Telix Pharmaceuticals Limited · ASX:TLX
Telix Pharmaceuticals — FY2025 Earnings Presentation
32 slides from Telix Pharmaceuticals's earnings presentation, Feb 20, 2026
Slide 1: FY 2025 Full Year Results Presentation
FY 2025 Pre- treatment Full Year Results Presentation February 20, 2026 ASX: TLX | NASDAQ: TLX 18F-FET scan published in EJNMMI showing a patient with recurrent glioblastoma (GBM) who experienced a near-complete response following treatment with TLX101-Tx (Iodofalan (¹³¹I), [¹³¹I]IPA), Post- Telix's
Slide 2: Presenters and Agenda
Presenters Agenda 1 Group CEO remarks 2 Kyahn Williamson Dr. Christian Behrenbruch SVP Investor Relations and Managing Director and Financial update Corporate Communications Group CEO 3 Precision Medicine update 4 Therapeutics highlights Darren Smith Kevin Richardson 5 Q&A Group Chief CEO, Telix Fin
Slide 3: Forward looking statement
Forward looking statement This presentation should be read together with our risk factors, as disclosed in our most recently filed reports with the Australian Securities Exchange (ASX), U.S. Securities and Exchange Commission (SEC), including our Annual Report on Form 20-F filed with the SEC, or on
Slide 4: CEO remarks
CEO remarks Dr. Christian Behrenbruch Managing Director and Group CEO
Slide 5: Five pillars underpinning our global leadership in radiopharma
Five pillars underpinning our global leadership in radiopharma Integrated Theranostic Approach See It. Treat It. High value R&D platform for Precision Specialist Vertically therapeutics new molecular Medicine commercial integrated pipeline entities portfolio organization manufacturing and supply cha
Slide 6: Strong commercial execution
Strong commercial execution YoY revenue growth • $804M revenues for FY 2025, up Group revenue 56% 804 56% YoY – meeting increased US$M guidance range CAGR (2022-2025): 96% • Precision Medicine revenue of $622M, up 22% YoY driven by 517 strong commercial execution • Diversified revenue streams throug
Slide 7: Our performance in 2025
Our performance in 20251 Enabling investments that will drive value creation Strong top-line growth, underlying profitability • Group revenue $804M up 56% YoY, meeting and cash generation increased guidance • Precision Medicine revenue up 22% YoY • Group EBITDA $40M, positive cash balance of $142M O
Slide 8: 2026 Strategic priorities
2026 Strategic priorities Strategic prioritization of capital and resources to deliver on near-term milestones 1 Continue 2 Launch new 3 Advance five high-value clinical commercial growth products programs • Grow Illuccix and • Pixclara1 (U.S.), • TLX591-Tx: ProstACT Global (Phase 3) Gozellix in the
Slide 9: Financial update
Financial update Darren Smith Chief Financial Officer, CFO
Slide 10: 2025 Key financial metrics
2025 Key financial metrics Disciplined approach to investment and cost control while positioning for growth Group revenue Group adj. EBITDA R&D investment in line with guidance up 56% $804M $40M $157M ($517M 2024) ($67M 2024) $157M in product development and Zircaix1 pre- commercial inventory of add
Slide 11: 2025 Key financial metrics: Telix at a glance
2025 Key financial metrics Telix at a glance Net loss after tax ($7M) $223M Net finance costs Operating (non-cash) $27M profit Net finance costs Precision $30M (cash) $8M Medicine Tax expense $622M $2M Zircaix commercial R&D inventory Gross profit $171M $14M $426M R&D product Revenue development $80
Slide 12: FY 2025 Income statement (Group)
FY 2025 Income statement (Group) EBITDA of $40M after funding future growth opportunities 2025 % of 2024 % of YoY US$M revenue US$M revenue change • Revenue growth of 56% YoY driven by Revenue 803.8 516.6 56% 22% growth in imaging portfolio Cost of sales, consisting of: (377.4) (180.4) 109% • Gross
Slide 13: Precision Medicine: A highly cash-generative business
Precision Medicine: A highly cash-generative business 22% YoY growth in revenues driving earnings, funding R&D 2025 % of 2024 % of YoY US$M revenue US$M revenue change • 22% growth in revenue to $622M, driven by Illuccix and successful launch of Gozellix Revenue 621.9 508.5 22% Cost of sales (222.7)
Slide 14: Telix Manufacturing Solutions (TMS)
Telix Manufacturing Solutions (TMS) Invested in manufacturing and supply chain to scale up operations 2025 2024 % of RLS1 Excl. RLS US$M revenue US$M RLS (Manufacturing and supply chain U.S.)1 Revenue 238.4 6.7 245.1 1.8 • RLS-generated revenue of $238M Cost of sales (220.0) (2.9) (222.9) (2.1) incl
Slide 15: Robust underlying cash generation
Robust underlying cash generation Funding investment across the business Cash flow statement Operating cash flow Strategic US$M investments 206 171 700 600 440 52 281 500 400 300 142 200 100 0 Cash balance (Jan 1, Cash from operations R&D investment Final contingent Investing, financing Cash balance
Slide 16: Therapeutics, fueling our next phase of growth
