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Stock

Telix Pharmaceuticals Limited

TLPPF
40
Biotechnology · Healthcare
Price
$11.95
+0.73 (+6.55%)
Market Cap
$4.05B
Exchange
Other OTC
Winston Score
40
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 22, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
Growth
Strong
Cash Flow
Weak
Stability
Weak
Valuation
Good

Share count rising — dilution

+19.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 282.2M (2021) → 337.9M (2025)

§Winston Score History

The full picture

Telix Pharmaceuticals is an Australian biotechnology company that makes radiopharmaceuticals — special medicines that use small amounts of radiation to find and treat cancer. Its lead product, Illuccix, is an imaging agent used by doctors to detect prostate cancer. The company also develops therapeutic radiopharmaceuticals aimed at treating kidney cancer, brain cancer, and other diseases.

Telix earns revenue primarily through sales of Illuccix, which is approved and sold in the United States, Australia, and other markets. With a market cap around $3.8 billion, it is one of the larger pure-play radiopharmaceutical companies globally. Its competitive position benefits from specialized manufacturing capabilities and a growing pipeline of diagnostic and therapeutic products. Key growth depends on expanding its approved treatments beyond imaging into cancer therapy, though the company faces risks from clinical trial outcomes and the high costs of scaling radiopharmaceutical production.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$265M/ year

Rising (+119% vs prior year)

21.3% of revenue

In line with sector average (18%)

Investing heavily in future products and technology

Insider Activity

19.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

A$421M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Telix Pharmaceuticals Limited is putting 21% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
51.6%
Healthy — 51.6% gross margin
Profit after running costs
Operating Margin
-2.9%
Losing money on operations — -2.9%
Return on the money invested
ROCE
-0.6%
Weak — -0.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+10.3%
Steady sales growth (+10.3% YoY)
Profit growth
EPS YoY
+26.1%
Earnings growing fast (+26.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
-46%
Weak — only -46% of profit becomes cash
Spare cash per sale
FCF Margin
-6.8%
Burning cash (-6.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
1.19
Elevated debt (1.19)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
86.4x
Expensive — P/E 86.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+30.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (86.4 → 55.6)

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Dividends

Not applicable for this business.
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