Detailed financial statements for Telix Pharmaceuticals Limited (TLX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Telix Pharmaceuticals Limited, a commercial-stage biopharmaceutical company, focuses on the development and commercialization of therapeutic and diagnostic radiopharmaceuticals. The company operates through three segments: Precision Medicine, Therapeutics, and Manufacturing Solutions. Its lead therapeutic product candidate is TLX591, a lutetium-labeled radio antibody-drug conjugate (rADC), which is in a Phase 3 clinical trial in patients with advanced prostate cancer.
Analysis Summary
Telix Pharmaceuticals Limited reported revenue of $789.8M in the most recent fiscal year, growing at a 5-year CAGR of 172.9%.
Trailing-twelve-month margins: gross margin 52.1%, operating margin -0.8%, net margin 3.7%.
At $9.05 (closing price, November 2, 2026), TLX trades at a P/E of 95.01 and an ROE of 7.24%. Market capitalisation stands at $3.1B.
Balance sheet quality for TLX: debt-to-equity ratio of 1.19, current ratio of 2.01 over the last 12 months, net debt of $325.1M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | $195,142 | $3.5M | $5.2M | $7.6M | $160.1M | $502.5M | $783.2M | $789.8M |
| Cost of Revenue | 0 | $3,793 | 0 | $2.5M | $2.0M | $2.5M | $65.2M | $188.2M | $273.5M | $370.3M |
| Gross Profit | 0 | -$3,793 | $195,142 | $942,000 | $3.2M | $5.0M | $94.9M | $314.4M | $509.7M | $419.5M |
| Research & Development | $10,000 | $3.0M | $18.7M | $21.2M | $23.1M | $34.1M | $57.9M | $128.8M | $121.0M | $168.3M |
| Selling, General & Admin | $20,000 | $2.7M | $9.1M | $11.6M | $19.2M | $47.0M | $87.1M | $134.2M | $207.1M | $233.7M |
| Operating Expenses | $30,000 | $6.5M | $27.8M | $37.0M | $47.6M | $51.5M | $186.9M | $263.3M | $427.5M | $402.0M |
| Operating Income | -$30,000 | -$5.7M | -$27.6M | -$39.9M | -$44.2M | -$81.2M | -$91.9M | $15.8M | $82.1M | $17.5M |
| EBITDA | 0 | -$5.7M | -$29.3M | -$24.5M | -$39.3M | -$70.1M | -$92.8M | $23.0M | $100.6M | $52.3M |
| Interest Expense | 0 | $9,401 | $29,018 | $2.4M | $1.2M | $195,683 | $406,000 | $8.9M | $21.5M | $36.1M |
| Pre-tax Income | -$44,000 | -$6.4M | -$15.7M | -$31.1M | -$47.9M | -$99.0M | -$98.6M | $3.1M | $56.1M | -$5.2M |
| Income Tax | 0 | 0 | -$1.9M | -$3.3M | -$3.0M | -$18.5M | $5.5M | -$2.1M | $6.1M | $1.8M |
| Net Income | -$44,000 | -$6.4M | -$13.8M | -$27.9M | -$44.9M | -$80.5M | -$104.1M | $5.2M | $49.9M | -$7.0M |
| EPS | -$0.00 | -$0.05 | -$0.07 | -$0.12 | -$0.17 | -$0.29 | -$0.33 | $0.02 | $0.15 | -$0.02 |
| EPS (Diluted) | -$0.00 | -$0.05 | -$0.07 | -$0.12 | -$0.17 | -$0.29 | -$0.33 | $0.02 | $0.14 | -$0.02 |
| Shares Outstanding (Diluted) | 128.0 M | 128.0 M | 202.1 M | 233.4 M | 257.3 M | 282.2 M | 310.6 M | 323.7 M | 345.2 M | 337.9 M |
Income Statement (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $594.2M | $355.1M | $410.0M | $476.0M |
| Gross Profit | $385.8M | $172.7M | $216.4M | $245.6M |
| Operating Income | $68.4M | $9.5M | $6.5M | -$13.7M |
| EBITDA | $82.8M | $8.5M | $19.1M | $11.9M |
| Net Income | $38.2M | -$2.1M | -$4.8M | $38.2M |
| EPS | $0.12 | -$0.01 | -$0.01 | $0.11 |
| EPS (Diluted) | $0.11 | -$0.01 | -$0.01 | $0.11 |
