Lantheus (LNTH) Q4 2025 earnings summary

Executive summary

• Achieved $1.546 billion in full-year 2025 revenue, up 0.5% year-over-year, with Q4 revenue of $406.8 million, up 4% year-over-year.

• Completed acquisitions of Neuraceq/Life Molecular Imaging and OCTEVY/Evergreen Theragnostics, diversifying the radiodiagnostic portfolio.

• Divested legacy SPECT business effective January 1, 2026, sharpening focus on innovative PET radiodiagnostics.

• Advanced multiple late-stage pipeline assets toward FDA review in 2026, with up to four potential approvals.

• Repurchased $100 million in shares in Q4, with $300 million spent on buybacks in 2025 and $359.1 million cash at year-end.

Financial highlights

• PYLARIFY generated $240.2 million in Q4 revenue (down 9.7% YoY); full-year revenue was $989.1 million (down 6.5%).

• DEFINITY sales were $85.3 million in Q4 (down 1% YoY) and $330.2 million for the year (up 3.9%).

• Neuraceq sales reached $31.0 million in Q4 and $51.4 million for the year, emerging as a leading amyloid PET agent.

• Precision Diagnostics Q4 revenue was $143.2 million, up 22% YoY, driven by Neuraceq.

• Q4 adjusted EPS was $1.67 (up 4.7% YoY); full-year adjusted EPS was $6.08 (down 10%).

Outlook and guidance

• FY 2026 revenue guidance: $1.4–$1.45 billion; adjusted diluted EPS guidance: $5.00–$5.25.

• PYLARIFY net revenue expected to decline 8–10% YoY in 2026, with low single-digit volume growth and modest price erosion.

• Neuraceq projected to grow 140–150% inorganically in 2026; DEFINITY to grow low to mid-single digits.

• Up to four FDA approvals anticipated in 2026, with launch readiness for new products and selective advancement of late-stage assets.

• No significant revenue contribution expected from new launches until 2027.