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1. Company Snapshot

1.a. Company Description

Lantheus Holdings, Inc.develops, manufactures, and commercializes diagnostic and therapeutic products that assist clinicians in the diagnosis and treatment of heart, cancer, and other diseases worldwide.It provides DEFINITY, a microbubble ultrasound enhancing agent used in ultrasound exams of the heart; TechneLite, a technetium generator for nuclear medicine; Xenon-133 to assess pulmonary function; Neurolite to identify the area within the brain where blood flow has been blocked or reduced due to stroke; Cardiolite, an injectable Tc-99m-labeled imaging agent; Thallium-201 to detect cardiovascular disease; and Gallium-67 to detect various infections and cancerous tumors.


The company also offers AZEDRA, a radiotherapeutic to treat adult and pediatric patients; Automated Bone Scan Index that calculates the disease burden of prostate cancer by quantifying the hotspots on bone scans; and Cobalt (Co 57), a non-pharmaceutical radiochemical; RELISTOR for opioid-induced constipation; and PYLARIFY for visualization of lymph nodes, bone, and soft tissue metastases to determine the presence or absence of recurrent and/or metastatic prostate cancer.It also develops flurpiridaz F 18 to assess blood flow to the heart; 1095, a PSMA-targeted iodine-131 labeled small molecule; LMI 1195 for neuroblastoma tumors in pediatric and adults; PYLARIFY AI, an AI-based medical device software to perform standardized quantitative assessment of PSMA PET/CT images in prostate cancer; and leronlimab, an investigational humanized monoclonal antibody.The company serves radio pharmacies, distributors, integrated delivery networks, hospitals, clinics, and group practices.


It has strategic partnerships with NanoMab Technology Limited; Bausch Health Companies, Inc.; GE Healthcare Limited; Curium; Bayer AG; CytoDyn Inc.; ROTOP; FUJIFILM; Regeneron Pharmaceuticals, Inc.; and POINT Biopharma US Inc.The company was founded in 1956 and is headquartered in North Billerica, Massachusetts.

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1.b. Last Insights on LNTH

Lantheus Holdings, Inc.'s recent performance is driven by increased institutional investor interest. Stanley Laman Group Ltd. and Frontier Capital Management Co. LLC raised their stakes by 38.7% and 52.1%, respectively. Additionally, Boston Partners and E. Ohman J or Asset Management AB boosted their positions by 30.5% and 56.1%. The company is set to host its Q4 and full-year 2025 earnings conference call on February 26, 2026, and present at upcoming investor conferences, potentially showcasing its radiopharmaceutical-focused solutions.

1.c. Company Highlights

2. Lantheus Holdings' Q4 Earnings: A Mixed Bag

Lantheus Holdings reported revenue of $406.8 million for Q4 2025, a 4% increase year-over-year, and $1,541.6 million for the full year, a 0.5% increase. However, the company's gross profit margin declined to 65.1% due to decreased PYLARIFY net price and the inclusion of the Evergreen manufacturing facility and Neuraceq volumes. Operating expenses increased to 30.9% of net revenue, driven by research and development investments. As a result, operating profit decreased by 8.5% to $138.9 million. GAAP EPS for Q4 was $0.82, while adjusted EPS was $1.67, a 4.7% increase. Notably, actual EPS came in lower than estimates at $0.816 versus $1.18.

Publication Date: Feb -27

📋 Highlights
  • Q4 Revenue Growth: Revenue rose 4% to $406.8M, with full-year revenue at $1.54B (+0.5%) driven by Precision Diagnostics’ 22% increase to $143.2M.
  • Neuraceq Performance: Neuraceq contributed $31M in Q4 (+~235% YoY) and $51.4M since acquisition in July 2025, with 6 new PMF sites planned in 2026.
  • Operating Profit Decline: Operating profit dropped 8.5% to $138.9M in Q4, while adjusted EPS fell 4.1% to $1.67 YoY despite 65.1% gross margin.
  • 2026 Guidance: Revenue forecast: $1.4B–$1.45B, with Neuraceq expected to grow triple-digits inorganically and R&D investment rising to 10–11% of revenue.
  • PSMA PET Formulation: New PSMA PET launch delayed to 2027, with HCPCS code secured by October 1, 2026, and $54M in Q4 adjusted profit despite price erosion risks.

Segment Performance

Radiopharmaceutical oncology revenue was $240.2 million, down 9.7% year-over-year, while Precision Diagnostics revenue grew 22% to $143.2 million. Neuraceq contributed $31 million in revenue during the quarter, driven by strong commercial execution. The company's new PSMA PET formulation is expected to drive growth in 2027, with a regional-based rollout planned for Q4 2026.

Guidance and Outlook

Lantheus Holdings expects worldwide net revenue of $1.4-$1.45 billion for 2026, with a decline in PYLARIFY net revenue due to price erosion. Neuraceq is expected to grow triple-digits inorganically, while DEFINITY is expected to grow low-to-mid single digits. The company forecasts EPS in the range of $5.00-$5.25. Analysts estimate revenue growth at 12.2% for next year.

Valuation

With a P/E Ratio of 21.18 and EV/EBITDA of 12.47, the stock appears reasonably valued. The company's ROE of 20.58% and ROIC of 12.21% indicate strong profitability. The Net Debt/EBITDA ratio of -0.94 suggests a healthy balance sheet. As the company focuses on commercial execution and advancing its diagnostic pipeline, investors will be watching for progress on the new PSMA PET formulation and Neuraceq.

