Summary of Lantheus (LNTH) FY Conference Call - June 10, 2025 Company Overview - Lantheus has been in the nuclear medicine business since 1956, known for its PSMA imaging agent, Polarify, for prostate cancer [3][4] - The company operates in significant growth markets including cancer, neurodegenerative diseases (specifically Alzheimer's), therapeutic oncology, diagnostic oncology, and cardiology [4] Market Dynamics - The PSMA imaging market is experiencing growth between 15% to 20% [6] - Recent entrants in the market include LU6 and Postluma, which are affecting competitive dynamics [6] - The reimbursement environment has been inconsistent, with Lantheus losing pass-through status and transitioning to MUC pricing for Medicare outpatient services [6][7] - Speculation exists regarding future CMS decisions on pricing models, with potential impacts on Lantheus and Polarify [7][8] Competitive Landscape - Lantheus is seeing volume growth despite a challenging market environment, with expectations of a "lumpy" year until the market stabilizes [8][10] - Competitors like Pulse Luma have pricing advantages but also face issues with false positives in scans [9] - The company is focusing on expanding its presence in smaller accounts to drive adoption [12][37] Future Outlook - The outlook for Polarify pricing is uncertain, but Lantheus expects to return to market-level growth as competitive dynamics stabilize [11][12] - The company anticipates growth in smaller accounts, which are beginning to increase scan volumes significantly [12][13] - There is a noted bottleneck in large institutions, creating opportunities for smaller centers to increase their scan volumes [12][14] International Expansion - Lantheus is partnered with Curium for the sale of Polarify in Europe, with plans for expansion into Japan and discussions regarding China [28][30] - The U.S. remains the primary market, but international opportunities are being explored [28][29] Government and Reimbursement Exposure - Approximately 20% of Lantheus's patient population is exposed to government reimbursement changes, with strategic contracts in place to mitigate impacts [33][35] - The potential shift to ASP pricing could create a more level playing field among competitors [32][36] Recent Acquisitions and Synergies - The acquisition of Evergreen is expected to generate synergies quickly, particularly with the launch of Octavy, a diagnostic agent for neuroendocrine tumors [39][40] - The company is focusing on integrating its radioligand therapy pipeline with its manufacturing capabilities [40][41] Pipeline and Growth Drivers - Lantheus has a robust pipeline, including assets for Alzheimer's dementia and radioligand therapies, which are expected to drive significant growth [50][52] - The company is optimistic about the potential of its tau imaging agents, which could become increasingly important in the future [66][68] Portfolio Management - Lantheus is simplifying its organization by divesting non-core assets, such as its spec business, to focus on innovation and growth in its imaging and therapeutic segments [72][73] - The divestiture is expected to improve gross margins and allow for a more focused strategy on new assets [73] Cardiology Opportunities - Lantheus is not actively pursuing cardiology opportunities but acknowledges the potential in collaboration with GE, which is managing the program [75][76] This summary captures the key points discussed during the Lantheus FY Conference Call, highlighting the company's market position, competitive landscape, future outlook, and strategic initiatives.

Core Viewpoint - Lantheus Holdings, Inc. is set to present at the 2025 Truist Securities MedTech Conference, highlighting its commitment to improving patient outcomes through radiopharmaceutical solutions [1]. Company Overview - Lantheus is a leading company in the radiopharmaceutical sector, focused on enabling clinicians to Find, Fight, and Follow disease for better patient outcomes [3]. - The company has been providing radiopharmaceutical solutions for nearly 70 years and is headquartered in Massachusetts, with additional offices in New Jersey, Canada, Sweden, and Switzerland [3]. Event Details - Brian Markison, the Chief Executive Officer of Lantheus, will present at the conference on June 17, 2025, at 8:40 a.m. ET [1]. - A live webcast of the presentation will be accessible through the Investors section of the company's website, with a replay available for at least 30 days post-event [2].

