0001628280-24-033630 | 10-Q | XBRL Viewer

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Leases - Schedule of Operating and Financing Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Operating	$ 42,541	$ 45,325
Finance	1,427	1,438
Total leased assets	$ 43,968	$ 46,763
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Current
Operating	$ 2,094	$ 1,904
Finance	$ 868	$ 823
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities	Accrued expenses and other liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt and other borrowings	Current portion of long-term debt and other borrowings
Noncurrent
Operating	$ 54,125	$ 54,453
Finance	362	625
Total leased liabilities	$ 57,449	$ 57,805
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt, net and other borrowings	Long-term debt, net and other borrowings

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Gérard Ber [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 7, 2024, Gérard Ber, a member of our Board, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”), providing for the potential sale of up to 15,500 shares of our common stock between September 11, 2024 and April 11, 2025.
Name	Gérard Ber
Title	member of our Board
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 7, 2024
Expiration Date	April 11, 2025
Arrangement Duration	212 days
Aggregate Available	15,500	15,500
James Thrall [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 21, 2024, James Thrall, a member of our Board, entered into a 10b5-1 Plan providing for the potential sale of up to 2,000 shares of our common stock between August 21, 2024 and January 15, 2025.
Name	James Thrall
Title	member of our Board
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 21, 2024
Expiration Date	January 15, 2025
Arrangement Duration	147 days
Aggregate Available	2,000	2,000

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

4. Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability of fair value measurements, financial instruments are categorized based on a hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:

•Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

•Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•Level 3 — Unobservable inputs that reflect a Company’s estimates about the assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data.

The Company’s financial assets and liabilities measured at fair value on a recurring basis consist of money market funds, contingent consideration liabilities, and equity investments. The Company invests excess cash from its operating cash accounts in overnight investments and reflects these amounts in cash and cash equivalents in the consolidated balance sheets at fair value using quoted prices in active markets for identical assets. The Company recorded the investment securities resulting from the Perspective strategic agreements at fair value and are adjusted for price changes observable in the market. The Company recorded the contingent consideration liabilities resulting from the Progenics Acquisition at fair value based on inputs that are not observable in the market.

The tables below present information about the Company’s assets and liabilities measured at fair value on a recurring basis:


	June 30, 2024
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	575,974	$	575,974	$	—	$	—
Investment securities	116,423		116,423		—		—

Total assets	$	692,397	$	692,397	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	2,800	$	—	$	—	$	2,800
Total liabilities	$	2,800	$	—	$	—	$	2,800


	December 31, 2023
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	574,131	$	574,131	$	—	$	—


Total assets	$	574,131	$	574,131	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	2,700	$	—	$	—	$	2,700
Total liabilities	$	2,700	$	—	$	—	$	2,700

During the three and six months ended June 30, 2024, there were no transfers into or out of Level 3.

The Company assumed contingent consideration liabilities related to a previous acquisition completed by Progenics in 2013 (“2013 Acquisition”). These contingent consideration liabilities include potential payments of up to $70.0 million if the Company attains certain net sales targets primarily for AZEDRA and 1095 (also known as 131 I-MIP-1095) and a $5.0 million 1095

commercialization milestone. Additionally, there is a potential payment of up to $10.0 million commercialization milestone related to a prostate cancer product candidate the Company refers to as “1404” that was outlicensed to ROTOP Pharmaka GmbH. The Company’s total potential payments related to the 2013 Acquisition are approximately $85.0 million. The Company considers the contingent consideration liabilities relating to the 2013 Acquisition each a Level 3 instrument (one with significant unobservable inputs) in the fair value hierarchy. The estimated fair value of these was determined based on probability adjusted discounted cash flows and Monte Carlo simulation models that included significant estimates and assumptions pertaining to commercialization events and sales targets. The most significant unobservable inputs with respect to 1095 and 1404 are the probabilities of achieving regulatory approval of those development projects and subsequent commercial success.

Significant changes in any of the probabilities of success, the probabilities as to the periods in which sales targets and milestones will be achieved, discount rates or underlying revenue forecasts would result in a significantly higher or lower fair value measurement. The Company records the contingent consideration liability at fair value with changes in estimated fair values recorded in general and administrative expenses in the condensed consolidated statements of operations. The Company can give no assurance that the actual amounts paid, if any, in connection with the contingent consideration liabilities, will be consistent with any recurring fair value estimate of such contingent consideration liabilities.

The following tables summarize quantitative information and assumptions pertaining to the fair value measurement of liabilities using Level 3 inputs at June 30, 2024.


