Lantheus Reports Fourth Quarter and Full Year 2024 Financial Performance
Lantheus Holdings (NASDAQ: LNTH) reported strong financial results for Q4 and full year 2024. The company achieved worldwide revenue of $391.1M in Q4 (+10.5% YoY) and $1.53B for full year 2024. PYLARIFY reached blockbuster status with over $1B in net sales, while Q4 sales grew 15.7% to $266.0M.
Q4 highlights include DEFINITY sales increase of 17.9% to $86.2M, operating income decrease of 17.2% to $113.9M, and adjusted EPS decline of 9% to $1.59. The company's cash position strengthened to $912.8M by year-end 2024.
Lantheus announced strategic acquisitions including Life Molecular Imaging and Evergreen Theragnostics, expected to close in H2 2025. These deals aim to expand the company's radiopharmaceutical portfolio and manufacturing capabilities. The company also initiated a $250M share repurchase program, with $100M already executed at an average price of $89.59.
Lantheus Holdings (NASDAQ: LNTH) ha riportato risultati finanziari solidi per il Q4 e l'intero anno 2024. L'azienda ha raggiunto un fatturato mondiale di $391,1M nel Q4 (+10,5% rispetto all'anno precedente) e $1,53B per l'intero anno 2024. PYLARIFY ha raggiunto lo status di blockbuster con oltre $1B di vendite nette, mentre le vendite del Q4 sono cresciute del 15,7% a $266,0M.
I punti salienti del Q4 includono un aumento delle vendite di DEFINITY del 17,9% a $86,2M, una diminuzione del reddito operativo del 17,2% a $113,9M e un calo dell'EPS rettificato del 9% a $1,59. La posizione di liquidità dell'azienda è migliorata a $912,8M entro la fine del 2024.
Lantheus ha annunciato acquisizioni strategiche, tra cui Life Molecular Imaging ed Evergreen Theragnostics, che si prevede si chiuderanno nel secondo semestre del 2025. Questi accordi mirano ad espandere il portafoglio di radiofarmaci e le capacità produttive dell'azienda. L'azienda ha anche avviato un programma di riacquisto di azioni da $250M, con $100M già eseguiti a un prezzo medio di $89,59.
Lantheus Holdings (NASDAQ: LNTH) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. La compañía logró ingresos mundiales de $391.1M en el cuarto trimestre (+10.5% interanual) y $1.53B para el año completo 2024. PYLARIFY alcanzó el estatus de blockbuster con más de $1B en ventas netas, mientras que las ventas del cuarto trimestre crecieron un 15.7% a $266.0M.
Los aspectos destacados del cuarto trimestre incluyen un aumento en las ventas de DEFINITY del 17.9% a $86.2M, una disminución en el ingreso operativo del 17.2% a $113.9M y una caída en el EPS ajustado del 9% a $1.59. La posición de efectivo de la compañía se fortaleció a $912.8M al final de 2024.
Lantheus anunció adquisiciones estratégicas, incluyendo Life Molecular Imaging y Evergreen Theragnostics, que se espera cierren en la segunda mitad de 2025. Estos acuerdos tienen como objetivo expandir el portafolio de radiofármacos y las capacidades de fabricación de la compañía. La empresa también inició un programa de recompra de acciones de $250M, con $100M ya ejecutados a un precio promedio de $89.59.
Lantheus Holdings (NASDAQ: LNTH)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 이 회사는 4분기에 전 세계 수익 $391.1M(+10.5% 전년 대비) 및 2024년 전체 연도에 $1.53B를 달성했습니다. PYLARIFY는 순 판매가 $1B를 초과하여 블록버스터 상태에 도달했으며, 4분기 판매는 15.7% 증가하여 $266.0M에 달했습니다.
4분기 하이라이트에는 DEFINITY 판매가 17.9% 증가하여 $86.2M, 운영 소득이 17.2% 감소하여 $113.9M, 조정 EPS가 9% 감소하여 $1.59가 포함됩니다. 회사의 현금 보유액은 2024년 말까지 $912.8M로 강화되었습니다.
Lantheus는 Life Molecular Imaging 및 Evergreen Theragnostics를 포함한 전략적 인수를 발표했으며, 이는 2025년 하반기에 마감될 것으로 예상됩니다. 이러한 거래는 회사의 방사성 의약품 포트폴리오와 제조 능력을 확장하는 것을 목표로 하고 있습니다. 회사는 또한 $250M 규모의 자사주 매입 프로그램을 시작했으며, 이미 $100M이 평균 가격 $89.59에 실행되었습니다.
