Telix Pharmaceuticals’ share price (ASX:TLX) tumbled to a new 52-week low today, hitting A$16 as the firm faces up to headwinds including an SEC investigation and rising operational expenditure. The stock recovered to close at A$18.53, for a 8.45% decline on the day.
The downturn follows the company’s disclosure on July 22nd, that it received a subpoena from the U.S. Securities and Exchange Commission (SEC) regarding its disclosures concerning prostate cancer therapeutic candidates. Telix is cooperating with the SEC, emphasizing that the request is a fact-finding exercise and doesn’t imply any violation of U.S. federal securities laws.
Adding to that, Telix anticipates reporting operating expenditure for the first half of 2025 at 36% of revenue, based on unaudited figures. This figure, excluding research and development (R&D) spend, reflects the company’s reinvestment in commercial growth and pipeline development, particularly following the acquisition of RLS Radiopharmacies completed in January 2025.
Telix has also recast its reporting for the full and half-year results for 2023 and 2024, switching to US dollars to reflect the increasing significance of its US operations, which have expanded significantly following recent acquisitions.
Despite the challenging backdrop, Telix reported strong unaudited group revenue for Q2 2025 of approximately US$204 million, a 63% year-over-year increase. This growth was fueled by robust demand for Illuccix and the initial revenue contribution from RLS Radiopharmacies.
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First quarter revenue hit US$186 million. The company has reaffirmed its full-year 2025 revenue guidance of US$770 million to US$800 million, while projecting a 20-25% year-over-year increase in R&D expenditure.
Telix launched Gozellix in the U.S. in July 2025, with commercial dose deliveries already underway. The company’s Brussels South facility in Belgium also commenced GMP commercial radiopharmaceutical dose production, marking the formal launch of Telix’s radiopharmaceutical manufacturing capability in Europe.
However, the SEC investigation has triggered increased caution among analysts, with Jefferies Group downgrading Telix’s stock, citing regulatory risks overshadowing the company’s revenue growth. This downgrade further contributed to the stock’s decline.
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