	Fair Value at						Assumptions
(in thousands)	June 30, 2024		December 31, 2023		Valuation Technique	Unobservable Input	June 30, 2024		December 31, 2023
Contingent consideration liability:



1095 commercialization milestone	1,800		1,800		Probability adjusted discounted cash flow model
						Period of expected milestone achievement	2026		2026
						Probability of success	40	%	40	%
						Discount rate	4.5	%	4.1	%



Net sales targets - AZEDRA and 1095	1,000		900		Monte Carlo simulation
						Probability of success and sales targets	0% - 40%		0% - 40%
						Discount rate	15%		15%
Total	$	2,800	$	2,700

For those financial instruments with significant Level 3 inputs, the following table summarizes the activities for the periods indicated:


	Financial Liabilities
(in thousands)	Six Months Ended June 30,
		2024		2023
Fair value, beginning of period		$	2,700	$	111,600

Changes in fair value included in net income		100		(8,975)
Cash payments		—		(99,625)
Fair value, end of period		$	2,800	$	3,000

The change in fair value of the contingent financial liabilities resulted in an increase of general and administrative expense of $0.1 million for the six months ended June 30, 2024 and was primarily due to the passage of time.

As of June 30, 2024, the carrying value of the Company’s convertible debt was $575.0 million and the fair value of the Company’s convertible debt was estimated to be approximately $715.1 million based on quoted market prices of these instruments and was classified as a Level 1 measurement within the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Intangibles, Net - Schedule of Expected Future Amortization Expense Related to Intangible Assets (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 22,741
2025	30,167
2026	30,965
2027	25,438
2028	21,953
2029 and thereafter	40,975
Total	$ 172,239

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-36569
Entity Registrant Name	LANTHEUS HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	35-2318913
Entity Address, Address Line One	201 Burlington Road, South Building
Entity Address, Postal Zip Code	01730
Entity Address, City or Town	Bedford,
Entity Address, State or Province	MA
City Area Code	(978)
Local Phone Number	671-8001
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	LNTH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		69,430,642
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001521036
Current Fiscal Year End Date	--12-31

Net Income Per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Net Income (Loss) Per Common Share

A summary of net income per common share is presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2024		2023		2024		2023
Net income	$	62,073	$	94,131	$	193,139	$	91,324

Basic weighted-average common shares outstanding	69,356		68,371		69,056		68,062
Effect of dilutive stock options	256		399		246		391
Effect of dilutive restricted stock	989		1,447		1,062		1,504
Effect of convertible notes	—		797		—		—
Diluted weighted-average common shares outstanding	70,601		71,014		70,364		69,957

Basic income per common share	$	0.89	$	1.38	$	2.80	$	1.34
Diluted income per common share	$	0.88	$	1.33	$	2.74	$	1.31

Antidilutive securities excluded from diluted net income per common share	845		349		1,219		389

Intangibles, Net - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended			3 Months Ended			6 Months Ended
	Jun. 18, 2024	Aug. 02, 2023	Jun. 30, 2024	May 31, 2023	Feb. 28, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense						$ 10,200	$ 12,400		$ 20,100	$ 23,500
Proceeds from selling rights to the royalties		$ 98,000
Gain on sale of RELISTOR licensed intangible asset associated with net sales royalties		5,000
Accumulated amortization			$ 196,941			196,941			196,941		$ 176,983
Gain on sale of RELISTOR licensed intangible asset associated with net sales royalties									6,254	$ 0
Cerveau Technologies, Inc
Finite-Lived Intangible Assets [Line Items]
Payment for acquisitions				$ 10,000	$ 35,300
Asset acquisition, consideration transferred				$ 10,000
Meilleur Technologies, Inc
Finite-Lived Intangible Assets [Line Items]
Payment for acquisitions	$ 32,900
Asset acquisition, consideration transferred			32,900
Research and development
Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges								$ 15,600
Cost of goods sold
Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges								$ 116,400
Licenses
Finite-Lived Intangible Assets [Line Items]
Cost		63,600	22,233			22,233			22,233		22,233
Accumulated amortization		$ 17,500	10,587			10,587			10,587		7,972
Gain on sale of RELISTOR licensed intangible asset associated with net sales royalties									51,800
Developed technology
Finite-Lived Intangible Assets [Line Items]
Cost			42,706			42,706			42,706		2,400
Accumulated amortization			1,267			$ 1,267			$ 1,267		$ 944
Developed technology \| Meilleur Technologies, Inc
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets acquired			$ 40,300

