Financial Data and Key Metrics Changes - Consolidated net revenue for Q2 2025 was $378 million, a decrease of 4.1% year over year [23] - Adjusted net income for Q2 was $110.6 million, a decrease of 12.8% [27] - GAAP fully diluted earnings per share for Q2 were $1.12, with adjusted EPS at $1.57, both down 12.8% [27] Business Line Data and Key Metrics Changes - Sales of Polarify were $251 million during the quarter, down 8.3% year over year [14] - U.S. volumes for Polarify were up 2% year over year and more than 4% sequentially, both lower than expectations [14] - Precision Diagnostics revenue was $115.8 million, up 3.3%, with DEFINITY sales at $83.9 million, up 7.5% [24] Market Data and Key Metrics Changes - The PSMA PET market faced competitive pricing pressures, particularly from an F-eighteen competitor, leading to account losses [15] - The broader market for PSMA PET is expected to grow in the mid to high teens, while Polarify is anticipated to grow in the low single digits [44] Company Strategy and Development Direction - The company is focused on diversifying its portfolio and enhancing capabilities across the radiopharmaceutical value chain [10] - A new $400 million stock repurchase program was authorized, reflecting confidence in the business's intrinsic value and future growth potential [12] - The FDA has accepted the NDA for a new formulation of Polarify, expected to increase batch size by approximately 50% [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that Q2 results were below expectations and lowered the financial outlook for the remainder of 2025 [5] - There are signs of stabilization in the PSMA PET marketplace, which is encouraging for future growth [41] - The company is committed to maintaining Polarify's market leadership despite competitive pressures [17] Other Important Information - The company completed the acquisition of Evergreen and Life Molecular, which are expected to contribute to growth and diversify revenue [10] - The strategic partnerships have been effective in maintaining and growing volumes, particularly in contracted accounts [16] Q&A Session Summary Question: Thoughts on achieving double-digit growth in 2026 - Management believes it is achievable through a combination of organic and inorganic growth, with key factors including the performance of DEFINITY and the impact of recent acquisitions [34][35] Question: Guidance for LMI's contribution to revenue - Forecasting a contribution of $40 million to $45 million in revenue from LMI for the latter half of 2025, with a low single-digit dilution expected [42] Question: Timing for the new formulation of Polarify - The new formulation is expected to be commercialized potentially by mid-2026, with a focus on securing coding coverage and payment [52] Question: Impact of new formulation on long-term contracts - The new formulation will be an add-on to existing contracts, potentially allowing for a 340B price reset [55] Question: Commercial opportunity for tau imaging - The tau imaging market is expected to grow, with the potential for significant demand as it becomes integrated into Alzheimer's treatment protocols [58] Question: Share of contracted versus non-contracted business - The vast majority of the business is under contract, with strategic partnerships designed to level the playing field against competitive pricing pressures [66]

Financial Data and Key Metrics Changes - Consolidated net revenue for Q2 2025 was $378 million, a decrease of 4.1% year over year [20] - Adjusted net income for Q2 was $110.6 million, a decrease of 12.8% [24] - GAAP fully diluted earnings per share for Q2 were $1.12, with adjusted earnings per share at $1.57, both down 12.8% [24] Business Line Data and Key Metrics Changes - Sales of Polarify were $251 million, down 8.3% year over year, with U.S. volumes up 2% year over year and over 4% sequentially [12][21] - Precision Diagnostics revenue was $115.8 million, up 3.3%, with DEFINITY sales at $83.9 million, up 7.5% [21] - Strategic partnerships and other revenue increased by 32.8% to $11.6 million, driven by contributions from MK6240 and the newly acquired Evergreen CDMO business [22] Market Data and Key Metrics Changes - The PSMA PET market faced competitive pricing pressures, particularly from an F-eighteen competitor, leading to account losses and renegotiations [13][14] - The broader market for PSMA PET is expected to grow in the mid to high teens, while Polarify is anticipated to grow in the low single digits [39] Company Strategy and Development Direction - The company is focused on diversifying its portfolio and enhancing its capabilities in the radiopharmaceutical value chain through acquisitions [9] - A new $400 million stock repurchase program was authorized, reflecting confidence in the business's intrinsic value and future growth potential [11] - The FDA has accepted the NDA for a new formulation of Polarify, expected to increase batch size by approximately 50%, enhancing production efficiency and patient access [6][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that Q2 results were below expectations and lowered the financial outlook for the remainder of 2025 [4] - The company is taking a disciplined approach to pricing to preserve the long-term value of its PSMA PET franchise [7][16] - Management expressed confidence in the long-term strategy and the ability to execute, despite current market dynamics [11][28] Other Important Information - The company expects full-year revenue to be in the range of $1.475 to $1.51 billion, down from the previous range of $1.55 to $1.585 billion [27] - The anticipated launch of four additional radiopharmaceutical products is expected to diversify revenue streams [10] Q&A Session Summary Question: Thoughts on achieving double-digit growth in 2026 - Management believes it is achievable through a combination of organic and inorganic growth, with key factors including the performance of DEFINITY and the impact of recent acquisitions [30][31] Question: Guidance for LMI's contribution to revenue - The forecast for LMI's contribution is $40 million to $45 million in net revenue with an EPS accretion of $0.04 [37] Question: Impact of new formulation on long-term contracts - The new formulation will be an add-on to existing contracts, potentially allowing for a 340B price reset [49] Question: Commercial opportunity for tau imaging - The company sees significant potential in the tau imaging market, which could be similar in size to Polarify [52] Question: Market share and contracted business for Polarify - The majority of the business is under contract, and management has made strategic decisions to walk away from certain accounts to protect long-term value [56][61]

