Revenue growth has decelerated to 4.4% in 2025Q4, while structural margin pressures have driven operating margins down to a thin 1.6%.
| Sales/Revenue | 1.21B | 783.21M | 502.55M | 160.1M | 7.6M | 5.21M | 3.48M | 195.14K | 0 |
| Revenue Growth % | 53.91% | 55.85% | 213.9% | 2007.64% | 45.71% | 49.58% | 1685.88% | - | - |
| Cost of Goods Sold | 565.2M | 273.53M | 188.16M | 65.17M | 38.68M | 2.02M | 15.36M | 0 | 3.79K |
| COGS % of Revenue | 46.89% | 34.92% | 37.44% | 40.71% | 509.24% | 38.83% | 440.75% | - | - |
| Gross Profit | 640.23M | 509.68M | 314.39M | 94.93M | 5.05M | 3.19M | -11.88M | 195.14K | -3.79K |
| Gross Margin % | 53.11% | 65.08% | 62.56% | 59.29% | 66.46% | 61.17% | -340.75% | 100% | - |
| Gross Profit Growth % | 25.61% | 62.12% | 231.19% | 1780.47% | 58.29% | 126.85% | -6185.31% | 5244.79% | - |
| Operating Expenses | 613.59M | 427.55M | 263.27M | 186.86M | 53.3M | 29.05M | 28.38M | 27.85M | 6.52M |
| OpEx % of Revenue | 50.9% | 54.59% | 52.39% | 116.71% | 701.72% | 557.23% | 814.38% | 14271.2% | - |
| Selling, General & Admin | 356.77M | 207.13M | 134.16M | 87.1M | 46.99M | 19.21M | 11.59M | 9.08M | 2.67M |
| SG&A % of Revenue | 29.6% | 26.45% | 26.7% | 54.4% | 618.56% | 368.46% | 332.48% | 4651.88% | - |
| Research & Development | 256.82M | 121.03M | 128.84M | 57.86M | 34.13M | 23.09M | 21.16M | 18.69M | 2.98M |
| R&D % of Revenue | 21.31% | 15.45% | 25.64% | 36.14% | 449.38% | 442.84% | 607.23% | 9578.68% | - |
| Other Operating Expenses | 0 | 99.39M | 270K | 41.9M | -27.82M | -13.24M | -4.37M | 79.29K | 874.8K |
| Operating Income | 26.64M | 82.13M | 15.84M | -91.93M | -81.25M | -44.19M | -36.02M | -29.3M | -6.52M |
| Operating Margin % | 2.21% | 10.49% | 3.15% | -57.42% | -1069.6% | -847.7% | -1033.57% | -15016.09% | - |
| Operating Income Growth % | -67.56% | 418.5% | 117.23% | -13.15% | -83.86% | -22.68% | -22.92% | -349.47% | - |
| EBITDA | 59.31M | 87.82M | 22.58M | -86.55M | -76.07M | -39.88M | -31.78M | -29.3M | -6.52M |
| EBITDA Margin % | 4.92% | 11.21% | 4.49% | -54.06% | -1001.49% | -764.99% | -912.02% | -15012.52% | - |
| EBITDA Growth % | -32.46% | 288.86% | 126.09% | -13.77% | -90.76% | -25.47% | -8.49% | -349.63% | - |
| D&A (Non-Cash Add-back) | 32.67M | 5.69M | 6.74M | 5.38M | 5.17M | 4.31M | 4.24M | 6.97K | 3.79K |
| EBIT | 47.17M | 92.55M | 16.22M | -98.22M | -75.25M | -44.19M | -28.71M | -29.3M | -5.68M |
| Net Interest Income | -46.33M | -10.6M | -8.27M | -405K | -195.68K | -1.11M | -2.31M | 303.73K | 29.58K |
| Interest Income | 8.74M | 10.86M | 671K | 1K | 0 | 67K | 98K | 332.75K | 38.98K |
| Interest Expense | 55.06M | 21.46M | 8.94M | 406K | 195.68K | 1.18M | 2.41M | 29.02K | 9.4K |
| Other Income/Expense | -34.54M | -26.07M | -12.75M | -6.69M | -17.79M | -11M | 4.9M | 11.94M | 142.22K |
| Pretax Income | -7.9M | 56.06M | 3.09M | -98.62M | -99.04M | -60.25M | -31.12M | -15.71M | -6.38M |
| Pretax Margin % | -0.66% | 7.16% | 0.61% | -61.6% | -1303.83% | -1155.82% | -893.03% | -8052.54% | - |
| Income Tax | 2.79M | 6.14M | -2.07M | 5.46M | -18.53M | -15.37M | -3.25M | -1.88M | 0 |
| Effective Tax Rate % | -35.3% | 10.95% | -66.93% | -5.53% | 18.71% | 25.5% | 10.46% | 11.99% | 0% |
| Net Income | -10.69M | 49.92M | 5.21M | -104.08M | -80.51M | -44.89M | -27.87M | -13.83M | -6.38M |
| Net Margin % | -0.89% | 6.37% | 1.04% | -65.01% | -1059.9% | -861.06% | -799.63% | -7087.06% | - |
| Net Income Growth % | -121.41% | 857.95% | 105.01% | -29.27% | -79.36% | -61.08% | -101.5% | -116.87% | - |
| Net Income (Continuing) | -10.69M | 49.92M | 5.07M | -104.08M | -80.51M | -44.89M | -27.87M | -13.83M | -6.38M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.03 | 0.14 | 0.02 | -0.34 | -0.29 | -0.17 | -0.12 | -0.07 | -0.05 |
