Lantheus (LNTH) Leerink Global Healthcare Conference 2026 summary

Business evolution and recent milestones

• 2025 was marked by competitive challenges, especially for PYLARIFY, due to pricing pressures and loss of pass-through status, but also served as a setup year for future growth.

• Two recent FDA approvals: conditional approval for PNT2003 (NET) and approval for PYLARIFY TruVu, with two more potential FDA approvals expected this year.

• Portfolio expansion through acquisitions and new product launches positions the company strongly in nuclear medicine.

• Focus is on consolidating and building momentum for 2026 and beyond, with revenue expected to stabilize before accelerating.

Product strategy and operational execution

• Transition from PYLARIFY to PYLARIFY TruVu will occur regionally, with all PMF sites individually approved and transitioned by Q4.

• Coding and reimbursement applications for TruVu are timed for October 1st, aligning with sales and customer education efforts.

• Contract amendments, rather than new contracts, will streamline the transition for hospital customers.

• All contracting and customer transitions are targeted for completion by year-end.

Financial guidance and market dynamics

• No significant revenue contribution from new approvals expected this year; guidance reflects ongoing pricing pressure and competitive dynamics.

• PYLARIFY is guided to decline 8-10% in 2026, maintaining around $900 million in revenue.

• Neuraceq is expected to contribute $130-140 million, offsetting the divested SPECT business.

• PSMA market volume growth is stabilizing, with 10-11% growth projected for 2026.