Lantheus Q3 earnings: GAAP net income falls 19.4%
The SPARROW trial dosed its first patient; its Phase 3 portion is expected to enroll approximately 400 participants.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Lantheus Holdings, Inc. (LNTH) reported third-quarter 2026 revenue of $389.9 million, up 1.5% from $384.0 million a year earlier. GAAP net income was $22.4 million and diluted EPS was $0.33, down 19.4% and 19.5%; non-GAAP adjusted net income was $115.1 million and adjusted diluted EPS was $1.68, up 34.3% and 32.3%. Operating cash flow was $102.0 million and free cash flow was $99.9 million.
Neuraceq sales rose 123.0% to $45.6 million; PYLARIFY sales were $238.9 million, down 0.7%, and DEFINITY sales were $85.7 million, up 4.8%. The FDA approved TAUKLARIFY and granted final approval to BRAVNETSA. PYLARIFY TruVu received CMS transitional pass-through payment status and a permanent HCPCS code, effective October 1, 2026. Lantheus is suspending previously issued full-year 2026 guidance in connection with its pending merger: Curium US Holdings LLC will acquire all outstanding shares for $102.50 per share in cash at closing, plus non-transferable CVRs providing up to $12.00 per share in potential additional cash payments, subject to specified commercial milestones for Lantheus products through 2030; transaction value is up to approximately $8.0 billion.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointAdjusted net income rose 34.3% to $115.1 million.
- Moderate pointNeuraceq sales rose 123.0% to $45.6 million.
- Minor pointAdjusted diluted EPS rose 32.3% to $1.68.
Negative
- Moderate pointGAAP net income fell 19.4% to $22.4 million.
- Moderate pointOperating income fell 26.2% to $32.2 million.
- Minor pointGAAP diluted EPS fell 19.5% to $0.33.
Filing Explained
The merger has not closed, so ownership of Lantheus has not transferred under the agreement: the FTC extended the Hart-Scott-Rodino waiting period on October 21, and the company lists that review and other antitrust and foreign-investment approvals as remaining closing conditions.
8-K Event Classification
Key Figures
Key Terms
Contingent Value Rights financial
adjusted net income financial
free cash flow financial
Transitional Pass-Through payment status regulatory
HCPCS code regulatory
registrational trial medical
Earnings Snapshot
Lantheus is suspending previously issued full-year 2026 financial guidance in connection with the pending transaction.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many participants is the LNTH SPARROW trial expected to enroll?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 5, 2026, Lantheus Holdings, Inc. (the “Company”) announced via press release its financial results as of and for the three and nine months ended September 30, 2026. A copy of that press release is being furnished as Exhibit 99.1 and is hereby incorporated by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
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Description |
99.1* |
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Press release of Lantheus Holdings, Inc. dated November 5, 2026, entitled “Lantheus Reports Third Quarter 2026 Financial Results” |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* Exhibits 99.1 attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LANTHEUS HOLDINGS, INC. |
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By: |
/s/ Daniel M. Niedzwiecki |
Name: |
Daniel M. Niedzwiecki |
Title: |
Chief Administrative Officer and General Counsel |
Date: November 5, 2026
Exhibit 99.1
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Lantheus Reports Third Quarter 2026 Financial Results
BEDFORD, Mass., November 5, 2026 (GLOBE NEWSWIRE) -- Lantheus Holdings, Inc. (Lantheus or the Company) (NASDAQ: LNTH), the leading radiopharmaceutical-focused company committed to enabling clinicians to Find, Fight and Follow disease to deliver better patient outcomes, today reported financial results for its third quarter ended September 30, 2026.
In addition, and as previously announced, Lantheus entered into a definitive agreement on August 3, 2026 to merge with Curium under which Curium US Holdings LLC will acquire all outstanding shares of Lantheus for $102.50 per share in cash at closing, plus non-transferable Contingent Value Rights (“CVRs”) providing for up to $12.00 per share in potential additional cash payments, subject to achievement of specified commercial milestones for Lantheus’ products through 2030. The transaction represents a total per share consideration of up to $114.50 and a total transaction value of up to approximately $8.0 billion. Together, Curium and Lantheus are positioned to create a radiopharmaceutical company spanning diagnostics and therapeutics, with the infrastructure and capabilities to serve patients in more than 70 countries. The Board of Directors of Lantheus has unanimously approved the transaction. Additional information regarding the transaction is available in the Company’s Current Report on Form 8-K filed with the SEC on August 4, 2026.
