Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $406.8 million, an increase of 4% year-over-year, while full-year revenue was $1.546 billion, up 0.5% [20] - Adjusted EPS for Q4 was $1.67, an increase of 4.7%, while full-year adjusted EPS was $6.08, a decrease of 10% from the prior year [26][30] - Operating cash flow for Q4 totaled $90.2 million, down from $157.7 million in Q4 2024 [27] Business Line Data and Key Metrics Changes - Radiopharmaceutical oncology, primarily from PYLARIFY, generated Q4 revenue of $240.2 million, down 9.7% year-over-year, and full-year revenue of $989.1 million, down 6.5% [20] - Precision Diagnostics delivered Q4 revenue of $143.2 million, a 22% increase, driven by DEFINITY and Neuraceq, which contributed $31 million in Q4 [21][14] - Strategic partnerships and other revenue increased by 203.3% to $23.3 million, largely due to MK-6240 [22] Market Data and Key Metrics Changes - PYLARIFY's volume grew approximately 4% year-over-year, with pricing discipline contributing to performance despite competitive pressures [12] - Neuraceq is expected to grow triple digits in 2026, driven by increased demand for Alzheimer's imaging [14] - DEFINITY maintained over 80% market share, delivering over $85 million in Q4 [14] Company Strategy and Development Direction - The company is focusing on radiodiagnostics, with plans to maintain leadership in PSMA PET imaging and prepare for the launch of a new PSMA PET formulation in Q4 2026 [8][36] - The strategic intent includes optimizing the cost structure and prioritizing investments in innovative PET radiodiagnostics [10] - The company plans to pursue value-maximizing alternatives for its radiotherapeutic assets while focusing on diagnostic opportunities [11][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive meaningful performance gains and deliver sustainable revenue growth in the mid and long term [11][36] - The company anticipates several product approvals in 2026, with a focus on commercial execution and regulatory milestones [30] - Management highlighted the importance of maintaining operational excellence and customer relationships to support growth [13] Other Important Information - The company completed the divestiture of its legacy SPECT business on January 1, 2026, to focus on PET radiodiagnostics [8] - The effective tax rate for Q4 was 19%, with a full-year rate of 25.3% [25] - Cash and cash equivalents stood at $359.1 million, with $200 million remaining for share buybacks [28] Q&A Session Summary Question: What is the timing for the new PSMA PET imaging agent's coding and reimbursement? - Management anticipates securing HCPCS code and transitional pass-through status by October 1, 2026, with a regional rollout planned for Q4 2026 [41][42] Question: How does the POSLUMA versus PYLARIFY study impact market dynamics? - Management expressed concerns about the study design and stated that its results do not factor into the current forecast for PYLARIFY [46][48] Question: Can you elaborate on pricing and unit growth for PYLARIFY in Q4? - Management indicated that Q4 performance exceeded expectations, with both volume growth and favorable pricing contributing to results [52] Question: What are the plans for radiotherapeutic assets? - Management is reviewing therapeutic assets for value optimization and may consider tuck-in acquisitions for diagnostic opportunities [61][62] Question: What is the growth outlook for Neuraceq? - Management expects Neuraceq to achieve triple-digit growth in 2026, supported by expanded manufacturing and deeper penetration in existing accounts [14][66]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $406.8 million, an increase of 4% year-over-year, while full-year revenue was $1,541.6 million, up 0.5% [21] - Gross profit margin for Q4 was 65.1%, down 289 basis points from Q4 2024, primarily due to decreases in PYLARIFY net price [23] - Operating profit for Q4 was $138.9 million, a decrease of 8.5%, with reported profit for Q4 at $54.1 million [26] Business Line Data and Key Metrics Changes - Radiopharmaceutical oncology, solely comprised of PYLARIFY, generated Q4 revenue of $240.2 million, down 9.7% year-over-year, and full-year revenue of $989.1 million, down 6.5% [21] - Precision Diagnostics delivered Q4 revenue of $143.2 million, a 22% increase, driven by DEFINITY and Neuraceq, which contributed $31 million in Q4 [22][14] - Strategic partnerships and other revenue was $23.3 million, up 203.3%, due to strong performance from MK-6240 [22] Market Data and Key Metrics Changes - PYLARIFY volume increased approximately 4% year-over-year, with pricing concessions resetting 340B pricing in Q4 2025 [12] - Neuraceq is positioned as the second-most utilized and fastest-growing beta-amyloid PET imaging agent, addressing a large and expanding market [15] - DEFINITY maintained over 80% market share, delivering over $85 million in Q4 [15] Company Strategy and Development Direction - The company is focusing on radiodiagnostics, having divested its legacy SPECT business to prioritize innovative PET radiodiagnostics [8] - The strategy includes maintaining leadership in PSMA PET imaging with PYLARIFY and preparing for the launch of a new PSMA PET formulation in Q4 2026 [8][36] - The company plans to maximize the value of its current product portfolio while selectively developing pipeline assets and optimizing the therapeutic pipeline [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive meaningful performance gains and deliver sustainable revenue growth in the mid and long term [11] - The focus for 2026 will be on commercial execution and regulatory milestones, with expectations for multiple FDA approvals [9][11] - Management highlighted the importance of maintaining operational excellence and customer relationships to support growth [12] Other Important Information - The company repurchased $100 million of its own shares during Q4, leaving $200 million of authorization for buybacks outstanding [28] - The effective tax rate was 19% for Q4 and 25.3% for the full year [26] - The company anticipates a revenue forecast of $1.4 billion to $1.45 billion for 2026, with PYLARIFY expected to decline 8%-10% year-over-year [31] Q&A Session Summary Question: What will be the timing for securing coding and reimbursement for the new PSMA PET imaging agent? - Management anticipates securing HCPCS code and transitional pass-through status by October 1st, with a commercial rollout planned for Q4 2026 [42][43] Question: How does the study comparing PYLARIFY and POSLUMA impact the forecast? - Management expressed concerns about the study design and stated that the results do not impact their forecast [46][49] Question: Can you elaborate on pricing and unit growth in Q4 2025? - Management noted a strong quarter for PYLARIFY, with volume growth of 4% and a favorable pricing environment [51][52] Question: What are the plans for radiotherapeutic assets? - The company is reviewing its therapeutic assets and considering value-maximizing alternatives while focusing on diagnostic assets [60][62] Question: What is the growth potential for Neuraceq? - Management expects triple-digit growth for Neuraceq, driven by expanding manufacturing and deeper penetration in existing accounts [66][68]