Revenue surges 58.9% but investors flee. Telix Pharmaceuticals posted Q4 2025 revenue of $664.2M, marking a sharp acceleration from prior-year performance with growth of 58.9%. Despite the strength, shares fell 2.0% to $6.41 in regular trading—a continuation of the three-month slide that has taken the stock from $9.95 in early December to its current level 44.5% below the 200-day average of $11.55.
The disconnect deepens. The biotech now trades at a trailing P/E of 320.5x despite EPS of just $0.02, reflecting a market skeptical of near-term profitability even as the top line accelerates. The forward P/E of 30.4x suggests analysts expect 2026 earnings of $0.21 per share—a 10.5-fold increase—but the stock continues to hemorrhage value. Volume dried up to just 1,020 shares on Feb. 19, well below the recent average daily volume of 180,000 shares over the past three months.
Operating losses persist. Despite the revenue surge, Telix carries an operating margin of -0.3%, indicating the company remains in investment mode. The profit margin of 1.6% on $664.2M in revenue translates to roughly $10.8M in net income for the year—a thin cushion relative to the $2.1B market cap. The company’s trailing EPS of $0.02 on a share price of $6.41 explains the stratospheric P/E multiple and suggests profitability remains more promise than reality.
European catalyst approaches. On Feb. 17, Telix announced submission of a marketing authorization application (MAA) in Europe for TLX101-Px, a brain cancer imaging agent. This regulatory filing provides a tangible near-term catalyst, though no approval timeline was disclosed. The European Medicines Agency typically takes 12-18 months to review MAAs, placing a potential decision in mid-to-late 2027. Success would expand the company’s oncology portfolio beyond its existing products.
Analyst targets imply 240% upside. The consensus price target of $21.77 sits 240% above the current $6.41, suggesting Wall Street sees substantial value despite the operating losses and recent selloff. That gap reflects either aggressive growth assumptions or a market that has overshot to the downside. With no analyst recommendation data available and no forward guidance disclosed in the Q4 release, investors lack visibility into management’s 2026 expectations.
This article was generated using AlphaStreet’s proprietary financial analysis technology and reviewed by our editorial team.