In connection with the pending transaction, Lantheus is suspending its previously issued full year 2026 financial guidance and will not be hosting a conference call in connection with its third quarter 2026 results.
Summary Financial Results
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Three Months Ended |
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(in millions, except per share data - unaudited) |
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2026 |
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2025 |
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% Change |
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Worldwide revenue |
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$ |
389.9 |
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$ |
384.0 |
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1.5 |
% |
GAAP net income |
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$ |
22.4 |
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$ |
27.8 |
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(19.4 |
%) |
GAAP fully diluted earnings per share |
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$ |
0.33 |
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$ |
0.41 |
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(19.5 |
%) |
Adjusted net income (non-GAAP) |
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$ |
115.1 |
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$ |
85.7 |
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34.3 |
% |
Adjusted fully diluted earnings per share (non-GAAP) |
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$ |
1.68 |
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$ |
1.27 |
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32.3 |
% |
Third Quarter 2026
Page 1 of 11
Balance Sheet
Recent Business Highlights
About Lantheus
Lantheus is the leading radiopharmaceutical-focused company, delivering life-changing science to enable clinicians to Find, Fight and Follow disease to deliver better patient outcomes. Headquartered in Massachusetts with offices in New Jersey, Canada, Germany, Switzerland, Sweden and the United Kingdom, Lantheus has been providing radiopharmaceutical solutions for 70 years. For more information, visit www.lantheus.com.
Internet Posting of Information
The Company routinely posts information that may be important to investors in the “Investors” section of its website at www.lantheus.com. The Company encourages investors and potential investors to consult its website regularly for important information about the Company.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as adjusted net income and its line components; adjusted fully diluted net income per share; adjusted operating income, and free cash flow. The Company’s management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company’s operations, period over period. However, these measures may exclude items that may be highly variable, difficult to predict and of a size that could have a substantial impact on the Company’s reported results of operations for a particular period. Management uses these and other non-GAAP measures internally for evaluation of the performance of the business, including the evaluation of results relative to employee performance compensation targets. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.
Page 2 of 11
Safe Harbor for Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their use of terms such as “advance,” “believe,” “continue,” “could,” “driving,” “expect,” “guidance,” “maintain,” “may,” “on track,” “plan,” “potential,” “predict,” “progress,” “should,” “target,” “will,” “would” and other similar terms, or by express or implied discussions regarding the pending merger with Curium (the “Merger”). Such forward-looking statements include our plans to successfully execute on the commercialization of marketed products, ensure launch readiness for new products, advance a focused late-stage pipeline, and allocate capital thoughtfully, and our focus mainly on our radiodiagnostic business and pursuing value-maximizing alternatives for our radiotherapeutic assets, and are based upon current plans, estimates and expectations that are subject to risks and uncertainties that could cause actual results to materially differ from those described in the forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Risks and uncertainties that could cause our actual results to materially differ from those described in the forward-looking statements include: (i) continued market expansion, penetration and reimbursement for our established commercial products, particularly PYLARIFY, DEFINITY and Neuraceq, in a competitive environment and our ability to clinically and commercially differentiate our products; (ii) our ability to complete the technology transfer across our positron emission tomography (“PET”) manufacturing facilities (“PMF”) network for PYLARIFY TruVu, the new formulation of our F-18 prostate-specific membrane antigen (“PSMA”) PET imaging agent approved by the U.S. Food and Drug Administration (“FDA”) on March 6, 2026, to obtain FDA approval for each PMF to manufacture PYLARIFY TruVu, to maintain adequate coverage and payment for PYLARIFY TruVu, including the transitional pass-through payment status (“TPT Status”) granted by the Centers for Medicare & Medicaid Services, as announced on September 30, 2026, to have payers add Healthcare Common Procedure Coding System (“HCPCS”) code for PYLARIFY TruVu effective October 1, 2026 to their systems on a timely basis and to have customers adopt PYLARIFY