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]

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]

Commercial Portfolio Performance - PYLARIFY achieved blockbuster status in 2024 with over $1 billion in sales[154], and Q1 2025 net sales reached $257.7 million[13] - DEFINITY remains the 1 utilized ultrasound enhancing agent, with Q1 2025 net sales of $79.2 million, a 3.5% year-over-year growth[24] Market Opportunities - The U S PSMA PET imaging market has a potential of over $3.5 billion by 2030, driven by expansion of radiotherapeutics and increasing clinical utility in BCR population[19, 20] - The U S ultrasound enhancing agent total addressable market is over $600 million[35] Pipeline Development - Lantheus is advancing an innovative pipeline of radiopharmaceuticals, including diagnostic and therapeutic candidates for prostate cancer, neuroendocrine tumors, and Alzheimer's disease[38, 40] - LNTH-2402, a GRPR-targeted radiotherapeutic, is expected to have an IND filing in Q4 2025, with Phase 1 initiation planned for 2026[109] Financial Highlights - As of March 31, 2025, Lantheus had $938.5 million in cash on hand and $98.8 million in free cash flow in Q1 2025[10] - The updated interim corporate financial guidance for the full year 2025 projects revenue between $1.550 billion and $1.585 billion, and adjusted fully diluted EPS between $6.60 and $6.70[142] Strategic Transactions - The acquisition of Evergreen Theragnostics closed in April 2025, strengthening radiodiagnostic and therapeutic capabilities[10, 165] - The acquisition of Life Molecular Imaging is expected to close by 2Q 2025, expanding the commercial portfolio and pipeline in Alzheimer's disease[10, 144]

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]

Financial Performance - Lantheus reported first quarter 2025 revenues of $3728 million, a 08% increase compared to $369975 million in the first quarter of 2024[62, 78] - Adjusted EPS for the first quarter of 2025 was $153, a 95% decrease compared to $169 in the first quarter of 2024[17, 79] - The company's net income for 1Q 2025 was $72945 million, a 443% decrease compared to $131066 million for 1Q 2024[78] Strategic Initiatives - Lantheus is integrating Evergreen Theragnostics Inc and planning to acquire Life Molecular Imaging Ltd to strengthen radiodiagnostic and therapeutic capabilities[17, 24] - The company is divesting its SPECT business to SHINE Technologies, LLC, with the transaction expected to close by the end of 2025[17, 24] - Lantheus has a strong cash position with $9385 million in cash on hand and $750 million available in revolving credit[17, 66] Product Performance and Market Outlook - PYLARIFY net sales were $2577 million in 1Q 2025, representing a 05% decrease compared to 1Q 2024[37, 62] - DEFINITY net sales were $792 million in 1Q 2025, a 35% increase year-over-year[47, 62] - The PSMA PET market may exceed $35 billion by the end of the decade, with an annual scan potential of approximately 750,000[40, 41]

Core Insights - Lantheus Holdings, Inc. reported a slight increase in worldwide revenue for Q1 2025, totaling $372.8 million, compared to $370.0 million in Q1 2024, reflecting a 0.8% growth [3][5] - The company experienced a significant decline in GAAP net income, which fell to $72.9 million from $131.1 million year-over-year, representing a 44.3% decrease [3][5] - Adjusted net income also decreased by 7.5% to $109.5 million, with adjusted fully diluted earnings per share dropping to $1.53 from $1.69, a 9.5% decline [3][5] Financial Performance - GAAP fully diluted earnings per share for Q1 2025 were $1.02, down from $1.87 in Q1 2024, marking a 45.5% decrease [3][5] - Free cash flow for the first quarter was reported at $98.8 million [5] - Operating income decreased by 4.3% to $102.1 million, while adjusted operating income fell by 7.1% to $144.3 million [6][27] Business Development - The company completed the acquisition of Evergreen Theragnostics and is in the process of acquiring Life Molecular Imaging, which is expected to close soon [2][10] - Lantheus announced a planned divestiture of its SPECT business to focus on PET radiodiagnostics and microbubbles [10] - Positive data from two pivotal studies of MK-6240 were reported, with plans to file a New Drug Application (NDA) in Q3 2025 [10] Revenue Breakdown - Sales of PYLARIFY were $257.7 million, a slight decrease of 0.5% from the previous year [6][24] - DEFINITY sales increased by 3.5% to $79.2 million [6][24] - Total revenues from strategic partnerships and other sources rose significantly by 65.1% to $10.7 million [24] Guidance and Outlook - The company provided updated guidance for FY 2025, projecting revenue between $1.550 billion and $1.585 billion, and adjusted fully diluted EPS between $6.60 and $6.70 [11]