Leerink says CMS proposal not surprising, Lantheus could still see volatility

Leerink reviewed the Centers for Medicare & Medicaid Services’ OPPS proposed rule for 2026 and net, it appears that there should be no meaningful changes to CMS’s reimbursement methodology for Pylarify in 2026, implying that Pylarify should continue to be reimbursed separately at mean unit cost instead of average sales price in 2026, although the firm looks forward to CMS’s 2026 OPPS final rule for more definitive clarity on this matter. While Leerink could see some volatility in Lantheus (LNTH)’ stock following this CMS news, it notes that in its discussions most investors already assumed lower likelihood of CMS adopting more favorable ASP-based reimbursement for Pylarify in 2026, so this latest OPPS proposed rule is not particularly surprising. The firm has an Outperform rating on Lantheus shares.