TruVu; (iii) the availability of raw materials, key components, equipment, manufacturing time slots, either used in the production of our products and product candidates, or by customers of our products and product candidates, including, but not limited to PET scanners for PYLARIFY, PYLARIFY TruVu, Neuraceq, TAUKLARIFY, LNTH-2501 and NAV-4694; (iv) our ability to have third parties manufacture our products and product candidates and our ability to manufacture DEFINITY in our in-house manufacturing facility, in amounts and at the times needed; (v) our ability to satisfy our obligations under our existing clinical development partnerships using Neuraceq, MK-6240 or NAV-4694 and other assets as a research tool and under the license agreements through which we have rights to those assets, to support TAUKLARIFY (florquinitau F-18 injection), also referred to as MK-6240, which was approved by the FDA on August 14, 2026, including through our Pharma Solutions business, and to determine an appropriate path and timing toward its broader commercial availability, and to further develop and commercialize NAV-4694 as an approved product; (vi) our ability to continue to successfully integrate acquisitions, including of Lantheus Biosciences, which could be impacted by unforeseen expenses related to integration activities, the potential for unforeseen liabilities within that business, the ability to integrate disparate information technology systems, retain key talent and create a merged corporate culture that successfully realizes the full potential of the combined organization; (vii) our ability to obtain FDA approval for LNTH-2501, our investigational kit for the preparation of Gallium-68 edotreotide injection, which has been studied for use in conjunction with a PET scan to stage and localize neuroendocrine tumors in adult and pediatric patients, including satisfactorily resolving certain unresolved third-party facility inspection-related conditions identified in the Complete Response Letter issued by the FDA on June 26, 2026 and obtaining approval of a resubmitted new drug application, and to successfully commercialize LNTH-2501, if approved; (viii) the timing, execution and success of our planned commercialization of BRAVNETSA (lutetium Lu 177 dotatate), previously known as PNT2003, which received final FDA approval on September 22, 2026, including in light of competing lutetium Lu 177 dotatate products, our ability to successfully defend the favorable U.S. District Court ruling invalidating all patents asserted in the related Hatch-Waxman litigation, which is currently on appeal before the U.S. Court of Appeals for the Federal Circuit, and our dependence on POINT Biopharma Global Inc. to manufacture and supply BRAVNETSA; (ix) the cost, efforts and timing for clinical development, manufacturing, regulatory approval, adequate coding, coverage and payment and successful commercialization of our newly approved products, product candidates and new clinical applications and territories for our products, in each case, that we or our strategic partners may undertake, including the SPARROW Phase 2/3 registrational trial of LNTH-2401, and the risk of further impairment of our in-process research and development assets; (x) the timing, execution, and success of our strategic program to simplify and streamline our operations so we can focus mainly on our radiodiagnostic business and pursue value-maximizing alternatives for our radiotherapeutic assets; (xi) our ability to identify opportunities to collaborate with strategic partners and to acquire or in-license additional product opportunities in oncology, neurology and other strategic areas and continue to grow and advance our pipeline of products, subject to the restrictions on the conduct of our business under the Agreement and Plan of Merger, dated as of August 3, 2026 (the “Merger Agreement”), by and among us, Curium US Holdings LLC (the “Parent”), and Coco Merger Sub Inc.; (xii) the timing and outcome of the actions filed against us by alleged stockholders, and of demands or litigation relating to the transactions contemplated by the Merger Agreement; (xiii) the effect that changes to management could have on our business; (xiv) our ability and the ability of the Parent to
Page 3 of 11
complete the transactions contemplated by the Merger Agreement, including the parties’ ability to satisfy the remaining closing conditions in the agreement, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (which was extended on October 21, 2026 by the Federal Trade Commission), and the receipt of other required antitrust and foreign direct investment approvals; (xv) statements about the expected time frame for completing the proposed Merger; (xvi) our and the Parent’s beliefs and expectations and statements about the benefits sought to be achieved by the proposed Merger; (xvii) the potential effects of the proposed Merger on us and the Parent, including on our relationships with customers, suppliers and employees, and the costs we have incurred and will incur in connection with the proposed Merger whether or not it is completed; (xviii) the possibility of any termination of the Merger Agreement, including in circumstances that would require us to pay a termination fee; (xix) whether any payments will be made under the contingent value rights to be issued in the proposed Merger; and (xx) the risks and uncertainties discussed in our filings with the Securities and Exchange Commission (including those described in the Risk Factors section in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q).
