LNTH · Lantheus Holdings, Inc.

Lantheus Holdings delivered a solid start to 2026 with Q1 worldwide revenue of $377.3 million, a 1.2% increase from $372.8 million in Q1 2025, primarily driven by strong growth in DEFINITY sales at $84.6 million (+6.8%) despite a 6.5% decline in PYLARIFY to $240.9 million and steady Neuraceq at $35.4 million. GAAP profitability surged with net income of $118.4 million and diluted EPS of $1.80, up 76.5% year-over-year, reflecting improved execution amid higher gross profit. However, adjusted metrics showed pressure, with adjusted net income down 12.5% to $95.8 million and adjusted EPS at $1.46 (-4.6%), alongside operating income declining 20.3% to $81.3 million (adjusted -10.5% to $129.1 million), signaling rising cost of goods sold at $146.4 million versus $135.1 million prior year. CEO Mary Anne Heino highlighted disciplined execution across PYLARIFY, Neuraceq, and DEFINITY, crediting strategic priorities for long-term growth. Key catalysts include FDA approval for PYLARIFY TruVu on March 6, 2026, aimed at manufacturing efficiency with a Q4 phased launch, and tentative approval for PNT2003 as the first radioequivalent for GEP-NETs, pending full approval and patent resolution. The January 1 divestiture of the SPECT business to SHINE Technologies generated $31.4 million in proceeds, lifting cash to $498.6 million and simplifying operations toward PET radiodiagnostics focus. Robust cash generation of $125.1 million from operations supports capital deployment priorities. Full-year guidance remains unchanged at $1.4-1.45 billion revenue and $5.00-5.25 adjusted EPS, underscoring confidence despite pipeline risks like the PDUFA extension for LNTH-2501 to June 29, 2026.