Telix Pharmaceuticals reported a $38 million profit after tax for the first half of 2026, but the result included a $40 million non-refundable payment from its strategic collaboration with Regeneron, meaning the collaboration payment exceeded the company’s entire reported profit for the period.
Group revenue increased 22% year-over-year to $477 million, tracking toward the upper end of Telix’s full-year revenue guidance of $950 million to $970 million. Gross margin increased to 55%, up approximately two percentage points from the prior-year period.
Adjusted EBITDA increased 146% to $52 million. Telix said the improvement reflected strong demand across its product portfolio as well as the initial $40 million payment received through its Regeneron collaboration.
The significance of that payment is particularly visible at the bottom line. Telix reported $38 million of profit after tax, which included the $40 million of other income from Regeneron as well as $19 million of finance costs, primarily associated with refinancing its convertible bonds.
Telix also substantially increased investment in its pipeline. Research and development spending reached $124 million, up from $82 million a year earlier, as the company directed capital toward late-stage therapeutic and precision medicine programs.
The company’s Precision Medicine segment continued to provide the commercial foundation for that investment. Segment revenue increased 27%, driven by volume growth and market-share gains for Illuccix and Gozellix. Precision Medicine gross margin reached 65%, while segment adjusted EBITDA increased 26% to $132 million.
Telix generated $23 million of operating cash flow during the first half and ended June with $252 million of cash. The company also completed a refinancing that included the issuance of $600 million of new convertible bonds due in 2031.
For 2026, Telix expects revenue and other income to exceed $1 billion, including the $40 million Regeneron payment, while maintaining R&D spending guidance of $230 million to $270 million.
KEY QUOTES:
“Telix delivered an outstanding first half, with strong revenue growth, market share gains and significant progress across clinical and regulatory milestones.”
Dr. Christian Behrenbruch, Managing Director and Group CEO of Telix Pharmaceuticals
