Telix pharmaceuticals (ASX: TLX) A$230m Quarter Puts Guidance Back In Play

Is Telix in Turnaround Mode or Dead-Cat Bounce?

The question investors are now asking about Telix pharmaceuticals is whether the company could be a genuine turnaround candidate from its lows around A$8 per share.

It does seem like institutions are starting to look at Telix more closely again. After being one of the most shorted stocks on the ASX, the company saw a strong move higher today following its Q1 2026 result.

The growth engine is still precision medicine, with Illuccix and Gozellix currently acting as the main drivers of revenue. What is important here is that much of the profit being generated is now being reinvested back into the business, with Telix guiding to A$200M to A$240M in R&D spend for 2026.

That matters because Telix can now fund its research and development from its own operating profitability. The business is reaching a point where it can support growth investment internally rather than relying as heavily on external capital.

From here, the story comes down to execution. The next major drivers will be FDA approvals, the commercial rollout of its prostate therapeutics, and continued expansion into global markets.

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A breakdown of Q1 results

Looking at the Q1 result, Telix generated A$230M in revenue for the quarter, its biggest quarter to date. That was up 24% on the prior year and 11% on Q4 2025. Management also sounded confident in reaffirming full-year guidance of A$950M to A$970M.

The precision medicine segment remains the main engine of the business, generating A$186M in revenue, up 16% on Q4 2025. In the US, dose volumes increased 5% quarter on quarter, which shows the core product set is still gaining traction.

The TMS third-party segment, which covers RLS radiopharmacies serving external customers, was steady at A$44M quarter on quarter and grew 29% on Q1 2025. That flat sequential result is not a problem. This is a more stable infrastructure-style business rather than the main growth engine on its own.

Guidance Maths, Is $960M Achievable?

At A$230M in Q1, Telix only needs to average around A$240M per quarter for the rest of the year to reach the midpoint of its A$960M guidance. That is just a 4% lift from the Q1 run rate, which looks very achievable.

That is especially true given Gozellix is still ramping, international markets are continuing to expand the use of Illuccix, and any approval for Pixclara or Zircaix would represent meaningful upside that is not currently included in guidance.

The Two-Product PSMA Strategy Is Working

Telix now sells two PSMA-PET imaging agents into the US market at the same time: Illuccix, the original product now sold in 21 countries globally including 16 in Europe, and Gozellix, the newer US formulation approved in March 2025 and ramping quickly.

At first glance that sounds unusual, but strategically it makes a lot of sense. The two products can work across different reimbursement pathways and hospital contract structures, while also helping Telix take up more shelf space within each radiopharmacy.

For us, we think this is a smart move. It strengthens Telix’s position in the category and makes it harder for competitors to break in.

The takeaway for Telix

In our previous research on Telix Pharmaceuticals, we said the company looked set for a rebound, and we continue to believe in that trajectory. We own shares in Telix ourselves.

The next catalysts for investors to watch are the FDA resubmissions, the ProstACT Part 1 safety data, and a clean transition into Part 2.

The main risk to our thesis still comes back to FDA outcomes. Any setback there could lead to a meaningful de-rate. It is also important to note that FDA engagement for US sites in ProstACT Part 2 is still pending, so US inclusion is not yet guaranteed.