Balance Sheet (10y)
| Year | 2000 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.0M | $48.8M | $25.8M | $44.6M | $77.9M | $22.0M | $116.3M | $123.2M | $710.3M | $141.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $55,000 | $488,831 | $9.0M | $13.0M | $14.2M | $20.8M | $31.1M | $79.5M | $159.0M | $138.3M |
| Inventory | 0 | 0 | $642,525 | $542,000 | $633,000 | $3.5M | $5.8M | $17.3M | $38.1M | $37.1M |
| Total Current Assets | $3.0M | $49.5M | $35.9M | $58.7M | $93.6M | $47.5M | $173.2M | $224.8M | $918.6M | $330.2M |
| Property, Plant & Equipment | $6.3M | $5,389 | $226,171 | $1.9M | $4.8M | $6.3M | $18.8M | $30.5M | $54.3M | $115.6M |
| Goodwill | 0 | $332,489 | $3.1M | $4.2M | $4.2M | $4.1M | $5.5M | $4.8M | $106.6M | $198.9M |
| Intangible Assets | 0 | $1.2M | $36.3M | $41.9M | $59.2M | $55.7M | $59.0M | $104.8M | $309.5M | $393.7M |
| Total Assets | $9.4M | $51.1M | $76.7M | $102.6M | $157.8M | $109.8M | $255.4M | $398.3M | $1.52B | $1.18B |
| Accounts Payable | $352,000 | $275,844 | $3.2M | $7.0M | $5.8M | $11.9M | $16.8M | $32.8M | $68.7M | $71.6M |
| Short-term Debt | 0 | $345,433 | $1.1M | $469,000 | $264,000 | $19,000 | $636,238 | $964,000 | $19.0M | $13.1M |
| Total Current Liabilities | $352,000 | $1.5M | $8.2M | $10.6M | $20.0M | $38.0M | $85.6M | $157.4M | $330.9M | $231.6M |
| Long-term Debt | 0 | 0 | $596,295 | $292,000 | $95,000 | 0 | $3.3M | $8.2M | $551.8M | $391.8M |
| Total Liabilities | $352,000 | $1.8M | $23.8M | $32.5M | $78.8M | $106.2M | $175.3M | $249.4M | $948.2M | $766.5M |
| Retained Earnings | -$6.1M | -$6.4M | -$20.2M | -$48.1M | -$93.0M | -$173.5M | -$272.8M | -$263.7M | -$213.0M | -$154.5M |
| Total Equity | $9.0M | $49.3M | $52.9M | $70.1M | $79.0M | $2.2M | $80.0M | $148.9M | $568.2M | $415.2M |
| Total Debt | 0 | $345,433 | $1.7M | $2.1M | $2.2M | $2.5M | $10.4M | $17.4M | $581.4M | $467.0M |
| Net Debt | -$3.0M | -$48.4M | -$24.0M | -$42.5M | -$75.7M | -$19.5M | -$105.9M | -$105.8M | -$128.9M | $325.1M |
| Working Capital | $2.7M | $48.1M | $27.6M | $48.1M | $73.7M | $9.6M | $87.7M | $67.4M | $587.7M | $98.6M |
Balance Sheet (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $710.3M | $317.8M | $212.5M | $363.6M |
| Total Assets | $1.52B | $1.83B | $1.77B | $1.97B |
| Total Liabilities | $948.2M | $1.18B | $1.15B | $1.26B |
| Total Equity | $568.2M | $647.4M | $622.3M | $704.0M |
| Total Debt | $581.4M | $641.7M | $699.8M | $837.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$44,000 | -$6.4M | -$13.8M | -$27.9M | -$44.9M | -$80.5M | -$104.1M | $5.2M | $49.9M | -$7.0M |
| Depreciation & Amortization | $30,000 | $3,796 | $7,025 | $4.2M | $4.8M | $5.2M | $5.4M | $6.7M | $8.0M | $21.4M |
| Stock-based Compensation | 0 | $109,020 | $712,000 | $1.3M | $2.3M | $1.3M | $8.1M | $8.8M | $19.7M | 0 |
| Change in Working Capital | 0 | -$890,223 | -$8.7M | -$3.3M | -$612,000 | -$7.4M | -$28.6M | -$57.5M | -$98.8M | -$44.4M |
| Operating Cash Flow | 0 | -$6.0M | -$20.7M | -$23.3M | $2.0M | -$59.3M | -$64.0M | $23.9M | $43.0M | -$17.0M |
| Capital Expenditure | 0 | -$5,642 | 0 | -$403,000 | -$248,000 | -$1.3M | -$7.0M | -$9.7M | -$14.3M | -$37.3M |
