Telix Pharmaceuticals Limited · ASX:TLX
Telix Pharmaceuticals — Merger or Acquisition (September 2026)
36 slides from Telix Pharmaceuticals's merger presentation, Sep 21, 2026
Slide 1: Telix + ITM: A radiopharmaceutical powerhouse
rsonal use only Telix + ITM A radiopharmaceutical powerhouse with enhanced capabilities across the value chain Telix Pharmaceuticals ASX: TLX | NASDAQ: TLX September 21, 2026
Slide 2: Disclaimer and forward-looking statements
Disclaimer and forward-looking statements Notices: This presentation should be read together with Telix Pharmaceuticals Limited’s (Telix) risk factors, as disclosed in our most recently filed reports with the Australian Securities Exchange (ASX), U.S. Securities and Exchange Commission (SEC), includ
Slide 3: Presenters and Agenda
Presenters rsonal use only Agenda 1 Transaction overview Dr. Christian Behrenbruch Managing Director Dr. Andrew Cavey Chief Executive Officer, ITM 2 ITM manufacturing platform and Group CEO, Telix 3 Therapeutic opportunity 4 Value creation and synergies Darren Smith Group Chief Financial Officer, Te
Slide 4: Telix + ITM creates a differentiated and scaled global platform
Telix + ITM creates a differentiated and scaled global platform Positioned for long-term leadership in a rapidly growing industry rsonal use only 1 2 3 Best-in-class radioisotope Industry’s most advanced Scaled commercial precision manufacturing and supply therapeutic pipeline medicine ITM’s commerc
Slide 5: A strategically compelling transaction with clear value creation
A strategically compelling transaction with clear value creation Transaction summary rsonal use only • Enhances efficiencies as a vertically integrated radiopharmaceutical company Transaction • Adds profitable manufacturing business, enhancing supply chain control and strengthening EBITDA1 Highlight
Slide 6: ITM has built a leading position of innovation in the radiopharmaceutical market
ITM has built a leading position of innovation in the radiopharmaceutical market rsonal use only Differentiated radioisotope manufacturing platform Robust radiopharmaceutical pipeline • World's largest supplier of 177Lu, underpinned by long-term • ITM-11 is a novel therapeutic that has completed Pha
Slide 7: ITM's proven growth platform positioned to capture expanding radioisotope demand
ITM’s proven growth platform is well positioned to capture expanding radioisotope demand Historical ITM revenue growth1 Demand for radioisotopes is forecast to grow rsonal use only US$M 40% CAGR 177Lu total market (US$B)2 225Ac total market (US$B)2 Growth to $2.1B risk adjusted by 2035 Growth to $1.
Slide 8: Transaction reinforces Telix's growth strategy
Transaction reinforces Telix’s growth strategy The combination of Telix + ITM enhances our ability to compete rsonal use only Vertically High value Precision Specialist R&D platform integrated manufacturing / therapeutics Medicine commercial for new supply chain pipeline portfolio organization molec
Slide 9: ITM's differentiated radioisotope manufacturing platform
rsonal use only ITM’s differentiated radioisotope manufacturing platform 9
Slide 10: Reliable and proven model for scaled radioisotope production
Reliable and proven model for scaled radioisotope production Producing 177Lu at commercial scale with best-in-class end-to-end capabilities rsonal use only Very large stockpile of non- Specialist infrastructure and Secure Raw restricted ytterbium-176 (176Yb) logistics address short half-life Distrib
Slide 11: ITM's experience in 177Lu creates a platform for next generation radioisotopes
ITM’s experience in 177Lu creates a platform for next generation radioisotopes Commercially scaled, validated global supply and distribution network for 177Lu 177Lu rsonal use only • By revenue, the largest supplier of commercial and clinical 177Lu globally Lutetium (n.c.a.) • Primary external suppl
Slide 12: Global network enables just-in-time delivery at commercial scale
Global network enables just-in-time delivery at commercial scale Opens new market opportunities for Telix’s products rsonal use only 3x manufacturing Global HQ & 2x sites & 2x manufacturing >99% cyclotrons in BE sites in DE Order fulfillment rate (2025A) Just-in-time delivery: 24-48hr within EU/US a
Slide 13: Therapeutic opportunity
Artist’s impression showing SSTR receptors on the surface of GEP-NETs and SSTR+ tumors: Source ITM. rsonal use only Therapeutic opportunity
Slide 14: Complementary therapeutic franchise with multiple pathways for growth
Complementary therapeutic franchise with multiple pathways for growth Therapeutic Diagnostic Late-Stage Therapeutics (ITM-11) Complementary Early-Stage Pipeline rsonal use only Program Target Indication Isotope Preclinical Phase Phase Phase Filed Clinical Program Target Indication Isotope Preclinica
Slide 15: ITM-11 is a novel, next-generation therapeutic candidate
ITM-11 is a novel, next-generation therapeutic candidate Targets a significant commercial opportunity in GEP-NETs rsonal use only • ITM-11 is a novel SSTR-targeted radiopharmaceutical U.S. addressable market2 incorporating edotreotide and n.c.a. 177Lu for the treatment of GEP-NETs US$1.7B • Positive
Slide 16: COMPETE Phase 3 trial met its primary endpoint of PFS
COMPETE Phase 3 trial met its primary endpoint of progression-free survival (PFS) ITM-11 Everolimus Statistically significant improvement rsonal use only N 207 102 in median PFS for ITM-11: 23.9 versus Event (%) 101 (48.8%) 51 (50.0%) Median (95% CI) 23.918 (18.727, 30.029) 14.094 (9.166, 20.928) 14
Slide 17: ITM-11 U.S. regulatory status
ITM-11 U.S. regulatory status CRL received on August 7, 2026 is limited to CMC and third-party facility items and no clinical or nonclinical deficiencies were identified rsonal use only FDA cited Chemistry, Manufacturing and Controls (CMC) and third-party commercial facility inspection- CRL scope re
