Key Highlights

  • Group revenue reached US$245 million in the quarter ended 30 September 2026, 19% above the prior corresponding quarter and 1% below the June quarter.
  • Precision Medicine revenue rose 30% to US$201 million, while Telix Manufacturing Solutions revenue fell 6% to US$44 million.
  • The FDA approved Pixclara for glioma imaging, and Telix announced an ITM merger carrying US$1.65 billion of upfront consideration and up to US$700 million of contingent payments.
  • Telix expects FY 2026 revenue and other income above US$1 billion and revised its R&D expenditure guidance to US$240 million to US$260 million.

Telix Pharmaceuticals Limited (ASX:TLX) reported group revenue of US$245 million for the quarter ended 30 September 2026, up 19% on the prior corresponding quarter and 1% below the June quarter. The company, which is also listed on NASDAQ under the code TLX, said its Precision Medicine business contributed US$201 million, a 30% increase on a year earlier, while Telix Manufacturing Solutions (TMS) contributed US$44 million. The quarter also brought FDA approval of the glioma imaging agent Pixclara, a merger announcement with Isotope Technologies Munich SE (ITM) and a revised FY 2026 research and development spending range. The financial information is unaudited.

Group Revenue Reaches US$245 Million

Group revenue of US$245 million compares with US$206 million in Q3 2025 and US$247 million in Q2 2026. Precision Medicine revenue, which Telix said primarily reflects sales of Illuccix and Gozellix, was US$201 million, against US$155 million a year earlier and US$202 million in the June quarter. TMS third-party revenue was US$44 million, down 6% from US$47 million in Q3 2025 and down 2% from US$45 million in Q2 2026. Precision Medicine accounted for about 82% of the quarter's group revenue.

Dr. Christian Behrenbruch, Managing Director and Group CEO, said US dose volumes of Gozellix and Illuccix rose 1% quarter over quarter, in line with expectations and reflecting expected summer seasonality. He said September sales produced a higher exit run rate, which supports the company's confidence in delivering more than 25% Precision Medicine revenue growth in 2026.

Pixclara Launch, BiPASS Enrollment and Pipeline Filings

Pixclara (floretyrosine F 18) was approved by the FDA for glioma imaging, which Telix described as the first approved imaging agent for that indication in the US, and the first commercial doses were administered in September 2026. In prostate imaging, the BiPASS Phase 3 study of 68Ga-PSMA-11 PET combined with MRI in the pre-biopsy setting completed enrollment of 350 patients, and the FDA has supported an NDA pathway and granted Fast Track Designation. In Japan, enrollment is complete in the Phase 3 registrational study of Illuccix, and a Conditional Approval is under review by the Pharmaceutical and Medical Devices Agency. For Zircaix, Telix is finalizing its Biologics License Application resubmission after receiving a corrected Complete Response Letter, addressing remaining third-party manufacturing observations. The Marketing Authorization Application for Pixlumi in Europe remains under review.

On the therapy side, OPTIMAL-PSMA, a Phase 2 study of TLX597-Tx, completed enrollment of 120 patients, with a data readout expected in the first half of 2027. The IPAX-2 Phase 1 study of TLX101-Tx in newly diagnosed glioblastoma met its primary endpoint, setting a maximum tolerated dose of two 5 GBq cycles with standard of care and recording no dose-limiting toxicities. Within TMS, ARTMS has secured contracts for 50 QUANTM Irradiation Systems globally.

ITM Merger Terms, Board Changes and Revised Guidance

The ITM merger carries upfront consideration of US$1.65 billion on a cash-free, debt-free basis. ITM shareholders are expected to receive about US$1.25 billion of it in Telix shares released as ADRs, and up to US$700 million of contingent consideration may be paid on future regulatory approvals and commercial sales of ITM-11 (177Lu-edotreotide), the lead asset in ITM's late-stage portfolio, for gastroenteropancreatic neuroendocrine tumors. Upfront and contingent amounts together reach up to US$2.35 billion. The deal needs Telix shareholder approval and customary closing conditions, and a General Meeting is expected on 1 December 2026 (AEDT).

David Gill became Chair of the Board on 1 September 2026, and Marcin Firek joined as Company Secretary on 21 October 2026, while Shomalin Naidoo ceased as interim Company Secretary. Telix expects FY 2026 revenue and other income to exceed US$1 billion, with revenue tracking toward the upper end of its US$950 million to US$970 million guidance alongside US$40 million of other income. The R&D expenditure range is now US$240 million to US$260 million, previously US$230 million to US$270 million.

Telix's Third-Quarter Position in Brief

Telix Pharmaceuticals Limited (ASX:TLX) ended the September quarter with US$245 million of group revenue, an FDA-approved glioma imaging agent in Pixclara, an announced ITM merger awaiting a shareholder meeting on 1 December 2026 and a revised R&D guidance range of US$240 million to US$260 million. Telix describes itself as a commercial-stage radiopharmaceutical company focused on theranostics, which pairs a precision diagnostic with a targeted therapy to both diagnose and treat disease. Illuccix is commercially available in 22 countries including the US.