Lantheus Holdings, Inc.

Lantheus Holdings, Inc. supplies medical imaging products and develops radiopharmaceutical treatments. Radiopharmaceuticals use radioactive material to diagnose or treat disease. Its main commercial products include PYLARIFY for prostate cancer imaging, Neuraceq for Alzheimer's imaging and DEFINITY for ultrasound imaging. It is based in Bedford, Massachusetts, and trades as LNTH on the Nasdaq Global Market.

Financial record

Quarterly reported diluted EPS was $0.33 versus $0.41 a year earlier; adjusted EPS was $1.68 versus $1.27. Adjusted net income removes stock and incentive compensation, acquired-asset amortization, impairment, acquisition and divestiture costs, investment and contingent-value changes, selected other items and related tax effects. The $31 million impairment is one component of the adjustments. Year-to-date reported income also includes a $59.4 million gain on the SPECT sale, excluded from adjusted income.

Free cash flow is operating cash less capital spending. The quarterly improvement reflects spending falling to $2.0 million from $10.6 million while operating cash declined. The first-nine-month cash figure improved from $300.0 million to $319.3 million, with collections and the timing of vendor, license and milestone payments contributing.

Products and commercialization

Q3 PYLARIFY revenue was $238.9 million, down 0.7%; DEFINITY revenue was $85.7 million, up 4.8%. Neuraceq generated $45.6 million versus $20.4 million, with the prior-year quarter including ownership only from July 21, 2025. The sold SPECT business contributed $27.5 million in the prior-year quarter and no revenue in 2026.

TAUKLARIFY received approval on August 14, 2026. The company continues supporting its use in partners' Alzheimer's development programs while assessing broader commercial availability. That approval led it to write off all $21 million of LNTH-2620, a project acquired with Lantheus Biosciences. A separate $10 million impairment reduced LNTH-2515's original $13 million value to $3 million. Both charges are noncash and included in Q3 research and development expense.

BRAVNETSA received final approval in September, but the company has not announced a public launch date. Its timing takes account of patent proceedings, manufacturing and commercial readiness. PYLARIFY TruVu is planned for a phased geographic rollout beginning in Q4 2026, subject to manufacturing-site approvals and the customer transition. In Q3, the existing international piflufolastat license with Curium Pharma expanded to 56 additional countries.

Completed transactions

Lantheus acquired Life Molecular Imaging, now Lantheus Biosciences, on July 21, 2025. Final purchase-accounting consideration was $379.6 million, including contingent consideration at fair value. Cash consideration after working-capital adjustments was $352.6 million. The acquisition included Neuraceq and the two development projects later impaired.

Evergreen Theragnostics was acquired on April 1, 2025, adding development and manufacturing capabilities. Upfront cash was $276.4 million, with additional payments linked to future milestones.

The SPECT business sale to SHINE closed January 1, 2026. Its approximately $131.2 million of net fair-value consideration combined cash, notes, equity-related and deferred or contingent components. A $70 million installment note converted into preferred equity in April.

In June, Lantheus repurchased the DEFINITY license in China for $30 million, expensed in Q2 sales and marketing. It paid $15 million in July; the remaining $15 million was expected in conditional tranches by year-end. This is separate from the regulatory milestones charged to Q3 research and development.

Cash, debt and committed payments

Cash and equivalents were $683.6 million at September 30, compared with $359.1 million at year-end. Debt and finance leases totaled $571.7 million at carrying value. That includes $575.0 million of convertible-note principal, less $4.2 million of issuance costs, plus $0.9 million of finance leases. The notes carry a 2.625% coupon and mature December 15, 2027.

The $750 million revolving facility was undrawn and matures December 19, 2029. No shares were repurchased under the 2025 buyback program in the first nine months; $200 million remained authorized at September 30.

Q3 regulatory milestone expense totaled $24.3 million: $14.3 million for TAUKLARIFY and $10 million for BRAVNETSA. The company paid $13 million in September and expected the remaining $11.3 million in Q4. These obligations and the unpaid China license tranches help explain why expense and cash timing differ.

Pending Curium merger and outlook

The August 3 agreement provides $102.50 a share in cash at closing plus a contingent right to receive up to $12 a share if specified commercial milestones are met. Shareholders approved the agreement on October 14. An FTC request for more information on October 21 extended the regulatory review; the parties continue to expect closing in the first half of 2027, subject to the remaining conditions.

Lantheus suspended its annual financial guidance in August after announcing the deal. The November release maintains that suspension. Upcoming results can still be assessed against product revenue, launch execution, the impaired projects and actual cash payments.