Financial Performance - Lantheus' Q2 2025 revenues were $378 million, a decrease of 4.1% compared to Q2 2024[15, 52] - Adjusted EPS for Q2 2025 was $1.57, a decrease of 12.8% year-over-year[15, 52] - Radiopharmaceutical Oncology sales were $250.6 million, down 8.3% year-over-year, but with a 4% sequential volume increase[52] - Precision Diagnostics sales were $115.8 million, up 3.3% year-over-year, driven by DEFINITY sales growth of 7.5%[52] - Strategic Partnerships sales were $11.6 million, up 32.8% year-over-year[52] Financial Position - Cash provided by operations increased to $87.1 million in Q2 2025 from $84.7 million in Q2 2024[55] - Free cash flow for Q2 2025 was $79.1 million[58] - Lantheus has $695.6 million in cash on hand and $750 million available in revolving credit[58] Guidance - Updated FY 2025 revenue guidance is $1.475 billion - $1.51 billion[61] - Updated FY 2025 adjusted fully diluted EPS guidance is $5.50 - $5.70[61] Strategic Initiatives - Lantheus anticipates four key product launches in the next 18 months: MK-6240, OCTEVY, PNT2003, and a new PSMA PET formulation[20] - The company has a board authorization for a new $400 million stock repurchase program[59]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) Presents unaudited condensed consolidated financial statements and management's discussion for Q2 2025 [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements and notes for periods ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Details the Company's financial position (assets, liabilities, equity) as of June 30, 2025 Balance Sheet Summary | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | **Assets** | | | | Total current assets | $1,201,816 | $1,326,633 | | Total assets | $2,116,077 | $1,980,340 | | **Liabilities & Equity** | | | | Total current liabilities | $280,132 | $240,526 | | Total liabilities | $949,294 | $892,329 | | Total stockholders' equity | $1,166,783 | $1,088,011 | - Total assets increased by **$135.7 million** from December 31, 2024, to June 30, 2025, primarily driven by increases in intangibles and goodwill, partially offset by a decrease in cash and cash equivalents[8](index=8&type=chunk) - Cash and cash equivalents decreased from **$912.8 million** at December 31, 2024, to **$695.6 million** at June 30, 2025[8](index=8&type=chunk) [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Reports revenues, expenses, and net income for Q2 and H1 2025 and 2024 Statements of Operations Summary | Metric (in thousands, except per share) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenues | $378,045 | $394,091 | $750,809 | $764,066 | | Gross profit | $241,011 | $255,774 | $478,711 | $497,620 | | Operating income | $87,966 | $102,729 | $190,033 | $209,364 | | Net income | $78,755 | $62,073 | $151,700 | $193,139 | | Basic EPS | $1.15 | $0.89 | $2.21 | $2.80 | | Diluted EPS | $1.12 | $0.88 | $2.14 | $2.74 | - Revenues decreased by **4.1%** for the three months ended June 30, 2025, and by **1.7%** for the six months ended June 30, 2025, compared to the same periods in 2024[10](index=10&type=chunk) - Net income increased by **26.9%** for the three months ended June 30, 2025, but decreased by **21.5%** for the six months ended June 30, 2025, compared to the same periods in 2024[10](index=10&type=chunk) [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Presents net income and other comprehensive income for Q2 and H1 2025 and 2024 Comprehensive Income Summary | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $78,755 | $62,073 | $151,700 | $193,139 | | Foreign currency translation | $276 | $(32) | $133 | $(173) | | Comprehensive income | $79,031 | $62,041 | $151,833 | $192,966 | - Comprehensive income increased by **$16.99 million** for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to higher net income and a positive foreign currency translation[13](index=13&type=chunk) [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Outlines changes in common stock, treasury stock, retained earnings, and total equity for H1 2025 Stockholders' Equity Changes | Metric (in thousands) | January 1, 2025 Balance | June 30, 2025 Balance | | :-------------------- | :---------------------- | :-------------------- | | Common Stock Amount | $709 | $717 | | Treasury Stock Amount | $(175,000) | $(275,000) | | Additional Paid-In Capital | $817,972 | $844,903 | | Retained Earnings | $445,945 | $597,645 | | Accumulated Other Comprehensive Loss | $(1,615) | $(1,482) | | Total Stockholders' Equity | $1,088,011 | $1,166,783 | - Total stockholders' equity increased by **$78.77 million** from January 1, 2025, to June 30, 2025, driven by net income and stock-based compensation, partially offset by common stock repurchases[16](index=16&type=chunk) - The Company repurchased **$100.0 million** of common stock during the six months ended June 30, 2025[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Summarizes cash flows from operating, investing, and financing activities for H1 2025 and 2024 Cash Flow Summary | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $194,669 | $211,958 | | Net cash used in investing activities | $(296,190) | $(151,615) | | Net cash used in financing activities | $(116,632) | $(16,746) | | Net (decrease) increase in cash, cash equivalents and restricted cash | $(217,224) | $43,384 | - Net cash provided by operating activities decreased by **$17.29 million** for the six months ended June 30, 2025, compared to the same period in 2024[19](index=19&type=chunk) - Net cash used in investing activities significantly increased by **$144.58 million**, primarily due to the acquisition of Evergreen for **$269.1 million** in 2025[19](index=19&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures for the condensed consolidated financial statements [Note Regarding Company References and Trademarks](index=9&type=section&id=Note%20Regarding%20Company%20References%20and%20Trademarks) Clarifies the usage of company references and trademarks within the financial report - The note clarifies company references (e.g., 'Company,' 'Lantheus' for Lantheus Holdings, Inc. and its subsidiaries) and trademark usage within the Form 10-Q[24](index=24&type=chunk)[25](index=25&type=chunk) [1. Basis of Presentation](index=9&type=section&id=1.%20Basis%20of%20Presentation) Explains the accounting principles and standards used for preparing the interim financial statements - The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and Form 10-Q instructions, including normal and recurring adjustments[26](index=26&type=chunk) - These statements should be read in conjunction with the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2024[27](index=27&type=chunk) [2. Summary of Significant Accounting Policies](index=9&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) Details the key accounting policies, including asset classification and new accounting standards - Assets are classified as held for sale when management commits to a plan to sell, the sale is probable within one year, and the asset is available for immediate sale[28](index=28&type=chunk) - Equity investments with readily determinable fair values are measured at fair value, with changes recorded in investment in equity securities – unrealized loss (gain)[29](index=29&type=chunk) - The Company is evaluating the impact of new accounting standards: ASU 2024-04 (Debt with Conversion and Other Options), ASU 2024-03/2025-01 (Expense Disaggregation Disclosures), and ASU 2023-09 (Income Tax Disclosures), which become effective in 2025, 2026, and 2024, respectively[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) [3. Revenue from Contracts with Customers](index=11&type=section&id=3.%20Revenue%20from%20Contracts%20with%20Customers) Analyzes revenue recognition from various product categories and license agreements Revenue by Source | Revenue Source (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Product revenue, net | $374,547 | $392,756 | $741,465 | $762,069 | | License and royalty revenues | $3,498 | $1,335 | $9,344 | $1,997 | | Total revenues | $378,045 | $394,091 | $750,809 | $764,066 | Revenue by Product Category | Product Category (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | PYLARIFY | $250,642 | $273,255 | $508,296 | $532,125 | | DEFINITY | $83,939 | $78,100 | $163,150 | $154,664 | | TechneLite | $24,982 | $28,186 | $44,693 | $49,900 | | Strategic partnerships and other revenue | $11,590 | $8,725 | $22,337 | $15,236 | | Total revenues | $378,045 | $394,091 | $750,809 | $764,066 | - PYLARIFY revenue decreased by **8.3%** for the three months and **4.5%** for the six months ended June 30, 2025, compared to 2024[38](index=38&type=chunk) - DEFINITY revenue increased by **7.5%** for the three months and **5.5%** for the six months ended June 30, 2025, compared to 2024[38](index=38&type=chunk) - Strategic partnerships and other revenue increased significantly by **32.8%** for the three months and **46.6%** for the six months ended June 30, 2025, compared to 2024[38](index=38&type=chunk) [4. Fair Value of Financial Instruments](index=13&type=section&id=4.