Telix Pharmaceuticals – targeting cancer with precision

Telix is an Australian healthcare company at the forefront of radiopharmaceuticals – a specialised field that combines medical imaging and cancer therapy. Since its founding in 2015, Telix has rapidly grown by commercialising these complex treatments, transforming what was once a niche offering into a scalable, global business.

Changing the cancer treatment landscape

Radiopharmaceuticals use small amounts of radioactive substances to diagnose or treat cancer. Historically, these treatments were difficult to access – limited to well-funded hospitals with the expertise and equipment to produce them on site. Patients often had to travel long distances or missed out altogether.

Telix is changing that. By investing in its own global manufacturing and logistics capabilities, the company has built a scalable supply chain that makes these products more widely available. Its flagship product, Illuccix, marked a turning point. Approved by the US FDA in 2021, Illuccix is now widely used to detect prostate cancer and has demonstrated that radiopharmaceuticals can succeed on a commercial scale.

Diagnostics: more accuracy, less invasiveness

Illuccix works by targeting PSMA proteins found on prostate cancer cells. Once injected, it helps highlight even small tumours on PET scans, offering a more precise and less invasive alternative to traditional scans or surgical biopsies. This enables faster diagnoses and earlier treatment decisions.

Telix also has a pipeline of diagnostic products in development, targeting kidney and brain cancers – a sign of its ambitions to lead in precision oncology.

From imaging to treatment

The next big opportunity lies in therapeutics. The company is advancing several radiopharmaceutical therapies, including TLX591, which targets prostate cancer cells with radioactive payloads that aim to destroy tumours while sparing healthy tissue. By delivering radiation directly to cancer cells, TLX591 aims to improve treatment outcomes and reduce patient burden. Fewer treatment sessions, lower hospital resource use, and better quality of life are all potential benefits.

A phase three trial of TLX591 is now underway, enrolling 400 patients across multiple countries. Interim results are expected in the first half of 2025 and could be a major value catalyst if outcomes show improved survival or quality-of-life benefits.

A fully integrated model

Telix operates through three core business units:

• Precision medicine – Focuses on diagnostic imaging agents such as Illuccix and pipeline products for other cancers.
• Therapeutics – Develops radiopharmaceutical treatments, with TLX591 leading the charge and others in development for kidney, brain and musculoskeletal cancers.
• Manufacturing solutions – Owns and operates manufacturing facilities in key global markets. This enables rapid production of time-sensitive radiopharmaceuticals – often referred to as ‘melting ice cubes’ due to their short shelf life.

Financial momentum

Since gaining regulatory approval for Illuccix, Telix has delivered strong financial results. In 2024, revenue reached A$783m, up 56% from the prior year. The company is also improving margins as it scales.

Beyond organic growth, Telix has pursued targeted acquisitions to strengthen its pipeline. In 2024, it acquired ImaginAb for US$45m, adding advanced imaging technology and research capability to support its next wave of diagnostics and treatments.

Telix’s market capitalisation has now surpassed A$9bn. Telix joined the ASX 100 in July 2024 – a milestone that increases institutional visibility and adds momentum for further investor interest.

Looking ahead

Telix is well positioned to benefit from structural trends in cancer care – particularly the move towards earlier detection and more personalised treatment. The upcoming TLX591 trial results will be critical, and success there could mark a new chapter in Telix’s growth.

With a strong commercial platform, growing product pipeline, and increasing market acceptance of radiopharmaceuticals, Telix is set to play a leading role in the future of oncology.

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This is an excerpt of an article published with the title ‘Transformation’ in the latest edition of our flagship publication for clients only, News & Views. Craigs Investment Partners clients can view News & Views, including the full version of this article by logging in to the client portal.

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