- Tables Follow -
Page 4 of 11
Lantheus Holdings, Inc.
Consolidated Statements of Operations
(in thousands, except per share data – unaudited)
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Three Months Ended |
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|
Nine Months Ended |
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2026 |
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2025 |
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2026 |
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2025 |
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||||
Revenues |
|
$ |
389,913 |
|
|
$ |
384,014 |
|
|
$ |
1,155,426 |
|
|
$ |
1,134,823 |
|
Cost of goods sold |
|
|
146,501 |
|
|
|
161,648 |
|
|
|
439,237 |
|
|
|
433,746 |
|
Gross profit |
|
|
243,412 |
|
|
|
222,366 |
|
|
|
716,189 |
|
|
|
701,077 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales and marketing |
|
|
48,059 |
|
|
|
48,828 |
|
|
|
183,548 |
|
|
|
132,372 |
|
General and administrative |
|
|
70,383 |
|
|
|
81,898 |
|
|
|
148,549 |
|
|
|
205,229 |
|
Research and development |
|
|
92,764 |
|
|
|
48,025 |
|
|
|
170,345 |
|
|
|
129,828 |
|
Total operating expenses |
|
|
211,206 |
|
|
|
178,751 |
|
|
|
502,442 |
|
|
|
467,429 |
|
Operating income |
|
|
32,206 |
|
|
|
43,615 |
|
|
|
213,747 |
|
|
|
233,648 |
|
Interest expense |
|
|
4,940 |
|
|
|
4,950 |
|
|
|
14,719 |
|
|
|
14,671 |
|
Net loss (gain) on investment in equity securities |
|
|
12,164 |
|
|
|
(1,160 |
) |
|
|
6,795 |
|
|
|
(871 |
) |
Loss (gain) on sale of business, net of transaction costs |
|
|
83 |
|
|
|
— |
|
|
|
(59,444 |
) |
|
|
— |
|
Other income, net |
|
|
(6,758 |
) |
|
|
(2,556 |
) |
|
|
(20,330 |
) |
|
|
(23,579 |
) |
Income before income taxes |
|
|
21,777 |
|
|
|
42,381 |
|
|
|
272,007 |
|
|
|
243,427 |
|
Income tax (benefit) expense |
|
|
(594 |
) |
|
|
14,610 |
|
|
|
56,190 |
|
|
|
63,956 |
|
Net income |
|
$ |
22,371 |
|
|
$ |
27,771 |
|
|
$ |
215,817 |
|
|
$ |
179,471 |
|
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.34 |
|
|
$ |
0.41 |
|
|
$ |
3.32 |
|
|
$ |
2.63 |
|
Diluted |
|
$ |
0.33 |
|
|
$ |
0.41 |
|
|
$ |
3.21 |
|
|
$ |
2.60 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
65,297 |
|
|
|
67,230 |
|
|
|
65,066 |
|
|
|
68,132 |
|
Diluted |
|
|
68,413 |
|
|
|
67,663 |
|
|
|
67,137 |
|
|
|
69,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Page 5 of 11
Lantheus Holdings, Inc.
