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LNTH

Identity verified against SEC EDGAR filing 0001193125-26-073498; registered as Lantheus Holdings, Inc., CIK 0001521036.

Lantheus Holdings, Inc.

Lantheus is a listed radiopharmaceutical-focused company with directly disclosed product economics. In Q1 2026 it reported $377.3 million of worldwide revenue, including $240.9 million from PYLARIFY and $35.4 million from Neuraceq, while PYLARIFY declined 6.5% year over year. PYLARIFY TruVu received FDA approval and PNT2003 received tentative FDA approval, but launch, reimbursement, litigation and manufacturing dependencies remain unresolved. The subject remains NOT_READY pending human review and licensed valuation.

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Reviewed company research · researched 2026-07-29 · not an individual investment recommendation
Listing
public
Ticker
LNTH
Exchange
Nasdaq
HQ
United States
Currency
USD
SEC CIK
0001521036
Investment case

How this company captures the theme economics

Competitive position

The issuer describes PYLARIFY as its market-leading PSMA PET imaging agent and is expanding its PET radiodiagnostic portfolio. Q1 2026 product-level revenue directly establishes scale, while the PYLARIFY decline, regulatory dependencies for PNT2003 and the decision to evaluate value-maximizing alternatives for radiotherapeutic assets constrain the conclusion.

Scarce assets

Scarce assets in this value chain include actinium-225 global supply (~3 curies/year) and non-carrier-added separation capability, enriched targets and precursor feedstock (mo-98/mo-100, yb-176, ra-226/th-229) with few qualified suppliers, qualified reactor / cyclotron / accelerator irradiation slots and gmp linkage.

Products, segments, and customers

Q1 2026 disclosed PYLARIFY revenue of $240.9 million, Neuraceq revenue of $35.4 million and DEFINITY revenue of $84.6 million. The company divested its legacy SPECT business effective January 1, 2026 to focus its operating model on PET radiodiagnostics.

Theme capture

Direct and material. PYLARIFY and Neuraceq generated $276.3 million, or about 73% of Q1 2026 worldwide revenue, and official disclosures identify PET radiodiagnostics as the strategic focus. Current licensed valuation and isotope-input economics are not available.

Conditions

What must be true

  1. Diagnose Pylarify decline drivers (competition vs price), model PNT2003/PNT2002 therapeutic economics, and assess isotope-supply arrangements for Lu-177.
  2. The exposure described for Lantheus must be confirmed as financially material in official filings.

Identifiable catalysts

  • Forthcoming quarterly and annual issuer filings
  • Theme-level catalysts detailed in the Medical isotopes and radiopharmaceutical logistics brief
Theme materiality

1 mapped theme

Exposure statements are evidence-qualified. Materiality is only claimed where disclosure supports it.

Radiodiagnostics and emerging therapeutics: Pylarify (PSMA PET), Definity (ultrasound), Neuraceq, and licensed Lu-177 therapeutic assets (PNT2002/PNT2003).

Medical isotopes and radiopharmaceutical logistics

Pure-play, high direct exposure. Q1 2026 worldwide revenue US$377.3M with Pylarify US$240.9M (-6.5% YoY) signaling PSMA-diagnostic price/competition pressure; FY2026 guidance US$1.4-1.45B. FDA tentative approval of PNT2003 (Lu-177 dotatate) and a new Pylarify formulation (phased launch from Q4 2026) mark a diagnostics-to-therapeutics transition.

Evidence
Lantheus's official Q1 2026 release directly provides company and product revenue, cash flow, balance-sheet liquidity, the PET strategic focus, PYLARIFY TruVu approval and PNT2003 tentative approval.
Materiality
disclosed — Lantheus discloses product-level revenue and guidance; the entire enterprise is in-theme, so exposure is quantified and definitional.
Financial evidence

Official SEC filing evidence

Reference period: Q1 2026.

  • Worldwide revenue$377.3 million
    Q1 2026[1]
  • PYLARIFY revenue$240.9 million, down 6.5% year over year
    Q1 2026[1]
  • GAAP net income$118.4 million
    Q1 2026[1]
  • Net cash provided by operating activities$125.1 million
    Q1 2026[1]
  • Cash and cash equivalents$498.6 million
    March 31, 2026[1]

Limitation: Official Q1 reporting directly establishes company and product scale, profitability and cash generation. It does not disclose isotope-input economics, product-level margins or a licensed current valuation.

Risks

Material risks and break conditions

Material risks

  • Clinical adoption disappoints or pivotal trials miss (e.g., PSMA therapy, SSTR/alpha-emitter programs), undercutting the demand leg.
  • Capacity for Lu-177/Ac-225/Mo-99 expands ahead of demand, normalizing prices and lead times and eroding scarcity-based pricing power.

Thesis-break conditions

  • Clinical adoption disappoints: flagship radioligand revenue growth stalls or pivotal Phase 3 trials fail, breaking the demand assumption.
  • Capacity expands far ahead of demand: Ac-225/Lu-177/Mo-99 additions (SHINE ~3/4 of US Mo-99, NorthStar ~40%, TerraPower ~20x Ac-225, Cardinal/BWXT expansions) drive spot isotope prices and lead times down and eliminate shortage conditions.
Investability conclusion

Where the evidence lands

Identity and filing financials are established; theme materiality is stated per the mapped theme assessment. This is a filing-backed research profile with deeper company-specific research pending, and is not a personalized recommendation.

Next diligence

  1. Diagnose Pylarify decline drivers (competition vs price), model PNT2003/PNT2002 therapeutic economics, and assess isotope-supply arrangements for Lu-177.
Source ledger

Identity and evidence sources

Identity was verified against official issuer, filing, exchange, or regulator sources where available.

  1. Lantheus Reports First Quarter 2026 Financial Results and Provides Business UpdateLantheus Holdings, Inc. · primary · published 2026-05-07 · accessed 2026-07-29
  2. Lantheus Holdings, Inc. FY2025 Form 10-KSEC EDGAR · primary · published 2026-02-26 · accessed 2026-07-22