Telix Pharmaceuticals: 2Q26 acceleration skews FY26 revenue risk to upside; regulatory catalysts now key; Overweight

研报英文原文证据摘录

Telix Pharmaceuticals: 2Q26 acceleration skews FY26 revenue risk to upside; regulatory catalysts now key; Overweight

cting 1-2% revenue upgrades and a nearer

timeframe for these regulatory catalysts. Half Yearly Forecasts (FYE Dec)

Adj. EPS ($)

• PSMA Imaging continues to deliver solid beats. 1H26 revenue of US$477m 2025A 2026E 2027E

was 5% above consensus as 2Q26 revenue of US$247m showed further H1 (0.01) (0.03) (0.02)

H2 (0.01) 0.01 0.03

momentum from US$230m in 1Q (+7% QoQ). Compositionally, Precision FY (0.02) (0.01) 0.01

Medicine accelerated to 30% YoY, from 23% YoY in 1Q26, driven by share

gains in the PSMA Imaging market that is continuing to trend positively. Style Exposure

• Guidance nudged towards top of previous range; JPMe now modestly

above upper end. TLX now points to the upper end of the previous FY26

guidance range (US$950-970m). Based on a solid 1H26, we post US$10m

upgrades to Gozellix (FY26e revenue), driving +1-2% upgrades for FY26-28.

• Regeneron. We incorporate +US$40m other income received as part of the

Regeneron partnership (excluded from adj NPAT). The collaboration currently

includes four programs with optionality for REGN to co-commercialize each

on a per-program basis. If all were fully partnered, TLX would generate

potential milestones up to US$2.1bn and low-double-digit royalties.

• R&D guidance up by US$30m. We raise R&D from US$218m to US$233m

to reflect the new guidance of US$230-270m. We still view a not-insignificant

portion of R&D as discretionary, i.e. in periods where revenue tracks ahead of

expectations, we would expect incrementally higher R&D, and vice versa.

• BiPASS (biopsy) could materially increase the TAM. BiPASS enrollment

was reported to be nearing completion (having been increased from n=250 to

now n=338).