Revenue growth has re-accelerated to 16.6% in 2026Q2, but this has not translated to operating profitability, as operating expenses have pushed the operating margin to -2.9% and normalized gross margins to 51.6%.
Telix Pharmaceuticals Limited (TLX) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 2.5B | 1.21B | 783.21M | 502.55M | 160.1M | 7.6M | 5.21M | 3.48M | 195.14K | 0 |
| Revenue Growth % | 201.99% | 53.91% | 55.85% | 213.9% | 2007.64% | 45.71% | 49.58% | 1685.88% | - | - |
| Cost of Goods Sold | 1.14B | 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 | 1.36B | 640.23M | 509.68M | 314.39M | 94.93M | 5.05M | 3.19M | -11.88M | 195.14K | -3.79K |
| Gross Margin % | 54.35% | 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 | 1.28B | 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 | 638.97M | 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 | 513.11M | 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 | 2M | 0 | 99.39M | 270K | 41.9M | -27.82M | -13.24M | -4.37M | 79.29K | 874.8K |
| Operating Income | 74.08M | 26.64M | 82.13M | 15.84M | -91.93M | -81.25M | -44.19M | -36.02M | -29.3M | -6.52M |
| Operating Margin % | 2.96% | 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 | 144.16M | 59.31M | 87.82M | 22.58M | -86.55M | -76.07M | -39.88M | -31.78M | -29.3M | -6.52M |
| EBITDA Margin % | 5.77% | 4.92% | 11.21% | 4.49% | -54.06% | -1001.49% | -764.99% | -912.02% | -15012.52% | - |
| EBITDA Growth % | 356.46% | -32.46% | 288.86% | 126.09% | -13.77% | -90.76% | -25.47% | -8.49% | -349.63% | - |
| D&A (Non-Cash Add-back) | 70.08M | 32.67M | 5.69M | 6.74M | 5.38M | 5.17M | 4.31M | 4.24M | 6.97K | 3.79K |
| EBIT | 67.82M | 47.17M | 92.55M | 16.22M | -98.22M | -75.25M | -44.19M | -28.71M | -29.3M | -5.68M |
| Net Interest Income | -22.29M | -46.33M | -10.6M | -8.27M | -405K | -195.68K | -1.11M | -2.31M | 303.73K | 29.58K |
| Interest Income | 16.86M | 8.74M | 10.86M | 671K | 1K | 0 | 67K | 98K | 332.75K | 38.98K |
| Interest Expense | 39.15M | 55.06M | 21.46M | 8.94M | 406K | 195.68K | 1.18M | 2.41M | 29.02K | 9.4K |
| Other Income/Expense | 7.2M | -34.54M | -26.07M | -12.75M | -6.69M | -17.79M | -11M | 4.9M | 11.94M | 142.22K |
| Pretax Income | 81.28M | -7.9M | 56.06M | 3.09M | -98.62M | -99.04M | -60.25M | -31.12M | -15.71M | -6.38M |
| Pretax Margin % | 3.25% | -0.66% | 7.16% | 0.61% | -61.6% | -1303.83% | -1155.82% | -893.03% | -8052.54% | - |
| Income Tax | -1.74M | 2.79M | 6.14M | -2.07M | 5.46M | -18.53M | -15.37M | -3.25M | -1.88M | 0 |
| Effective Tax Rate % | -2.14% | -35.3% | 10.95% | -66.93% | -5.53% | 18.71% | 25.5% | 10.46% | 11.99% | 0% |
| Net Income | 83.02M | -10.69M | 49.92M | 5.21M | -104.08M | -80.51M | -44.89M | -27.87M | -13.83M | -6.38M |
| Net Margin % | 3.32% | -0.89% | 6.37% | 1.04% | -65.01% | -1059.9% | -861.06% | -799.63% | -7087.06% | - |
| Net Income Growth % | 609.41% | -121.41% | 857.95% | 105.01% | -29.27% | -79.36% | -61.08% | -101.5% | -116.87% | - |
| Net Income (Continuing) | 83.02M | -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 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.23 | -0.03 | 0.14 | 0.02 | -0.34 | -0.29 | -0.17 | -0.12 | -0.07 | -0.05 |
| EPS Growth % | 562.72% | -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 | 356.89M | 337.88M | 345.19M | 323.71M | 310.64M | 282.21M | 257.27M | 233.44M | 202.12M | 127.99M |
| Basic Shares Outstanding | 339.22M | 337.88M | 331.23M | 319.18M | 310.64M | 282.21M | 257.27M | 233.44M | 202.12M | 127.99M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Margin compression vs. expense scaling
Revenue Acceleration After Volatile Ramp
Revenue growth has re-accelerated to 16.6% in 2026Q2, a marked improvement from the low-single-digit growth in late 2025, suggesting the commercialization of its radiopharmaceutical portfolio is gaining more consistent traction.