Therapeutics, fueling our next phase of growth R&D investment relatively consistent as a % of revenue 950M to 970M R&D investment MS$M U Our revenue generation has enabled self-funded R&D innovation • Plan to maintain R&D investment as a consistent R&D (% of rev) percentage of revenue (mid-20% range
Slide 17: Disciplined capital allocation
Disciplined capital allocation Investment Commercial performance Strategic external Supply chain resilience in R&D optimization growth opportunities and production capacity $157M in product $97M Commercial $281M across three Expanded our development infrastructure investment strategic transactions3
Slide 18: FY 2026 guidance
FY 2026 guidance Continued growth trajectory Revenue guidance range: $950M to $970M Group revenue 950 - 970 • Based on approved products and geographies US$M 804 • ~25% growth in Precision Medicine revenue • Full year of RLS revenue 517 • Further potential upside pending regulatory approvals 333 R&D
Slide 19: Precision Medicine update
Precision Medicine update Kevin Richardson Precision Medicine, CEO
Slide 20: Precision Medicine portfolio delivered 22% YoY growth
Precision Medicine portfolio delivered 22% YoY growth Gozellix reimbursement from Q4 2025 drives stronger sequential growth Gozellix TPT effective Illuccix TPT1 expiry (October 1, 2025) PSMA global imaging sales (June 30, 2025) 166US$M 25% 4% 161 161 154 155 156 150 151 1% 146 3% 141 139 8% 136 131
Slide 21: The future of prostate imaging
The future of prostate imaging What it takes to win in a maturing market Current landscape Barriers for new entrants • Established and efficient clinical workflows Clinical • SoC offers high inter-reader agreement, • Current products widely utilized and proven attributes image quality, detection at
Slide 22: Precision medicine near-term growth strategy
Precision medicine near-term growth strategy PSMA portfolio provides platform for growth, with potential upside from new product launches 8 8 • Successful launch (U.S.) • Commercially available in 17 • Type A meetings completed • MAA6 filed for TLX101-Px • Encouraging launch countries1 with FDA4 ali
Slide 23: Financial impact
Financial impact 5-year outlook: Building on BiPASS, Pixclara, Zircaix (+…+) Precision Medicine business Growth sensitivity analysis (USD) $5.2B Growth potential $3.6B $2.4B ~$1B 2027 2028 2029 2030 2031 (2026) 20% CAGR 30% CAGR 40% CAGR Not intended as a forecast or guidance, subject to change due
Slide 24: Therapeutics update and outlook
Therapeutics update and outlook Dr. Christian Behrenbruch Managing Director and Group CEO
Slide 25: Value creation fundamentals
Value creation fundamentals Commercial capabilities and Focused investment Specialist development market-leading multi- to drive pipeline and and manufacturing to product imaging strategy indication expansion ensure patient outcomes Profitable Maximizing End-to-end commercial potential of capabiliti
Slide 26: Potential $32B market opportunity
Potential $32B market opportunity Long-term growth potential across our Precision Medicine and Therapeutics pipeline Total market opportunity US$B U.S. Oncology market potential by disease area ~2 ~$32B Precision Medicine ~2 ~5 Therapeutics ~1 ~9 ~8 ~4 ~1 ~15 ~7 ~7 ~23 ~8 Prostate (PSMA) Kidney Brai
Slide 27: Therapeutics pipeline: Late-stage and next-generation assets
Therapeutics pipeline: Late-stage and “next-generation” assets Building a leadership position in urologic and neurologic oncology PSMA: Prostate-specific membrane antigen. SM: Small molecule. CAIX: Carbonic anhydrase IX. FAP: Fibroblast activation protein. LAT1: L-Type amino acid transporter 1. CD66
Slide 28: Clinical highlights
Clinical highlights Phase 3 Phase 2/3 Phase 2/3 Phase 2/3 Phase Phase 3 1 TLX591-Tx, first-in-class TLX101-Tx, potential first TLX250-Tx, first-in-class rADC TLX090-Tx, novel treatment rADC for mCRPC radiotherapy in recurrent GBM for advanced or metastatic for bone pain in patients with ccRCC osteob
Slide 29: TLX591-Tx: A novel first-in-class rADC in 1L/2L mCRPC
TLX591-Tx: A novel first-in-class rADC in 1L/2L mCRPC Phase 3 trial: Part 1 data readout, Part 2 dosing underway in patients outside U.S.1 Differentiation Clinical data Phase 3 program • High internalization, retention In combination with SoC (abiraterone, • Safety and tolerability profile and selec
Slide 30: See It. Treat It.
See It. Treat It. Our R&D investment impact = delivering patient outcomes Glioblastoma patient Prostate cancer patient Renal cell cancer patient -/-/- Breast cancer patient Before After Before After Before After Before After Patient representative scans – individual results may vary. 30
Slide 31: A catalyst rich 2026
A catalyst rich 2026 Select milestones for Therapeutics candidates Select milestones for Precision Medicine candidates TLX591-Tx for mCRPC, ProstACT Global Pixclara NDA resubmission (U.S.) • Part 1 data readout Zircaix BLA resubmission (U.S.) • Part 2 international site expansion, interim analysis1
Slide 32: Q&A
Q&A