Telix Pharmaceuticals Ltd (TLX.AX): Radioligand therapy heads into mHSPC

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Telix Pharmaceuticals Ltd (TLX.AX): Radioligand therapy heads into mHSPC

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02 Aug 2026 19:58:25 ET │ 13 pages

Telix Pharmaceuticals Ltd (TLX.AX)

Radioligand therapy heads into mHSPC

CITI'S TAKE

At the end of last week Novartis’s (covered by G. Parry) Pluvicto was

approved by FDA, in combination with ARPI, for the treatment of PSMA+

metastatic hormone sensitive prostate cancer (mHSPC), dosed every six Buy / High Risk

weeks (Q6W). This setting is where Telix sees pipeline asset TLX597, so there Price (31 Jul 26 16:00) A$14.21

is now an incumbent. We do not currently include TLX597 in our model as

Target price A$31.00we do with some other mid-stage assets as the current trial program is

investigator-led rather than company-sponsored but recognize the Expected share price return 118.2%

potential opportunity for a better tailored product in this patient group via a Expected dividend yield 0.0%

toxicity profile that allows for intensive dosing upfront followed by adaptive

Expected total return 118.2%pauses, dependent on response. Data from the phase 2 OPTIMAL-PSMA

trial later this year could offer some clues as to whether this will work well. Market Cap A$4,828M

US$3,391M

TLX597: changing dosing in mHSPC? — To an outsider, TLX597 was not a major

feature of the company’s pipeline until recently. Today, it is in two investigator-led

phase 2 trials (OPTIMAL-PSMA, OPTIMAL-e), in Australia. OPTIMAL-PSMA is in

mCRPC but aims to answer questions relevant to mHSPC by testing whether Price Performance

intensifying early doses improves efficacy vs a Q6W course (albeit using 597, not

(RIC: TLX.AX, BB: TLX AU)Pluvicto). This is mechanistically plausible: 1) DNA damage response mechanisms

kick in before a second dose under Q6W so dosing sooner could do more damage to