Telix Pharmaceuticals is a commercial-stage biopharmaceutical company focused on radiopharmaceuticals — drugs that use radioactive isotopes to image or treat tumors. Telix's core concept is "theranostics": pairing companion diagnostic and therapeutic agents that target the same cancer biomarker to locate and destroy tumors. The core commercial product is Illuccix, a PSMA-PET imaging agent that locates prostate cancer lesions throughout the body. Approved in the U.S. in 2021, Illuccix is used for staging, recurrence detection, and patient selection for PSMA-directed therapy. Gozellix, a second PSMA imaging agent with a longer shelf life, received FDA approval in March 2025. Both products are distributed through a network of over 225 radiopharmacies, including Telix's own RLS network and third-party partners. Telix's business model is per-dose: revenue scales with patient scan volume and average selling price, both of which are heavily influenced by Medicare reimbursement status. Because radioisotopes have short half-lives, manufacturing and last-mile delivery are operationally critical, which is why Telix acquired RLS — to route more volume through owned infrastructure and improve margins. The Precision Medicine business self-funds a pre-commercial therapeutics pipeline, including late-stage programs in prostate cancer, glioblastoma, and kidney cancer, with a first therapeutic approval targeted around 2028. Telix also operates Telix Manufacturing Solutions, a global manufacturing and supply chain segment that includes production facilities in Brussels and a growing radiopharmacy network.