LNTH Filings — Lantheus Holdings, Inc. - FilingSpy
LNTH
Lantheus Holdings, Inc.
A maker of radiopharmaceuticals used to image disease, Lantheus' products include PYLARIFY, an F-18 PET agent that lights up prostate cancer on scans, and DEFINITY, a contrast agent for heart ultrasound. The business began in 1956 as New England Nuclear, founded in Boston, and adopted the coined name "Lantheus" in 2008 when it became an independent company — a made-up brand invented to mark its fresh start.
PYLARIFY revenue fell again, but a $30M China rights buyback and merger restrictions signal a company in transition.
PYLARIFY continued to erode under the post-pass-through pricing regime. Total revenue rose 2.7% to $388.2 million as new Neuraceq sales and DEFINITY volume offset the decline, while rose 13.9% to $100.2 million despite a $30.0 million charge to DEFINITY rights in China. The company is managing a declining core franchise while integrating acquisitions and operating under the constraints of a pending merger.
Key takeaways
PYLARIFY fell 4.1% to $240.4 million, as a lower net selling price following the December 2024 expiration of more than offset volume gains.
Total rose 2.7% to $388.2 million, driven by $39.6 million in Neuraceq sales from the acquired Lantheus Biosciences business and a 5.2% increase in DEFINITY volume, which together offset the PYLARIFY decline and the loss of $31.9 million in SPECT revenue following its divestiture.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 2.7% to $388.2M driven by Neuraceq and DEFINITY volume, offsetting PYLARIFY price declines and the SPECT divestiture.
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Total grew 2.7% to $388.2M, with Neuraceq contributing $39.6M following the Lantheus Biosciences acquisition and DEFINITY sales rising 5.2% on higher volume.
PYLARIFY fell 4.1% to $240.4M due to a lower net sales price, partially offset by volume growth, while the SPECT business sale removed $31.9M in prior-year revenue.
Sales and marketing expense more than doubled to $82.8 million, primarily due to a $30.0 million charge to the rights to DEFINITY in China and increased launch preparation costs for the newly approved PYLARIFY TruVu formulation.
rose 13.9% to $100.2 million, and widened 2.5 percentage points to 25.8%, as growth from new products and a $59.3 million gain on the SPECT sale in the prior quarter were partially offset by the sales and marketing increase.
fell 4.7% to $75.0 million, and fell 0.9% to $1.11, as the increase was more than offset by a decline in other income, which included a $29.8 million favorable swing in unrealized gains on equity securities in the prior quarter that did not repeat.
The company's pending merger with Curium US Holdings LLC imposes operating restrictions, including limits on its ability to incur debt or make without the parent's consent, and introduces a potential $228.0 million termination fee if the deal does not close.
What changed
The Q1 2026 summary flagged the FDA decision on the PYLARIFY TruVu formulation, expected by March 6, 2026. The new formulation was approved, and this quarter's results include increased launch preparation costs, with the launch now contingent on successful manufacturing site transitions and CMS reimbursement.
The Q1 2026 summary flagged PYLARIFY sales volume and net price in Q2 2026 to gauge whether the pricing disadvantage was widening. fell 4.1% to $240.4 million, a sequential decline from $257.7 million in Q1, as the lower net selling price continued to more than offset volume gains.
The FY 2025 10-K flagged the FDA decision on MK-6240 expected in August 2026. The filing notes the decision is still pending, and the company is preparing for a potential new stream to offset PYLARIFY pressure.
The FY 2025 10-K flagged whether a generic filer would challenge PYLARIFY after its expired in May 2026. The risk factors in this filing note the newly approved PYLARIFY TruVu formulation is a key part of the strategy to manage the loss of exclusivity, but its success depends on manufacturing and reimbursement transitions.
What to watch
PYLARIFY sales volume and net price in Q3 2026, the third quarter with a new competitor holding pass-through status, to see whether the pricing disadvantage stabilizes or the decline accelerates further.
The success of the PYLARIFY TruVu launch, contingent on the completion of manufacturing site transitions and securing CMS reimbursement, and whether it can stabilize the franchise after the May 2026 expiration.
The FDA decision on the Alzheimer's imaging agent MK-6240 expected in August 2026, and whether its approval opens a new stream to offset the PYLARIFY decline.
Progress toward the closing of the Curium merger, including any updates on regulatory approvals and the resolution of the operating restrictions and the $228.0 million termination fee risk.
was roughly flat at 62.3%, as Neuraceq and volume gains were offset by PYLARIFY price erosion, higher vendor costs, and increased from acquisitions.
Sales and marketing expense more than doubled to $82.8M, primarily from a $30.0M charge to DEFINITY rights in China and increased launch preparation costs for PYLARIFY TruVu.
was $217.3M for the first half of 2026, and the company held $593.3M in cash with full availability under its $750M .
Quantitative and Qualitative Disclosures About Market Risk
For quantitative and qualitative disclosures about market risk, see Part II, Item 7A. “Quantitative and Qualitative Disclosures About Market Risk,” of our Form 10-K for the year ended December 31, 2025. Our exposures to market risk have not changed materially since December 31,…
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For quantitative and qualitative disclosures about market risk, see Part II, Item 7A. “Quantitative and Qualitative Disclosures About Market Risk,” of our Form 10-K for the year ended December 31, 2025. Our exposures to market risk have not changed materially since December 31, 2025.
Equity Investment Risk
As of June 30, 2026, our recorded carrying value of investments in equity securities was $116.9 million, comprised of our equity investments in Perspective and Radiopharm and our investment in Series E-1 convertible preferred stock of Illuminated (“Series E-1 Preferred”). The equity investments in Perspective and Radiopharm are recorded at fair value, subject to market price volatility. We record our equity investments in public companies at fair value and adjust our equity investments in public companies for observable price changes or impairments. Valuations of public companies are variable and subject to change in share price at the applicable measurement period. We elected the measurement alternative for our investment in the Series E-1 Preferred because the shares do not have a readily determinable fair value. Under this alternative, we measure investments without readily determinable fair values at cost, less impairment, adjusted for subsequent observable price changes.
Information with respect to certain legal proceedings is included in Note 15, “Commitments and Contingencies”, to the condensed consolidated financial statements contained in Part I, Item 1. Financial Statements of this Quarterly Report on Form 10-Q and is incorporated herein by…
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Information with respect to certain legal proceedings is included in Note 15, “Commitments and Contingencies”, to the condensed consolidated financial statements contained in Part I, Item 1. Financial Statements of this Quarterly Report on Form 10-Q and is incorporated herein by reference.
Pending Curium merger and product-transition risks dominate, with new emphasis on LNTH-2501 CRL and PYLARIFY TruVu launch uncertainties.
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The pending merger with Curium US Holdings LLC may not close, risking a stock price decline, a potential $228.0 million termination fee, and business disruption.
Merger-related operating restrictions limit our ability to incur debt, make , or initiate clinical studies without Parent consent.
FDA issued a for LNTH-2501 due to third-party manufacturing issues; approval and launch timing are now uncertain.
The newly approved PYLARIFY TruVu formulation requires successful PMF site transitions and CMS reimbursement; failure could cause customer loss to competitors.
We may not realize expected value from the $20.0 million and up to $30.0 million in contingent payments tied to the SPECT business sale.
Consolidated securities class actions and a derivative suit alleging misleading statements are pending, with a motion to dismiss fully briefed by August 2026.