Leases - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Sep. 01, 2023	May 31, 2023	Feb. 28, 2022
Lessee, Lease, Description [Line Items]
Operating	$ 42,541	$ 45,325
Bedford, Massachusetts
Lessee, Lease, Description [Line Items]
Operating lease liability			$ 23,500	$ 6,000	$ 11,000
Term of contract	15 years 3 months 29 days
Operating			$ 23,500	$ 6,000
Renewal term			5 years

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Operating and Finance Lease Assets and Liabilities

Operating and finance lease assets and liabilities are as follows:


(in thousands)	Classification	June 30, 2024		December 31, 2023
Assets
Operating	Other long-term assets	$	42,541	$	45,325
Finance	Property, plant and equipment, net	1,427		1,438
Total leased assets		$	43,968	$	46,763
Liabilities
Current
Operating	Accrued expenses and other liabilities	$	2,094	$	1,904
Finance	Current portion of long-term debt and other borrowings	868		823
Noncurrent
Operating	Other long-term liabilities	54,125		54,453
Finance	Long-term debt, net and other borrowings	362		625
Total leased liabilities		$	57,449	$	57,805

Schedule of components of lease expense

Other information related to leases were as follows:


	June 30, 2024	December 31, 2023
Weighted-average remaining lease term (Years):
Operating leases	13.2	13.5
Finance leases	2.4	2.3
Weighted-average discount rate:
Operating leases	7.4%	7.3%
Finance leases	7.4%	6.2%

Net Income Per Common Share - Schedule of Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 62,073	$ 94,131	$ 193,139	$ 91,324
Basic weighted-average common shares outstanding (in shares)	69,356	68,371	69,056	68,062
Effect of convertible notes (in shares)	0	797	0	0
Diluted weighted-average common shares outstanding (in shares)	70,601	71,014	70,364	69,957
Basic income per common share (in shares)	$ 0.89	$ 1.38	$ 2.80	$ 1.34
Diluted income per common share (in shares)	$ 0.88	$ 1.33	$ 2.74	$ 1.31
Antidilutive securities excluded from diluted net income per common share (in shares)	845	349	1,219	389
Employee Stock Option
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive share based compensation (in shares)	256	399	246	391
Restricted Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive share based compensation (in shares)	989	1,447	1,062	1,504

Inventory

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventory

6. Inventory

Inventory consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Raw materials	$	29,571	$	31,259
Work in process	20,108		13,807
Finished goods	20,837		18,963
Total inventory	$	70,516	$	64,029

Inventory costs associated with products that have not yet received regulatory approval are capitalized if the Company believes there is probable future commercial use of the product and future economic benefit of the asset. If future commercial use of the product is not probable, then inventory costs associated with such product are expensed during the period the costs are incurred. The Company has no inventory pending regulatory approval as of June 30, 2024.

Asset Retirement Obligations

6 Months Ended

Jun. 30, 2024

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

9. Asset Retirement Obligations

The Company considers its legal obligation to remediate its facilities upon a potential decommissioning of its radioactive-related operations as an asset retirement obligation. The Company has a production facility that manufactures and processes radioactive materials at its North Billerica, Massachusetts site. As of June 30, 2024, the asset retirement liability is measured at the present value of the asset retirement liability expected to be incurred and is approximately $25.1 million.

The following table provides a summary of the changes in the Company’s carrying value of asset retirement obligations:


(in thousands)	Amount
Balance at January 1, 2024	$	22,916
Accretion expense	214

Balance at June 30, 2024	$	23,130

The Company is required to provide the Massachusetts Department of Public Health financial assurance demonstrating the Company’s ability to fund any decommissioning of its North Billerica, Massachusetts production facility in the event of any closure. The Company has provided this financial assurance in the form of a $30.3 million surety bond.

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

3. Revenue from Contracts with Customers

The following table summarizes revenue by revenue source as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
Major Products/Service Lines (in thousands)	2024		2023		2024		2023
Product revenue, net(1)	$	392,756	$	314,084	$	762,069	$	606,340
License and royalty revenues	1,335		7,616		1,997		16,144
Total revenues	$	394,091	$	321,700	$	764,066	$	622,484

________________________________

(1)The Company’s product revenue includes PYLARIFY and DEFINITY among other products. This category represents the delivery of physical goods. The Company applies the same revenue recognition policies and judgments for all its principal products.