Consolidated Revenues Analysis
(in thousands, except percent data – unaudited)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||||||||||||||||||
September 30, |
|
|
September 30, |
|
||||||||||||||||||||||||||||
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|
2026 |
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2025 |
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|
Change $ |
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Change % |
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|
2026 |
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|
2025 |
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|
Change $ |
|
|
Change % |
|
||||||||
PYLARIFY |
|
$ |
238,930 |
|
|
$ |
240,616 |
|
|
$ |
(1,686 |
) |
|
|
(0.7 |
)% |
|
$ |
720,220 |
|
|
$ |
748,912 |
|
|
$ |
(28,692 |
) |
|
|
(3.8 |
)% |
Total oncology |
|
|
238,930 |
|
|
|
240,616 |
|
|
|
(1,686 |
) |
|
|
(0.7 |
)% |
|
|
720,220 |
|
|
|
748,912 |
|
|
|
(28,692 |
) |
|
|
(3.8 |
)% |
Neuraceq |
|
|
45,577 |
|
|
|
20,442 |
|
|
|
25,135 |
|
|
|
123.0 |
% |
|
|
120,632 |
|
|
|
20,442 |
|
|
|
100,190 |
|
|
|
490.1 |
% |
Total neurology |
|
|
45,577 |
|
|
|
20,442 |
|
|
|
25,135 |
|
|
|
123.0 |
% |
|
|
120,632 |
|
|
|
20,442 |
|
|
|
100,190 |
|
|
|
490.1 |
% |
DEFINITY |
|
|
85,673 |
|
|
|
81,785 |
|
|
|
3,888 |
|
|
|
4.8 |
% |
|
|
258,579 |
|
|
|
244,935 |
|
|
|
13,644 |
|
|
|
5.6 |
% |
Total cardiology |
|
|
85,673 |
|
|
|
81,785 |
|
|
|
3,888 |
|
|
|
4.8 |
% |
|
|
258,579 |
|
|
|
244,935 |
|
|
|
13,644 |
|
|
|
5.6 |
% |
Strategic partnerships and other |
|
|
19,733 |
|
|
|
13,705 |
|
|
|
6,028 |
|
|
|
44.0 |
% |
|
|
55,995 |
|
|
|
36,042 |
|
|
|
19,953 |
|
|
|
55.4 |
% |
SPECT |
|
|
— |
|
|
|
27,466 |
|
|
|
(27,466 |
) |
|
|
(100.0 |
)% |
|
|
— |
|
|
|
84,492 |
|
|
|
(84,492 |
) |
|
|
(100.0 |
)% |
Total revenues |
|
$ |
389,913 |
|
|
$ |
384,014 |
|
|
$ |
5,899 |
|
|
|
1.5 |
% |
|
$ |
1,155,426 |
|
|
$ |
1,134,823 |
|
|
$ |
20,603 |
|
|
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Page 6 of 11
Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share and percent data – unaudited)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net income |
|
$ |
22,371 |
|
|
$ |
27,771 |
|
|
$ |
215,817 |
|
|
$ |
179,471 |
|
Stock and incentive plan compensation |
|
|
21,876 |
|
|
|
24,501 |
|
|
|
57,925 |
|
|
|
68,020 |
|
Amortization of acquired intangible assets |
|
|
16,723 |
|
|
|
14,639 |
|
|
|
50,169 |
|
|
|
30,626 |
|
Impairment of intangible assets |
|
|
31,000 |
|
|
|
— |
|
|
|
31,000 |
|
|
|
— |
|
Contingent consideration fair value adjustments |
|
|
3,169 |
|
|
|
982 |
|
|
|
(28,586 |
) |
|
|
982 |
|
Non-recurring fees |
|
|
7 |
|
|
|
— |
|
|
|
9,292 |
|
|
|
2,633 |
|
Loss (gain) on sale of business, net of transaction costs |
|
|
83 |
|
|
|
— |
|
|
|
(59,444 |
) |
|
|
— |
|
Strategic collaboration and license costs |
|
|
(121 |
) |
|
|
860 |
|
|
|
116 |
|
|
|
16,273 |
|
Net loss (gain) on investment in equity securities |
|
|
12,164 |
|
|
|
(1,116 |
) |
|
|
6,795 |
|
|
|
(785 |
) |
Acquisition, integration and divestiture-related items |
|
|
46,941 |
|
|
|
34,973 |
|
|
|
50,044 |
|
|
|
62,645 |
|
Other |
|
