This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Telix Pharmaceuticals Ltd develops and commercializes radiopharmaceutical products for oncology and rare diseases. Its core business model involves preclinical and clinical research that requires animal testing as a standard regulatory step for drug development and approval. Published research, including a 2024 study in a peer-reviewed journal, acknowledges Telix as the supplier of a key antibody used in experiments conducted on animals under Dutch animal welfare regulations. This indicates the company's products are integral to ongoing research protocols involving animal subjects. As a biotechnology firm in the therapeutic radiopharmaceutical sector, animal-based research is a central, unavoidable component of its product development pipeline.
Research Sources
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.