The Telix Pharmaceuticals Ltd (ASX: TLX) share price is down 13% after the business revealed a US subpoena with its quarterly update.
Telix is a biopharmaceutical company focused on developing and selling therapeutic and diagnostic radiopharmaceuticals and associated medical technologies. Its products aim to address significant unmet medical needs in oncology and rare diseases.
US subpoena
The business announced it has received a subpoena from the US Securities and Exchange Commission. It’s asking for documents and information primarily relating to the company’s disclosures about the development of the company’s prostate cancer therapeutic candidates.
Telix said it’s fully cooperating and is in the process of responding. At this stage, the matter is a “fact-finding” request.
The company has decided to notify ASIC of the SEC’s information request.
The ASX share said this does not mean that Telix or anyone else has violated the US federal securities laws or that the SEC has a negative opinion of any person, entity or security.
Telix said it can’t predict when this will be resolved or what action, if any, the SEC may take.
The company said it would continue with its clinical development programs related to its prostate cancer therapy candidates.
Telix also noted the information request does not extend to Telix’s commercial and late-stage precision medicine products including Illuccix, Gozellix, Zircaix, Pixclara and Scintimun.
Quarterly guidance
The business also revealed some June quarter numbers. It said it generated group revenue of approximately $204 million, up 63% year over year. Compared to the first quarter of 2025, group revenue increased 10%.
Following that performance, the business reaffirmed its revenue guidance of between $770 million to $800 million.
The Gozellix product was launched in the US and commercial dose deliveries commenced. Telix said Gozellix has been assigned a Level II HCPCS code, effective from 1 October 2025, which is needed for receiving ‘transitional pass-through payment status’.
Final thoughts on the Telix share price
The market doesn’t like negative surprises and the subpoena is clearly not welcome news. Time will tell how this plays out, but it may be a signal that isn’t good for Telix or even the wider healthcare sector.
I’d prefer to look at other ASX growth shares for opportunities.