Core Viewpoint - Lantheus Holdings, Inc. is set to present at the Goldman Sachs 46th Annual Global Healthcare Conference 2025, highlighting its commitment to improving patient outcomes through radiopharmaceuticals [1]. Company Overview - Lantheus is a leading company in the radiopharmaceutical sector, focused on enabling clinicians to Find, Fight, and Follow disease for better patient outcomes [3]. - The company has been providing radiopharmaceutical solutions for nearly 70 years and is headquartered in Massachusetts, with additional offices in New Jersey, Canada, and Sweden [3]. Event Details - Brian Markison, the Chief Executive Officer of Lantheus, will present at the conference on June 10, 2025, at 2:40 p.m. ET [1]. - A live webcast of the presentation will be accessible on the company's website, with a replay available for at least 30 days post-event [2].

Group 1 - Lantheus (NASDAQ: LNTH) shares experienced a significant decline of 25% following the release of its Q1 2025 report, indicating a disappointment in market expectations [1] - The company has reduced its earnings per share (EPS) guidance for 2025, which is attributed to costs associated with mergers and acquisitions (M&A) and the divestiture of a low-growth segment [1]

Core Viewpoint - Investors should focus on pharmaceutical stocks that are currently trading at extremely oversold levels, as indicated by the Relative Strength Index (RSI), which can signal potential rebounds [1][13]. Group 1: Sarepta Therapeutics - Sarepta Therapeutics has an RSI of 22, indicating extreme oversold conditions, and has seen its stock price drop over 40% following an earnings miss [2][3]. - The 12-month stock price forecast for Sarepta is $131.22, suggesting a potential upside of 262.48% from the current price of $36.20 [2]. - Analysts, including those from Wells Fargo, maintain a Buy rating and are optimistic about Sarepta's long-term pipeline, particularly its FDA-approved gene therapy for Duchenne muscular dystrophy [3][4]. Group 2: Krystal Biotech - Krystal Biotech's RSI has risen to 33, indicating a recovery from oversold levels, with a recent stock price of $134.53 [5][6]. - The 12-month stock price forecast for Krystal is $218.63, representing a potential upside of 62.51% [5]. - Analysts remain bullish on Krystal, with Guggenheim reiterating a Buy rating and a price target of $189, indicating nearly 40% upside potential [7][8]. Group 3: Lantheus Holdings - Lantheus Holdings has an RSI of 28, showing signs of being oversold after a 25% drop following an earnings miss [9][10]. - The 12-month stock price forecast for Lantheus is $132.67, suggesting a potential upside of 68.04% from the current price of $78.95 [9]. - Truist Financial has reiterated a Buy rating with a price target of $117, indicating more than 45% upside potential, supported by the company's strong product portfolio [11][10].

LOS ANGELES, May 8, 2025 /PRNewswire/ -- The DJS Law Group announces that it is investigating claims on behalf of investors of Lantheus Holdings, Inc. ("Lantheus" or "the Company") (NASDAQ: LNTH) for violations of the securities laws. DJS Law Group INVESTIGATION DETAILS: The investigation focuses on whether the Company issued misleading statements and/or failed to disclose information pertinent to investors. Lantheus reported its financial results for the first quarter of 2025 on May 7, 2025. Along wit ...