Lantheus Holdings (NASDAQ: LNTH) a rapporté des résultats financiers solides pour le quatrième trimestre et l'année complète 2024. L'entreprise a réalisé un chiffre d'affaires mondial de 391,1 millions de dollars au quatrième trimestre (+10,5 % par rapport à l'année précédente) et de 1,53 milliard de dollars pour l'année complète 2024. PYLARIFY a atteint le statut de blockbuster avec plus de 1 milliard de dollars de ventes nettes, tandis que les ventes du quatrième trimestre ont augmenté de 15,7 % pour atteindre 266,0 millions de dollars.
Les faits saillants du quatrième trimestre incluent une augmentation des ventes de DEFINITY de 17,9 % à 86,2 millions de dollars, une diminution du revenu opérationnel de 17,2 % à 113,9 millions de dollars et une baisse du BPA ajusté de 9 % à 1,59 dollar. La position de liquidités de l'entreprise s'est renforcée pour atteindre 912,8 millions de dollars à la fin de 2024.
Lantheus a annoncé des acquisitions stratégiques, notamment Life Molecular Imaging et Evergreen Theragnostics, qui devraient se conclure au second semestre 2025. Ces accords visent à élargir le portefeuille de radio-pharmaceutiques et les capacités de fabrication de l'entreprise. L'entreprise a également lancé un programme de rachat d'actions de 250 millions de dollars, dont 100 millions de dollars ont déjà été exécutés à un prix moyen de 89,59 dollars.
Lantheus Holdings (NASDAQ: LNTH) hat starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Das Unternehmen erzielte im vierten Quartal einen weltweiten Umsatz von 391,1 Millionen US-Dollar (+10,5 % im Jahresvergleich) und 1,53 Milliarden US-Dollar für das gesamte Jahr 2024. PYLARIFY erreichte den Blockbuster-Status mit über 1 Milliarde US-Dollar Nettoumsatz, während die Umsätze im vierten Quartal um 15,7 % auf 266,0 Millionen US-Dollar stiegen.
Zu den Highlights des vierten Quartals gehören ein Anstieg der DEFINITY-Verkäufe um 17,9 % auf 86,2 Millionen US-Dollar, ein Rückgang des operativen Einkommens um 17,2 % auf 113,9 Millionen US-Dollar und ein Rückgang des bereinigten EPS um 9 % auf 1,59 US-Dollar. Die Liquiditätsposition des Unternehmens verbesserte sich bis Ende 2024 auf 912,8 Millionen US-Dollar.
Lantheus kündigte strategische Akquisitionen an, darunter Life Molecular Imaging und Evergreen Theragnostics, die voraussichtlich im zweiten Halbjahr 2025 abgeschlossen werden. Diese Geschäfte zielen darauf ab, das Portfolio an Radiopharmazeutika und die Produktionskapazitäten des Unternehmens auszubauen. Das Unternehmen hat auch ein Aktienrückkaufprogramm im Wert von 250 Millionen US-Dollar initiiert, von dem bereits 100 Millionen US-Dollar zu einem Durchschnittspreis von 89,59 US-Dollar ausgeführt wurden.
- PYLARIFY achieved blockbuster status with >$1B in net sales
- Q4 revenue grew 10.5% YoY to $391.1M
- Strong cash position of $912.8M, up from $713.7M YoY
- DEFINITY sales increased 17.9% to $86.2M in Q4
- Strategic acquisitions to expand portfolio and manufacturing capabilities
- Q4 operating income decreased 17.2% to $113.9M
- Q4 adjusted EPS declined 9% to $1.59
- Q4 GAAP EPS decreased to loss of $(0.17) from $1.47 profit YoY
Insights
Lantheus Holdings delivered robust Q4 and full-year 2024 results, highlighted by PYLARIFY achieving blockbuster status with over
The company's core products showed strong momentum: PYLARIFY sales increased
Despite revenue growth, Q4 operating income decreased
Lantheus is executing a strategic diversification plan through multiple acquisitions, most notably the pending purchases of Life Molecular Imaging and Evergreen Theragnostics. These transactions will significantly expand the company's footprint in Alzheimer's diagnostics while vertically integrating manufacturing capabilities - addressing both portfolio diversification and supply chain resilience.
The favorable CMS reimbursement decision for specialized diagnostic radiopharmaceuticals represents a critical regulatory win that secures long-term Medicare payment pathways for PYLARIFY after its pass-through status expires, while also benefiting the company's pipeline of diagnostic agents targeting Alzheimer's and other conditions.
