Australia/NZ Healthcare: 2H26 earnings preview:1H was bad and we are still mostly cautious

研报英文原文证据摘录

Australia/NZ Healthcare: 2H26 earnings preview:1H was bad and we are still mostly cautious

Australia/NZ Healthcare

15 July 2026 Citi Research

TLX (PT AUD31/USD22): Remains top pick, catalysts coming

Telix remains our top pick, in particular, having cleared an overhang in the form of

confirming with FDA that the phase 3 ProstACT Global clinical trial for TLX591 in

prostate cancer can go ahead in something (at least close to) its intended form.

On a short-term view we see several potential catalysts:

n We think 1H sales should be slightly ahead of consensus (we are 2% ahead). We

think more than 5% head would likely warrant a guidance upgrade and/or

confirmation that 2H sales growth will be much slower.

n Resubmission to FDA of imaging agent Zircaix (for identifying ccRCC in suspect

renal masses), scheduled for mid year, per Telix.

n Potential approval of brain cancer imaging agent Pixclara (goal PDUFA date 11th

September).

After September we think attention will turn to maintaining sales momentum in

the PSMA imaging franchise and the set up for an interim read (which we believe is

for futility) from ProstACT Global. Since we think there will be almost no US

patients in the data set at this point, we rule out the possibility that this could turn

out to be an efficacy read with the possibility of early submission to FDA unless the

company specifically directs us otherwise.

The BiPASS study, which looks to expand the labels for the existing PSMA imaging

agents into the upfront setting, is underway and we think will be fully recruited this

year. Once there is more information on what label and exact use case the company

is aiming for we think this will become a source of upside in sell side estimates. We

do not know whether this happens in 2H26, or in 2027.