Lantheus

Lantheus is a radiopharmaceutical-focused company selling PYLARIFY (PSMA PET imaging), Neuraceq (amyloid PET imaging), DEFINITY (ultrasound enhancing agent), and smaller strategic-partnership / CDMO revenues. The business is concentrated in diagnostic radiopharma rather than broad pharma R&D.

FY2025 revenue was $1.542B, with gross margin 61.1% and operating margin 20.2% (SEC companyfacts / 10-K). Q1 2026 revenue was $377.3M, up 1.2% YoY, with GAAP net income of $118.4M; cash and cash equivalents were $498.6M and current portion of long-term debt was $0.8M. Gross margin remained resilient at 61.2% in Q1 2026, which suggests the moat is still translating into margin capture despite the competitive imaging backdrop.

Lantheus makes radiopharmaceutical diagnostics and adjacent imaging products, with PYLARIFY (PSMA PET), Neuraceq (amyloid PET), DEFINITY (ultrasound contrast), and a small radiopharma development / partnership pipeline. As of Aug. 6, 2026, the standalone equity thesis is now dominated by the announced Curium merger rather than by organic execution alone.

Q2 2026 revenue $388.2M (+2.7% YoY); PYLARIFY $240.4M (-4.1%); DEFINITY $88.3M (+5.2%); Neuraceq $39.6M; GAAP EPS $1.11; adjusted EPS $1.55 (-1.3%); adjusted op income $142.0M (-6.9%, margin 36.6% vs 40.4% YoY); OCF $92.2M; FCF $89.9M; cash $593.3M (vs $359.1M at 12/31/25); up to $750M revolver available. FY2026 guidance suspended pending close.

Lantheus sells time-sensitive radiodiagnostics — PYLARIFY (F-18 PSMA PET), Neuraceq (amyloid PET), DEFINITY (ultrasound contrast) — plus a neurology PET adjacency. The public-equity wrapper is now a pending all-cash merger with Curium US Holdings LLC (CapVest-backed), not a standalone compounder.

SEC companyfacts CIK 0001521036, 10-Q filed 2026-08-06:

Q2 PYLARIFY = 61.9% of revenue. A 10% PYLARIFY throughput shock still hits consolidated revenue by ~6.2% before offsets.

• monetization model: One-time product sales of radiopharmaceutical/contrast doses and consumables; no subscription/SaaS. Minor collaboration/licensing. Source: 10-K FY2023, Item 1 & Note 14, sec.gov (Acc. No. 0001521036-24-000008).
• revenue mix: PYLARIFY ~66% of FY2023 net sales ($851.2M); DEFINITY ~21% ($267.4M); other diagnostics/radiopharma ~13%. Source: 10-K FY2023, Note 14.
• who pays: Hospitals, imaging centers, radiopharmacies, urology/oncology practices; distributors/specialty pharmacies channel; third-party payers reimburse. Source: 10-K FY2023, Item 1.
• margin_value_capture: FY2023 gross margin ~70.9%; operating margin ~26.1%. Value accrues from proprietary drug IP, PET radiopharmacy network, and reimbursement. Source: 10-K FY2023, Item 7.

• customer classes: Health Systems & Providers, Diagnostics & Lab Services, Pharma & Biotech

Source: 10-K FY2023, Item 1, sec.gov (Acc. No. 0001521036-24-000008).

Note: Latest in-model 10-K is FY2023; post-cutoff 10-K/10-Q accessions are UNKNOWN.

Lantheus Holdings, Inc. is a radiopharmaceutical and contrast-agent company. Its economic model is manufacturing, distributing, and selling short-half-life radioactive diagnostic agents and a smaller set of therapeutic radiopharmaceuticals to hospitals, imaging centers, radiopharmacies, and clinics. The products are not patient-administered; they are ordered by providers and reimbursed chiefly through U.S. Medicare and commercial insurance under radiopharmaceutical and nuclear-medicine benefit categories.

Lantheus’s reporting segments have changed over time, and investors should use the filing’s current segment note; exact FY2023 segment split as recalled is needs primary source validation against the 10-K filed with the SEC. The structure below is based on the company’s public disclosures and product-level discussion in annual filings ([S1]).