With substantial financial flexibility (
Lantheus has achieved a watershed moment for nuclear medicine with PYLARIFY becoming the first radiodiagnostic to reach blockbuster status (
The company's strategic expansion beyond prostate cancer diagnostics is particularly noteworthy in the Alzheimer's disease space, where recent therapeutic breakthroughs with Leqembi and Kisunla are creating significant demand for precise diagnostic tools. The pending acquisition of Life Molecular Imaging positions Lantheus to capitalize on this opportunity with an immediately commercializable beta-amyloid agent while building a comprehensive Alzheimer's diagnostic portfolio that includes tau imaging (MK-6240) and next-generation amyloid detection (NAV-4694).
The radiopharmaceutical sector faces unique manufacturing constraints due to isotope production limitations and short half-lives. Lantheus' acquisition of Evergreen Theragnostics addresses this industry bottleneck through vertical integration, enhancing supply chain reliability while potentially improving margins. This move is strategically timed as competition intensifies with major pharmaceutical companies investing heavily in the space.
The favorable CMS reimbursement decision represents a critical regulatory win that secures payment pathways for specialized diagnostic radiopharmaceuticals beyond pass-through status. This policy change provides reimbursement stability for PYLARIFY while creating a clearer commercialization pathway for Lantheus' expanding diagnostic pipeline.
Lantheus' diversification into therapeutic radiopharmaceuticals through assets like 177Lu-DOTA-RM2 (targeting GRPR) and LNTH-2403 (targeting LRCC15) represents an expansion into higher-value treatment modalities. While therapeutic development carries higher regulatory hurdles than diagnostics, the company's established nuclear medicine expertise, commercial infrastructure, and manufacturing capabilities provide significant competitive advantages in bringing these complex products to market.
With substantial financial resources and a clear strategic vision focused on end-to-end radiopharmaceutical leadership, Lantheus is well-positioned to navigate the transition from a diagnostics-focused company to a more diversified radiopharmaceutical leader addressing high-unmet-need conditions across oncology and neurology.
- Worldwide revenue of
$391.1 million and$1.53 billion for the fourth quarter and full year 2024 - Free cash flow was
$141.4 million and$493.1 million for the fourth quarter and full year 2024 - GAAP fully diluted loss per share of
$(0.17) and earnings per share of$4.36 for the fourth quarter and full year 2024 - Adjusted fully diluted earnings per share of
$1.59 and$6.76 for the fourth quarter and full year 2024 - PYLARIFY exceeds
$1 billion in net sales and becomes first ever blockbuster radiodiagnostic - Company announces a series of strategic asset and in-licensing deals that is expected to diversify its portfolio with early- to late-stage assets that position the company for continued growth in high potential markets
- Company provides full year 2025 revenue and adjusted diluted earnings per share guidance
BEDFORD, Mass., Feb. 26, 2025 (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 fourth quarter and full year ended December 31, 2024.
“2024 was a groundbreaking year for Lantheus, as our radiodiagnostic, PYLARIFY, reached blockbuster status, and we enhanced our radiopharmaceutical leadership,” said Brian Markison, Chief Executive Officer at Lantheus. “In 2025, we will grow our commercial portfolio, advance several early- and late-stage clinical assets, expand our pipeline and end-to-end capabilities, and most importantly, provide innovative radiopharmaceutical solutions to deliver better patient outcomes. We will continue to execute a thoughtful strategy to diversify our portfolio and pipeline and concentrate on attractive markets with significant potential to create long-term sustainable growth and shareholder value.”
Summary Financial Results
Fourth Quarter 2024
- Worldwide revenue increased
10.5% to$391.1 million compared to the same period in 2023. - Sales of PYLARIFY were
$266.0 million , an increase of15.7% . Growth was driven by increasing volumes at existing accounts partially offset by net price. - Sales of DEFINITY were
$86.2 million , an increase of17.9% . Growth was driven by market growth and opportunistic sales due to competitor supply challenges. - Operating income decreased
17.2% to$113.9 million . Adjusted operating income (non-GAAP) decreased8.4% to$151.8 million . - Fully diluted earnings per share decreased to a loss of
$(0.17) , compared to earnings per share of$1.47 in the prior year period. Adjusted fully diluted earnings per share (non-GAAP) decreased9.0% to$1.59 , compared to$1.75 in the prior year period. - Net cash provided by operating activities increased
40.5% to$157.7 million and free cash flow increased41.1% to$141.4 million .
