Telix delivers US$247M in Q2 2026 revenue as billion-dollar year comes into view
In its Q2 2026 quarterly report, Telix Pharmaceuticals (ASX/NASDAQ: TLX) recorded group revenue of US$247 million for the quarter ended June 30, 2026, up 7% quarter-on-quarter (QoQ) and 21% year-on-year (YoY).
The radiopharmaceutical company also signalled that FY 2026 revenue and other income are now expected to be in excess of US$1 billion. The quarter delivered progress across both the Precision Medicine and Therapeutics business units, alongside a strategic collaboration with Regeneron.
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Q2 2026 revenue results
Precision Medicine remained the growth engine, generating revenue of US$202 million, up 9% QoQ and 30% YoY. Telix Manufacturing Solutions (TMS) revenue was US$45 million, down 6% YoY but up 2% QoQ.
Management attributed the performance to U.S. dose volumes increasing 7% during the quarter, driven by growing demand for Gozellix and continued strength across the PSMA imaging portfolio.
| Revenue (US$M) | Q2 2026 | Q2 2025 | YoY % | QoQ % |
|---|---|---|---|---|
| Group revenue | 247 | 204 | 21% | 7% |
| Precision Medicine | 202 | 155 | 30% | 9% |
| TMS | 45 | 48 | (6)% | 2% |
Dr. Christian Behrenbruch, Managing Director and Group CEO
“We delivered another quarter of growth with U.S. dose volumes increasing 7% during the quarter, driven by growing demand for Gozellix and continued strength across our PSMA imaging portfolio. This performance underscores the strength of our differentiated two-product PSMA imaging strategy and reinforces Telix’s market leadership, built on clinical differentiation, supply chain resilience and commercial execution. During the quarter, we achieved key regulatory, commercial and clinical milestones across both our Precision Medicine and Therapeutics businesses. We are tracking in line with the upper end of our FY 2026 revenue guidance and are investing further in R&D to accelerate a number of high-value programs that have the potential to create significant future growth and shareholder value.”
What is radiopharmaceutical theranostics?
Theranostics pairs a precision diagnostic with a targeted therapy to both diagnose and treat cancer.
PSMA imaging refers to prostate-specific membrane antigen imaging.
For investors, this framing explains the two segments to watch. Telix’s revenue today comes almost entirely from imaging products such as Illuccix and Gozellix, while its therapy pipeline represents potential future upside.
Pipeline progress across Therapeutics and Precision Medicine
The quarter delivered multiple regulatory, commercial and clinical milestones across the pipeline.
Therapeutics — late-stage momentum
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TLX591-Tx — The FDA confirmed that safety data from Part 1 of the ProstACT Global Phase 3 study is sufficient to enable progression to Part 2 in the U.S., with alignment reached on the Part 2 protocol, statistical analysis plan and safety monitoring plan. Initiation of Part 2 in the U.S. remains subject to the FDA’s review of an Investigational New Drug (IND) amendment.
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TLX597-Tx — The OPTIMAL-PSMA study completed patient enrollment of 120 patients, and the first patients have been dosed in the OPTIMAL-e Phase 2 study.
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TLX250-Tx — The first patient was dosed in the pivotal LUTEON trial in advanced clear cell renal cell carcinoma (ccRCC).
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TLX101-Tx — The first patient cohort was enrolled in Part 1 of the IPAX BrIGHT pivotal trial in patients with recurrent glioblastoma.
Precision Medicine — expanding access
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BiPASS™ enrolled 338 patients, with enrollment nearing completion for the study of Illuccix and Gozellix in the pre-biopsy prostate cancer diagnosis setting.
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Pixclara® — The FDA accepted Telix’s resubmitted NDA and granted a PDUFA goal date of September 11, 2026 (brand name subject to final regulatory approval).
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Zircaix® — The BLA resubmission in the U.S. continues to progress, with final Chemistry, Manufacturing and Controls documentation nearing completion (brand name subject to final regulatory approval).
Regeneron collaboration and a strengthened balance sheet
Telix entered into a strategic collaboration with Regeneron (NASDAQ: REGN) to jointly develop and commercialise next-generation radiopharmaceutical therapies, initially focused on lung cancer. On execution of the agreement, Telix received an initial non-refundable payment of US$40 million.
The Telix Regeneron collaboration carries a 50/50 cost and profit-sharing structure on a per-programme basis, giving Telix the option to co-fund or step back in favour of milestone payments and royalties, with aggregate milestones potentially reaching US$2.1 billion across eight programmes if Telix opts out of co-funding across all of them.
The company also completed a refinancing of its convertible bond structure, issuing US$600 million of new convertible bonds due 2031 and repurchasing all outstanding 2029 convertible bonds. Telix stated the transaction extends debt maturities and enhances financial flexibility.
Three new Non-Executive Directors, David Gill, Maria Rivas MD, and William Jellison, joined the Board effective May 11, 2026, as part of Telix’s Board expansion and succession planning.
FY 2026 outlook and investment case
Telix expects FY 2026 revenue and other income to be in excess of US$1 billion, with revenue tracking in line with the upper end of guidance and other income from the Regeneron payment.
Telix FY25 revenue performance of US$804 million, delivered with 46% Q4 growth driven by the Gozellix U.S. launch, provides the full-year baseline against which the current billion-dollar trajectory represents a meaningful step-change in commercial scale.
Key guidance figures include:
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FY 2026 revenue guidance of US$950 million to US$970 million, tracking towards the upper end.
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US$40 million non-refundable other income received from Regeneron.
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Updated FY 2026 R&D expenditure guidance of US$230 million to US$270 million, subject to achieving ongoing global clinical data outcomes and development milestones.
The company noted that the additional R&D investment is enabled by strong commercial performance and the Regeneron payment, supporting the acceleration of the TLX597-Tx program, label expansion for Pixclara®, and progression of the Regeneron collaboration.
For investors, the quarter frames Telix as a commercial-stage franchise generating near-term revenue while reinvesting into an accelerating late-stage pipeline. With multiple pivotal-trial catalysts ahead and a billion-dollar year in view, the balance between current earnings strength and future optionality remains central to the investment case.
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