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Lantheus (LNTH)
NASDAQ:LNTH
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Lantheus
(NASDAQ:LNTH)
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Rating:67Neutral
Price Target:
$82.00
▼(-1.47% Downside)
Action:ReiteratedDate:02/26/26
The score is driven primarily by solid multi-year financial strength but a recent TTM slowdown in margins and cash-flow momentum. Technicals are supportive (price above key averages) yet overbought, increasing near-term risk. Valuation is a headwind with a ~31.8 P/E and no dividend yield, while the latest earnings call was neutral with near-term PYLARIFY pressure and 2027-weighted growth catalysts.
Positive Factors
Strong cash generation
Consistent operating and free cash flow in absolute dollars provides durable funding for reinvestment, launches and M&A without immediate financing needs. Even with recent momentum softness, strong cash conversion supports execution of 2027 commercialization plans and shareholder returns over the medium term.
Market-leading diagnostic franchises
Leading positions in PSMA PET and cardiac SPECT create recurring, high-margin revenue streams and customer lock-in through established clinical use. These structural franchises underpin stable demand and provide a platform to commercialize new PET launches and scale manufacturing over the next 2–4 years.
Improved balance sheet and capital flexibility
A healthier capital structure, sizable cash reserves and active repurchases signal financial flexibility to fund launches, manufacturing expansion and selective M&A. Lower leverage and available liquidity reduce refinancing risk and support strategic investments that drive medium‑term growth.
Negative Factors
Core product pricing pressure (PYLARIFY)
Material pricing and competitive headwinds to PYLARIFY threaten the company's largest revenue base, reducing top-line durability and margin leverage. Prolonged price erosion or payer pressures could meaningfully lower cash generation and constrain funding for launches and R&D over the medium term.
Margin compression and weaker profitability
Sustained margin erosion lowers long-term operating earnings power and ROE, limiting the firm's ability to absorb launch costs and invest in scale. If margin trends persist, free cash flow and internal funding for commercialization and manufacturing expansion will be constrained for several quarters.
Delayed commercialization and regulatory/litigation timing
Pushes in commercialization timing and pending litigation (e.g., Hatch‑Waxman for PNT2003) prolong revenue realization and defer returns on launch investments. This increases execution risk, extends the period of elevated launch spend, and makes medium‑term revenue growth contingent on post‑2026 execution.
Lantheus (LNTH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.38B
Dividend YieldN/A
Average Volume (3M)928.73K
Price to Earnings (P/E)19.2
Beta (1Y)0.56
Revenue Growth1.95%
EPS Growth-60.40%
CountryUS
Employees808
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)1.67
Shares Outstanding64,605,896
10 Day Avg. Volume1,351,052
30 Day Avg. Volume928,732
Financial Highlights & Ratios
PEG Ratio-0.82
Price to Book (P/B)4.12
Price to Sales (P/S)2.91
P/FCF Ratio12.69
Enterprise Value/Market Cap1.08
Enterprise Value/Revenue3.76
Enterprise Value/Gross Profit6.15
Enterprise Value/Ebitda14.36
Forecast
1Y Price Target
$85.11Price Target Upside2.27% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)5.19
Revenue Forecast (FY)$1.45B
Lantheus Business Overview & Revenue Model
Company DescriptionLantheus 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.
How the Company Makes MoneyLantheus generates revenue primarily through the sale of its diagnostic imaging agents and radiopharmaceuticals. The company's revenue model is based on direct sales to hospitals, imaging centers, and other healthcare providers. Key revenue streams include the sales of Pylarify and other established imaging products, as well as potential royalties from partnerships and collaborations with other pharmaceutical companies. Significant partnerships, such as agreements with healthcare institutions and alliances with research organizations, enhance its market reach and contribute to the company's earnings. Additionally, Lantheus may benefit from expanding its product pipeline through research and development, leading to new launches that can further increase revenue.
Lantheus Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Neutral
Balanced / Neutral: The call highlighted meaningful strategic progress — acquisitions (Neuraceq, OCTEVY candidate), a broadened radiodiagnostic pipeline, strong product positions (PYLARIFY volumes, DEFINITY market share), multiple near-term regulatory milestones, and a clear commercialization plan targeting 2027 growth. However, near-term pressures are material: PYLARIFY revenue decline and pricing headwinds, gross margin compression (~289 bps YoY), Q4 cash-flow and free-cash-flow deterioration, and notable one-time integration and litigation costs. Management is taking prudent, deliberate steps (divestiture of SPECT, focusing capital on diagnostics, launch-readiness investments) which support a constructive medium-to-long-term outlook, but the near-term financial headwinds and execution/timing risks balance the positives.Q4-2025 Updates
Positive Updates
Revenue and Scale
Q4 2025 revenue of $406.8M, up 4% year-over-year; Full-year 2025 revenue of $1,541.6M, up 0.5% YoY. Company impacted ~7 million patients in 2025.
Strategic M&A and Portfolio Expansion
Completed acquisitions to diversify radiodiagnostic portfolio including commercialized Neuraceq (beta-amyloid PET) and OCTEVY (neuroendocrine PET candidate), and announced divestiture of legacy SPECT business effective Jan 1, 2026 to focus on PET radiodiagnostics.