Balance Sheet
- At December 31, 2024, the Company's cash and cash equivalents grew to
$912.8 million , compared to$713.7 million at December 31, 2023, which accounts for approximately$100.0 million of repurchased stock and$50.0 million in previously announced strategic investments. - The Company currently has access to up to
$750.0 million from a revolving line of credit.
| (in millions, except per share data – unaudited) | Three Months Ended December 31, | |||||||||
| 2024 | 2023 | % Change | ||||||||
| Worldwide revenue | $ | 391.1 | $ | 354.0 | 10.5 | % | ||||
| GAAP net (loss) income | $ | (11.8 | ) | $ | 103.4 | (111.4) % | ||||
| GAAP fully diluted (loss) earnings per share | $ | (0.17 | ) | $ | 1.47 | (111.6) % | ||||
| Adj. net income (non-GAAP) | $ | 115.4 | $ | 122.7 | (5.9) % | |||||
| Adj. fully diluted earnings per share (non-GAAP) | $ | 1.59 | $ | 1.75 | (9.0) % | |||||
Strategy
Lantheus is enhancing its radiopharmaceutical leadership and capabilities across research and development (R&D), clinical, global commercialization, and internal manufacturing through completed transactions, and others that are planned to close in 2025. The proposed acquisitions will diversify the Company's diagnostic and therapeutic portfolio and development pipeline with complementary assets aligned with Lantheus’ expertise. The Company is concentrating on innovative radiopharmaceutical solutions in new markets with high growth potential to deliver meaningful outcomes for patients, unlock the full potential of this increasingly important scientific field, and create long-term value for shareholders.
Recent Business Highlights
- Lantheus closed multiple strategic transactions and in-licensing deals in 2024, highlighted by the addition of five new assets to the Company’s pipeline.
- The acquisition of the global rights of Life Molecular Imaging’s (Life Molecular) RM2, targeting the gastrin-releasing peptide receptor (GRPR), including the associated novel, clinical-stage radiotherapeutic and radiodiagnostic pair, referred to as 177Lu-DOTA-RM2 and 68Ga-DOTA-RM2, which enhanced Lantheus’ presence in prostate cancer and expanded its pipeline to include breast and other cancers.
- The acquisition of Meilleur Technologies, Inc., including NAV-4694, a ß amyloid positron emission tomography (PET) imaging agent, also known as F18-flutafuranol, expanded Lantheus’ Alzheimer’s disease diagnostic pipeline.
- The transfer of two investigational pre-clinical assets from Radiopharm Theranostics Limited, LNTH-2403, a leucine-rich repeat-containing protein 15 (LRCC15) targeted radiotherapeutic, with potential applications in osteosarcoma and other solid tumors, and LNTH-2404, a trophoblast cell surface antigen 2 (TROP2) targeting nanobody radiotherapeutic, bolstering the Company’s early oncology portfolio.
- In 2025, the Company announced two strategic transactions, the agreements to acquire Life Molecular and Evergreen Theragnostics. Both acquisitions are expected to close in the second half of 2025, subject to customary closing conditions, including regulatory clearances.
- The acquisition of Life Molecular will provide Lantheus with a commercially available beta-amyloid targeted radiodiagnostic for Alzheimer’s disease, and with it a strong commercial footprint and infrastructure. This deal is complementary to Lantheus’ portfolio of late-stage radiodiagnostics, MK-6240, our novel tau radiodiagnostic, and NAV-4694, our next-generation beta-amyloid radiodiagnostic. This deal builds on the relationship established with an earlier agreement with Life Molecular to secure the global rights to their novel RM2.
- The acquisition of Evergreen Theragnostics will enhance the Company’s position as an end-to-end fully integrated radiopharmaceutical leader, expanding manufacturing and R&D capabilities. The acquisition will also expand Lantheus’ increasingly diverse portfolio of radiotherapeutics and radiodiagnostics, including the registrational-stage PET radiodiagnostic, OCTEVY, that complements our therapeutic candidate PNT2003.
- Transactions include the transfer of two investigational pre-clinical assets from Radiopharm Theranostics Limited, featuring now-called LNTH-2403, a Leucine-Rich Repeat-Containing Protein 15 targeted radiotherapeutic, with potential applications in osteosarcoma and other solid tumors.
- The Centers for Medicare & Medicaid Services (CMS) released its final Medicare Hospital Outpatient Prospective Payment System (OPPS) rule for calendar year 2025 which included separate payment for specialized diagnostic radiopharmaceuticals to support patient access for Medicare fee-for-service (FFS) beneficiaries in the hospital outpatient setting. In the rule, innovative diagnostic radiopharmaceuticals, including PYLARIFY, will be paid separately by CMS for these Medicare FFS patients following the expiry of transitional pass-through payment status. The final rule, which went into effect January 1, 2025, reinforces the value of innovative radiodiagnostics, not only for PYLARIFY but also investigational assets like MK-6240, NAV-4694, LMI’s Neuraceq and PI-2620, and Evergreen’s OCTEVY.