The Company classifies its revenues into three product categories: Radiopharmaceutical Oncology, Precision Diagnostics, and Strategic Partnerships and Other Revenue. Radiopharmaceutical Oncology includes PYLARIFY and AZEDRA. In the first quarter of 2024, the Company discontinued the production of AZEDRA. Precision Diagnostics includes DEFINITY, TechneLite and other diagnostic imaging products. Strategic Partnerships and Other Revenue includes strategic partnerships and other arrangements related to other products of the Company. On August 2, 2023, the Company sold its rights to the RELISTOR net sales royalty asset (the “RELISTOR royalty asset”) under its license agreement with Bausch Health Companies, Inc. (“Bausch”); the Company retained the rights to future sales-based milestone payments.

Revenue by product category on a net basis is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
PYLARIFY	$	273,255	$	210,522	$	532,125	$	405,992
Other radiopharmaceutical oncology	—		818		384		1,535
Total radiopharmaceutical oncology	273,255		211,340		532,509		407,527
DEFINITY	78,100		70,529		154,664		139,353
TechneLite	28,186		21,594		49,900		42,580
Other precision diagnostics	5,825		5,454		11,757		11,261
Total precision diagnostics	112,111		97,577		216,321		193,194
Strategic partnerships and other revenue	8,725		12,783		15,236		21,763
Total revenues	$	394,091	$	321,700	$	764,066	$	622,484

The Company is required to allocate a portion of its revenue received from commercial contracts to future reporting periods to the extent the Company had performance obligations that extended beyond one year. However, the Company’s performance

obligations are typically part of contracts that have an original expected duration of one year or less. As such, the Company is not disclosing the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially satisfied) as of the end of the reporting period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 15
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+ Details

Net Income Per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income Per Common Share

16. Net Income Per Common Share

A summary of net income per common share is presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2024		2023		2024		2023
Net income	$	62,073	$	94,131	$	193,139	$	91,324

Basic weighted-average common shares outstanding	69,356		68,371		69,056		68,062
Effect of dilutive stock options	256		399		246		391
Effect of dilutive restricted stock	989		1,447		1,062		1,504
Effect of convertible notes	—		797		—		—
Diluted weighted-average common shares outstanding	70,601		71,014		70,364		69,957

Basic income per common share	$	0.89	$	1.38	$	2.80	$	1.34
Diluted income per common share	$	0.88	$	1.33	$	2.74	$	1.31

Antidilutive securities excluded from diluted net income per common share	845		349		1,219		389

Impact of the Convertible Notes

The Company considered whether the Notes are participating securities through the two-class method. Per the terms of the Notes’ agreement, the Company determined that if a cash dividend is paid that is greater than the then stock price, the holder of Notes will receive cash on an if-converted basis. While this feature is considered to be a participating right, basic earnings per share is only impacted if the Company’s earnings exceeds the current share price, regardless of whether such dividend is declared. During the three and six months ended June 30, 2024 and 2023, no such dividend was declared. In addition, the Company is required to settle the principal amount of the Notes in cash upon conversion, and therefore, the Company uses the if-converted method for calculating any potential dilutive effect of the conversion option on diluted net income per share, if applicable, unless the application of the two-class method is dilutive. The conversion option has a dilutive impact on net income per share of Common Stock when the average price per share of the Company's common stock for a given period exceeds the conversion price of the Notes of $79.81 per share.

Accrued Expenses, Other Liabilities and Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Compensation and benefits	$ 30,629	$ 36,331
Freight, distribution and operations	85,778	67,529
Accrued rebates, discounts and chargebacks	17,247	16,070
Accrued professional fees	18,819	10,244
Accrued research and development expenses	43,371	3,258
Other	16,799	11,906
Total accrued expenses and other liabilities	212,643	145,338
Operating lease liabilities (Note 15)	54,125	54,453
Long-term contingent liabilities (Note 4)	2,800	2,700
Other long-term liabilities	6,618	6,168
Total other long-term liabilities	$ 63,543	$ 63,321

Accumulated Other Comprehensive (Loss) Income (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive (Loss) Income

The components of accumulated other comprehensive (loss) income, net of tax of zero for the six months ended June 30, 2024 and 2023 consisted of the following:


(in thousands)	Foreign currency translation		Accumulated other comprehensive (loss)
Balance at January 1, 2024	$	(1,037)	$	(1,037)
Other comprehensive loss before reclassifications	(173)		(173)

Balance at June 30, 2024	$	(1,210)	$	(1,210)

Balance at January 1, 2023	$	(1,259)	$	(1,259)
Other comprehensive income before reclassifications	307		307

Balance at June 30, 2023	$	(952)	$	(952)