Financial Data and Key Metrics Changes - Consolidated net revenue for Q1 2025 was $372.8 million, an increase of 0.8% year-over-year [23] - GAAP net income for Q1 was $72.9 million, with adjusted net income at $109.5 million, a decrease of 7.5% [27] - Gross profit margin for Q1 was 67%, a decrease of 180 basis points due to various factors including strategic partnership contracting initiatives [24] Business Line Data and Key Metrics Changes - Radiopharmaceutical oncology, primarily from Polarify, contributed $257.7 million in sales, flat compared to the prior year [23] - Precision Diagnostic revenue was $104.4 million, also flat year-over-year, with DEFINITY sales at $79.2 million, up 3.5% [24] - Strategic partnerships and other revenue increased by 65.1% to $10.7 million, driven by contributions from investigational asset MK6240 [24] Market Data and Key Metrics Changes - The U.S. Alzheimer's disease radio diagnostics total addressable market is projected to grow to over $1.5 billion by the end of the decade and $2.5 billion by the mid-2030s [10] - The PSMA PET addressable market is anticipated to exceed $3.5 billion by 2025, driven by rising disease incidence and broader adoption of targeted therapies [15] Company Strategy and Development Direction - The company plans to divest its SPECT business to Shine Technologies, focusing on PET radio diagnostics and radiotherapeutics [5][11] - Recent acquisitions of Evergreen Theranostics and Life Molecular Imaging are aimed at enhancing radiopharmaceutical leadership and diversifying revenue streams [5][6] - The company is committed to advancing its position in the radiopharmaceutical sector through both organic growth and strategic acquisitions [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining market leadership despite competitive pressures, particularly in the Polarify segment [40] - The divestiture of the SPECT business is expected to unlock future revenue growth and gross margin expansion [31] - The company anticipates low single-digit dilution from the combined addition of Evergreen and LMI, with adjusted EPS projected in the range of $6.60 to $6.70 [31] Other Important Information - The company is actively monitoring tariff activities and their potential impact on operations, though current effects are minimal [28] - The effective tax rate for the quarter was 26.5% [27] Q&A Session Summary Question: Insights on Polarify trends and competitive dynamics - Management noted successful revenue stabilization through strategic partnerships, despite experiencing short-term competitive disruption among smaller non-contracted sites [39][40] Question: Rationale for exiting the SPECT business - The SPECT business was deemed non-core to future growth, allowing the company to streamline operations and focus on higher growth areas [43][44] Question: Fiscal 2025 guidance drivers - Guidance was tightened primarily due to Polarify's performance, with expectations for healthy dose volumes throughout the year [49] Question: Long-term opportunity for GRPR targeting in prostate cancer - Management highlighted the potential for GRPR imaging and therapy, noting its relevance in various stages of prostate cancer treatment [82][84] Question: Impact of MUC-based pricing on revenue - MUC-based pricing currently affects about 20% of patients, with management expecting stabilization as customers adapt to new reimbursement structures [90]

Financial Data and Key Metrics Changes - Consolidated net revenue for Q1 2025 was $372.8 million, an increase of 0.8% year-over-year [24] - GAAP net income for Q1 was $72.9 million, with adjusted net income at $109.5 million, a decrease of 7.5% [29] - Gross profit margin for Q1 was 67%, a decrease of 180 basis points compared to the previous year [25] - Operating profit for the quarter was $144.3 million, a decrease of 7.1% [27] Business Line Data and Key Metrics Changes - Radiopharmaceutical oncology, primarily from Polarify, contributed $257.7 million in sales, flat year-over-year [24] - Precision Diagnostic revenue was $104.4 million, also flat year-over-year, with DEFINITY sales at $79.2 million, up 3.5% [25] - Strategic partnerships and other revenue increased by 65.1% to $10.7 million, driven by investigational asset MK6240 [25] Market Data and Key Metrics Changes - The U.S. Alzheimer's disease radio