One Lantheus product wins approval. Another gets written off.

A product approval has changed the value of something else Lantheus bought. The company has written off a $21 million brain-imaging project after approval of TAUKLARIFY, another product in its own portfolio.

A second project lost $10 million of value, bringing the third-quarter write-down to $31 million. The charges help explain why reported profit fell even as Lantheus' adjusted earnings grew strongly.

A choice inside the portfolio

Lantheus acquired the two projects with Life Molecular Imaging, now called Lantheus Biosciences, in July 2025. The deal also brought Neuraceq, its commercial Alzheimer's imaging product.

The company says TAUKLARIFY's August 14 approval led it to reassess the development plan for LNTH-2620. With no near-term plan to commercialize that project, it wrote off its full $21 million carrying value. It also reduced the value of LNTH-2515 by $10 million after revising expected future cash flows.

Research by Ticker Byline shows that $31 million of the $34 million initially allocated to these two research projects has now been written off. We compared the original acquisition accounting with the latest impairment note. The wider acquisition also included the commercial business, which is still generating revenue.

The write-down reduces reported profit without using cash in the quarter. Approval of TAUKLARIFY also brought a separate cost: regulatory milestone payments. Together with milestones for another approved product, BRAVNETSA, these added $24.3 million to quarterly research and development expense.

Two very different profit figures

Reported net income fell to $22.4 million from $27.8 million a year earlier. Adjusted net income rose to $115.1 million from $85.7 million, or $1.68 a diluted share compared with $1.27.

The adjusted figure removes the impairment along with stock compensation, acquired-asset amortization, deal-related costs and other items. At the operating-profit level, total excluded items rose to $121.0 million from $75.9 million. That increase was larger than the improvement in adjusted operating profit.

The commercial business offers meaningful support. Revenue rose 1.5% to $389.9 million despite the January sale of the SPECT diagnostics business. Neuraceq revenue reached $45.6 million, although the prior-year quarter included it only from the July 21 acquisition date. PYLARIFY sales slipped 0.7%, while DEFINITY grew 4.8%.

Cash and the next commercial steps

Free cash flow increased to $99.9 million from $94.7 million, helped by lower capital spending. Operating cash itself fell to $102.0 million from $105.3 million.

Lantheus had $683.6 million in cash at September 30. Of the approval milestones charged in the quarter, $13 million had been paid in September and $11.3 million remained for the fourth quarter.

Its proposed sale to Curium is still pending. The company withdrew annual guidance in August and has kept it withdrawn. Meanwhile, broader commercial availability of TAUKLARIFY remains under assessment, and BRAVNETSA has no public launch date.

The next test is how those approvals turn into commercial returns alongside the products already selling. The Lantheus company profile tracks the acquisitions, launch plans, cash obligations and pending merger.