%20Fair%20Value%20of%20Financial%20Instruments) Categorizes and measures financial instruments based on fair value hierarchy levels - The Company categorizes financial instruments into Level 1 (quoted prices in active markets), Level 2 (observable inputs other than quoted prices), and Level 3 (unobservable inputs)[41](index=41&type=chunk) Fair Value Measurement | Fair Value (in thousands) | June 30, 2025 Total Fair Value | Level 1 | Level 2 | Level 3 | | :------------------------ | :----------------------------- | :------ | :------ | :------ | | **Assets:** | | | | | | Money market funds | $533,320 | $533,320 | $— | $— | | Investment securities | $44,235 | $44,235 | $— | $— | | **Liabilities:** | | | | | | Deferred compensation plan liabilities | $777 | $777 | $— | $— | | Contingent consideration liabilities | $43,042 | $— | $— | $43,042 | - Contingent consideration liabilities, primarily from the Evergreen acquisition, are classified as Level 3 instruments and valued at **$43.0 million** at June 30, 2025[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk) - The Company held 11,677,339 shares of Perspective common stock (fair value **$40.2 million**) and 282,958,513 shares of Radiopharm common stock (fair value **$4.1 million**) at June 30, 2025, both classified as Level 1[45](index=45&type=chunk)[46](index=46&type=chunk) [5. Income Taxes](index=18&type=section&id=5.%20Income%20Taxes) Reports income tax expense and effective tax rates for the current and prior periods Income Tax Summary | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Income tax expense | $25,762 | $22,301 | $49,346 | $62,503 | | Effective tax rate | 24.6% | 26.4% | 24.5% | 24.4% | - The effective tax rate decreased for the three months ended June 30, 2025, primarily due to changes in the valuation allowance related to equity securities, partially offset by increased non-deductible stock compensation[55](index=55&type=chunk) [6. Inventory](index=18&type=section&id=6.%20Inventory) Details inventory composition and changes, including reclassifications to assets held for sale Inventory Composition | Inventory (in thousands) | June 30, 2025 | December 31, 2024 | | :----------------------- | :------------ | :---------------- | | Raw materials | $26,446 | $29,080 | | Work in process | $13,663 | $15,870 | | Finished goods | $22,048 | $23,075 | | Total inventory, net | $62,157 | $68,025 | - Total inventory, net, decreased by **$5.87 million** from December 31, 2024, to June 30, 2025[56](index=56&type=chunk) - **$10.4 million** of inventory was reclassified to assets held for sale as a result of the pending sale of the SPECT business[56](index=56&type=chunk) [7. Property, Plant and Equipment, Net](index=19&type=section&id=7.%20Property,%20Plant%20and%20Equipment,%20Net) Presents the net value of property, plant, and equipment, including reclassifications Property, Plant and Equipment Summary | PP&E (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------ | :------------ | :---------------- | | Total gross PP&E | $223,182 | $285,560 | | Accumulated depreciation and amortization | $(65,456) | $(108,762) | | Total PP&E, net | $157,726 | $176,798 | - Net property, plant and equipment decreased by **$19.07 million** from December 31, 2024, to June 30, 2025[60](index=60&type=chunk) - **$96.7 million** of gross PP&E and **$53.2 million** of accumulated depreciation were reclassified to assets held for sale due to the pending SPECT business sale[60](index=60&type=chunk) [8. Assets and Liabilities Held for Sale](index=19&type=section&id=8.%20Assets%20and%20Liabilities%20Held%20for%20Sale) Outlines assets and liabilities classified as held for sale due to SPECT business divestiture - On May 1, 2025, the Company entered into an agreement to sell its SPECT business to SHINE Technologies, LLC, including diagnostic agents and manufacturing facilities[63](index=63&type=chunk) Assets and Liabilities Held for Sale Summary | Held-for-Sale (in thousands) | June 30, 2025 | | :--------------------------- | :------------ | | **Assets:** | | | Accounts receivable, net | $16,386 | | Inventory | $10,368 | | Property, plant and equipment, net | $43,451 | | Total assets held-for-sale | $73,415 | | **Liabilities:** | | | Accounts payable | $7,448 | | Accrued expenses and other liabilities | $3,670 | | Asset retirement obligation | $18,727 | | Total liabilities held-for-sale | $29,845 | - The assets and liabilities of the SPECT business were classified as held for sale as of June 30, 2025, with no impairment recognized[64](index=64&type=chunk) [9. Accrued Expenses, Other Liabilities and Other Long-Term Liabilities](index=20&type=section&id=9.%20Accrued%20Expenses,%20Other%20Liabilities%20and%20Other%20Long-Term%20Liabilities) Details the composition and changes in accrued expenses and various long-term liabilities Accrued Expenses and Liabilities Summary | Liability (in thousands) | June 30, 2025 | December 31, 2024 | | :----------------------- | :------------ | :---------------- | | Total accrued expenses and other liabilities | $208,600 | $204,992 | | Operating lease liabilities | $47,851 | $53,185 | | Long-term contingent consideration liabilities | $43,042 | $— | | Total other long-term liabilities | $102,179 | $63,180 | - Long-term contingent consideration liabilities increased to **$43.0 million** at June 30, 2025, primarily due to the Evergreen acquisition[67](index=67&type=chunk) [10. Asset Retirement Obligations](index=20&type=section&id=10.%20Asset%20Retirement%20Obligations) Describes the asset retirement obligations and changes in estimated decommissioning costs - The Asset Retirement Obligation (ARO) is approximately **$20.4 million** at June 30, 2025, related to the decommissioning of radioactive-related operations[68](index=68&type=chunk) Asset Retirement Obligation Changes | ARO Changes (in thousands) | Amount | | :------------------------- | :----- | | Balance at January 1, 2025 | $23,344 | | Revision of estimated decommissioning costs | $(4,727) | | Reclassification to liabilities held-for-sale | $(18,727) | | Accretion expense | $246 | | Balance at June 30, 2025 | $136 | - A **$4.7 million** reduction in estimated decommissioning costs was recorded in the first quarter of 2025 due to changes in remediation technology and processes[70](index=70&type=chunk) [11. Goodwill and Intangibles, Net](index=22&type=section&id=11.%20Goodwill%20and%20Intangibles,%20Net) Reports the carrying value and changes in goodwill and intangible assets, including IPR&D Goodwill Changes | Goodwill (in thousands) | Amount | | :---------------------- | :----- | | Balance at January 1, 2025 | $61,189 | | Acquisition of Evergreen | $116,221 | | Reclassification to assets held for sale | $(541) | | Balance at June 30, 2025 | $176,869 | - Goodwill increased by **$115.68 million**, primarily due to the **$116.2 million** recognized from the Evergreen acquisition[72](index=72&type=chunk) Intangible Assets, Net | Intangibles (in thousands) | June 30, 2025 Net | December 31, 2024 Net | | :------------------------- | :---------------- | :-------------------- | | Amortizable intangibles | $144,946 | $161,761 | | Non-amortizable (IPR&D) | $215,000 | $— | | Total intangibles, net | $359,946 | $161,761 | - Total intangibles, net, increased significantly to **$359.9 million** at June 30, 2025, largely due to **$215.0 million** in in-process research and development (IPR&D) from the Evergreen acquisition[72](index=72&type=chunk) [12. Long-Term Debt, and Other Borrowings, Net of Current Portion](index=24&type=section&id=12.