diagnostics total addressable market is projected to grow to over $1.5 billion by the end of the decade and $2.5 billion by the mid-2030s [11] - The PSMA PET addressable market is anticipated to exceed $3.5 billion by 2026, driven by rising disease incidence and broader adoption [15] Company Strategy and Development Direction - The company plans to divest its SPECT business to Shine Technologies to focus on PET radio diagnostics and radiotherapeutics [5][12] - Recent acquisitions of Evergreen Theranostics and Life Molecular Imaging are aimed at enhancing radiopharmaceutical leadership and long-term growth [5][6] - The company is committed to advancing its position in nuclear medicine through both organic growth and strategic acquisitions [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining market leadership despite competitive pressures and pricing dynamics [41] - The divestiture of the SPECT business is expected to unlock future revenue growth and gross margin expansion [46] - The company anticipates low single-digit dilution from the combined addition of Evergreen and LMI, with an updated revenue guidance of $1.55 to $1.585 billion for 2025 [32][34] Other Important Information - The company is actively monitoring tariff activities and their potential impact on operations, though current effects are minimal [30] - R&D expenses are expected to be approximately 7.5% of revenue, reflecting increased investments in growth initiatives [33] Q&A Session Summary Question: Can you elaborate on Polarify trends and competitive dynamics? - Management noted successful revenue stabilization through strategic partnerships, despite experiencing short-term competitive disruption among smaller non-contracted sites [40][41] Question: What is the rationale for exiting the SPECT business now? - The SPECT business is viewed as non-core to future growth, allowing the company to streamline operations and focus on higher growth areas [45][46] Question: How does the divestiture of the SPECT business free up resources? - The divestiture allows for a sharper organizational focus on PET radio diagnostics and radiotherapeutics, enhancing growth potential [55] Question: What is the expected impact of MUC-based pricing on revenue? - MUC-based pricing currently affects about 20% of patients, with management expecting stabilization as sites adapt to new reimbursement structures [93][95] Question: How does the company view the long-term opportunity for GRPR targeting in prostate cancer? - There is potential for GRPR imaging and therapy to play a significant role in various stages of prostate cancer treatment, with ongoing development efforts [86][88]

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2025, covering balance sheets, income, and cash flows with explanatory notes Condensed Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $938,533 | $912,814 | | Total current assets | $1,423,780 | $1,326,633 | | Total assets | $2,055,224 | $1,980,340 | | Total current liabilities | $248,002 | $240,526 | | Total liabilities | $891,030 | $892,329 | | Total stockholders' equity | $1,164,194 | $1,088,011 | Condensed Consolidated Statements of Operations Highlights (Unaudited) | Account | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Revenues | $372,764 | $369,975 | | Gross profit | $237,700 | $241,846 | | Operating income | $102,067 | $106,635 | | Net income | $72,945 | $131,066 | | Diluted EPS | $1.02 | $1.87 | Condensed Consolidated Statements of Cash Flows Highlights (Unaudited) | Cash Flow Activity | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $107,563 | $127,238 | | Net cash used in investing activities | $(63,718) | $(106,529) | | Net cash used in financing activities | $(18,219) | $(16,845) | | Net increase in cash | $25,728 | $4,634 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial performance, noting slight revenue growth, strategic acquisitions and divestitures, decreased operating expenses, and a strong liquidity position despite lower net income Q1 2025 vs. Q1 2024 Results of Operations (in thousands) | Metric | Q1 2025 | Q1 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Revenues | $372,764 | $369,975 | $2,789 | 0.8% | | Gross Profit | $237,700 | $241,846 | $(4,146) | (1.7)% | | Operating Income | $102,067 | $106,635 | $(4,568) | (4.3)% | | Net Income | $72,945 | $131,066 | $(58,121) | (44.3)% | Revenue by Product Category (in thousands) | Category | Q1 2025 | Q1 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Total radiopharmaceutical oncology | $257,654 | $259,254 | $(1,600) | (0.6)% | | Total precision diagnostics | $104,363 | $104,210 | $153 | 0.1% | | Strategic partnerships and other revenue | $10,747 | $6,511 | $4,236 | 65.1% | | **Total revenues** | **$372,764** | **$369,975** | **$2,789** | **0.8%** | - The company is executing a strategy to become a fully integrated radiopharmaceutical company through several key transactions[124](index=124&type=chunk) - **Pending Acquisition of Life Molecular Imaging:** An agreement for a **$350 million** upfront payment plus milestones to expand into Alzheimer's disease diagnostics[125](index=125&type=chunk) - **Acquisition of Evergreen Theragnostics:** Completed on April 1, 2025, for approximately **$275 million** upfront to enhance manufacturing and expand the pipeline[111](index=111&type=chunk)[128](index=128&type=chunk) - **Sale of SPECT business:** A definitive agreement was signed on May 1, 2025, to sell the SPECT business to SHINE Technologies, allowing for a greater focus on PET radiodiagnostics[113](index=113&type=chunk)[131](index=131&type=chunk) - **R&D Pipeline Advancement:** Continued investment in key assets including PNT2002/2003, LNTH-2501, MK-6240, NAV-4694, and RM2[167](index=167&type=chunk) - The company's liquidity remains strong, with **$938.5 million** in cash and cash equivalents as of March 31, 2025. The revolving credit facility was amended and increased from **$350.0 million** to **$750.0 million**, with maturity extended to December 2029[148](index=148&type=chunk)[192](index=192&type=chunk)[204](index=204&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section confirms no material changes in market risk exposures since December 31, 2024, highlighting equity investment volatility - The company's exposures to market risk have not changed materially since December 31, 2024[210](index=210&type=chunk) - The company holds investments in equity securities of Perspective and Radiopharm with a carrying value of **$30.4 million** as of March 31, 2025. These investments are subject to market price volatility as they are recorded at fair value[211](index=211&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective with no material changes in internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[212](index=212&type=chunk) - There were no material changes in the company's internal control over financial reporting during the first quarter of 2025[213](index=213&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ongoing patent infringement lawsuits, including one initiated by a Novartis entity and another filed by the company - The company was sued by Advanced Accelerator Applications (a Novartis entity) for patent infringement following the filing of an Abbreviated New Drug Application (ANDA) for PNT2003[88](index=88&type=chunk) - The company has filed its own patent infringement lawsuit against a healthcare-related imaging software developer[89](index=89&type=chunk) [Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, highlighting economic conditions, healthcare reforms, operational risks from acquisitions, and potential generic competition for PYLARIFY - Economic conditions such as inflation, tariffs, and customer financial instability pose risks to profitability and operations[216](index=216&type=chunk)[217](index=217&type=chunk) - Reforms to the U.S. healthcare system, including changes to Medicare payments and the Affordable Care Act, create uncertainty and could adversely affect business[218](index=218&type=chunk) - The company faces risks related to fulfilling its contract development and manufacturing obligations from the Evergreen acquisition and supplying investigational products for third-party research[222](index=222&type=chunk)[223](index=223&type=chunk) - PYLARIFY's new chemical entity (NCE) regulatory exclusivity expires on May 26, 2026, which could lead to the entry of generic competitors and potential patent litigation[225](index=225&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares under its program in Q1 2025 but withheld shares for employee tax obligations, and does not foresee paying dividends Q1 2025 Share Repurchase