Slide 18: ITM-11 Phase 3 expansion programs create meaningful upside
ITM-11 Phase 3 expansion programs create meaningful upside Ongoing ITM-11 clinical trials rsonal use only COMPOSE1 Phase 3 LEVEL2 Phase 3 Aggressive G2/G3 SSTR+ GEP-NETs Advanced SSTR+ Lung and Thymic NETs • Phase 3 trial supporting indication expansion into • Phase 3, investigator-initiated trial G
Slide 19: Value creation and synergies
rsonal use only Value creation and synergies 19
Slide 20: Combination enhances commercial scale with strong growth and diverse business mix
Combination enhances commercial scale with strong growth and diverse business mix rsonal use only Pro forma Telix + ITM revenue & other income1 Telix + ITM revenue by division1 US$M % H1 2026A ~$1,300 $1,077 ~$3002 $273 14% $715 $198 61% >$1.0B3 25% $804 $517 2024A 2025A 2026E Telix ITM Product reve
Slide 21: Attractive financial profile with revenue growth and positive EBITDA
Attractive financial profile with revenue growth and positive EBITDA ITM strong revenue ITM enhances our Combined entity has a rsonal use only growth outlook EBITDA robust balance sheet US$156M H1 2026 revenue1 Enhancing EBITDA Pro forma cash US$325M1 Driven by radioisotope ITM manufacturing divisio
Slide 22: Multiple levers to accelerate growth, improve efficiency and enhance value
Multiple levers to accelerate growth, improve efficiency and enhance value rsonal use only • Enhanced vertical integration, supply chain control and an expanded global footprint Supply chain • Manufacturing becomes a profit driver while supply chain security supports future growth in therapeutics •
Slide 23: Telix + ITM creates a differentiated and scaled global platform
Telix + ITM creates a differentiated and scaled global platform Three complementary growth engines under one platform rsonal use only Best-in-class radioisotope Industry’s most advanced Scaled commercial manufacturing and supply therapeutic pipeline precision medicine • Global radioisotope demand •
Slide 24: Key terms and financial statements
rsonal use only Key terms and financial statements
Slide 25: Transaction summary
Transaction summary rsonal use only Transaction Telix to acquire 100% of ITM Isotope Technologies Munich SE for US$1.65B (“Upfront Consideration”) on a cash-free/ Overview debt-free basis. Up to a further US$700M dependent upon achievement of future regulatory milestones and sales targets (“Future C
Slide 26: Transaction summary (cont'd)
Transaction summary (cont’d) rsonal use only • Identified key employees to sign employment and retention agreements before closing Governance and • One (1) director from ITM, along with ITM’s current CEO, will join the Telix Board of Directors upon closing, subject to Board Representation Telix Shar
Slide 27: Full year pro forma income statement
Full year pro forma income statement Financial performance for the years ended December 31, 2025 and 2024 (audited) December 31, 2024 December 31, 2025 Full Year Full Year rsonal use only Telix Telix US$M ITM1 Combined2 ITM1 Combined2 (as reported) (as reported) Revenue 517 198 715 804 273 1,077 Gro
Slide 28: Half-year pro forma income statement
Half-year pro forma income statement Financial performance for the 6 months ended June 30, 2025 and 2026 (unaudited) June 30, 2025 June 30, 2026 Interim Interim rsonal use only Telix ITM1 Telix ITM1 US$M Combined2 Combined2 (as reported) (unaudited) (as reported) (unaudited) Revenue 390 105 495 477
Slide 29: Telix pro forma financial statements
Telix pro forma financial statements Financial position at June 30, 2026 (unaudited) US$M Telix (as reported) ITM (unaudited) Combined1 Cash 252 73 325 rsonal use only Trade and other receivables 164 40 204 Inventories 39 186 225 Other current assets 33 25 58 Total current assets 488 324 812 Intangi
Slide 30: Key risks
rsonal use only Key risks
Slide 31: Key risks
Key risks This section includes some of the key risks associated with the proposed acquisition by Telix of ITM. Individually, or in combination, these risks may affect the future operating and financial performance of Telix, its investment returns and the value of an investment in shares in Telix. T
Slide 32: Key risks (cont'd)
Key risks (cont'd) Telix's due diligence of the • Telix has undertaken a due diligence process in respect of the Transaction, which substantially relied on the review of financial Transaction has (including unaudited and other financial information), technical, operational, production, legal, IP, an
Slide 33: Key risks (cont'd)
Key risks (cont'd) Recourse to sellers and under • The ability of Telix to achieve its stated objectives will depend on the performance by the parties of their obligations under the the Representations and agreements for, and related to, the Transaction. If any party defaults, it may be necessary fo
Slide 34: Key risks (cont'd)
Key risks (cont'd) Loss of key personnel • Retention of key ITM personnel is a risk associated with the combined group's business performance. Certain management personnel of ITM have been identified by Telix as critical to the ongoing performance of the combined group, including due to their extens
Slide 35: Key risks (cont'd)
Key risks (cont'd) ITM-11 milestones may not be • There is a risk that all or some of the Milestone Events may not be achieved. If all or some of the Milestone Events are not achieved, achieved there is a risk that the profitability and future earnings of the combined group may be materially lower t
Slide 36: Key risks (cont'd)
Key risks (cont'd) Operational continuity risks • The combined group's manufacturing operations are concentrated in a limited number of facilities. Certain critical infrastructure, including hot cells and HVAC systems at its production facility, may require replacement, and any unplanned downtime at
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