- The Company recently announced the addition of two new members to the Board of Directors. Julie Eastland, an experienced biotechnology and financial executive, serves as a member of the Board’s Audit Committee, and Phuong Khanh (P.K.) Morrow, M.D., an experienced pharmaceutical executive and physician-scientist with deep expertise leading end-to-end clinical development in the field of oncology, serves as a member of the Board’s Science and Technology Committee.
- The Company announced that its Board of Directors authorized and the Company began to execute a program to repurchase up to
$250.0 million of its common stock. The actual timing, number, and dollar amount of repurchase transactions will be determined by the Company’s management at its discretion and will depend on a number of factors including, but not limited to, the market price of the Company’s common stock. During the fourth quarter, the Company repurchased approximately$100.0 million of common stock under this program at an average stock price of$89.59 and has the ability to repurchase additional shares of its common stock under the program.
Full Year 2025 Financial Guidance
| Guidance Issued February 26, 2025 | ||
| FY 2025 Revenue | ||
| FY 2025 Adjusted Fully Diluted EPS |
On a forward-looking basis, the Company does not provide GAAP income per common share guidance or a reconciliation of GAAP income per common share to adjusted fully diluted EPS because the Company is unable to predict with reasonable certainty business development and acquisition related expenses, purchase accounting fair value adjustments, and any one-time, non-recurring charges. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. As a result, it is the Company’s view that a quantitative reconciliation of adjusted fully diluted EPS on a forward-looking basis is not available without unreasonable effort.
Conference Call and Webcast
As previously announced, the Company will host a conference call and webcast on Wednesday, February 26, 2025, at 8:00 a.m. ET. To access the conference call or webcast, participants should register online at https://investor.lantheus.com/news-events/calendar-of-events.
A replay will be available approximately two hours after completion of the webcast and will be archived on the same web page for at least 30 days.
The conference call will include a discussion of non-GAAP financial measures. Reference is made to the most directly comparable GAAP financial measures, the reconciliation of the differences between the two financial measures, and the other information included in this press release, our Form 8-K filed with the SEC today, or otherwise available in the Investor Relations section of the Company's website located at www.lantheus.com.
The conference call may include forward-looking statements. See the cautionary information about forward-looking statements in the safe-harbor section of this press release.
About Lantheus Holdings, Inc.
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 Canada and Sweden, Lantheus has been providing radiopharmaceutical solutions for more than 65 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 net income per share - diluted; 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 allocation of resources and 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.
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. Forward-looking statements may be identified by their use of terms such as “advance,” “believes,” “continue,” “could,” “creating,” “driving,” “evolving,” “expect,” “guidance,” “maintain,” “may,” “on track,” “plan,” “position,” “potential,” “predict,” “should,” “target,” “will” and other similar terms. Such forward-looking statements include our guidance for the fiscal year 2025, our ability to repurchase additional shares of our common stock under our authorized repurchase program and our plans to expand our portfolio of late-stage assets and high potential early-stage candidates, our potential acquisitions of Life Molecular Imaging Ltd. (“Life Molecular”), and Evergreen Theragnostics Inc. (“Evergreen”), 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 and penetration for our established commercial products, particularly PYLARIFY and DEFINITY, in a competitive environment, and our ability to clinically and commercially differentiate our products; (ii) our