Activity | Period | Total Shares Purchased | Average Price Paid per Share ($) | Shares Purchased as Part of Publicly Announced Program | Approx. Dollar Value Remaining in Program (in millions) | | :--- | :--- | :--- | :--- | :--- | | Jan 2025 | 2,425 | $92.01 | — | $150.0 | | Feb 2025 | 2,534 | $83.41 | — | $150.0 | | Mar 2025 | 245,022 | $94.90 | — | $150.0 | | **Total** | **249,981** | | **—** | **$150.0** | - The shares purchased were withheld to satisfy tax withholding obligations for employees and were not part of the publicly announced repurchase program[229](index=229&type=chunk) - The company does not currently intend to pay dividends and expects to retain future earnings to finance growth and repay debt[230](index=230&type=chunk) [Defaults Upon Senior Securities](index=51&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults on its senior securities during the reporting period - None[231](index=231&type=chunk) [Mine Safety Disclosures](index=51&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[232](index=232&type=chunk) [Other Information](index=51&type=section&id=Item%205.%20Other%20Information) Several company executives and board members adopted Rule 10b5-1 trading plans in Q1 2025 for future common stock sales - Rule 10b5-1 trading plans were adopted by several insiders, including[233](index=233&type=chunk)[234](index=234&type=chunk)[235](index=235&type=chunk) - President Paul Blanchfield - Chairperson Mary Anne Heino - CAO Daniel Niedzwiecki - CFO Robert Marshall - Board members Julie McHugh and Samuel R. Leno [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including a lease amendment, CEO and CFO certifications, and Inline XBRL financial data - The exhibits filed with this report include a Third Amendment to a lease, CEO and CFO certifications (Rule 13a-14(a) and 18 U.S.C. Section 1350), and various Inline XBRL documents[238](index=238&type=chunk)

[Financial and Business Highlights](index=1&type=section&id=Financial%20and%20Business%20Highlights) Lantheus reported Q1 2025 revenue of $372.8 million, experiencing declines in GAAP and adjusted EPS, while pursuing strategic portfolio restructuring Q1 2025 Summary Financial Results | (in millions, except per share data) | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | **Worldwide revenue** | $372.8 | $370.0 | 0.8% | | **GAAP net income** | $72.9 | $131.1 | (44.3)% | | **GAAP fully diluted EPS** | $1.02 | $1.87 | (45.5)% | | **Adj. net income (non-GAAP)** | $109.5 | $118.3 | (7.5)% | | **Adj. fully diluted EPS (non-GAAP)** | $1.53 | $1.69 | (9.5)% | Q1 2025 Key Product Sales and Operating Metrics | Metric | Q1 2025 Value (in millions) | YoY Change | | :--- | :--- | :--- | | PYLARIFY Sales | $257.7 | -0.5% | | DEFINITY Sales | $79.2 | +3.5% | | Operating Income | $102.1 | -4.3% | | Free Cash Flow | $98.8 | N/A | - The company is actively reshaping its portfolio through strategic transactions, including closing the Evergreen Theragnostics acquisition, planning to close the Life Molecular Imaging acquisition, and announcing the planned divestiture of its SPECT business[3](index=3&type=chunk)[6](index=6&type=chunk) [Business Development and Pipeline Updates](index=3&type=section&id=Business%20Development%20and%20Pipeline%20Updates) Lantheus is strategically transforming its business via acquisitions and divestitures, focusing on PET radiodiagnostics, with MK-6240 advancing and PNT2002 discontinued - Completed the acquisition of Evergreen Theragnostics, gaining OCTEVY™, a portfolio of theranostic pairs, and radioligand therapy manufacturing capabilities[11](index=11&type=chunk) - Announced an agreement to acquire Life Molecular Imaging, which will add Neuraceq®, a globally approved beta-amyloid radiodiagnostic for Alzheimer's disease, to its portfolio; the deal is expected to close in Q2 2025[11](index=11&type=chunk) - Agreed to sell its SPECT business, including key diagnostic agents like TechneLite and Cardiolite, to SHINE Technologies to sharpen focus on its PET radiodiagnostics and microbubbles portfolio[11](index=11&type=chunk) - MK-6240, a next-generation tau imaging agent, met primary endpoints in two pivotal studies; the company plans to submit a New Drug Application (NDA) to the FDA in Q3 2025[11](index=11&type=chunk) - Following the Phase 3 SPLASH study of PNT2002 reaching 100% overall survival