%20Long-Term%20Debt,%20and%20Other%20Borrowings,%20Net%20of%20Current%20Portion) Details the Company's long-term debt, including convertible notes and revolving credit facility Long-Term Debt Summary | Debt (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------ | :------------ | :---------------- | | 2.625% Convertible Senior Notes due 2027 | $574,996 | $575,000 | | Unamortized debt issuance costs | $(8,611) | $(10,392) | | Finance lease liabilities | $1,258 | $1,645 | | Total long-term debt and other borrowings, net of current portion | $566,847 | $565,279 | - The 2022 Revolving Facility was amended in December 2024, increasing its capacity from **$350.0 million** to **$750.0 million** and extending the maturity to December 19, 2029[79](index=79&type=chunk) - As of June 30, 2025, there were no outstanding borrowings under the 2022 Revolving Facility, and the Company was in compliance with all covenants[84](index=84&type=chunk)[241](index=241&type=chunk) - The 2.625% Convertible Senior Notes due 2027 have a carrying value of **$575.0 million** and a fair value of **$731.0 million** as of June 30, 2025[97](index=97&type=chunk) [13. Accumulated Other Comprehensive Loss](index=28&type=section&id=13.%20Accumulated%20Other%20Comprehensive%20Loss) Summarizes changes in accumulated other comprehensive loss, primarily from foreign currency Accumulated Other Comprehensive Loss Changes | Component (in thousands) | Balance at January 1, 2025 | Other comprehensive loss before reclassifications | Balance at June 30, 2025 | | :----------------------- | :------------------------- | :---------------------------------------------- | :----------------------- | | Foreign Currency Translation | $(1,615) | $133 | $(1,482) | | Total Accumulated Other Comprehensive Loss | $(1,615) | $133 | $(1,482) | - Accumulated other comprehensive loss improved from **$(1,615) thousand** at January 1, 2025, to **$(1,482) thousand** at June 30, 2025, primarily due to positive foreign currency translation adjustments[98](index=98&type=chunk) [14. Stockholders' Equity and Stock-Based Compensation](index=30&type=section&id=14.%20Stockholders'%20Equity%20and%20Stock-Based%20Compensation) Discusses changes in stockholders' equity and the impact of stock-based compensation expenses - The Board authorized a **$250 million** share repurchase program in November 2024. As of June 30, 2025, the Company repurchased approximately **2.4 million** shares for **$200.0 million** under this program[102](index=102&type=chunk) Stock-Based Compensation Expense | Stock-Based Compensation (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total stock-based compensation expense | $22,321 | $18,479 | $43,519 | $33,863 | - Stock-based compensation expense increased by **$3.84 million** (**20.8%**) for the three months and **$9.66 million** (**28.5%**) for the six months ended June 30, 2025, compared to the same periods in 2024[103](index=103&type=chunk) [15. Net Income Per Common Share](index=30&type=section&id=15.%20Net%20Income%20Per%20Common%20Share) Calculates basic and diluted net income per common share for the reporting periods Net Income Per Share Summary | EPS (in thousands, except per share) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $78,755 | $62,073 | $151,700 | $193,139 | | Basic weighted-average common shares outstanding | 68,516 | 69,356 | 68,591 | 69,056 | | Diluted weighted-average common shares outstanding | 70,312 | 70,601 | 70,896 | 70,364 | | Basic EPS | $1.15 | $0.89 | $2.21 | $2.80 | | Diluted EPS | $1.12 | $0.88 | $2.14 | $2.74 | - Diluted EPS increased by **$0.24** (**27.3%**) for the three months ended June 30, 2025, but decreased by **$0.60** (**21.9%**) for the six months ended June 30, 2025, compared to the same periods in 2024[104](index=104&type=chunk) - The convertible notes had a dilutive impact on EPS for the three and six months ended June 30, 2025, as the average stock price exceeded the conversion price[105](index=105&type=chunk) [16. Other Income](index=31&type=section&id=16.%20Other%20Income) Reports components of other income, net, including foreign currency and interest income Other Income Summary | Other Income (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Foreign currency loss | $342 | $455 | $420 | $238 | | Interest income | $(7,213) | $(8,924) | $(16,695) | $(17,472) | | Revision of estimated decommissioning costs | $— | $— | $(4,727) | $— | | Total other income, net | $(6,895) | $(9,044) | $(21,023) | $(17,832) | - Other income, net, decreased by **$2.15 million** for the three months ended June 30, 2025, primarily due to lower interest income on reduced cash balances after the Evergreen acquisition[107](index=107&type=chunk)[228](index=228&type=chunk) - For the six months ended June 30, 2025, other income, net, increased by **$3.19 million**, mainly due to a **$4.7 million** adjustment reducing estimated decommissioning costs[107](index=107&type=chunk)[228](index=228&type=chunk) [17. Commitments and Contingencies](index=31&type=section&id=17.%20Commitments%20and%20Contingencies) Discloses legal proceedings, regulatory milestones, and potential sales milestones - The Company is involved in legal proceedings, including a patent infringement lawsuit by Novartis entities regarding PNT2003 and a patent infringement lawsuit filed by the Company against a software developer[110](index=110&type=chunk)[111](index=111&type=chunk) - For the Cerveau acquisition (MK-6240), the Company could pay up to **$51.0 million** in regulatory milestones and up to **$1.2 billion** in sales milestones, plus double-digit royalties, but no liability was recorded as of June 30, 2025, due to timing uncertainty[112](index=112&type=chunk) [18. Benefit Plans](index=32&type=section&id=18.%20Benefit%20Plans) Describes the Company's nonqualified deferred compensation plan and related assets - The Company adopted the Nonqualified Deferred Compensation Plan (LDCP) in October 2024, allowing key employees and non-employee directors to defer portions of their compensation[114](index=114&type=chunk) - As of June 30, 2025, LDCP assets and liabilities were **$0.8 million** each, held in a Rabbi Trust and invested in corporate-owned life insurance (COLI)[115](index=115&type=chunk) [19. Acquisitions](index=32&type=section&id=19.%20Acquisitions) Details recent acquisitions, including Evergreen Theragnostics and other strategic agreements - On April 1, 2025, the Company acquired Evergreen Theragnostics, Inc. for an upfront cash payment of **$276.4 million**, with potential additional milestone payments of up to **$727.5 million**[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) Evergreen Acquisition Details | Evergreen Acquisition (in thousands) | Estimated Fair Value | | :----------------------------------- | :------------------- | | Cash and cash equivalents | $8,065 | | Intangibles (IPR&D) | $215,000 | | Total identifiable assets acquired | $262,529 | | Total liabilities assumed | $(59,284) | | Net assets acquired | $203,245 | | Purchase consideration | $319,466 | | Goodwill | $116,221 | - In January 2024, the Company entered into strategic agreements with Perspective Therapeutics, Inc., acquiring **11.39%** of outstanding shares for **$20.8 million** and an exclusive option for Pb212-VMT-α-NET for **$28.0 million**[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) - In June 2024, the Company acquired global exclusive rights to two preclinical assets (LNTH-2403 and LNTH-2404) from Radiopharm Theranostics Limited for an upfront payment of **$2.0 million**, with potential additional milestone and royalty payments[135](index=135&type=chunk)[138](index=138&type=chunk) - In June 2024, the Company acquired Meilleur Technologies Inc., including its asset NAV-4694, for an upfront payment of **$32.9 million**, with additional payments made in August 2024 and May 2025 to reduce future royalty obligations[140](index=140&type=chunk)[141](index=141&type=chunk) - In July 2024, the Company acquired global rights to RM2 from Life Molecular Imaging, Inc. for an upfront payment of **$35.0 million**, plus a **$1.0 million** prior payment and a **$5.4 million** milestone payment in March 2025[143](index=143&type=chunk) [21. Subsequent Events](index=39&type=section&id=21.