|
(514 |
) |
|
|
(16 |
) |
|
|
32,617 |
|
|
|
(3,170 |
) |
Income tax effect of non-GAAP adjustments(a) |
|
|
(38,625 |
) |
|
|
(16,888 |
) |
|
|
(49,924 |
) |
|
|
(50,890 |
) |
Adjusted net income |
|
$ |
115,074 |
|
|
$ |
85,706 |
|
|
$ |
315,821 |
|
|
$ |
305,805 |
|
Adjusted net income, as a percentage of revenues |
|
|
29.5 |
% |
|
|
22.3 |
% |
|
|
27.3 |
% |
|
|
26.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net income per share - diluted |
|
$ |
0.33 |
|
|
$ |
0.41 |
|
|
$ |
3.21 |
|
|
$ |
2.60 |
|
Stock and incentive plan compensation |
|
|
0.32 |
|
|
|
0.36 |
|
|
|
0.86 |
|
|
|
0.99 |
|
Amortization of acquired intangible assets |
|
|
0.24 |
|
|
|
0.22 |
|
|
|
0.75 |
|
|
|
0.44 |
|
Impairment of intangible assets |
|
|
0.45 |
|
|
|
— |
|
|
|
0.46 |
|
|
|
— |
|
Contingent consideration fair value adjustments |
|
|
0.05 |
|
|
|
0.01 |
|
|
|
(0.43 |
) |
|
|
0.01 |
|
Non-recurring fees |
|
|
0.00 |
|
|
|
— |
|
|
|
0.14 |
|
|
|
0.04 |
|
Loss (gain) on sale of business, net of transaction costs |
|
|
0.00 |
|
|
|
— |
|
|
|
(0.89 |
) |
|
|
— |
|
Strategic collaboration and license costs |
|
|
(0.00 |
) |
|
|
0.01 |
|
|
|
0.00 |
|
|
|
0.24 |
|
Net loss (gain) on investment in equity securities |
|
|
0.18 |
|
|
|
(0.02 |
) |
|
|
0.10 |
|
|
|
(0.01 |
) |
Acquisition, integration and divestiture-related items |
|
|
0.69 |
|
|
|
0.52 |
|
|
|
0.75 |
|
|
|
0.91 |
|
Other |
|
|
(0.01 |
) |
|
|
(0.00 |
) |
|
|
0.49 |
|
|
|
(0.04 |
) |
Income tax effect of non-GAAP adjustments(a) |
|
|
(0.56 |
) |
|
|
(0.25 |
) |
|
|
(0.74 |
) |
|
|
(0.74 |
) |
Adjusted net income per share - diluted(b) |
|
$ |
1.68 |
|
|
$ |
1.27 |
|
|
$ |
4.70 |
|
|
$ |
4.43 |
|
Weighted-average common shares outstanding - diluted |
|
|
68,413 |
|
|
|
67,663 |
|
|
|
67,137 |
|
|
|
69,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Page 7 of 11
Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures (Continued)
(in thousands, except per share and percent data – unaudited)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Operating income |
|
$ |
32,206 |
|
|
$ |
43,615 |
|
|
$ |
213,747 |
|
|
$ |
233,648 |
|
Stock and incentive plan compensation |
|
|
21,876 |
|
|
|
24,501 |
|
|
|
57,925 |
|
|
|
68,020 |
|
Amortization of acquired intangible assets |
|
|
16,723 |
|
|
|
14,639 |
|
|
|
50,169 |
|
|
|
30,626 |
|
Impairment of intangible assets |
|
|
31,000 |
|
|
|
— |
|
|
|
31,000 |
|
|
|
— |
|
Contingent consideration fair value adjustments |
|
|
3,169 |
|
|
|
982 |
|
|
|
(28,586 |
) |
|
|
982 |
|
Non-recurring fees |
|
|
7 |
|
|
|
— |
|
|
|
9,292 |
|
|
|
2,633 |
|
Strategic collaboration and license costs |
|
|
32 |
|
|
|
860 |
|
|
|
269 |
|
|
|
16,273 |
|
Acquisition, integration and divestiture-related items |
|
|
46,175 |
|
|
|
34,973 |
|
|
|
55,404 |
|
|
|
62,645 |
|
Other |
|
|
2,011 |
|
|
|
(16 |
) |
|
|
35,142 |
|
|
|
1,557 |
|
Adjusted operating income |
|
$ |
153,199 |
|
|
$ |
119,554 |
|
|
$ |
424,362 |
|
|
$ |
416,384 |
|
Adjusted operating income, as a percentage of revenues |
|
|
39.3 |
% |
|
|
31.1 |
% |
|
|
36.7 |
% |
|
|
36.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Page 8 of 11
Lantheus Holdings, Inc.