3. NewsRoom

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Synopsys Investigation Initiated: Kahn Swick & Foti, LLC Investigates the Officers and Directors of Synopsys, Inc. - SNPS

Mar -02

Source: businesswire.com

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Lantheus Holdings, Inc. (LNTH) Q4 2025 Earnings Call Transcript

Feb -27

Source: seekingalpha.com

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Lantheus Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update

Feb -26

Source: globenewswire.com

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Lantheus to Present at March 2026 Investor Conferences

Feb -24

Source: globenewswire.com

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Lantheus to Host Fourth Quarter and Full Year 2025 Earnings Conference Call and Webcast on February 26, 2026, at 8:00 a.m. Eastern Time

Feb -12

Source: globenewswire.com

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Inspire Medical Investigation Initiated: Kahn Swick & Foti, LLC Investigates the Officers and Directors of Inspire Medical Systems, Inc. - INSP

Feb -01

Source: businesswire.com

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A New Nuclear Materials Rush Is Underway and Wall Street Is Starting to Notice

Jan -27

Source: 247wallst.com

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Stanley Laman Group Ltd. Acquires 22,229 Shares of Lantheus Holdings, Inc. $LNTH

Jan -05

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.04%)

6. Segments

PYLARIFY

Expected Growth: 12%

Pylarify's 12% growth driven by increasing adoption in prostate cancer diagnosis, expansion into new markets, and growing demand for precise imaging agents. Additionally, strategic partnerships, investments in R&D, and favorable reimbursement policies contribute to its growth momentum.

DEFINITY

Expected Growth: 10%

Definity's 10% growth is driven by increasing adoption in cardiovascular imaging, strong demand for contrast agents, and expanding market share in the radiology segment. Additionally, Lantheus' strategic partnerships, investments in R&D, and growing presence in emerging markets contribute to Definity's growth momentum.

TechneLite

Expected Growth: 8%

TechneLite's 8% growth is driven by increasing demand for nuclear medicine imaging, expansion into new markets, and strategic partnerships. Additionally, advancements in radiopharmaceuticals and diagnostic imaging technologies, as well as growing awareness of personalized medicine, contribute to the segment's growth.

Strategic Partnerships and Other

Expected Growth: 6%

Strategic Partnerships and Other segment of Lantheus Holdings, Inc. exhibits 6% growth driven by increasing demand for radiopharmaceuticals, expansion into new markets, and collaborations with leading pharmaceutical companies, resulting in higher sales of diagnostic imaging agents and nuclear medicine products.

Other Precision Diagnostics

Expected Growth: 11%

Lantheus Holdings' Other Precision Diagnostics segment growth is driven by increasing adoption of novel diagnostic imaging agents, expanding indications for existing products, and strategic partnerships. Additionally, growing demand for personalized medicine, advancements in radiopharmaceuticals, and increasing investment in healthcare infrastructure contribute to the 11% growth.

Other Radiopharmaceutical Oncology

Expected Growth: 13%

Strong demand for precision medicine, increasing adoption of radiolabeled therapies, and expansion of indications for existing products drive growth in Other Radiopharmaceutical Oncology segment. Additionally, strategic partnerships, investments in R&D, and regulatory approvals for new products contribute to the 13% growth rate.

7. Detailed Products

DEFINITY

A cardiovascular imaging agent used to visualize the heart and its blood vessels

TechneLite

A radiopharmaceutical used in nuclear medicine imaging

Xenon Xe 133

A radiopharmaceutical used in lung ventilation imaging

Molybdenum-99 (Mo-99)

A medical isotope used in nuclear medicine imaging

PyL

A prostate-specific membrane antigen (PSMA) targeted PET imaging agent

8. Lantheus Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Lantheus Holdings, Inc. is moderate due to the presence of alternative diagnostic imaging agents and the ongoing development of new technologies.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of Lantheus' products and the lack of alternative suppliers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers of raw materials and the company's dependence on a few key suppliers.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the diagnostic imaging industry, including the need for significant capital investment and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established competitors in the diagnostic imaging industry, leading to intense competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 43.06%
Debt Cost 4.08%
Equity Weight 56.94%
Equity Cost 6.56%
WACC 5.49%
Leverage 75.62%

11. Quality Control: Lantheus Holdings, Inc. passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Intra-Cellular Therapies

A-Score: 5.3/10

Value: 6.0

Growth: 7.1

Quality: 5.1

Yield: 0.0

Momentum: 10.0

Volatility: 3.7

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Lantheus Holdings

A-Score: 4.9/10

Value: 4.0

Growth: 9.0

Quality: 8.0

Yield: 0.0

Momentum: 5.5

Volatility: 2.7

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Elanco Animal Health

A-Score: 4.4/10

Value: 2.7

Growth: 6.0

Quality: 3.9

Yield: 0.0

Momentum: 9.5

Volatility: 4.3

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Amneal Pharmaceuticals

A-Score: 4.2/10

Value: 4.0

Growth: 3.7

Quality: 3.4

Yield: 0.0

Momentum: 8.5

Volatility: 5.7

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Deciphera Pharmaceuticals

A-Score: 4.0/10

Value: 6.2

Growth: 6.0

Quality: 5.0

Yield: 0.0

Momentum: 6.0

Volatility: 1.0

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Catalent

A-Score: 2.7/10

Value: 3.1

Growth: 2.2

Quality: 2.2

Yield: 0.0

Momentum: 7.0

Volatility: 1.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

78.84$

Current Price

78.84$

Potential

-0.00%

Expected Cash-Flows