Telix Pharmaceuticals Limited

TLX

Biotechnology · Healthcare

Also trades as: TLX.AX

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Weak

Stability

Mixed

Valuation

Good

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Winston Score History

The full picture

Telix Pharmaceuticals is an Australian biotechnology company that makes radioactive medicines used to find and treat cancer. Its main product, Illuccix, is a diagnostic imaging agent that helps doctors detect prostate cancer by making tumors visible on PET scans. The company sells primarily to hospitals, imaging centers, and nuclear medicine specialists, mostly in the United States.

Telix earns revenue by selling these radiopharmaceutical products directly to healthcare providers, with Illuccix driving the large majority of its sales. The company is headquartered in Melbourne, Australia, but generates most of its revenue in the US market, where it has built a commercial manufacturing and distribution network. With a market cap around $3.6 billion and a gross margin above 50%, the business is profitable at the product level but still investing heavily in expanding its pipeline of cancer-targeting treatments — meaning its ability to successfully develop and commercialize additional radiopharmaceutical candidates will be the key driver of long-term growth.

Growth Profile

For growth stock investors

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

Revenue Growth

+4.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-117.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

19.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~9 months

$268M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Telix Pharmaceuticals Limited has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

52.8%

Healthy — 52.8% gross margin

Profit after running costs

Operating Margin

1.6%

Thin — 1.6% operating margin

Return on the money invested

ROCE

2.1%

Weak — 2.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+54.9%

Fast-growing sales (+54.9% YoY)

Profit growth

EPS YoY

-120.5%

Earnings shrinking (-120.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-6.2%

Burning cash (-6.2%)

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

0.98

Moderate — manageable debt (0.98)

Covers its interest

Interest Cover

1.64x

Dangerous — barely covers interest (1.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

113.0x

no trend

Expensive — P/E 113.0

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

Cheaper or dearer next year

P/E vs Forward

+86.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (113.0 → 26.8)

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Dividends

Not applicable for this business.

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