%20Subsequent%20Events) Reports significant events after the reporting period, including new acquisitions and share repurchases - On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, providing significant U.S. tax law changes, which the Company is currently evaluating for impact[149](index=149&type=chunk) - On July 21, 2025, the Company acquired Life Molecular Imaging, Inc. for an upfront payment of **$350.0 million** in cash and up to an additional **$400.0 million** in potential earn-out and milestone payments, including Neuraceq, an approved Alzheimer's disease radiodiagnostic[150](index=150&type=chunk) - On July 31, 2025, the Board authorized a new share repurchase program (2025 Program) to repurchase up to **$400.0 million** of common stock through December 31, 2027, replacing the previous 2024 Program[151](index=151&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes financial condition, operating results, liquidity, and strategic developments [Cautionary Note Regarding Forward-Looking Statements](index=40&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) Warns that the report contains forward-looking statements subject to inherent risks - The report contains forward-looking statements subject to risks and uncertainties, including those related to product market expansion, manufacturing capabilities, regulatory approvals, acquisitions, and pipeline development[152](index=152&type=chunk) - Actual results may differ materially from expectations due to inherent uncertainties, risks, and changes in circumstances[153](index=153&type=chunk) [Available Information](index=41&type=section&id=Available%20Information) Indicates where company reports and SEC filings can be accessed free of charge - Company reports (10-K, 10-Q, 8-K) are available free of charge on its investor relations website (investor.lantheus.com) and the SEC's website (www.sec.gov)[155](index=155&type=chunk)[156](index=156&type=chunk) [Overview](index=41&type=section&id=Overview) Introduces Lantheus as a radiopharmaceutical company focused on oncology and diagnostics - Lantheus is a leading radiopharmaceutical-focused company, classifying revenues into Radiopharmaceutical Oncology, Precision Diagnostics, and Strategic Partnerships and Other Revenue[158](index=158&type=chunk) - The Company's products are used by various healthcare professionals in cardiology, nuclear medicine, oncology, and radiology, aiming to improve patient outcomes and reduce costs[159](index=159&type=chunk) [Recent Developments](index=41&type=section&id=Recent%20Developments) Highlights key strategic actions, including share repurchases, acquisitions, and regulatory updates - The Board authorized a new **$400.0 million** share repurchase program (2025 Program) through December 31, 2027, replacing the previous program[162](index=162&type=chunk) - The FDA accepted the NDA for a new formulation of the F-18 PSMA PET imaging agent, with a PDUFA action date goal of March 6, 2026[164](index=164&type=chunk) - On July 21, 2025, the Company acquired Life Molecular Imaging for **$350.0 million** upfront, including Neuraceq, an approved Alzheimer's disease diagnostic[165](index=165&type=chunk) - On April 1, 2025, the Company acquired Evergreen Theragnostics for an upfront payment of **$276.4 million**, expanding its CDMO services and proprietary products[168](index=168&type=chunk)[169](index=169&type=chunk) - On May 1, 2025, the Company agreed to sell its SPECT business to SHINE Technologies, LLC, to focus on PET radiodiagnostics and microbubbles[171](index=171&type=chunk)[173](index=173&type=chunk) - MK-6240 successfully met co-primary endpoints in two pivotal studies, supporting an NDA submission to the FDA expected in Q3 2025[187](index=187&type=chunk) [Key Factors Affecting Our Results](index=47&type=section&id=Key%20Factors%20Affecting%20Our%20Results) Discusses critical drivers and challenges influencing financial performance, including product growth - PYLARIFY's growth depends on maintaining its position as the most utilized PSMA PET imaging agent amidst increasing competition and the expiration of Transitional Pass-Through (TPT) Status[191](index=191&type=chunk)[192](index=192&type=chunk) - DEFINITY's growth is expected through continued physician education and label expansion, including FDA approval for pediatric use in March 2024[196](index=196&type=chunk)[199](index=199&type=chunk) - Strategic Partnerships and Other Revenue focuses on radiopharmaceutical diagnostic and therapeutic opportunities, including biomarkers, digital solutions (e.g., aPROMISE), and CDMO services from the Evergreen Merger[197](index=197&type=chunk)[198](index=198&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk) - R&D investments are substantial, focusing on PYLARIFY, PNT2002/2003, LNTH-2501, MK-6240, NAV-4694, LNTH-1363S, RM2, LNTH-2403, and LNTH-2404[205](index=205&type=chunk)[206](index=206&type=chunk) - The Company does not plan to pursue an NDA or further invest in PNT2002 due to confounding results in the SPLASH study[209](index=209&type=chunk) [Results of Operations](index=53&type=section&id=Results%20of%20Operations) Compares revenues, expenses, and net income for the current and prior reporting periods Three Months Operating Results | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change $ | Change % | | :-------------------- | :--------------------------- | :--------------------------- | :------- | :------- | | Revenues | $378,045 | $394,091 | $(16,046) | (4.1%) | | Gross profit | $241,011 | $255,774 | $(14,763) | (5.8%) | | Sales and marketing | $41,041 | $45,035 | $(3,994) | (8.9%) | | General and administrative | $66,515 | $47,409 | $19,106 | 40.3% | | Research and development | $45,489 | $60,601 | $(15,112) | (24.9%) | | Operating income | $87,966 | $102,729 | $(14,763) | (14.4%) | | Net income | $78,755 | $62,073 | $16,682 | 26.9% | Six Months Operating Results | Metric (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change $ | Change % | | :-------------------- | :--------------------------- | :--------------------------- | :------- | :------- | | Revenues | $750,809 | $764,066 | $(13,257) | (1.7%) | | Gross profit | $478,711 | $497,620 | $(18,909) | (3.8%) | | Sales and marketing | $83,544 | $90,581 | $(7,037) | (7.8%) | | General and administrative | $123,331 | $95,304 | $28,027 | 29.4% | | Research and development | $81,803 | $108,625 | $(26,822) | (24.7%) | | Operating income | $190,033 | $209,364 | $(19,331) | (9.2%) | | Net income | $151,700 | $193,139 | $(41,439) | (21.5%) | - Revenue decreases were primarily due to lower PYLARIFY net sales price and decreased TechneLite sales volume, partially offset by increased DEFINITY sales and Evergreen's contract manufacturing revenue[214](index=214&type=chunk) - General and administrative expenses increased significantly due to the Evergreen acquisition, including nonrecurring post-combination expenses and higher employee-related costs[223](index=223&type=chunk) - R&D expenses decreased due to upfront option payments in the prior year (Life Molecular, Radiopharm, Perspective), partially offset by payments to AstraZeneca and increased project costs for newly acquired assets[225](index=225&type=chunk)[226](index=226&type=chunk) [Liquidity and Capital Resources](index=58&type=section&id=Liquidity%20and%20Capital%20Resources) Analyzes the Company's cash flows, debt, and ability to meet future capital requirements Cash Flow Activities | Cash Flow (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $194,669 | $211,958 | | Net cash used in investing activities | $(296,190) | $(151,615) | | Net cash used in financing activities | $(116,632) | $(16,746) | - Net cash used in investing activities increased significantly in 2025, primarily due to the **$269.1 million** acquisition of Evergreen[234](index=234&type=chunk) - Net cash used in financing activities increased due to **$100.0 million** in common stock repurchases and **$24.5 million** in tax withholding payments related to equity awards[236](index=236&type=chunk) - The 2022 Revolving Facility was increased to **$750.0 million** and extended to December 2029, with no outstanding borrowings as of June 30, 2025[238](index=238&type=chunk)[239](index=239&type=chunk) - The Company had **$695.6 million** in cash and cash equivalents at June 30, 2025, and believes current resources are sufficient for future capital requirements[249](index=249&type=chunk)[250](index=250&type=chunk)[251](index=251&type=chunk) [Critical Accounting Policies and Estimates](index=64&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Confirms no significant changes to critical accounting policies or estimates during the period - There have been no significant changes to the Company's critical accounting policies or underlying assumptions and estimates in the six months ended June 30, 2025[253](index=253&type=chunk) [Off-Balance Sheet Arrangements](index=64&type=section&id=Off-Balance%20Sheet%20Arrangements) Discloses the Company's surety bond and confirms no other off-balance sheet arrangements - The Company has a **$30.3 million** surety bond to the Massachusetts Department of Public Health as financial assurance for decommissioning its North Billerica production facility[254](index=254&type=chunk) - No other off-balance sheet arrangements, such as structured finance or special purpose entities, have been engaged in[254](index=254&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=65&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Addresses market risk exposures, noting no material changes since December 31, 2024 - No material changes to market risk exposures have occurred since December 31, 2024[256](index=256&type=chunk) - Equity investment risk exists due to the **$44.2 million** carrying value of investments in Perspective and Radiopharm, which are recorded at fair value and subject to market price volatility[257](index=257&type=chunk) [Item 4. Controls and Procedures](index=65&type=section&id=Item%204.