The sharp acceleration from a 4.4% year-over-year increase in 2025Q4 to 16.6% in the latest quarter implies the underlying demand drivers for its diagnostic and therapeutic products are strengthening. However, the historical pattern of highly variable growth, including a negative quarter in 2024Q2, suggests the revenue stream may still be lumpy and dependent on specific procurement cycles or clinical milestones, warranting careful monitoring of whether this pace is sustainable.
Gross Margin Normalization From Peaks
Gross margin has stabilized in the low-50% range, at 51.6% in 2026Q2 according to financial statements, representing a significant normalization from the volatile highs and lows that characterized the company's early commercial phase.
This level of gross margin appears to be the new operating baseline after the extreme volatility seen between 2021 and 2023, suggesting a more predictable cost of goods sold structure is emerging. While significantly below the 96.4% margin of peer Exelixis, it is materially above the historical lows, indicating the company has moved past the initial, inefficient scale-up phase of manufacturing and distribution.
R&D and SG&A Outpace Gross Profit Growth
Operating expenses, led by SG&A at $197.2M and R&D at $179.3M in 2026Q2, have grown faster than gross profit, consuming the entirety of the gross profit and leading to an operating loss.
The heavy spending in both commercial infrastructure (SG&A) and pipeline development (R&D) is typical for a biotech in a growth phase, but the combined expense burden now exceeds the company's gross profit generation. This dynamic forces a focus on future leverage, where revenue growth must significantly outpace the growth of this fixed-cost base to achieve sustainable operating profitability.
Operating Leverage Absent Despite Top-Line Growth
Operating income was negative $19.9M in 2026Q2 despite a 16.6% revenue increase, indicating a lack of operating leverage as rising R&D and SG&A have fully offset gains from higher sales volume.
The negative operating margin of -2.9% in the latest period, compared to a positive 2.7% a year earlier, suggests the company is not yet seeing its scaled revenue base translate into proportionally lower operating expenses. This implies that the current investment phase is consuming all incremental gross profit, and investors should monitor for signs that the cost structure will begin to leverage favorably as the commercial platform matures.
Net Income Supported by Non-Operating Items
The company reported positive net income of $55.5M in 2026Q2, despite an operating loss, a disparity that strongly suggests significant non-operating income or tax benefits are boosting the bottom line.
This disconnect between operating performance and reported net income means the positive EPS of $0.16 is not derived from core business operations. Such reliance on non-recurring or non-operating items for profitability reduces the quality of earnings, as it obscures the true underlying profitability of the commercial and R&D activities and makes future net income highly unpredictable.
Structural Profitability Challenge Persists
The most critical risk to the financial narrative is that the company may be growing into a permanently lower-margin structure, with operating expenses scaling ahead of the ability to generate sufficient gross profit.
The shift from a volatile but occasionally high-margin profile to a stable ~52% gross margin, combined with a rapidly expanding cost base, creates a challenging path to operating breakeven. If revenue growth were to decelerate, the fixed nature of R&D and SG&A commitments could quickly lead to deeper operating losses, forcing the company to rely on external financing or non-operational gains to remain solvent.