Telix Pharmaceuticals Limited (ASX: TLX, NASDAQ: TLX, "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 results[1]
Group performance[2]: Reflects strategic investment for long-term value creation
Revenue of $390.4 million, up by 63%[3] and on track to meet full year guidance[4].
Group gross profit margin of 53% reflects product mix change to include third-party RLS sales. Illuccix® margin remains stable.
Adjusted EBITDA[5] 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 maintained[6].
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).
RLS – the core revenue driver in TMS – reported $109.5 million of revenue, which includes $79.0 million from third-party PET[9] and SPECT[10] product sales and distribution service fees, and $30.5 million inter-segment revenue.
RLS delivered an Adjusted EBITDA loss of $1.1 million.
RLS operating loss includes $6.3 million of depreciation and amortization.
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&...
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