| EPS Growth % | -122.57% | 769.57% | 104.74% | -17.24% | -70.59% | -41.67% | -75.44% | -37.35% | - |
| EPS (Basic) | -0.03 | 0.15 | 0.02 | -0.34 | -0.29 | -0.17 | -0.12 | -0.07 | -0.05 |
| Diluted Shares Outstanding | 337.88M | 345.19M | 323.71M | 310.64M | 282.21M | 257.27M | 233.44M | 202.12M | 127.99M |
| Basic Shares Outstanding | 337.88M | 331.23M | 319.18M | 310.64M | 282.21M | 257.27M | 233.44M | 202.12M | 127.99M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Isotope supply chain volatility
As reported in recent financial statements, Telix's quarterly revenue growth has decelerated significantly to 4.4% by 2025Q4, a sharp contrast to the triple-digit expansion observed in late 2024, suggesting that the initial market penetration phase for Illuccix is reaching a more mature, steady-state adoption level.
The transition from hyper-growth to mid-single-digit expansion indicates that the low-hanging fruit in the PSMA-PET diagnostic market may have been captured. Investors should monitor whether future growth can be sustained through new product launches or if the current diagnostic base faces increased competitive pressure from alternative imaging tracers.
Based on the provided income statement data, gross margins have contracted from a peak of 79.5% in 2023Q4 to 52.8% in 2025Q4, reflecting the inherent cost volatility associated with the procurement and logistics of short-lived medical isotopes required for the company's diagnostic and therapeutic portfolio.
The decline in gross margin suggests that Telix lacks the pricing power to fully offset rising input costs or that the product mix is shifting toward lower-margin offerings. This trend warrants further investigation into whether vertical integration efforts will eventually stabilize these margins or if they will remain structurally pressured.
According to the company's historical filings, operating income has struggled to scale alongside revenue, with operating margins narrowing to 1.6% in 2025Q4, as management continues to prioritize aggressive R&D spending and SG&A expansion to support their broad clinical pipeline over immediate bottom-line profitability.
The inability to demonstrate meaningful operating leverage suggests that the company's current business model is highly sensitive to overhead costs. This strategy appears to prioritize long-term pipeline development, but it leaves the firm vulnerable to earnings volatility if revenue growth fails to outpace the rising cost base.
While Telix has achieved commercial-stage status, the inconsistency in net income, which swung to a $7.3M loss in 2025Q4, suggests that the company's path to sustained profitability remains fragile and highly dependent on the successful execution of its capital-intensive therapeutic development programs.
Short-sellers may focus on the recurring net losses and the potential for further margin erosion as the company scales its therapeutic trials. The reliance on non-operating items and tax incentives to bolster bottom-line results suggests that core operational efficiency is not yet sufficient to support the current valuation.
Quick answers to the most common questions about buying TLX stock.
For fiscal year 2025, Telix Pharmaceuticals Limited (TLX) reported total revenue of $1.21B.
Telix Pharmaceuticals Limited (TLX) reported a net loss of $10.7M for the fiscal year ending 2025.
Telix Pharmaceuticals Limited (TLX) reported an operating income of $26.6M, resulting in an operating profit margin of 2.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Telix Pharmaceuticals Limited (TLX) generated $640.2M in gross profit for the year, representing a gross profit margin of 53.1%. This demonstrates the company's core pricing power and production efficiency.