2025-06-04-Jefferies-Telix（TLX）_杰富瑞美国医疗保健会议第一天回顾_TLX_AU_7页_103kb

Telix Pharmaceuticals Ltd Conference Summary and Analysis

• Conference Highlights: On Day 1 of the 2025 Jefferies Healthcare Conference in New York, Telix presented details on its TLX591 radioimmunoconjugate for treating metastatic castration-resistant prostate cancer (mCRPC). The ProstACT GLOBAL phase III study investigates TLX591 combined with androgen receptor pathway inhibitors (ARPIs) or docetaxel. Primary endpoint is radiographic progression-free survival (rPFS), with interim analysis planned.

• Near-Term Products: Telix received US FDA approval for Gozellix (TLX007-CDx), a PSMA PET diagnostic agent. It is seeking an ASP-based pass-through payment (PTP) start from 4Q2025. Providers can use NORA classification for reimbursement pending PTP. Telix aims to deliver doses to distances three times farther than generators, potentially increasing market penetration in the US PSMA PET market with a ~US$1.8Bn TAM.

• Potential New Launch: Zircaix (TLX250-CDx) for clear cell renal cell carcinoma (ccRCC) has a BLA submitted to FDA, with a PDUFA date of August 27, 2025. It offers >85% sensitivity and specificity, potentially becoming standard-of-care, with a projected US TAM of US$800m.

• Valuation and Risks: Equity Research maintains a "Buy" rating with a price target of A$34.50. Key commercial opportunities include prostate cancer treatments, kidney cancer imaging, glioblastoma diagnosis, and amyloidosis therapy. Risks involve late-stage clinical trial outcomes, regulatory approvals, and market viability uncertainties. Preclinical and clinical trials show product viability, but no guarantees.

• Investment Considerations: Telix's recent acquisitions and partnerships underscore growth potential. However, competition and market conditions add uncertainty. Jefferies' analysis highlights upside potential if products succeed.