FY 2025 Results: Strong Commercial Growth, Focused Pipeline Investment

MELBOURNE, Australia and INDIANAPOLIS, Feb. 20, 2026 (GLOBE NEWSWIRE) — Telix Pharmaceuticals Limited (ASX: TLX, NASDAQ:TLX, “, Telix”, ) today announces its financial results for the year ended December 31, 2025.

FY 2025 key results¹

Group performance²: Double-digit revenue growth and positive adjusted operating cash flow

• Revenue of US$803.8 million, up by 56%³ and achieving upsized full year guidance⁴.
• US$157.1 million invested in research and development (R&D) product development for late-stage therapeutics and precision medicine pipeline assets⁵, in line with stated FY 2025 guidance.
• Adjusted EBITDA⁶ of US$39.5 million, reflective of increased operating expenditure driven by strategic acquisitions, investment in commercial infrastructure and research and development (R&D).
• A non-material loss before tax of US$5.3 million, includes US$26.7 million in non-cash finance costs associated with convertible bonds and increased asset amortization of US$11.9 million (2024: US$5.1 million) following the RLS Radiopharmacies (RLS) acquisition.
• Year-end cash balance of US$141.9 million following US$246.4 million of strategic investments (M&A) and cash generated from operating activities of US$34.5 million before the final contingent consideration payment to Advanced Nuclear Medicine Ingredients (ANMI) of US$51.8 million⁷.

Telix Precision Medicine: Strengthening commercial profitability, driving growth

• Precision Medicine segment revenue up by 22% year-over-year, driven by continued increase in Illuccix® volumes and successful launch of Gozellix® in the U.S.
• Gross margin remains stable at 64%.
• Adjusted (segment) EBITDA up by 24% year-over-year to US$216.4 million.
• Selling and marketing expenses of US$82.4 million, reflecting incremental investment in global commercial infrastructure for new product launches (Illuccix EU, Gozellix, Zircaix®⁸ and Pixclara®⁸).
• TLX101-Px (Pixclara⁸) regulatory filings: Telix has filed a marketing authorization application for TLX101-Px in Europe, concurrent to finalizing the New Drug Application (NDA) package for the U.S. Food and Drug Administration (FDA).
• TLX250-Px (Zircaix⁸) submission: Based on the two Type A meetings with the FDA, Telix believes it has aligned on key outstanding issues for the Biologics License Application (BLA) resubmission, including demonstration of drug product comparability between clinical trial material and scale-up commercial production. The Company is now completing the agreed deliverables and documentation required for resubmission.

Telix Manufacturing Solutions (TMS): Expanded global operations to deliver patient outcomes

• TMS segment includes RLS, IsoTherapeutics (TX, U.S.), and production (and R&D) facilities in Sacramento (CA, U.S.), Brussels (Belgium), North Melbourne (Australia) and Yokohama (Japan), representing a significantly expanded global production and manufacturing footprint.
• RLS reported US$238.4 million of total segment revenue, which includes US$170.1 million from third-party product sales and service fees, and US$68.3 million inter-segment revenue⁹, reflecting excellent growth in sales of Illuccix and Gozellix through the RLS network.
• RLS transitioned to positive adjusted EBITDA contribution of US$1.2 million.
• RLS operating loss includes US$7.4 million of depreciation and amortization on acquired intangibles.
• Adjusted EBITDA loss for the TMS segment of US$21.7 million, expenditure consistent with first half, demonstrating inter-company cost control (H1 2025: Adjusted EBITDA loss of US$12.7 million).

Telix Therapeutics: Prioritization of R&D investment towards advancing late-stage assets

Of the total R&D investment, US$98.0 million was invested in the therapeutics pipeline. Milestones achieved include:

• TLX591-Tx (lutetium (¹⁷⁷Lu) rosopatamab tetraxetan): Completed target enrollment of 30 patients for Part 1 of the ProstACT® Global¹⁰ Phase 3 study in metastatic castration resistant prostate cancer (mCRPC). First patients treated in Part 2 (randomized expansion)¹¹.
• TLX250-Tx (¹⁷⁷Lu-DOTA-girentuximab): Received regulatory approval to commence LUTEON¹², a global Phase 2/3 monotherapy trial in metastatic clear cell renal cell carcinoma (ccRCC), initiating sites. First patients dosed in the STARLITE-1¹³ Phase 1b/2 investigator-initiated trial exploring TLX250-Tx in combination with cabozantinib and nivolumab in ccRCC.
• TLX101-Tx (iodofalan ¹³¹I): Received regulatory approval in Australia and the European Union to commence the IPAX-BrIGHT¹⁴ pivotal trial of TLX101-Tx in recurrent glioblastoma (GBM).
• TLX592-Tx (²²⁵Ac-PSMA-RADmAb): Received regulatory approval to commence AlphaPRO¹⁵, a Phase 1, first-in-human (FIH) study of Telix’s targeted alpha therapy (TAT) candidate in advanced mCRPC.
• TLX252-Tx (²²⁵Ac-DOTA-girentuximab): Received regulatory approval to commence ALPHIX¹⁶, a Phase 1, FIH study of Telix’s TAT candidate for the treatment of patients with advanced metastatic kidney cancer and other carbonic anhydrase IX (CAIX) expressing cancers.
• TLX300-Px (⁸⁹Zr-olaratumab): First patients dosed in the ZOLAR¹⁷ Phase 1, FIH imaging study for patients with advanced, metastatic soft tissue sarcoma (STS) and other platelet derived growth factor receptor alpha (PDGFRα) positive tumors, aiming to demonstrate proof of concept for therapy.
• TLX090-Tx (¹⁵³Sm-DOTMP): First U.S. patients dosed in SOLACE¹⁸, a Phase 1 study evaluating safety, dosimetry, patient‑reported outcomes, and potential opioid‑sparing effects of TLX090‑Tx in patients with metastatic bone pain.

FY 2026 Guidance

• Telix provides FY 2026 Group Revenue guidance of US$950 million to US$970 million.
• Guidance reflects revenue from product sales in jurisdictions with a marketing authorization, and a full year of revenue contribution from RLS.
• Telix provides pipeline R&D expenditure guidance of US$200 million to US$240 million.

Executive Commentary

Managing Director and Group CEO, Dr. Christian Behrenbruch, commented on the result: “Our strong commercial performance in 2025 provides a platform for continued growth across Telix’s global Precision Medicine franchise. The revenue guidance we are issuing today reflects our confidence in sustaining the momentum of our core cash generative business. Consistent with our stated strategy, we are reinvesting earnings to prioritize the acceleration of our best-in-class therapeutic pipeline, which now includes three pivotal stage trials in prostate, kidney and brain cancer. We also intend to continue to expand the Precision Medicine growth opportunity through label expansion studies and new product launches. In 2026 we are focused on delivery of these near‑term priorities to further strengthen the foundations for long‑term revenue and earnings growth.”

Summary: Group financial results