%20Controls%20and%20Procedures) Confirms effective disclosure controls and procedures with no material changes in internal controls - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of June 30, 2025[258](index=258&type=chunk) - There were no material changes in internal control over financial reporting during the three months ended June 30, 2025[259](index=259&type=chunk) [PART II. OTHER INFORMATION](index=66&type=section&id=PART%20II.%20OTHER%20INFORMATION) Presents additional information not in financial statements, including legal proceedings and risk factors [Item 1. Legal Proceedings](index=66&type=section&id=Item%201.%20Legal%20Proceedings) Refers to Note 17 for details on legal proceedings, including patent infringement lawsuits - Information on legal proceedings is incorporated by reference from Note 17, 'Commitments and Contingencies,' in the condensed consolidated financial statements[261](index=261&type=chunk) [Item 1A. Risk Factors](index=66&type=section&id=Item%201A.%20Risk%20Factors) Updates risk factors, highlighting new and evolving risks in commercial products, reimbursement, and capital - PYLARIFY's growth is at risk due to PMF manufacturing capacity, maintaining adequate coding/coverage/payment, competition from other PSMA PET imaging agents, the expiration of TPT Status, and potential generic market entry in 2026[262](index=262&type=chunk)[264](index=264&type=chunk)[266](index=266&type=chunk)[268](index=268&type=chunk) - Reforms to the U.S. healthcare system, including the One Big Beautiful Bill Act (OBBBA), could adversely affect the business through reduced patient coverage, decreased Medicaid reimbursement rates, and Medicare cuts[271](index=271&type=chunk)[272](index=272&type=chunk)[274](index=274&type=chunk) - Prevailing economic conditions, such as unemployment, inflation, and tariffs, could negatively impact demand for healthcare services, increase operating expenses, and affect customer profitability[276](index=276&type=chunk)[277](index=277&type=chunk) - Recent acquisitions (Life Molecular, Evergreen) and dispositions (SPECT business) pose risks related to integration challenges, unforeseen expenses, and the inability to realize anticipated benefits[280](index=280&type=chunk)[282](index=282&type=chunk)[283](index=283&type=chunk) - Repurchases of common stock under the new **$400.0 million** program could affect the value of common stock, and stockholders may prefer alternative capital allocation[286](index=286&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=75&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details common stock repurchase activities in Q2 2025 under the 2024 Program and dividend policy Common Stock Repurchase Activity | Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of the 2024 Program | Approximate Dollar Value of Shares that May Yet Be Purchased Under the 2024 Program | | :--------- | :------------------------------- | :--------------------------- | :----------------------------------------------------------- | :-------------------------------------------------------------------------------- | | April 2025 | 4,230 | $102.32 | — | $150.0 million | | May 2025 | 1,262,751 | $79.36 | 1,259,865 | $50.0 million | | June 2025 | 1,686 | $77.86 | — | $50.0 million | | Total | 1,268,667 | | 1,259,865 | $50.0 million | - During the three months ended June 30, 2025, the Company repurchased **1.26 million** shares for approximately **$100.0 million** under the 2024 Program[290](index=290&type=chunk) - The Company does not currently intend to pay dividends in the foreseeable future, expecting to retain future earnings for business growth and debt repayment[292](index=292&type=chunk) [Item 3. Defaults Upon Senior Securities](index=75&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Confirms that there were no defaults upon senior securities - There were no defaults upon senior securities[293](index=293&type=chunk) [Item 4. Mine Safety Disclosures](index=75&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) States that mine safety disclosures are not applicable to the Company - Mine safety disclosures are not applicable to the Company[294](index=294&type=chunk) [Item 5. Other Information](index=75&type=section&id=Item%205.%20Other%20Information) Reports no Rule 10b5-1 trading arrangement changes by directors or officers in Q2 2025 - No directors or officers adopted, modified, or terminated Rule 10b5-1 trading arrangements during the second quarter of 2025[295](index=295&type=chunk) [Item 6. Exhibits](index=76&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with the Form 10-Q, including bylaws, equity plan amendments, and certifications - Exhibits include Amended and Restated Bylaws, Ninth Amendment to 2015 Equity Incentive Plan, CEO and CFO certifications, and Inline XBRL documents[296](index=296&type=chunk) [SIGNATURES](index=77&type=section&id=SIGNATURES) Provides the official signatures of the Chief Executive Officer and Chief Financial Officer - The report is signed by Brian Markison, Chief Executive Officer, and Robert J. Marshall, Jr., Chief Financial Officer and Treasurer, on August 6, 2025[301](index=301&type=chunk)

[Executive Summary](index=1&type=section&id=1.0%20Executive%20Summary) Lantheus reported Q2 2025 results, highlighting strategic acquisitions, a new stock repurchase program, and pipeline advancements, while navigating competitive pressures and updating full-year guidance [Company Overview and Strategic Highlights](index=1&type=section&id=1.1%20Company%20Overview%20and%20Strategic%20Highlights) Lantheus reported its Q2 2025 financial results, emphasizing strategic acquisitions to expand capabilities and diversify revenue, while addressing increased competition in the PSMA PET market and announcing a new stock repurchase program - Completed acquisitions of Evergreen Theragnostics and Life Molecular Imaging to expand radiopharmaceutical value chain, diversify revenue, and drive future growth[3](index=3&type=chunk) - Navigated increased competition in the PSMA PET landscape, which impacted PYLARIFY performance; actions are being taken to reinforce PYLARIFY's clinical differentiation[3](index=3&type=chunk) - FDA accepted NDA for a new PSMA PET formulation[3](index=3&type=chunk) - Board authorized a new **$400 million** stock repurchase program[3](index=3&type=chunk) [Summary Financial Performance (Q2 2025)](index=1&type=section&id=1.2%20Summary%20Financial%20Performance%20(Q2%202025)) For the second quarter of 2025, Lantheus reported a 4.1% decrease in worldwide revenue, with GAAP net income and fully diluted EPS seeing significant increases, while adjusted net income and adjusted fully diluted EPS both decreased by 12.8% Summary Financial Performance | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | % Change | | :-------------------------------- | :----------------- | :----------------- | :------- | | Worldwide revenue | **$378.0** | $394.1 | **(4.1%)** | | GAAP net income | **$78.8** | $62.1 | **26.9%** | | GAAP fully diluted earnings per share | **$1.12** | $0.88 | **27.3%** | | Adjusted net income (non-GAAP) | **$110.6** | $126.8 | **(12.8%)** | | Adjusted fully diluted earnings per share (non-GAAP) | **$1.57** | $1.80 | **(12.8%)** | [Second Quarter 2025 Key Highlights](index=1&type=section&id=1.3%20Second%20Quarter%202025%20Key%20Highlights) Key financial highlights for Q2 2025 include $378.0 million in worldwide revenue, $1.12 GAAP fully diluted EPS, $1.57 adjusted fully diluted EPS, and $79.1 million in free cash flow, alongside operational advancements and updated full-year guidance - Recorded worldwide revenue of **$378.0 million**, GAAP fully diluted EPS of **$1.12**, adjusted fully diluted