Bell Potter and TD Cowen Issue Buy Ratings on Telix Pharmaceuticals (ASX:TLX)

Sonal Goyal

22 August 2025 12:57 PM AEST

Bell Potter and TD Cowen Issue Buy Ratings on Telix Pharmaceuticals (ASX:TLX)

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Highlights

Bell Potter Securities reaffirms a Buy rating with a target price of AUD 30.00, implying a 65.8% upside.

TD Cowen maintains a Buy rating, setting a higher target price of AUD 35.00, representing a 93.4% upside.

Telix delivered H1 2025 revenue of AUD 390.4 million, up 63% YoY, backed by Illuccix® sales and expanded manufacturing operations.

Telix Pharmaceuticals Ltd (ASX:TLX) has received renewed confidence from two major equity research houses, with Bell Potter Securities (Institutional) and TD Cowen both issuing Buy ratings on the stock.

Bell Potter Securities: Buy Rating with AUD 30.00 Target

On 23 February 2025, analyst John Hester of Bell Potter reiterated a Buy recommendation on Telix, with a target price of AUD 30.00. This valuation implies an upside of 65.8% from the current market price of AUD 18.42 (as of 21 August 2025).

TD Cowen: Buy Rating with AUD 35.00 Target

In its most recent review on 21 August 2025, TD Cowen analyst Tara Bancroft reaffirmed a Buy rating with a more optimistic target price of AUD 35.00, signaling a potential 93.4% gain.

Financial Performance: H1 Momentum

For the half-year ended 30 June 2025, Telix posted revenue of AUD 390.4 million, up 63% YoY, underpinned by robust sales of Illuccix and contribution from RLS. Group gross profit margin stood at 53%, while Adjusted EBITDA reached AUD 21.1 million, reflecting investments in commercial infrastructure, acquisitions, and R&D.

Telix reported a small loss before tax of AUD 4.8 million in H1 2025, this was largely due to non-cash finance costs and increased amortization expenses linked to acquisitions. The company reported cash position of AUD 207.2 million and positive operating cash flow of AUD 17.7 million.

The company invested AUD 81.6 million in R&D, up 47% YoY, with a focus on advancing late-stage therapeutic assets. Its Precision Medicine segment revenue rose 30%, with Adjusted EBITDA up 24% YoY to AUD 104.6 million. Meanwhile, the Telix Manufacturing Solutions division generated AUD 109.5 million in revenue, with RLS remaining the core driver despite reporting a minor EBITDA loss.

Outlook

Telix has reaffirmed its FY 2025 revenue guidance of US$770–800 million, with R&D expenditure expected to rise 20–25% YoY as the company accelerates its clinical pipeline.

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