped on in recent times, the market is preferring ‘certainty’, and an SEC probe is anything but certain. The fundamentals of the business remain sound with a great product and effective market rollout though while this could all blow over, sentiment will remain under pressure near-term until more clarity on the scope of the SEC investigation is provided.
MM is neutral to cautiously bullish TLX
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