EPS of **$1.57**, and free cash flow of **$79.1 million**[6](index=6&type=chunk)[8](index=8&type=chunk) - FDA accepted NDA for new formulation for piflufolastat F 18 PSMA PET imaging agent with a PDUFA date of March 6, 2026[6](index=6&type=chunk) - Closed acquisition of Life Molecular Imaging in July, immediately expanding near- and long-term growth profile and commercial portfolio with Neuraceq®[6](index=6&type=chunk) - Board of Directors authorized a program to repurchase up to **$400 million** of Lantheus common stock[6](index=6&type=chunk) - Provided updated corporate guidance for full year 2025 revenue and adjusted fully diluted EPS[6](index=6&type=chunk) - Sales of PYLARIFY were **$250.6 million**, a decrease of **8.3%**[7](index=7&type=chunk) - Sales of DEFINITY were **$83.9 million**, an increase of **7.5%**[7](index=7&type=chunk) - Operating income decreased **14.4%** to **$88.0 million**; Adjusted operating income (non-GAAP) decreased **10.8%** to **$152.6 million**[7](index=7&type=chunk) [Financial Results and Analysis](index=5&type=section&id=2.0%20Financial%20Results%20and%20Analysis) This section provides a detailed analysis of Lantheus's consolidated financial performance for Q2 2025, including statements of operations, revenue breakdown, non-GAAP reconciliations, cash flow, and balance sheet highlights [Consolidated Statements of Operations](index=5&type=section&id=2.1%20Consolidated%20Statements%20of%20Operations) For Q2 2025, total revenues were $378.0 million, a decrease from $394.1 million in Q2 2024, while net income increased to $78.8 million from $62.1 million year-over-year, and diluted EPS rose to $1.12 from $0.88, despite a decrease in operating income to $88.0 million Consolidated Statements of Operations | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenues | **$378,045** | $394,091 | **$750,809** | $764,066 | | Gross profit | **$241,011** | $255,774 | **$478,711** | $497,620 | | Operating income | **$87,966** | $102,729 | **$190,033** | $209,364 | | Income before income taxes | **$104,517** | $84,374 | **$201,046** | $255,642 | | Net income | **$78,755** | $62,073 | **$151,700** | $193,139 | | Diluted EPS | **$1.12** | $0.88 | **$2.14** | $2.74 | [Consolidated Revenues Analysis](index=6&type=section&id=2.2%20Consolidated%20Revenues%20Analysis) Total revenues for Q2 2025 decreased by 4.1% year-over-year, primarily due to an 8.3% decline in PYLARIFY sales, partially offset by a 7.5% increase in DEFINITY sales and a significant 32.8% growth in strategic partnerships and other revenue Consolidated Revenues by Product Category | Product Category | Q2 2025 Sales (Thousands) | Q2 2024 Sales (Thousands) | Change $ (Thousands) | Change % | | :------------------------------- | :------------------------ | :------------------------ | :------------------- | :------- | | PYLARIFY | **$250,642** | $273,255 | **$(22,613)** | **(8.3%)** | | Total radiopharmaceutical oncology | **$250,642** | $273,255 | **$(22,613)** | **(8.3%)** | | DEFINITY | **$83,939** | $78,100 | **$5,839** | **7.5%** | | TechneLite | **$24,982** | $28,186 | **$(3,204)** | **(11.4%)** | | Other precision diagnostics | **$6,892** | $5,825 | **$1,067** | **18.3%** | | Total precision diagnostics | **$115,813** | $112,111 | **$3,702** | **3.3%** | | Strategic partnerships and other revenue | **$11,590** | $8,725 | **$2,865** | **32.8%** | | Total revenues | **$378,045** | $394,091 | **$(16,046)** | **(4.1%)** | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=7&type=section&id=2.3%20Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) Adjusted net income for Q2 2025 was $110.6 million, a 12.8% decrease from Q2 2024, with adjusted diluted EPS also decreasing by 12.8% to $1.57, and adjusted operating income down 10.8% to $152.6 million, reflecting various non-GAAP adjustments GAAP to Non-GAAP Reconciliation | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :------- | | Net income (GAAP) | **$78,755** | $62,073 | **26.9%** | | Adjusted net income (non-GAAP) | **$110,624** | $126,839 | **(12.8%)** | | Adjusted net income, as % of revenues | **29.3%** | 32.2% | **(2.9) pp** | | Diluted EPS (GAAP) | **$1.12** | $0.88 | **27.3%** | | Adjusted net income per share - diluted (non-GAAP) | **$1.57** | $1.80 | **(12.8%)** | | Operating income (GAAP) | **$87,966** | $102,729 | **(14.4%)** | | Adjusted operating income (non-GAAP) | **$152,572** | $171,116 | **(10.8%)** | | Adjusted operating income, as % of revenues | **40.4%** | 43.4% | **(3.0) pp** | [Reconciliation of Free Cash Flow](index=9&type=section&id=2.4%20Reconciliation%20of%20Free%20Cash%20Flow) Free cash flow for Q2 2025 increased to $79.1 million from $73.5 million in Q2 2024, primarily driven by net cash provided by operating activities of $87.1 million, partially offset by capital expenditures Free Cash Flow Reconciliation | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by operating activities | **$87,106** | $84,720 | | Capital expenditures | **$(7,961)** | $(11,175) | | Free cash flow | **$79,145** | $73,545 | | Net cash used in investing activities | **$(232,472)** | $(45,086) | | Net cash (used in) provided by financing activities | **$(98,413)** | $99 | [Condensed Consolidated Balance Sheets](index=10&type=section&id=2.5%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $2.116 billion from $1.980 billion at December 31, 2024, while cash and cash equivalents decreased to $695.6 million from $912.8 million, primarily due to acquisition payments, and total liabilities increased to $949.3 million Condensed Consolidated Balance Sheets | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Cash and cash equivalents | **$695,572** | $912,814 | | Total current assets | **$1,201,816** | $1,326,633 | | Total assets | **$2,116,077** | $1,980,340 | | Total current liabilities | **$280,132** | $240,526 | | Total liabilities | **$949,294** | $892,329 | | Total stockholders' equity | **$1,166,783** | $1,088,011 | [Business Updates and Strategic Developments](index=1&type=section&id=3.0%20Business%20Updates%20and%20Strategic%20Developments) This section outlines Lantheus's recent strategic initiatives, including balance sheet changes, key acquisitions, pipeline advancements, and a new stock repurchase program [Balance Sheet Highlights (Overview)](index=2&type=section&id=3.1%20Balance%20Sheet%20Highlights%20(Overview)) As of June 30, 2025, the company's cash and cash equivalents were $695.6 million, a decrease from $912.8 million at December 31, 2024, primarily due to the Evergreen acquisition payment, while Lantheus maintains access to a $750.0 million revolving line of credit - Cash and cash equivalents were **$695.6 million** at June 30, 2025, after payment of **$276.4 million** for the Evergreen Theragnostics acquisition, compared to **$912.8 million** at December 31, 2024[12](index=12&type=chunk) - The Company currently has access to up to **$750.0 million** from a revolving line of credit[12](index=12&type=chunk) [Business Development Updates](index=2&type=section&id=3.2%20Business%20Development%20Updates) Lantheus completed the acquisition of Life Molecular Imaging in July, adding Neuraceq and an international commercial footprint, and the FDA approved an expanded label for Neuraceq in June, while the acquisition of Evergreen Theragnostics was completed in April, and the company announced an agreement to sell its SPECT business - Completed the acquisition of Life Molecular Imaging in July, acquiring Neuraceq (florbetaben F 18 injection), a globally approved beta-amyloid targeted radiodiagnostic for Alzheimer's disease, and an international commercial footprint[12](index=12&type=chunk) - FDA approved an updated label for Neuraceq in June, expanding its clinical indication to include use in diagnostic assessment, identification of appropriate candidates for amyloid-targeting therapies, and utilization of quantitative amyloid plaque metrics[12](index=12&type=chunk) - Completed the acquisition of Evergreen Theragnostics in April, acquiring OCTEVY™ (a registrational-stage PET imaging agent targeting neuroendocrine tumors) and radioligand therapy manufacturing infrastructure, including a revenue-generating CDMO business[12](index=12&type=chunk) - Announced an agreement in May to sell its SPECT business to Illuminated Holdings, Inc., expected to close by the end of the year, allowing Lantheus to focus on its PET radiodiagnostics and microbubbles portfolio[12](index=12&type=chunk) [Radiopharmaceutical Pipeline