ability to have third parties manufacture our products and our ability to manufacture DEFINITY in our in-house manufacturing facility, in the amounts and at the times needed; (iii) availability of raw materials, key components, and equipment, either used in the production of our products and product candidates, or in the use by HCPs of our products and product candidates, including, but not limited to PET scanners used for PYLARIFY, MK-6240 and NAV-4694; (iv) our ability to satisfy our obligations under our existing clinical development partnerships using MK-6240 or NAV-4694 as a research tool and under the license agreements through which we have rights to MK-6240 and NAV-4694, and to further develop and commercialize MK-6240 and NAV-4694 as approved products, including the timing for any potential regulatory submissions for these investigational assets; (v) our ability to successfully secure necessary shareholder and regulatory approvals relating to potential acquisitions, including of Life Molecular and Evergreen, the time and expense involved in seeking to secure those approvals, potential disruption to our business operations or those of the companies we plan to acquire while the acquisitions are pending or as a result of regulatory requirements related to the acquisitions; potential disruption to operations and productivity during the integration process after necessary approvals are secured and the potential that we are unable to integrate and realize the anticipated benefits that each acquisition is predicted to bring; (vi) our strategies, future prospects, and our projected growth, including revenue related to our collaboration agreements with POINT Biopharma Global Inc., including our ability to obtain U.S. Food and Drug Administration (“FDA”) approval for PNT2002 and PNT2003 and to be successful in the patent litigation associated with PNT2003; (vii) our ability to successfully realize the anticipated benefits of our 2024 transactions with Perspective Therapeutics, Inc.;(viii) the cost, efforts and timing for clinical development, regulatory approval, adequate coding, coverage and payment and successful commercialization of our product candidates and new clinical applications and territories for our products, in each case, that we or our strategic partners may undertake; (ix) our ability to identify opportunities to collaborate with strategic partners and to acquire or in-license additional diagnostic and therapeutic product opportunities in oncology, neurology and other strategic areas and continue to grow and advance our pipeline of products.; and (x) the risk 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 -
| Lantheus Holdings, Inc. Consolidated Statements of Operations (in thousands, except per share data – unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | $ | 391,110 | $ | 353,999 | $ | 1,533,910 | $ | 1,296,429 | ||||||||
| Cost of goods sold | 142,565 | 124,130 | 545,619 | 586,886 | ||||||||||||
| Gross profit | 248,545 | 229,869 | 988,291 | 709,543 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Sales and marketing | 43,640 | 35,264 | 177,940 | 141,736 | ||||||||||||
| General and administrative | 57,869 | 40,295 | 193,689 | 125,458 | ||||||||||||
| Research and development | 35,325 | 16,824 | 168,098 | 77,707 | ||||||||||||
| Total operating expenses | 136,834 | 92,383 | 539,727 | 344,901 | ||||||||||||
| Gain on sale of assets | 2,161 | — | 8,415 | — | ||||||||||||
| Operating income | 113,872 | 137,486 | 456,979 | 364,642 | ||||||||||||
| Interest expense | 5,045 | 5,041 | 19,669 | 20,019 | ||||||||||||
| Investment in equity securities - net unrealized loss | 119,056 | — | 43,564 | — | ||||||||||||
| Other income, net | (9,446 | ) | (5,958 | ) | (37,231 | ) | (66,320 | ) | ||||||||
| (Loss) income before income taxes | (783 | ) | 138,403 | 430,977 | 410,943 | |||||||||||
| Income tax expense | 11,007 | 35,023 | 118,535 | 84,282 | ||||||||||||
| Net (loss) income | $ | (11,790 | ) | $ | 103,380 | $ | 312,442 | $ | 326,661 | |||||||
| Net (loss) income per common share: | ||||||||||||||||
| Basic | $ | (0.17 | ) | $ | 1.51 | $ | 4.52 | $ | 4.79 | |||||||
| Diluted | $ | (0.17 | ) | $ | 1.47 | $ | 4.36 | $ | 4.65 | |||||||
| Weighted-average common shares outstanding: | ||||||||||||||||
| Basic | 69,217 | 68,499 | 69,199 | 68,266 | ||||||||||||
