CSL Ltd (ASX: CSL) shares have lost 42% in value over 12 months and 12% in 2026.
The global biotech heavyweight — once a market darling — is in a rough stretch. Earlier this month, the ASX biotech posted disappointing half-year results, and CEO transition noise has only added to the pressure.
Investors might want to shift their focus to a smaller rival of CSL shares: Telix Pharmaceuticals Ltd (ASX: TLX). It finished last week with a 14% rise to $10.43.
More importantly, brokers tip explosive upside for this ASX share. Let's find out why.
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Big ups and downs
Telix Pharmaceuticals delivered standout gains over the past 12 months, climbing to a peak of $31.97 nearly a year ago. Since then, it has tumbled 67% to $10.43 at the time of writing.
Telix develops radiopharmaceuticals for cancer diagnosis and treatment, combining biotech innovation with specialised manufacturing and global distribution.
Crucially, Telix has moved beyond the development stage and into full commercial operations. As regulatory approvals convert into wider clinical adoption, revenue can scale rapidly.
The growth of the competitor of CSL shares now depends on product uptake and market penetration rather than economic cycles. That dynamic introduces volatility, but it also gives investors direct exposure to a healthcare niche where innovation can translate quickly into earnings.
Turnover exceeding $1 billion
On Friday, Telix reported a huge jump in full-year revenues while also saying it expects to easily beat that amount in the current year.
The drug company said in a statement to the ASX on Friday that full-year revenue had come in at US$803 million, up 56% year on year, and at the lower end of its upsized guidance range of US$800 to US$820 million.
Telix also provided guidance for the current year, saying it expected to turn over US$950 to US$970 million ($1.35 to $1.38 billion), while the company would spend US$200 to US$240 million on research and development.
Urgent need, no competition
Last week, the company announced it had submitted a European marketing authorisation application for TLX101-Px, its brain cancer imaging agent.
TLX101-Px is set to play a key role in Telix's glioblastoma therapy program, helping clinicians select and monitor patients in ongoing trials — including phase 3 studies in Europe.
Importantly, there are no widely available commercial alternatives. That leaves Telix well placed to meet an urgent clinical need with little to no direct competition.
What next for Telix and CSL shares?
Telix still has exceptional growth potential in a rapidly expanding market, and at its current share price, the ASX stock is highly attractive. Analysts are overwhelmingly bullish on Telix heading into 2026.
According to TradingView, all 15 analysts covering the stock rate it a buy or strong buy — a rare show of unanimity — and they expect significant upside over the next year.
Price targets are aggressive. The consensus suggests the shares could surge 139% to $24.94. The most optimistic forecasts go even further, projecting a rise to $32.30 per share. This points to a staggering 210% upside from current levels, more than tripling the stock's present value.
By comparison, Bell Potter just cut its 12-month price target for CSL shares from $195 to $175. This suggests a modest 13% upside at current levels for the $74 billion ASX share.