Neuraceq Commercial Traction
Neuraceq contributed $31M in Q4 2025 and $51.4M since acquisition in late July; company expects Neuraceq to grow triple digits inorganically in 2026 as manufacturing footprint expands (six additional PMF sites planned).
Market-Leading Products
PYLARIFY remains market-leading in PSMA PET (volume up ~4% YoY in Q4); DEFINITY delivered >$85M in Q4 and holds >80% market share, expected to grow low- to mid-single digits in 2026.
Late-Stage Pipeline and Potential Approvals
Multiple near-term regulatory milestones in 2026: new PSMA PET formulation (PDUFA Mar 6), OCTEVY (PDUFA Mar 29), PNT2003 (radioequivalent to Lutathera) with pending Hatch-Waxman litigation decision mid-year, and MK-6240 (tau PET; PDUFA Aug 13). Management expects material commercialization impact beginning in 2027.
2026 Financial Outlook
Guidance for 2026 worldwide net revenue of $1.40B–$1.45B, gross margin ~65.5%, R&D 10%–11% of revenue, and EPS guidance of $5.00–$5.25, reflecting planned investments and launch preparation.
Operational & Reimbursement Strategy
Clear launch playbook: regional rolling transition to new F-18 PSMA formulation in Q4 2026 with focus on coding, transitional pass-through status, payer coverage, and PMF network continuity to minimize supply disruption and drive 2027 growth.
Capital Return and Balance Sheet Actions
Completed $100M share repurchase in Q4 (1.77M shares) with $200M authorization remaining; cash & cash equivalents (net) of $359.1M at year-end.
Negative Updates
PYLARIFY Revenue Pressure
PYLARIFY Q4 revenue $240.2M, down 9.7% YoY and flat sequentially; full-year PYLARIFY revenue $989.1M, down 6.5% YoY. Management expects PYLARIFY net revenue to decline 8%–10% YoY in 2026 due to pricing pressure and competitive dynamics.
Gross Margin and Profitability Compression
Q4 gross profit margin was 65.1%, down 289 basis points YoY. Q4 operating profit $138.9M, down 8.5% YoY. Full-year adjusted EPS decreased 10% YoY to $6.08.
Cash Flow and Working Capital Drag
Q4 operating cash flow fell to $90.2M from $157.7M in Q4 2024; free cash flow $81.4M, a decrease of ~$60M YoY. Working capital headwinds driven by AP acceleration ahead of SPECT divestiture, higher AR timing from billing model changes, and increased inventory for production/PMF expansion.
Non-Recurring & Integration Costs
Q4 adjustments of $66.2M pre-tax included $21.7M acquisition/integration/divestiture costs, $17.5M non-cash stock/incentive expense, $16.5M acquired intangible amortization, $9.5M unrecognized loss on equity investments, and other one-time items.
Near-Term Commercialization Timing
Although multiple PDUFA dates in 2026, management expects limited meaningful revenue impact in 2026 because commercial launches and reimbursement/coding transitions are planned for late 2026 with material benefit pushed to 2027.
Competitive & Pricing Risk
Management flags potential renewed competitive pricing dynamics (including competitors losing pass-through status) and modest price erosion assumptions baked into 2026 guidance; company remains disciplined but acknowledges downside risk to PSMA pricing.
Therapeutic Pipeline Strategic Uncertainty
Management announced intent to pursue 'value-maximizing alternatives' for radiotherapeutic assets (including potential partnering or divestiture), indicating the company will not prioritize significant therapeutic R&D spend in 2026 — introduces execution and valuation timing risk for those assets.
Litigation and Regulatory Risk
Awaiting a mid-year court ruling on Hatch-Waxman litigation for PNT2003; litigation outcomes could affect timing/value of that therapeutic opportunity.
