Summary of Lantheus Conference Call Company Overview - **Company**: Lantheus - **Industry**: Healthcare, specifically in radiopharmaceuticals and diagnostics Key Points and Arguments 1. **Competitive Landscape**: Lantheus faced significant challenges in 2025, particularly with its flagship product PYLARIFY, due to increased competition and the loss of pass-through status affecting reimbursement rates for Medicare patients [7][8][9] 2. **FDA Approvals**: The company received two FDA approvals in recent weeks: a conditional approval for PNT2003 and full approval for PYLARIFY TruVu, which is expected to enhance market competitiveness and customer engagement [8][9] 3. **Future Growth Strategy**: Lantheus is positioning itself for growth in 2026 and beyond, focusing on consolidating its portfolio in nuclear medicine and re-engaging price-sensitive customers who switched to competitors [9][11] 4. **Market Dynamics**: The PSMA PET franchise is expected to stabilize, with projected market volume growth of 10%-11% in 2026, down from 20% in 2025 [31][32] 5. **Manufacturing Advantages**: PYLARIFY TruVu offers significant manufacturing improvements, allowing for up to 50% more doses per batch, addressing customer demand for increased availability [36][37] 6. **Alzheimer's Diagnostics**: The total addressable market (TAM) for Alzheimer's diagnostics is projected to reach $1.5 billion by the end of the decade, driven by the approval of new therapeutic drugs and changes in reimbursement guidelines [49][50] 7. **Capital Allocation**: Lantheus plans to pause on large business development (BD) initiatives to focus on integrating recent acquisitions and optimizing existing product lines [54][55] 8. **Reimbursement Strategy**: The company anticipates a smooth transition to PYLARIFY TruVu, with expectations for transitional pass-through coverage to be effective by October, which will aid in market adoption [65][66] Additional Important Insights 1. **Sales and Marketing Focus**: The company plans to invest 12%-12.5% of revenue in sales and marketing to support the launch of PYLARIFY TruVu and other products [60] 2. **Contracting Dynamics**: Transitioning to PYLARIFY TruVu will involve amending existing contracts rather than creating new ones, which is expected to streamline the process [19][20] 3. **Market Education**: Lantheus aims to raise awareness about the role of radiopharmaceuticals in life sciences, emphasizing their unique market dynamics compared to traditional pharmaceuticals [68][69] This summary encapsulates the critical aspects of Lantheus' current position, strategic direction, and market outlook as discussed in the conference call.

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% from the previous year [20][21] - Adjusted GAAP fully diluted earnings per share for Q4 were $1.67, an increase of 4.7%, while for the full year, it was $6.08, a decrease of 10% [26][30] - Gross profit margin for Q4 was 65.1%, down 289 basis points from Q4 2024, primarily due to decreases in PYLARIFY net price [22] 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% [20][21] - Precision Diagnostics delivered Q4 revenue of $143.2 million, a 22% increase, driven by DEFINITY's sales of $85.3 million [21] - Neuraceq contributed $31 million in Q4 and $51.4 million since its acquisition in late July [21][14] Market Data and Key Metrics Changes - The market for PYLARIFY is expected to see a decline of 8%-10% year-over-year due to increased competition and pricing dynamics [30][45] - Neuraceq is projected to grow triple digits in 2026, driven by increased demand for Alzheimer's imaging [14][31] - DEFINITY is expected to grow in the low to mid-single digits in 2026 [31] 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][10] - The strategic intent includes divesting the legacy SPECT business to prioritize innovative PET radiodiagnostics [8][11] - The company aims to optimize its cost structure and selectively pursue value-maximizing alternatives for radiotherapeutic assets [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive performance gains and deliver sustainable revenue growth in the mid and long term [11][36] - The focus for 2026 will be on commercial execution and regulatory milestones, with expectations for several product approvals [11][30] - Management acknowledged the importance of maintaining operational excellence and customer relationships to support growth [13][14] Other Important Information - The company repurchased $100 million of its own shares during Q4 2025, leaving $200 million of authorization for buybacks outstanding [28] - The effective tax rate for Q4 was 19%, with an expected increase to 26% in 2026 [25][32] Q&A Session Summary Question: What is the timing for the new PSMA PET imaging agent's coding and reimbursement? - Management anticipates securing HCPCS coding and transitional pass-through status by October 1st, with a commercial rollout planned for Q4 2026 [41][42] Question: How does the study comparing PYLARIFY and POSLUMA impact market dynamics? - Management expressed concerns about the study design and stated that the results do not factor into their forecast for PYLARIFY [46][48] Question: Can you elaborate on pricing and unit growth in Q4 2025? - Management reported a 4% volume growth for PYLARIFY in Q4, with expectations for low single-digit growth in 2026 [52][54] Question: What are the plans for radiotherapeutic assets? - Management is reviewing the therapeutic assets for value optimization and may consider tuck-in acquisitions for diagnostic opportunities [60][62] Question: What is the growth outlook for Neuraceq? - Management expects triple-digit growth for Neuraceq in 2026, driven by expanding manufacturing and market penetration [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]