Updates](index=2&type=section&id=3.3%20Radiopharmaceutical%20Pipeline%20Updates) The FDA accepted an NDA for a new formulation of piflufolastat F 18 PSMA PET imaging agent, expected to increase batch size by approximately 50% to serve more patients, and MK-6240, a next-generation tau imaging agent, met its primary endpoints in two pivotal clinical studies, with an NDA submission planned for Q3 2025 - FDA accepted a new drug application (NDA) for a new formulation of piflufolastat F 18 PSMA PET imaging agent, which will increase batch size by approximately **50%** to serve significantly more patients[12](index=12&type=chunk) - MK-6240, a next-generation tau imaging agent, met its primary endpoints in two pivotal clinical studies assessing sensitivity and specificity; the Company plans to submit an NDA to the FDA in the third quarter of 2025[12](index=12&type=chunk) [Other Key Updates](index=1&type=section&id=3.4%20Other%20Key%20Updates) The Board of Directors authorized a new program to repurchase up to $400 million of Lantheus common stock, replacing the previous 12-month program announced in November 2024 - Board of Directors authorized a program to repurchase up to **$400 million** of Lantheus common stock, replacing the 12-month program announced in November 2024[6](index=6&type=chunk) [Financial Guidance](index=2&type=section&id=4.0%20Financial%20Guidance) This section provides Lantheus's updated corporate financial guidance for the full year 2025, reflecting recent acquisitions and business outlook [Full Year 2025 Updated Corporate Financial Guidance](index=2&type=section&id=4.1%20Full%20Year%202025%20Updated%20Corporate%20Financial%20Guidance) Lantheus updated its full-year 2025 corporate financial guidance, reflecting the Life Molecular Imaging acquisition and current business outlook, with revenue guidance revised downwards to $1.475 billion - $1.51 billion, and adjusted fully diluted EPS guidance lowered to $5.50 - $5.70 Full Year 2025 Corporate Financial Guidance | Metric | Guidance Issued August 6, 2025 | Guidance Issued May 7, 2025 | | :-------------------------- | :----------------------------- | :-------------------------- | | FY 2025 Revenue | **$1.475 billion - $1.51 billion** | $1.550 billion - $1.585 billion | | FY 2025 Adjusted fully diluted EPS | **$5.50 - $5.70** | $6.60 - $6.70 | [Additional Information](index=3&type=section&id=5.0%20Additional%20Information) This section provides supplementary details, including information on the upcoming conference call, company overview, explanation of non-GAAP measures, and a safe harbor statement for forward-looking information [Conference Call and Webcast](index=3&type=section&id=5.1%20Conference%20Call%20and%20Webcast) Lantheus will host a conference call and webcast on Wednesday, August 6, 2025, at 8:00 a.m. ET to discuss the financial results, with a replay available approximately two hours after completion and archived for at least 30 days - Conference call and webcast scheduled for Wednesday, August 6, 2025, at 8:00 a.m. ET; a replay will be available and archived for at least 30 days[14](index=14&type=chunk) [About Lantheus](index=3&type=section&id=5.2%20About%20Lantheus) Lantheus is a leading radiopharmaceutical-focused company, headquartered in Massachusetts with global offices, dedicated to delivering life-changing science to enable clinicians to Find, Fight, and Follow disease for better patient outcomes, having provided radiopharmaceutical solutions for nearly 70 years - Lantheus is the leading radiopharmaceutical-focused company, delivering life-changing science to enable clinicians to Find, Fight and Follow disease to deliver better patient outcomes[17](index=17&type=chunk) - Headquartered in Massachusetts with offices in New Jersey, Canada, Germany, Sweden and Switzerland, Lantheus has been providing radiopharmaceutical solutions for nearly 70 years[17](index=17&type=chunk) [Non-GAAP Financial Measures Explanation](index=3&type=section&id=5.3%20Non-GAAP%20Financial%20Measures%20Explanation) Lantheus utilizes non-GAAP financial measures, such as adjusted net income, adjusted operating income, and free cash flow, which management believes provide useful information to investors for evaluating operations, intended to supplement, not substitute, GAAP financial performance - The Company uses non-GAAP financial measures (adjusted net income, adjusted operating income, and free cash flow) as management believes they provide useful information to investors for evaluating operations[19](index=19&type=chunk) - Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP[19](index=19&type=chunk) [Safe Harbor for Forward-Looking Statements](index=4&type=section&id=5.4%20Safe%20Harbor%20for%20Forward-Looking%20Statements) This press release contains forward-looking statements subject to various risks and uncertainties, including those related to market expansion, manufacturing, raw material availability, clinical development, regulatory approvals, integration of acquisitions, divestiture completion, and patent litigation, with readers cautioned against undue reliance and the company undertaking no obligation to publicly update them, except as required by law - The press release contains forward-looking statements subject to risks and uncertainties, including continued market expansion, manufacturing capabilities, raw material availability, clinical development, regulatory approval, successful integration of acquisitions, and completion of divestitures[21](index=21&type=chunk) - Readers are cautioned not to place undue reliance on forward-looking statements, and the Company undertakes no obligation to publicly update any forward-looking statement, except as may be required by law[21](index=21&type=chunk) [Contacts](index=11&type=section&id=5.5%20Contacts) Contact information for Lantheus's Investor Relations and External Communications departments is provided for inquiries - Contact information for Mark Kinarney (Vice President, Investor Relations) and Melissa Downs (Executive Director, External Communications) is provided[37](index=37&type=chunk)

Core Insights - The FDA has accepted a New Drug Application (NDA) for a new formulation of Lantheus' F 18 PSMA imaging agent, with a PDUFA date set for March 6, 2026 [1][2][3] - The new formulation aims to increase batch size by approximately 50%, enhancing patient access and supply resilience [1][3] - PYLARIFY, the current market-leading PSMA PET imaging agent, has shown an 86% median true-positive rate in diagnosing recurrent prostate cancer [2][3] Company Developments - Lantheus is focused on advancing prostate cancer imaging through sustainable innovation, with the new formulation expected to improve patient access and streamline operations [3][4] - The new formulation is designed to optimize the manufacturing process, increasing the radioactive concentration of the agent [3] - The company has a strong market presence, with PYLARIFY being the number one ordered PSMA PET imaging agent in the U.S., supported by over 500,000 scans [6] Industry Context - Prostate cancer is the second most frequently diagnosed cancer in the U.S., with estimates suggesting nearly 315,000 new cases and over 35,000 deaths in 2025 [4] - Projections indicate that annual prostate cancer cases could nearly double to 2.9 million by 2040, driven by aging populations and increased life expectancy [4] - The growing burden of prostate cancer highlights the need for accurate and early detection methods, positioning Lantheus for continued leadership in this area [3][4]

Core Viewpoint - Lantheus Holdings, Inc. will host a conference call and webcast on August 6, 2025, to discuss its financial results and provide a business update for the second quarter of 2025 [1]. Group 1: Conference Call Details - The conference call and webcast will take place at 8:00 a.m. ET on August 6, 2025 [1]. - Participants can register online to access the conference call or webcast, with a recommendation to register fifteen minutes in advance to avoid delays [2]. - A replay of the webcast will be available approximately two hours after its completion and will be archived for at least 30 days [2]. Group 2: Company Overview - Lantheus is a leading company focused on radiopharmaceuticals, aiming to improve patient outcomes by enabling clinicians to Find, Fight, and Follow disease [3]. - The company has been providing radiopharmaceutical solutions for nearly 70 years and is headquartered in Massachusetts, with additional offices in New Jersey, Canada, Germany, Switzerland, and Sweden [3].