| Acquisitions | 0 | $4,382 | -$2.7M | 0 | -$322,000 | 0 | -$973,000 | -$1.5M | -$34.7M | -$216.8M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | -$6.0M | -$20.7M | -$23.7M | $1.7M | -$60.7M | -$71.0M | $14.2M | $28.7M | -$54.2M |
Cash Flow (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $3.9M | $27.0M | -$52.5M | $33.4M |
| Capital Expenditure | -$9.6M | -$10.1M | -$40.0M | -$27.5M |
| Free Cash Flow | -$5.7M | $16.8M | -$92.6M | $5.9M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $9.7M | $17.6M | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1,685.9% | +49.6% | +45.7% | +2,007.6% | +213.9% | +55.8% | +0.8% | |||
| Net Income Growth (YoY) | -14,393.4% | -116.9% | -101.5% | -61.1% | -79.4% | -29.3% | +105.0% | +858.0% | -114.0% | |
| EPS Growth (YoY) | -16,500.0% | -37.3% | -75.4% | -41.7% | -70.6% | -13.8% | +104.9% | +820.2% | -113.8% | |
| Shares Change (YoY) | +0.0% | +57.9% | +15.5% | +10.2% | +9.7% | +10.1% | +4.2% | +6.6% | -2.1% | |
| FCF Growth (YoY) | -243.7% | -14.4% | +107.2% | -3,643.6% | -17.0% | +120.0% | +102.1% | -289.0% | ||
| Gross Margin | 100.0% | 27.0% | 61.2% | 66.5% | 59.3% | 62.6% | 65.1% | 53.1% | ||
| Operating Margin | -14,167.6% | -1,145.8% | -847.7% | -1,069.6% | -57.4% | 3.2% | 10.5% | 2.2% | ||
| EBITDA Margin | -15,012.5% | -702.4% | -754.7% | -922.5% | -58.0% | 4.6% | 12.8% | 6.6% | ||
| Net Margin | -7,087.1% | -799.6% | -861.1% | -1,059.9% | -65.0% | 1.0% | 6.4% | -0.9% | ||
| FCF Margin | -10,632.8% | -681.1% | 32.8% | -798.7% | -44.4% | 2.8% | 3.7% | -6.9% | ||
| Effective Tax Rate | -0.0% | -0.0% | 12.0% | 10.5% | 6.4% | 18.7% | -5.5% | -68.7% | 10.9% | -35.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.00 | -$0.05 | -$0.10 | -$0.10 | $0.01 | -$0.21 | -$0.23 | $0.04 | $0.08 | -$0.16 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 128.0 M | 128.0 M | 202.1 M | 233.4 M | 257.3 M | 282.2 M | 310.6 M | 319.2 M | 331.2 M | 337.9 M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 7.24% |
| Return on Invested Capital | -0.61% |
| Return on Assets | 2.40% |
| Gross Margin | 52.14% |
| Operating Margin | -0.78% |
| Net Margin | 3.69% |
Financial Health
| Debt / Equity | 1.19 |
| Current Ratio | 2.01 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 2.62 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -70,008.15 | -389.55 | -314.07 | -179.86 | -115.81 | -71.87 | -67.33 | 1,364.06 | 165.85 | -361.84 |
| P/B | 0.00 | 50.37 | 82.08 | 71.89 | 64.10 | 2,725.51 | 86.27 | 47.66 | 14.50 | 6.09 |
| P/S | 0.00 | 0.00 | 22,251.32 | 1,445.68 | 971.61 | 774.31 | 43.11 | 14.12 | 10.52 | 3.20 |
| Gross Margin | 0.0% | 0.0% | 100.0% | 27.0% | 61.2% | 66.5% | 59.3% | 62.6% | 65.1% | 53.1% |
| Operating Margin | 0.0% | 0.0% | -14,167.6% | -1,145.8% | -847.7% | -1,069.6% | -57.4% | 3.2% | 10.5% | 2.2% |
| Net Margin | 0.0% | 0.0% | -7,087.1% | -799.6% | -861.1% | -1,059.9% | -65.0% | 1.0% | 6.4% | -0.9% |
Related companies: VRTX · 0QZU.L · REGN · MRNA · 0R2M.L · ARGX · 0QNO.L · RVMD
Explore sector: Healthcare · Biotechnology
More sections of TLX: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method · Companies that pass the Lynch method · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks