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 [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]

Core Insights - Lantheus Holdings, Inc. has completed the acquisition of Evergreen Theragnostics, enhancing its position in the radiopharmaceutical market [1][2][3] - The acquisition includes OCTEVY™, a PET diagnostic imaging agent for neuroendocrine tumors, and a portfolio of theranostic pairs, which complements Lantheus' existing therapeutic candidate PNT2003 [2][3] - This strategic move aims to strengthen Lantheus' capabilities across the entire radiopharmaceutical value chain, from development to manufacturing and commercialization [3] Company Overview - Lantheus is a leading company in the radiopharmaceutical sector, focused on improving patient outcomes through innovative solutions [4] - The company has over 65 years of experience in providing radiopharmaceutical solutions and operates in multiple locations including Massachusetts, New Jersey, Canada, and Sweden [4] - Evergreen Theragnostics specializes in radiopharmaceuticals for cancer treatment and offers CDMO services, with a strong foundation in theragnostic radiopharmaceutical manufacturing [5]