Core Insights - Lantheus Holdings, Inc. has successfully completed the acquisition of Life Molecular Imaging Ltd., enhancing its capabilities in the radiopharmaceutical sector [1][3] - Dr. Ludger Dinkelborg has been appointed as the Head of Research and Development at Lantheus, effective August 1, 2025, bringing significant expertise in innovative radiopharmaceuticals [2][3] Company Developments - The acquisition of Life Molecular provides Lantheus with Neuraceq (florbetaben F18 injection), a PET imaging agent approved for detecting beta-amyloid plaques in Alzheimer's disease patients [3] - Lantheus gains a robust commercial infrastructure for Alzheimer's disease diagnostics, advanced R&D capabilities, and an established international presence through this acquisition [3] Leadership and Strategic Direction - Dr. Dinkelborg will oversee Clinical Development, Regulatory Affairs, Clinical Operations, Program Management, and AI/Biomarkers Solutions, reporting directly to the CEO [2] - The leadership transition is viewed as a pivotal moment for Lantheus, with a focus on expanding its innovative pipeline and improving patient care [2][3] Financial Advisory and Legal Support - RMB acted as the financial advisor to Life Healthcare, while Morgan Stanley served as the financial advisor to Lantheus, with various legal advisors involved in the transaction [4]

Core Insights - Lantheus (NASDAQ: LNTH) stock experienced a significant decline from $108 to $80 between January and May 2025, indicating volatility in its performance [1] Company Overview - MMMT Wealth, founded by Oliver, focuses on investment strategies and stock analysis, primarily in private equity, hedge funds, and asset management [1] - Oliver has 5 years of investing experience and 4 years as a CPA, emphasizing a long-term investment horizon of 3-5 years [1] Investment Philosophy - The company aims to gather insights from various sources, including investor calls, presentations, and financial reports, to form informed opinions on stocks [1] - Oliver's passion for investing is highlighted, with a belief that even a few successful investments can be life-changing [1]

Core Viewpoint - Lantheus Holdings (LNTH) shares declined following proposed changes by U.S. health agencies to Medicare payment rules for hospital outpatient services and surgical centers starting in 2026, which may impact the company's revenue stability and growth prospects [1]. Payment Rule Changes - The Centers for Medicare & Medicaid Services (CMS) proposed maintaining the drug packaging threshold at $140 for calendar year 2026 under the Hospital Outpatient Prospective Payment System (OPPS) and the Ambulatory Surgical Center (ASC) payment system [2]. - The $140 threshold reflects inflation adjustments based on the Producer Price Index (PPI) for prescription pharmaceuticals, tracing back to an initial $50 threshold established for calendar years 2005 and 2006 [3]. - CMS updated the packaging threshold using PPI data, resulting in a proposed figure of $141.67 for 2026, rounded to $140 [4]. Diagnostic Radiopharmaceuticals - CMS proposed a new diagnostic radiopharmaceutical packaging threshold of $655 for calendar year 2026, an increase from the finalized $630 threshold for 2025 [5]. - If the per-day cost of diagnostic radiopharmaceuticals exceeds the packaging threshold, they will be paid separately, as finalized in the CY 2025 OPPS/ASC rule [6]. Market Impact and Analyst Insights - Analysts from William Blair expressed concerns that Lantheus shareholders may be disappointed by CMS's proposal, especially regarding the potential transition to Average Sales Price (ASP) pricing, which could have positively impacted the Pylarify franchise [7]. - Despite the proposed changes, Pylarify's Medicare-related business is expected to remain largely unaffected, maintaining its leading market position, although growth may be modest in the short term due to challenges in securing long-term contracts [8]. Stock Performance - Lantheus Holdings' stock (LNTH) experienced a decline of 7.77%, trading at $74.95 [9].

Core Viewpoint - Lantheus Holdings (NASDAQ: LNTH) presents a strong investment case driven by its flagship product Pylarify, which is a leading imaging agent in a growing market, alongside its established product Definity for echocardiograms [1] Product Analysis - Pylarify is recognized as a best-in-class imaging agent, indicating its competitive advantage in the market [1] - Definity has a long-standing history of market leadership, suggesting stability and reliability in its performance [1] Market Context - The market for imaging agents is expected to grow, which could benefit Lantheus Holdings significantly due to its strong product offerings [1]

Financial Performance & Guidance - Lantheus' Q1 2025 revenues reached $372.8 million, reflecting a 0.8% increase[9] - The company's updated full-year 2025 revenue guidance is $1.55 billion to $1.585 billion[17] - The updated adjusted fully diluted EPS guidance for 2025 is $6.60 to $6.70[17] - As of March 31, 2025, Lantheus had $938.5 million in cash on hand and $750 million available in revolving credit[17, 18] Acquisitions & Divestments - Lantheus closed the acquisition of Evergreen Theragnostics in April 2025[9] - The company anticipates closing the acquisition of Life Molecular Imaging in Q2 2025[9] - Lantheus plans to finalize the divestment of its SPECT business by the end of 2025[9] Key Products & Market - PYLARIFY net sales were $257.7 million in Q1 2025, and it is the 1 utilized PSMA PET imaging agent[26, 24] - 99% of enrolled patients in the CONDOR study experienced a change in intended patient management based on PYLARIFY results[29] - The PSMA PET market may exceed $3.5 billion by the end of the decade[38] - DEFINITY net sales were $79.2 million in Q1 2025, with a 3.5% year-over-year growth, remaining the 1 utilized ultrasound enhancing agent[61] - The U S Ultrasound Enhancing Agent TAM is $600M+[68] Pipeline & Development - Lantheus is advancing a diversified radiotherapeutic and radiodiagnostic pipeline, including MK-6240 for Tau imaging and NAV-4694 for β amyloid imaging in Alzheimer's disease[71, 74] - PNT2003, a somatostatin receptor (SSTR)-targeted radiotherapeutic, has a potential launch in 2026[75] - LNTH-2401/2402 (GRPR-targeted) are in development for metastatic prostate cancer, with an IND filing for LNTH-2401 expected in Q4 2025 and Phase 1 initiation for LNTH-2402 planned for 2026[141]