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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Telix Pharmaceuticals reported revenue of $804M in the fiscal year ended Dec 2025, up 55.6% from the year before. Operating income was $30M, an operating margin of 3.7%, and net income was −$7M. Operating cash flow of −$17M less capital expenditure of $26M left free cash flow of −$43M. Net debt was $263M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 333 | 517 | 804 |
| Cost of revenue | 123 | 180 | 377 |
| Gross profit | 210 | 336 | 426 |
| Research & development | 85.3 | 128 | 171 |
| Operating income | 11.0 | 55.2 | 29.8 |
| Interest expense | 0.1 | 0.1 | 0.2 |
| Pre-tax income | 2.6 | 37.9 | −5.3 |
| Income tax | −1.6 | 4.2 | 1.9 |
| Net income | 4.2 | 33.7 | −7.1 |
| Diluted EPS | 0.01 | 0.10 | −0.02 |
| Diluted shares | 324 | 345 | 338 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 84.3 | 440 | 142 |
| Receivables | 44.0 | 86.9 | 129 |
| Inventory | 12.7 | 23.6 | 37.1 |
| Current assets | 159 | 570 | 330 |
| Net PP&E | 15.8 | 27.8 | 58.7 |
| Goodwill | – | 66.6 | 199 |
| Total assets | 277 | 940 | 1,164 |
| Payables | 54.3 | 86.8 | 150 |
| Deferred revenue | 7.5 | 7.0 | 0.4 |
| Current liabilities | 111 | 205 | 232 |
| Short-term debt | 0.7 | 11.8 | 13.1 |
| Long-term debt | 5.9 | 342 | 392 |
| Total liabilities | 175 | 587 | 749 |
| Shareholders' equity | 103 | 353 | 415 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | 14.3 | 27.5 | −17.3 |
| Capital expenditure | 6.3 | 9.1 | 25.7 |
| Free cash flow | 8.0 | 18.4 | −43.0 |
| Depreciation & amortisation | 4.5 | 4.9 | 21.5 |
| Stock-based compensation | 5.8 | 12.9 | 19.1 |
| Acquisitions | 0.0 | 20.7 | 221 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 55.1% | 55.6% |
| Operating income growth (YoY) | – | 401.2% | −46.0% |
| EPS growth (YoY) | – | 650.8% | −121.6% |
| Gross margin | 62.9% | 65.1% | 53.1% |
| Operating margin | 3.3% | 10.7% | 3.7% |
| Net margin | 1.3% | 6.5% | −0.9% |
| Return on equityBlank when equity is negative | 4.1% | 9.5% | −1.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.6% | 7.5% | 3.2% |
| Free cash flow margin | 2.4% | 3.6% | −5.3% |
| Cash conversion (CFO ÷ net income) | 3.39x | 0.82x | 2.43x |
| Receivable days | 48 | 61 | 59 |
| Inventory days | 38 | 48 | 36 |
| Payable days | 161 | 176 | 145 |
| Interest cover | 113x | 862x | 165x |
| Debt ÷ equity | 0.06x | 1.00x | 0.98x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −77.7 | −86.4 | 263 |
| Current ratio | 1.42x | 2.78x | 1.43x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.