| Diluted | 69,217 | 70,092 | 71,651 | 70,239 | ||||||||||||
| Lantheus Holdings, Inc. Consolidated Revenues Analysis (in thousands – unaudited) | ||||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||||||||
| PYLARIFY | $ | 265,953 | $ | 229,884 | 15.7 | % | $ | 1,057,834 | $ | 851,303 | 24.3 | % | ||||||
| Other radiopharmaceutical oncology | — | 747 | (100.0) | % | 384 | 3,130 | (87.7) | % | ||||||||||
| Total radiopharmaceutical oncology | 265,953 | 230,631 | 15.3 | % | 1,058,218 | 854,433 | 23.9 | % | ||||||||||
| DEFINITY | 86,163 | 73,080 | 17.9 | % | 317,792 | 279,768 | 13.6 | % | ||||||||||
| TechneLite | 25,107 | 21,517 | 16.7 | % | 95,487 | 87,370 | 9.3 | % | ||||||||||
| Other precision diagnostics | 6,192 | 5,978 | 3.6 | % | 24,231 | 22,980 | 5.4 | % | ||||||||||
| Total precision diagnostics | 117,462 | 100,575 | 16.8 | % | 437,510 | 390,118 | 12.1 | % | ||||||||||
| Strategic Partnerships and other revenue | 7,695 | 22,793 | (66.2) | % | 38,182 | 51,878 | (26.4) | % | ||||||||||
| Total revenues | $ | 391,110 | $ | 353,999 | 10.5 | % | $ | 1,533,910 | $ | 1,296,429 | 18.3 | % | ||||||
| Lantheus Holdings, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except per share data – unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net (loss) income | $ | (11,790 | ) | $ | 103,380 | $ | 312,442 | $ | 326,661 | |||||||
| Stock and incentive plan compensation | 22,164 | 14,172 | 76,393 | 50,507 | ||||||||||||
| Amortization of acquired intangible assets | 11,846 | 11,308 | 43,807 | 46,440 | ||||||||||||
| Campus consolidation costs | 35 | 679 | 72 | 3,864 | ||||||||||||
| Contingent consideration fair value adjustments | (1,294 | ) | 200 | (2,699 | ) | (9,275 | ) | |||||||||
| Non-recurring refinancing related fees | — | 5 | — | 221 | ||||||||||||
| Non-recurring fees | 6,723 | — | 6,723 | (54,523 | ) | |||||||||||
| Gain on sale of assets | (2,161 | ) | — | (8,415 | ) | — | ||||||||||
| Strategic collaboration and license costs | (8 | ) | — | 66,213 | — | |||||||||||
| Investment in equity securities - unrealized loss | 119,056 | — | 43,564 | — | ||||||||||||
| Acquisition-related costs | 207 | 169 | 1,553 | 676 | ||||||||||||
| Impairment of long-lived assets | — | — | — | 138,050 | ||||||||||||
| ARO Acceleration and other related costs | — | 1,187 | — | 2,232 | ||||||||||||
| Other | 447 | 531 | 2,720 | 2,725 | ||||||||||||
| Income tax effect of non-GAAP adjustments(a) | (29,794 | ) | (8,950 | ) | (57,701 | ) | (70,043 | ) | ||||||||
| Adjusted net income | $ | 115,431 | $ | 122,681 | $ | 484,672 | $ | 437,535 | ||||||||
| Adjusted net income, as a percentage of revenues | 29.5 | % | 34.7 | % | 31.6 | % | 33.7 | % | ||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net (loss) income per share - diluted | $ | (0.17 | ) | $ | 1.47 | $ | 4.36 | $ | 4.65 | |||||||
| Stock and incentive plan compensation | 0.31 | 0.20 | 1.07 | 0.72 | ||||||||||||
| Amortization of acquired intangible assets | 0.16 | 0.16 | 0.61 | 0.66 | ||||||||||||
| Campus consolidation costs | — | 0.01 | — | 0.06 | ||||||||||||
| Contingent consideration fair value adjustments | (0.02 | ) | — | (0.04 | ) | (0.13 | ) | |||||||||
| Non-recurring refinancing related fees | — | — | — | — | ||||||||||||
| Non-recurring fees | 0.09 | — | 0.09 | (0.78 | ) | |||||||||||
| Gain on sale of assets | (0.03 | ) | — | (0.12 | ) | — | ||||||||||
| Strategic collaboration and license costs | — | — | 0.92 | — | ||||||||||||
| Investment in equity securities - unrealized loss | 1.65 | — | 0.61 | — | ||||||||||||
| Acquisition-related costs | — | — | 0.02 | 0.01 | ||||||||||||
| Impairment of long-lived assets | — | — | — | 1.97 | ||||||||||||
| ARO Acceleration and other related costs | — | 0.02 | — | 0.03 | ||||||||||||
| Other | 0.01 | 0.01 | 0.04 | 0.04 | ||||||||||||
| Income tax effect of non-GAAP adjustments(a) | (0.41 | ) | (0.12 | ) | (0.80 | ) | (1.00 | ) | ||||||||
| Adjusted net income per share - diluted | $ | 1.59 | $ | 1.75 | $ | 6.76 | $ | 6.23 | ||||||||
| Weighted-average common shares outstanding - diluted | 72,451 | 70,092 | 71,651 | 70,239 | ||||||||||||
| (a) | The income tax effect of the adjustments between GAAP net income and adjusted net income (non-GAAP) takes into account the tax treatment and related tax rate that apply to each adjustment in the applicable tax jurisdiction. |