Company Guidance
Lantheus guided 2026 worldwide net revenue of $1.40–$1.45 billion with gross margin near 65.5% and EPS of $5.00–$5.25 (based on ~66 million fully diluted shares), noting an effective tax rate of ~26% and expected net interest/other expense of about $5 million; R&D is planned at ~10–11% of revenue (up ~200 bps), G&A ~10% of revenue, and sales & marketing investment implied around the low‑teens (~12–12.5%) to support upcoming launches. Product and portfolio assumptions include PYLARIFY net revenue down 8%–10% in 2026 (higher volume but modest price erosion and a rolling Q4 transition to a new F‑18 formulation), Neuraceq expected to grow triple‑digits inorganically (Neuraceq contributed $31M in Q4 and $51.4M since acquisition), DEFINITY to grow low‑ to mid‑single digits (DEFINITY >$85M in Q4), and no meaningful commercial contribution from new approvals in 2026 with material impact expected in 2027; management also adjusted the 2025 comparable baseline to $1,424.2M after the SPECT divestiture ($111.4M) and one‑time items, cited a normalized EPS comparison of ~$5.75, and highlighted cash of $359.1M, Q4 operating cash flow of $90.2M and free cash flow of $81.4M, plus $100M of share repurchases in the quarter (leaving $200M authorization).Lantheus Financial Statement Overview
Summary
Multi-year fundamentals remain solid (strong revenue growth since 2020, sustained profitability since 2022, and healthy operating/free cash flow), but the latest TTM trend is weaker: revenue growth has flattened and both margins and cash-flow momentum stepped down versus 2024.Income Statement
LNTH has delivered strong top-line expansion over the last several years (revenue rising materially from 2020 through 2024), but growth has largely flattened in TTM (Trailing-Twelve-Months) versus 2024. Profitability is a clear strength versus its earlier history—moving from losses in 2020–2021 to solid profits from 2022 onward—though margins have compressed sharply in TTM (Trailing-Twelve-Months) versus 2024 (notably lower operating and net margins). Overall, the business shows a strong multi-year turnaround and scale-up, but the latest period signals decelerating growth and weaker profitability.76
Positive
Balance Sheet
The balance sheet looks healthier versus prior years, with leverage trending down from elevated levels in 2022 to a more moderate debt load relative to equity in 2023–TTM (Trailing-Twelve-Months). Equity has expanded meaningfully since 2022, supporting a larger asset base. Return on equity remains positive and solid in TTM (Trailing-Twelve-Months), but it has cooled versus 2023–2024 alongside the margin compression, which is the main watch item. Overall leverage appears manageable, with improving capital structure over time.74
Positive
Cash Flow
Cash generation is a key positive: operating cash flow and free cash flow are strong in absolute dollars in TTM (Trailing-Twelve-Months), and free cash flow remains closely aligned with reported earnings. However, cash flow momentum has softened recently—free cash flow declined in TTM (Trailing-Twelve-Months) versus 2024, and operating cash flow relative to earnings also stepped down from the prior year. The company still demonstrates good cash conversion, but the near-term trend is weaker than the strong 2023–2024 run-rate.71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.54B | 1.53B | 1.30B | 935.06M | 425.21M |
| Gross Profit | 941.95M | 988.29M | 709.54M | 581.70M | 187.69M |
| EBITDA | 403.64M | 515.27M | 491.00M | 81.83M | -25.00M |
| Net Income | 233.56M | 312.44M | 326.66M | 28.07M | -71.28M |
Balance Sheet | |||||
| Total Assets | 2.23B | 1.98B | 1.65B | 1.32B | 863.78M |
| Cash, Cash Equivalents and Short-Term Investments | 359.12M | 912.81M | 713.66M | 415.65M | 98.51M |
| Total Debt | 738.00K | 619.44M | 616.95M | 583.51M | 191.31M |
| Total Liabilities | 1.14B | 892.33M | 835.26M | 874.11M | 399.35M |
| Stockholders Equity | 1.09B | 1.09B | 815.89M | 447.15M | 464.44M |
Cash Flow | |||||
| Free Cash Flow | 354.05M | 493.13M | 258.70M | 263.43M | 41.78M |
| Operating Cash Flow | 390.14M | 544.75M | 305.26M | 281.78M | 53.92M |
| Investing Cash Flow | -627.17M | -226.01M | 5.94M | -276.55M | 3.68M |
| Financing Cash Flow | -316.58M | -118.54M | -13.06M | 311.69M | -39.33M |
Lantheus Technical Analysis
Positive
83.22
Price Trends
69.70
Positive
64.10
Positive
64.95
Positive
Market Momentum
3.07
Negative
71.70
Negative
61.97
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LNTH, the sentiment is Positive. The current price of 83.22 is above the 20-day moving average (MA) of 74.10, above the 50-day MA of 69.70, and above the 200-day MA of 64.95, indicating a bullish trend. The MACD of 3.07 indicates Negative momentum. The RSI at 71.70 is Negative, neither overbought nor oversold. The STOCH value of 61.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LNTH.
Lantheus Risk Analysis
Lantheus disclosed 52 risk factors in its most recent earnings report. Lantheus reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Lantheus Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $5.38B | 19.23 | 20.58% | ― | 1.95% | -60.40% | |
67 Neutral | $1.70B | 14.40 | 15.55% | ― | 48.87% | ― | |
60 Neutral | $3.09B | -72.78 | -0.01% | ― | 4.54% | -130.59% | |
54 Neutral | $4.20B | 54.80 | -67.91% | ― | 9.50% | ― | |
53 Neutral | $2.45B | 4.99 | 47.54% | ― | -1.35% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $1.39B | -1.35 | -35.16% | 8.48% | -2.55% | 66.00% |
* Healthcare Sector Average
LNTH
Lantheus
83.22
-17.63
-17.48%
PRGO
Perrigo Company
10.10
-15.60
-60.70%
SUPN
Supernus Pharmaceuticals
53.67
22.29
71.03%
ANIP
ANI Pharmaceuticals
75.96
12.70
20.08%
HCM
HUTCHMED
13.89
-1.60
-10.33%
AMRX
Amneal Pharmaceuticals
13.35
4.47
50.34%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.