Telix Pharmaceuticals Ltd (ASX: TLX) shares have been strong performers over the past month.
Since this time in March, the radiopharmaceuticals company's shares are up over 30%.
As a comparison, the ASX 200 index is up 1.5% over the same period.
The good news is that the rebound in the Telix share price may not be over according to analysts at Bell Potter.
Let's see what they are saying about the company behind Illuccix and Gozellix products.
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What is the broker saying?
Bell Potter highlights that Telix has released a first-quarter sales update which revealed that Illuccix continues to win market share. It said:
TLX reported a pleasing jump in 1Q26 revenues to $US230m driven by a 16% sequential quarter increase in PSMA imaging revenues to US$186m. This was the result the company had been seeking in 4Q25 following the refresh on pass through pricing (for Gozellix) that had come into effect from 1 October.
For the March quarter, US dose volume increased 5%, implying that TLX successfully converted more of its hospital customer base to the higher reimbursed Gozellix product which services the Medicare fee for service market in the US, while Illuccix continues to be ordered by other clients where the higher reimbursement is not relevant due to the clientele mix.
The broker was also pleased to see Telix reaffirm its guidance for FY 2026. It believes this guidance is achievable based on its positive start to the year, with PSMA revenues comfortably ahead of consensus expectations. It adds:
1Q26 PSMA revenues were ~7% ahead of consensus. FY26 revenue guidance for US$950m – US$970m is re-affirmed. The bottom end of the guidance requires TLX to achieve avg qtly revenues of US$240m – not unreasonable given the short term competitive outlook and strong 1Q26 top line result.
Telix shares tipped to rise
According to the note, the broker has retained its buy rating and $19.00 price target on Telix shares.
Based on its current share price of $13.58, this implies potential upside of 40% for investors between now and this time next year.
Commenting on its buy recommendation, Bell Potter said:
The company continues to make good progress on multiple pipeline products. Short term news flow includes acceptance by the FDA of the resubmitted NDA for Pixclara and the amendment to the IND for TLX591 (prostate cancer Tx). We maintain our Buy rating. FY26 EBITDA is increased by ~US$21m to US$55.3m.