© 2026 Lantheus. All rights reserved. Agenda Lantheus Fourth Quarter & Full Year 2025 Results FEBRUARY 26, 2026 Highlights and Business Update Commercial Update Financial Update Closing Remarks Q&A SPEAKERS Mary Anne Heino Executive Board Chair & CEO © 2026 Lantheus. All rights reserved. 2 Bob Marshall CFO and Treasurer Amanda Morgan Chief Commercial Officer Mark Kinarney Vice President, Investor Relations Safe Harbor Statements Cautionary Statement Regarding Forward-Looking Statements This document contain ...

Core Insights - Lantheus Holdings, Inc. reported strong financial results for Q4 and full year 2025, maintaining market leadership with PYLARIFY and expanding its portfolio through acquisitions [2][3][6] Financial Performance - Worldwide revenue for Q4 2025 was $406.8 million, a 4.0% increase from $391.1 million in Q4 2024 [3][7] - GAAP net income for Q4 2025 was $54.1 million, compared to a loss of $11.8 million in Q4 2024, marking a 558.8% improvement [3][7] - Adjusted net income for Q4 2025 was $110.7 million, slightly down by 4.1% from $115.4 million in Q4 2024 [3][7] - Fully diluted earnings per share (EPS) increased to $0.82 in Q4 2025 from a loss of $0.17 in Q4 2024, a 578.8% increase [3][7] Revenue Breakdown - Sales of PYLARIFY decreased by 9.7% to $240.2 million in Q4 2025 [7][21] - DEFINITY sales were $85.3 million, down 1.0% [7][21] - Neuraceq generated $31.0 million in sales, marking a 100% increase as it was newly introduced [7][21] Strategic Focus - The company is sharpening its strategic focus on PET radiodiagnostics and plans to pursue value-maximizing alternatives for its radiotherapeutic assets [2][6][15] - Lantheus aims for up to four FDA approvals in 2026 and is prioritizing execution and investment in its late-stage pipeline [2][6] Guidance for 2026 - The company provided revenue guidance for FY 2026 in the range of $1.4 billion to $1.45 billion and adjusted fully diluted EPS guidance of $5.00 to $5.25 [10]

Financial Data and Key Metrics Changes - Consolidated net revenue for Q3 2025 was $384 million, an increase of 1.4% year-over-year [15] - Gross profit margin decreased to 63.5%, down 471 basis points due to unfavorable pricing impacts and integration costs from acquisitions [16] - Net income for Q3 was $27.8 million, with adjusted net income at $85.7 million, a decrease of 30.9% [17] - Operating cash flow totaled $105.3 million, down $69.8 million from the prior year [18] Business Line Data and Key Metrics Changes - PYLARIFY sales were $240.6 million, down 7.4% year-over-year, with U.S. volumes up 3.3% [15][7] - Precision diagnostic revenue increased by 25% to $129.7 million, with DEFINITY sales at $81.8 million, up 6.3% [15] - Neuraceq contributed $20.4 million in sales, consistent with expectations [10] Market Data and Key Metrics Changes - The U.S. Alzheimer's disease radiodiagnostic market is expected to grow significantly, driven by rising prevalence and expanded PET imaging guidelines [10] - The market for PSMA agents is stabilizing, with PYLARIFY maintaining its market leadership despite competition [9][48] Company Strategy and Development Direction - The company is preparing for the launch of a new F18 PSMA PET formulation expected in 2026, which aims to enhance production efficiency and patient access [8][9] - A leadership transition plan has been announced, with Mary Anne Heino stepping in as interim CEO [3][4] - The company is focused on executing its commercial strategy for prostate cancer and expanding its product pipeline in oncology, neurology, and cardiology [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the company, particularly in the radiopharmaceutical sector [22][23] - The company anticipates low single-digit volume growth for PYLARIFY in the remainder of 2025, offset by price compression [9] - Management noted that the competitive landscape remains challenging but is optimistic about maintaining market share through service excellence and clinical differentiation [48] Other Important Information - The company completed the acquisition of Life Molecular Imaging for approximately $309 million, enhancing its capabilities in the neuroscience space [18][61] - The effective tax rate for the quarter was 26.9% [17] Q&A Session Summary Question: Strategies for PYLARIFY and Neuraceq - Management noted stabilization in the PSMA market and increasing customer return to PYLARIFY, with a focus on availability and expansion for Neuraceq [25][26] Question: 2026 Guidance and Market Resets - Management refrained from providing specific 2026 guidance but indicated positive trends for PYLARIFY and Neuraceq [29][31] Question: Management Changes - The CEO's retirement was described as a personal decision, with a seamless transition to the interim CEO, who has extensive experience with the company [33][35] Question: Competitive Landscape in Alzheimer's Imaging - MK-6240 is positioned as a second-generation tau agent with significant competitive advantages, although the market remains immature [40][42] Question: Pricing Stabilization Factors - Management highlighted disciplined pricing strategies and superior service as key factors in achieving market stabilization [45][48] Question: Medicare Hospital Outpatient Rule - Management expressed uncertainty about immediate changes but anticipated potential meaningful changes to ASP by 2027 [54][56]

Financial Performance - Lantheus reported revenues of $384 million for Q3 2025, a 1.4% increase year-over-year[13, 35] - Adjusted EPS for Q3 2025 was $1.27, a 25.3% decrease year-over-year[13, 35] - Radiopharmaceutical Oncology sales were $240.6 million, a 7.4% decrease year-over-year, while U S volumes grew by 3 3%[35, 19] - Precision Diagnostics sales were $129.7 million, a 25 0% increase year-over-year, driven by DEFINITY sales growth of 6 3% and the addition of Neuraceq[35, 21] - Strategic Partnerships sales were $13.7 million, a 10.1% decrease year-over-year[35] Strategic Initiatives and Pipeline - Lantheus completed the acquisition of Life Molecular Imaging and repurchased $100 million of stock during the quarter[39] - The company anticipates four key product approvals by year-end 2026, including a new PSMA PET imaging agent, MK-6240, LNTH-2501, and PNT2003[15, 46] - Lantheus is expanding geographic coverage for Alzheimer's disease imaging, aiming for broad access across leading centers and community practices[25] - The company is advancing MK-6240, a F18 PET imaging agent for detecting tau in adults being evaluated for Alzheimer's disease, with a PDUFA date of August 13, 2026[29, 31] Financial Guidance - Lantheus updated its FY 2025 revenue guidance to $1.49 billion-$1.51 billion[42] - The company updated its FY 2025 adjusted fully diluted EPS guidance to $5.50-$5.65[42]

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]