| Lantheus Holdings, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (Continued) (in thousands, except per share data – unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating income | $ | 113,872 | $ | 137,486 | $ | 456,979 | $ | 364,642 | ||||||||
| Stock and incentive plan compensation | 22,164 | 14,172 | 76,393 | 50,507 | ||||||||||||
| Amortization of acquired intangible assets | 11,846 | 11,308 | 43,807 | 46,440 | ||||||||||||
| Campus consolidation costs | 35 | 679 | 72 | 3,864 | ||||||||||||
| Contingent consideration fair value adjustments | (1,294 | ) | 200 | (2,699 | ) | (9,275 | ) | |||||||||
| Non-recurring refinancing related fees | — | 5 | — | 221 | ||||||||||||
| Non-recurring fees | 6,723 | — | 6,723 | (2,734 | ) | |||||||||||
| Gain on sale of assets | (2,161 | ) | — | (8,415 | ) | — | ||||||||||
| Strategic collaboration and license costs | (8 | ) | — | 66,213 | — | |||||||||||
| Acquisition-related costs | 207 | 169 | 1,553 | 676 | ||||||||||||
| Impairment of long-lived assets | — | — | — | 138,050 | ||||||||||||
| ARO Acceleration and other related costs | — | 1,187 | — | 2,232 | ||||||||||||
| Other | 447 | 531 | 2,720 | 2,725 | ||||||||||||
| Adjusted operating income | $ | 151,831 | $ | 165,737 | $ | 643,346 | $ | 597,348 | ||||||||
| Adjusted operating income, as a percentage of revenues | 38.8 | % | 46.8 | % | 41.9 | % | 46.1 | % | ||||||||
| Lantheus Holdings, Inc. Reconciliation of Free Cash Flow (in thousands – unaudited) | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net cash provided by operating activities | $ | 157,730 | $ | 112,287 | $ | 544,750 | $ | 305,260 | |||||||
| Capital expenditures | (16,369 | ) | (12,069 | ) | (51,625 | ) | (46,555 | ) | |||||||
| Free cash flow | $ | 141,361 | $ | 100,218 | $ | 493,125 | $ | 258,705 | |||||||
| Net cash (used in) provided by investing activities | $ | (6,602 | ) | $ | (12,069 | ) | $ | (226,015 | ) | $ | 5,939 | ||||
| Net cash used in financing activities | $ | (103,659 | ) | $ | (450 | ) | $ | (118,536 | ) | $ | (13,062 | ) | |||
| Lantheus Holdings, Inc. Condensed Consolidated Balance Sheets (in thousands – unaudited) | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 912,814 | $ | 713,656 | |||
| Accounts receivable, net | 321,258 | 284,292 | |||||
| Inventory | 68,025 | 64,029 | |||||
| Other current assets | 24,536 | 16,683 | |||||
| Assets held for sale | — | 7,159 | |||||
| Total current assets | 1,326,633 | 1,085,819 | |||||
| Investment in equity securities | 39,489 | — | |||||
| Property, plant and equipment, net | 176,798 | 146,697 | |||||
| Intangibles, net | 161,761 | 151,985 | |||||
| Goodwill | 61,189 | 61,189 | |||||
| Deferred tax assets, net | 170,233 | 150,198 | |||||
| Other long-term assets | 44,237 | 55,261 | |||||
| Total assets | $ | 1,980,340 | $ | 1,651,149 | |||
| Liabilities and stockholders’ equity | |||||||
| Current liabilities | |||||||
| Current portion of long-term debt and other borrowings | $ | 974 | $ | 823 | |||
| Accounts payable | 34,560 | 41,189 | |||||
| Liabilities held for sale | — | — | |||||
| Accrued expenses and other liabilities | 204,992 | 145,338 | |||||
| Total current liabilities | 240,526 | 187,350 | |||||
| Asset retirement obligations | 23,344 | 22,916 | |||||
| Long-term debt, net and other borrowings | 565,279 | 561,670 | |||||
| Other long-term liabilities | 63,180 | 63,321 | |||||
| Total liabilities | 892,329 | 835,257 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity | |||||||
| Preferred stock ( and outstanding) | — | — | |||||
| Common stock ( 69,863 shares issued and outstanding as of December 31, 2024 and 2023, respectively) | 709 | 699 | |||||
| Additional paid-in capital | 817,972 | 757,727 | |||||
| Treasury Stock at cost - 2,455 shares and 1,339 shares as of December 31, 2024 and 2023, respectively | (175,000 | ) | (75,000 | ) | |||
| Retained earnings | 445,945 | 133,503 | |||||
| Accumulated other comprehensive loss | (1,615 | ) | (1,037 | ) | |||
| Total stockholders’ equity | 1,088,011 | 815,892 | |||||
| Total liabilities and stockholders’ equity | $ | 1,980,340 | $ | 1,651,149 | |||
Contacts:
Mark Kinarney
Vice President, Investor Relations
978-671-8842
ir@lantheus.com
Melissa Downs
Senior Director, External Communications
646-975-2533
media@lantheus.com
FAQ
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