Lantheus (LNTH) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was $384 million, up 1.4% year-over-year, with adjusted EPS at $1.27 and GAAP EPS at $0.41; net income fell 78.8% year-over-year.

• Leadership transition announced: CEO retiring at year-end, Board Chairperson to serve as interim CEO, and President departing.

• Completed acquisitions of Life Molecular Imaging and Evergreen Theragnostics, expanding the commercial portfolio and pipeline.

• Entered agreement to sell SPECT business, with assets classified as held for sale.

• Four major product approvals anticipated by year-end 2026, including new PET imaging agents and radiotherapeutics.

Financial highlights

• Q3 2025 net revenue was $384 million (+1.4% YoY); adjusted net income was $85.7 million, down 30.9%; adjusted EPS was $1.27, down 25.3%.

• GAAP net income was $27.8 million, down 78.8% year-over-year; operating income was $43.6 million, down 67.4%.

• PYLARIFY sales were $240.6 million, down 7.4% year-over-year; DEFINITY sales were $81.8 million, up 6.3%; Neuraceq contributed $20.4 million.

• Gross profit margin was 63.5% (non-GAAP) and 57.9% (GAAP), both down from prior year; operating expenses increased due to higher R&D and G&A.

• Free cash flow was $94.7 million; cash and equivalents at quarter-end were $382 million, with $750 million undrawn revolver.

Outlook and guidance

• Full-year 2025 revenue guidance narrowed to $1.49–$1.51 billion; adjusted EPS guidance narrowed to $5.50–$5.65.

• Four key product approvals expected by end of 2026, supporting long-term growth.

• FDA accepted NDAs for new F-18 PSMA PET and MK-6240, with PDUFA dates in March and August 2026.

• Focus remains on expanding PET radiodiagnostics, microbubbles, and integrating new assets.

• Sale of SPECT business expected to close by year-end 2025.