events with results confounded by patient crossover, the company does not plan to pursue an NDA or further invest in this asset[11](index=11&type=chunk) [Full Year 2025 Financial Guidance](index=3&type=section&id=Full%20Year%202025%20Financial%20Guidance) Lantheus updated its full year 2025 financial guidance, slightly adjusting revenue forecasts and lowering adjusted fully diluted EPS expectations Full Year 2025 Interim Corporate Financial Guidance Comparison | Metric | Guidance Issued May 7, 2025 | Guidance Issued Feb 26, 2025 | | :--- | :--- | :--- | | **FY 2025 Revenue** | $1.550B - $1.585B | $1.545B - $1.610B | | **FY 2025 Adj. fully diluted EPS** | $6.60 - $6.70 | $7.00 - $7.20 | - The company does not provide GAAP income per common share guidance due to the inability to predict with reasonable certainty items such as business development expenses, purchase accounting adjustments, and other non-recurring charges[10](index=10&type=chunk)[12](index=12&type=chunk) [Detailed Financial Statements](index=8&type=section&id=Detailed%20Financial%20Statements) This section provides a comprehensive overview of Lantheus's consolidated financial statements, including statements of operations, revenue analysis, balance sheets, and cash flow [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2025 saw total revenues of $372.8 million, a slight increase, but gross profit and GAAP net income declined significantly, impacted by an unrealized loss on equity securities Q1 2025 Statement of Operations (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Revenues** | $372,764 | $369,975 | | **Gross Profit** | $237,700 | $241,846 | | **Operating Income** | $102,067 | $106,635 | | **Net Income** | $72,945 | $131,066 | | **Diluted EPS** | $1.02 | $1.87 | [Consolidated Revenues Analysis](index=9&type=section&id=Consolidated%20Revenues%20Analysis) Q1 2025 total revenue was primarily driven by PYLARIFY sales, with DEFINITY showing growth and significant expansion in strategic partnerships and other revenue Q1 2025 Revenue by Product (in thousands) | Product/Category | Q1 2025 Revenue | Q1 2024 Revenue | % Change | | :--- | :--- | :--- | :--- | | **PYLARIFY** | $257,654 | $258,870 | (0.5)% | | **DEFINITY** | $79,211 | $76,564 | 3.5% | | **TechneLite** | $19,711 | $21,714 | (9.2)% | | **Strategic partnerships and other** | $10,747 | $6,511 | 65.1% | | **Total revenues** | $372,764 | $369,975 | 0.8% | [Condensed Consolidated Balance Sheets](index=13&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, Lantheus reported increased cash and total assets, stable liabilities, and growth in stockholders' equity Balance Sheet Highlights (in thousands) | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $938,533 | $912,814 | | **Total current assets** | $1,423,780 | $1,326,633 | | **Total assets** | $2,055,224 | $1,980,340 | | **Total liabilities** | $891,030 | $892,329 | | **Total stockholders' equity** | $1,164,194 | $1,088,011 | [Cash Flow Statement](index=12&type=section&id=Cash%20Flow%20Statement) Q1 2025 saw a decrease in net cash from operating activities to $107.6 million, resulting in free cash flow of $98.8 million after capital expenditures Q1 2025 Cash Flow Summary (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $107,563 | $127,238 | | **Capital expenditures** | $(8,718) | $(8,273) | | **Free cash flow** | $98,845 | $118,965 | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=10&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section details the reconciliation of Q1 2025 GAAP financial results to non-GAAP measures, adjusting for items like stock compensation and unrealized losses to derive adjusted net and operating income Q1 2025 Reconciliation of Net Income and EPS (in thousands, except per share) | Metric | GAAP | Adjustments | Non-GAAP | | :--- | :--- | :--- | :--- | | **Net Income** | $72,945 | $36,530 | $109,475 | | **Diluted EPS** | $1.02 | $0.51 | $1.53 | Q1 2025 Reconciliation of Operating Income (in thousands) | Metric | GAAP | Adjustments | Non-GAAP | | :--- | :--- | :--- | :--- | | **Operating Income** | $102,067 | $42,191 | $144,258 | - Major adjustments between GAAP and Non-GAAP net income included stock compensation (**$21.2M**), unrealized loss on equity securities (**$14.9M**), and amortization of intangible assets (**$8.0M**)[27](index=27&type=chunk)