Lantheus Reports Second Quarter 2024 Financial Results

Financial Performance - Worldwide revenue reached $394.1 million, marking a 22.5% increase from the second quarter of 2023 [28][41] - GAAP net income was $62.1 million, a decrease of 34.1% compared to $94.1 million in the prior year [28][41] - GAAP fully diluted earnings per share (EPS) decreased to $0.88 from $1.33 in the same period last year, reflecting a 33.7% decline [28][41] - Adjusted net income (non-GAAP) increased by 15.7% to $126.8 million, while adjusted fully diluted EPS rose 16.4% to $1.80 [28][41] Strategic Transactions - The company completed three strategic transactions aimed at expanding its innovative pipeline [27][13] - Acquired NAV-4694, which is in Phase 3 clinical trials for Alzheimer's disease, enhancing its position in the market [16] - Acquired global rights to RM2, targeting the gastrin-releasing peptide receptor, which strengthens its presence in prostate cancer [16] Product Performance - Sales of PYLARIFY reached $273.3 million, a 29.8% increase from $210.5 million in the prior year, driven by increased utilization in the PSMA PET imaging market [41][36] - DEFINITY sales were $78.1 million, up 10.7% from $70.5 million in the previous year [41][36] Guidance and Future Outlook - The company maintains its full-year 2024 revenue guidance of $1.50 billion to $1.52 billion, while adjusting its fully diluted EPS guidance to $6.60 - $6.70 [17] - The final rule from the Centers for Medicare & Medicaid Services (CMS) regarding payment for specialized diagnostic radiopharmaceuticals is expected to be issued in early November 2024 [4] Balance Sheet Highlights - Cash and cash equivalents increased to $757.0 million from $713.7 million at the end of 2023 [29][12] - Total assets grew to $1.94 billion, up from $1.65 billion at the end of 2023 [12][39]