Telix Pharmaceuticals(TLX.AX/TLX.O): Shares look more attractive now; revisiting the PSMA PET landscape

研报英文原文证据摘录

Telix Pharmaceuticals(TLX.AX/TLX.O): Shares look more attractive now; revisiting the PSMA PET landscape

Viewpoint |

07 Jul 2026 12:30:12 ET │ 24 pages

Telix Pharmaceuticals(TLX.AX/TLX.O)

Shares look more attractive now; revisiting the PSMA PET landscape

CITI'S TAKE

Laura Sutcliffe, Ph.D. AC

Implied 2Q VA consensus of USD184m Illuccix/Gozellix sales looks +61-2-8225-2213

reasonable (we are c.2% ahead). We think a 5%+ beat would bring into view laura.sutcliffe@citi.com

a potential FY26 guidance upgrade, though last year the company waited

until 3Q. FDA agreement that the ProstACT Global trial (TLX591) continues Abhishek Jain

with all treatment arms has cleared an overhang, with investors now more abhishek.jain@citi.com

inclined to revisit the shares, beginning with the Precision Medicine

business. We lay out our medium-term view of the US PSMA PET landscape:

2026 share-build opportunity, some pressure from Lantheus in 2027, and

2028 bringing unknowns — a potential major label expansion for

Illuccix/Gozellix (upfront diagnosis, BiPASS trial) alongside probable

copper-based agent market entry. We believe FY25–30 consensus PSMA

PET sales CAGR of c.7% are too conservative, embedding copper

headwinds but no BiPASS upside. We need more information to model

BiPASS properly but think it could more than offset future competition. Buy.

2026 is a share building opportunity — Gozellix is the only gallium PSMA PET agent

(prostate cancer scanning) to still have passthrough status. We assume Lantheus’s

new Pylarify Truvu will be awarded the same in due course (upside for Telix if not) but

sales will not ramp until next year. We expect Telix’ share gains to continue, nearing

45% by value over 2026. In 2027 Truvu could add pressure but we think sales will

still grow.