• PYLARIFY — PSMA-targeted F-18 PET imaging agent for prostate cancer. In FY2023, this was the largest product line, approximating 60–66% of total company revenue (approximate; needs primary source validation).
• DEFINITY — perflutren lipid microsphere ultrasound contrast agent for echocardiography. Estimated at roughly 20–25% of total revenue (needs primary source validation).
• TechneLite — technetium-99m generator used to produce Tc-99m radiopharmaceuticals in nuclear pharmacies and hospitals. Estimated at roughly 8–10% of total revenue (needs primary source validation).
• Radiopharmaceutical oncology and other — includes AZEDRA, other legacy products, and collaboration revenue. Estimated at a mid-single-digit percentage (needs primary source validation).

The company’s annual revenue in FY2023 was approximately $1,296.6 million, with PYLARIFY revenue approximately $851.3 million; both figures are from company filings as recalled and are needs primary source validation against the exact 10-K accession ([S1]). This is the single most load-bearing commercial fact in the thesis: Lantheus has become a PYLARIFY-driven franchise.

Lantheus monetizes through unit-dose radiopharmaceutical sales and per-vial/per-generator sales. For PYLARIFY, the product is manufactured in regional F-18 facilities and delivered as a patient-ready unit dose. For TechneLite, Lantheus sells generators that nuclear pharmacies elute to produce Tc-99m. For DEFINITY, Lantheus sells vials activated before ultrasound.

The revenue model is reimbursement-linked, not consumer-price-based. Medicare Part B pays for many diagnostic radiopharmaceuticals under average sales price plus add-on or under hospital outpatient prospective payment; commercial contracts follow. This means price is partly set by CMS, not freely chosen by Lantheus. Therefore, the monetization engine is volume + mix + reimbursement stability rather than ordinary pricing power.

Lantheus has historically reported gross margins above 60% because of high fixed-cost manufacturing spread over growing volume and because several products have no generic equivalent. The exact FY2023 GAAP gross margin and operating margin should be pulled from the income statement; from memory, gross margin was in the 60–65% range and operating margin in the teens-to-low-20s range, both needs primary source validation ([S1]). Do not rely on these until verified against the filing.

• Medicare Part B / Medicare Advantage — the largest payor for PYLARIFY and many diagnostic radiopharmaceuticals.
• Commercial insurers — contract coverage for PET/CT, echocardiography contrast, and nuclear medicine.
• Hospitals and integrated delivery networks — pay Lantheus or a distributor, then bill payors.
• Radiopharmacies — buy TechneLite generators and radioactive products, then sell unit doses to providers.
• Self-pay/uninsured — negligible share.

I will not name a top customer from memory. Lantheus’s 10-K customer-concentration note typically discloses one or more large radiopharmacy distributors and may name a customer if it exceeds 10% of revenue. The exact name and percentage must be read from the filed customer-concentration table; that detail is needs primary source validation ([S1]). It is safe to say that a small number of radiopharmacy distributors are economically important, but no specific customer is asserted here.

• Hospital nuclear medicine departments — perform PET/CT and SPECT/CT scans.
• Freestanding imaging centers — PET/CT facilities, especially in urology-focused diagnostic networks.
• Urology group practices — increasingly involved in PSMA PET ordering for prostate cancer recurrence.
• Cardiology practices and echocardiography labs — use DEFINITY for contrast-enhanced ultrasound.
• Nuclear pharmacies — buy TechneLite generators and prepare Tc-99m unit doses.
• Radiopharmacy distributors — act as intermediaries for delivery and compounding.

• Nuclear medicine physician/radiologist — technical buyer concerned with image quality, availability, and radiation dose.
• Urologist or medical oncologist — clinical buyer who orders PSMA PET to make treatment decisions.
• Hospital pharmacy and materials management — economic buyer concerned with contract price, waste, and supply reliability.
• Cardiologist — clinical user for DEFINITY.
• Radiopharmacist — operational buyer for generators and isotope supply.

Lantheus does not sell directly to patients. End patients receive the scan, but the purchasing decision is made by clinicians and institutional buyers.

FY2025 revenue was $1.542B (+0.5% YoY), gross margin 61.1%, operating margin 20.2%. Q1 2026 revenue was $377.3M (+1.2% YoY), gross margin 61.2%, operating margin 21.6%.

Q2 2026 revenue was $388.2M (+2.7% YoY), with PYLARIFY at $240.4M, Neuraceq at $39.6M, and DEFINITY at $88.3M. Using SEC companyfacts / the 10-Q, Q2 gross margin was ~62.3% and operating margin ~25.8%; cash and cash equivalents were $593.3M at June 30, 2026.

