- 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.