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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 was positively driven by its Q3 2025 earnings call, which highlighted the company's robust drug pipeline and defensive business model. The company's pursuit of growth through new product formulations, strategic acquisitions, and international expansion via a licensing deal with GE HealthCare in Japan also contributed. Additionally, institutional investors such as Boston Partners lifted their positions, with a 30.5% increase in shares. Furthermore, Lantheus' valuation is considered historically low, with analysts forecasting improved earnings over the next 12-18 months.

1.c. Company Highlights

2. Lantheus' Q3 2025 Earnings: A Mixed Bag

Lantheus reported consolidated net revenue of $384 million for Q3 2025, a modest increase of 1.4% year-over-year. However, the radiopharmaceutical oncology segment, driven by PYLARIFY, saw a decline of 7.4% to $240.6 million. The gross profit margin was 53.5%, down 471 basis points, while operating expenses as a percentage of net revenue increased by 775 basis points to 32.4%. As a result, operating income decreased by 27.6% to $119.6 million. The company's EPS came in at $1.27, in line with analyst estimates. The P/E ratio stands at 20.32, indicating that the stock may be fairly valued, while the EV/EBITDA ratio of 10.19 suggests a reasonable valuation.

Publication Date: Nov -11

📋 Highlights
  • Leadership Transition:: Brian Markison retiring at year-end, with Mary Anne Heino transitioning to Executive Chairperson and interim CEO, ensuring strategic continuity.
  • Strategic Acquisitions:: Acquired Life Molecular Imaging, Evergreen Theragnostics, and Meilleur Technologies, diversifying revenue streams and expanding radiopharmaceutical capabilities.
  • PYLARIFY Performance:: Generated $240.6M in sales (7.4% decline), but stabilized in a competitive PSMA market with increased customer returns post-reimbursement shift to MUC.
  • Financial Mixed Results:: Consolidated net revenue rose 1.4% to $384M, but gross profit margin fell 471 bps to 53.5%, and adjusted net income dropped 30.9% to $85.7M.
  • Future Growth Drivers:: Anticipating $3.5B PSMA market by 2030 and preparing for 4 near-term product approvals to fuel next-phase growth, with disciplined pricing and service expertise as key differentiators.

Segment Performance

The Precision Diagnostic segment saw revenue growth of 25% to $129.7 million, driven by the acquisitions of Life Molecular Imaging, Evergreen Theragnostics, and Meilleur Technologies. The company's PYLARIFY franchise, despite a decline in revenue, remains a key focus area, with the company highlighting its clinical differentiation and efforts to maintain a disciplined approach to pricing. As Brian Markison noted, "We're seeing customers that are trialing different agents actually come back to PYLARIFY, and that's quite rewarding."

Guidance and Outlook

While the company did not provide guidance for 2026, analysts estimate revenue growth of 1.7% for next year. The company's focus on executing its commercial strategy and advancing its strategic diversification plan, including the integration of recent acquisitions, is expected to drive growth. The pending Medicare hospital outpatient rule and potential changes to reimbursement rates are being closely monitored, with the company lobbying to move to ASP reimbursement.

Valuation and Ratios

The company's valuation metrics, including a P/B ratio of 3.04 and an ROE of 14.78%, suggest a reasonable valuation. The dividend yield is currently 0.0%, and the free cash flow yield is 11.94%. The net debt to EBITDA ratio is -1.26, indicating a healthy balance sheet. Overall, Lantheus' Q3 2025 earnings report presents a mixed picture, with revenue growth and segment performance being key areas of focus.

3. NewsRoom

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Boston Partners Boosts Position in Lantheus Holdings, Inc. $LNTH

Nov -28

Source: defenseworld.net

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Creative Planning Decreases Stock Position in Lantheus Holdings, Inc. $LNTH

Nov -27

Source: defenseworld.net

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Bragar Eagel & Squire is Investigating Certain Officers and Directors of Quantum, Unicycive, Fly-E, and Lantheus on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm

Nov -13

Source: globenewswire.com

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The Bottom Fishing Club - Lantheus Holdings: Interesting Buy Momentum Supporting Price

Nov -13

Source: seekingalpha.com

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Carillon Eagle Small Cap Growth Fund Q3 2025 Portfolio Update

Nov -13

Source: seekingalpha.com

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Investors who lost money on Lantheus Holdings, Inc. (LNTH) should contact The Gross Law Firm about pending Class Action - LNTH

Nov -10

Source: globenewswire.com

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Portnoy Law Firm Announces Class Action on Behalf of Lantheus Holdings, Inc. Investors

Nov -10

Source: globenewswire.com

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LNTH Investors Have Opportunity to Lead Lantheus Holdings, Inc. Securities Fraud Lawsuit with the Schall Law Firm

Nov -10

Source: globenewswire.com

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

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Value: 6.0

Growth: 7.1

Quality: 5.1

Yield: 0.0

Momentum: 10.0

Volatility: 3.3

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Amneal Pharmaceuticals

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Growth: 3.7

Quality: 6.0

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Lantheus Holdings

A-Score: 4.2/10

Value: 5.8

Growth: 9.0

Quality: 7.9

Yield: 0.0

Momentum: 0.0

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Deciphera Pharmaceuticals

A-Score: 3.9/10

Value: 6.2

Growth: 6.1

Quality: 5.0

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

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Catalent

A-Score: 3.0/10

Value: 3.2

Growth: 2.2

Quality: 1.8

Yield: 0.0

Momentum: 6.0

Volatility: 5.0

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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

63.3$

Current Price

63.3$

Potential

-0.00%

Expected Cash-Flows