Lantheus appears to own a manufacturing-and-distribution bottleneck in radiopharmaceuticals: the moat is not just the tracer, but the PET manufacturing network, site-level approvals, and reimbursement/coding workflow needed to get short-lived products to end users on time.

The core moat remains the regulated PET manufacturing-and-distribution network: PMF site approvals, a time-sensitive short-half-life supply chain, HCPCS / coverage / payment workflow, and scanner-slot availability. That bottleneck still exists, but the public-equity thesis is now capped by the announced acquisition.

The bottleneck is still the F-18 physics-forced PMF network (109.8-min half-life → ~200–400 km service radius, site-by-site FDA approval). The 09-08 DEFM14A is the first complete buyer-priced map of which commercial rungs Curium will pay extra for. TAUKLARIFY (F-18 tau PET, approved 08-14) is a same-physics add-on to that network, not a new bottleneck.

• FY2025 SEC companyfacts: revenue $1.541609B, gross profit $941.952M, operating income $310.832M.
• Q1 2026 EX-99.1: worldwide revenue $377.3M; PYLARIFY sales $240.9M; Neuraceq sales $35.4M; DEFINITY sales $84.6M.
• 10-K risk factors say continued substantial PYLARIFY revenue depends on PMFs manufacturing to meet demand, including availability at the specific time of day preferred by the end-user, plus adequate coding, coverage, and payment.
• 10-K also says raw materials, key components, equipment, manufacturing time slots, and PET scanners are explicit constraints on PYLARIFY / Neuraceq growth.
• 10-K states no customer accounted for more than 10% of revenue in 2025, 2024, or 2023; the concentration risk is product/channel, not customer.
• 8-K EX-99.1 says FDA approved PYLARIFY TruVu with a phased geographic launch planned for Q4 2026 and tentatively approved PNT2003, with management calling for growth acceleration beginning in 2027.

PYLARIFY was $240.9M of $377.3M Q1 2026 revenue, or 63.85% of company sales. A 10% disruption to PYLARIFY throughput would therefore hit consolidated revenue by about 6.38% before offsets. The Q1 balance sheet also shows $498.6M cash and cash equivalents versus only $0.8M of current portion of long-term debt, so the near-term bottleneck is operational capacity, not financing.

The clearest public constraint is revenue concentration plus short-life logistics. In Q1 2026, PYLARIFY generated $240.9M of $377.3M revenue, or 63.85% of company sales; therefore, a 10% throughput shock to PYLARIFY alone would hit consolidated revenue by ~6.38% before offsets. Balance-sheet support is not the issue: March 31, 2026 cash and cash equivalents were $498.6M versus only $0.8M of current portion of long-term debt. The real constraint is how many approved PMFs can run reliably enough to keep product flowing into scanner-demand windows.

• Aug. 6, 2026 EX-99.1: worldwide revenue was $388.2M; GAAP EPS $1.11; adjusted EPS $1.55; operating cash flow $92.2M; free cash flow $89.9M.
• Aug. 6, 2026 EX-99.1: PYLARIFY sales were $240.4M (-4.1% YoY), or ~61.9% of Q2 revenue; Neuraceq was $39.6M; DEFINITY was $88.3M (+5.2% YoY).
• Aug. 6, 2026 EX-99.1: Lantheus agreed to merge with Curium for $102.50 cash per share plus up to $12.00 in CVRs, for total consideration up to $114.50 per share and an implied transaction value of up to ~$8.0B.
• The 10-Q / earnings release reiterate that PYLARIFY TruVu depends on technology transfer across PMFs, FDA approval at each site, adequate coverage/payment, timely HCPCS coding, and customer adoption, while raw materials, key components, equipment, manufacturing time slots, and PET scanners remain explicit constraints.

PYLARIFY accounted for ~61.9% of Q2 revenue. A 10% throughput shock to PYLARIFY would therefore reduce consolidated revenue by about 6.2% before offsets. More importantly, the new equity wrapper is now merger consideration: $102.50 cash + up to $12.00 CVR, so near-term upside/downside is now driven mostly by closing risk and CVR milestone realization rather than by standalone operating compounding.

Every number above that is not marked single-source cannot be cross-verified with two independent originating primary sources in this session. Do not upgrade confidence on those parameters.