Reconciliation of Free Cash Flow
(in thousands – unaudited)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net cash provided by operating activities |
|
$ |
101,974 |
|
|
$ |
105,294 |
|
|
$ |
319,304 |
|
|
$ |
299,963 |
|
Capital expenditures |
|
|
(2,046 |
) |
|
|
(10,622 |
) |
|
|
(7,607 |
) |
|
|
(27,301 |
) |
Free cash flow |
|
$ |
99,928 |
|
|
$ |
94,672 |
|
|
$ |
311,697 |
|
|
$ |
272,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net cash (used in) provided by investing activities |
|
$ |
(11,135 |
) |
|
$ |
(319,468 |
) |
|
$ |
12,828 |
|
|
$ |
(615,658 |
) |
Net cash used in financing activities |
|
$ |
(460 |
) |
|
$ |
(99,166 |
) |
|
$ |
(7,578 |
) |
|
$ |
(215,798 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Page 9 of 11
Lantheus Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands – unaudited)
|
|
September 30, |
|
|
December 31, |
|
||
|
|
2026 |
|
|
2025 |
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
683,610 |
|
|
$ |
359,121 |
|
Accounts receivable, net |
|
|
345,684 |
|
|
|
358,640 |
|
Inventory, net |
|
|
64,212 |
|
|
|
64,674 |
|
Income tax receivable |
|
|
— |
|
|
|
15,387 |
|
Other current assets |
|
|
30,204 |
|
|
|
21,400 |
|
Assets held for sale |
|
|
— |
|
|
|
80,742 |
|
Total current assets |
|
|
1,123,710 |
|
|
|
899,964 |
|
Investment in equity securities |
|
|
98,427 |
|
|
|
42,213 |
|
Long-term notes receivable |
|
|
25,297 |
|
|
|
— |
|
Property, plant and equipment, net |
|
|
149,627 |
|
|
|
163,686 |
|
Intangibles, net |
|
|
641,612 |
|
|
|
722,779 |
|
Goodwill |
|
|
238,626 |
|
|
|
239,517 |
|
Deferred tax assets, net |
|
|
121,135 |
|
|
|
109,196 |
|
Other long-term assets |
|
|
57,699 |
|
|
|
50,044 |
|
Total assets |
|
$ |
2,456,133 |
|
|
$ |
2,227,399 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Current portion of long-term debt and other borrowings |
|
$ |
605 |
|
|
$ |
738 |
|
Accounts payable |
|
|
47,700 |
|
|
|
42,906 |
|
Accrued expenses and other current liabilities |
|
|
297,662 |
|
|
|
267,307 |
|
Liabilities held for sale |
|
|
— |
|
|
|
22,468 |
|
Total current liabilities |
|
|
345,967 |
|
|
|
333,419 |
|
Asset retirement obligations |
|
|
257 |
|
|
|
138 |
|
Long-term debt and other borrowings, net of current portion |
|
|
571,136 |
|
|
|
568,678 |
|
Long-term deferred tax liabilities |
|
|
41,136 |
|
|
|
54,246 |
|
Long-term contingent consideration liabilities, net of current portion |
|
|
51,657 |
|
|
|
73,255 |
|
Other long-term liabilities |
|
|
90,268 |
|
|
|
107,866 |
|
Total liabilities |
|
|
1,100,421 |
|
|
|
1,137,602 |
|
Total stockholders’ equity |
|
|
1,355,712 |
|
|
|
1,089,797 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,456,133 |
|
|
$ |
2,227,399 |
|
|
|
|
|
|
|
|
||
Page 10 of 11
Contacts:
Mark Kinarney
Vice President, Investor Relations
978-671-8842
ir@lantheus.com
Melissa Downs
Executive Director, External Communications
646-975-2533
media@lantheus.com
Page 11 of 11