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 18,479	$ 12,692	$ 33,863	$ 22,359
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,870	2,231	5,502	3,873
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,076	1,959	5,868	4,221
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	9,768	6,670	17,531	11,072
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,765	$ 1,832	$ 4,962	$ 3,193

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 62,073	$ 94,131	$ 193,139	$ 91,324
Other comprehensive income (loss):
Foreign currency translation	(32)	426	(173)	307
Comprehensive income	$ 62,041	$ 94,557	$ 192,966	$ 91,631

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 60B
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-Publisher FASB
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 7
-Publisher FASB
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

The Company’s income tax expense and effective tax rate are presented below:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2024			2023			2024			2023
Income tax expense	$	22,301		$	29,557		$	62,503		$	21,260
Effective tax rate	26.4		%	23.9		%	24.4		%	18.9		%

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense Recognized

The following table presents stock-based compensation expense recognized in the Company’s accompanying condensed consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Cost of goods sold	$	2,870	$	2,231	$	5,502	$	3,873
Sales and marketing	3,076		1,959		5,868		4,221
General and administrative	9,768		6,670		17,531		11,072
Research and development	2,765		1,832		4,962		3,193
Total stock-based compensation expense	$	18,479	$	12,692	$	33,863	$	22,359

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in fair value of the contingent financial asset and contingent financial liabilities	$ 0.1
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	General and administrative
2.625% Convertible Senior Notes due 2027 \| Convertible Debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt	$ 575.0
Debt instrument, fair value	715.1
Progenics
Fair Value, Option, Quantitative Disclosures [Line Items]
Potential payments, high	85.0
Progenics \| Net Sales Targets for Azedra
Fair Value, Option, Quantitative Disclosures [Line Items]
Potential payments, high	70.0
Progenics \| 1095 commercialization milestone
Fair Value, Option, Quantitative Disclosures [Line Items]
Potential payments, high	5.0
Progenics \| 1404 Commercialization Milestone
Fair Value, Option, Quantitative Disclosures [Line Items]
Potential payments, high	$ 10.0

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Lantheus and have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement have been included. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ended December 31, 2024 or any future period. The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all the information and notes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities Exchange Commission (“SEC”) on February 22, 2024. Progenics Acquisition On June 19, 2020 (the “Closing Date”), pursuant to the Amended and Restated Agreement and Plan of Merger, dated as of February 20, 2020 (the “Merger Agreement”), by and among Lantheus Holdings, Plato Merger Sub, Inc., a wholly-owned subsidiary of Lantheus Holdings (“Merger Sub”), and Progenics, Lantheus Holdings completed the acquisition of Progenics by means of a merger of Merger Sub with and into Progenics, with Progenics becoming an indirect subsidiary of Lantheus Holdings following the completion of such merger (the “Progenics Acquisition”). In connection with the Progenics Acquisition, Lantheus Holdings issued 26,844,877 shares of Lantheus Holdings common stock and 86,630,633 contingent value rights (each a “CVR”) tied to the financial performance of PYLARIFY to former Progenics stockholders and option holders. Each CVR entitled its holder to receive a pro rata share of aggregate cash payments equal to 40% of United States (“U.S.”) net sales generated by PYLARIFY in 2022 and 2023 in excess of $100.0 million and $150.0 million, respectively. The Company’s aggregate payments in respect of the CVRs, together with any other non-stock consideration treated as paid in connection with the Progenics Acquisition, was capped at 19.9% of the total consideration the Company paid in the Progenics Acquisition. Based on the Company’s 2022 PYLARIFY net sales, the Company determined that the aggregate payment obligation under the CVRs was $99.6 million, which was the maximum amount payable. The Company paid out this amount in May 2023 in full satisfaction of the CVRs.

Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 08, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023
Property, Plant & Equipment [Line Items]
Depreciation and amortization expense		$ 4,600	$ 3,300	$ 10,000	$ 6,700
Noncash impairment					6,000
Gain on sale of assets		$ 0	$ 0	6,254	$ 0
Disposed of by Sale
Property, Plant & Equipment [Line Items]
Disposal group consideration						$ 10,000
Agreement with Perspective Therapeutics, Inc
Property, Plant & Equipment [Line Items]
Disposal group consideration	$ 8,000
Right of use assets	400
Right of use liability	400
Property, plant and equipment	800
Commission expense	$ 1,000
Gain on sale of assets				$ 6,300

Long-Term Debt, Net, and Other Borrowings

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt, Net, and Other Borrowings

11. Long-Term Debt, Net, and Other Borrowings

As of June 30, 2024, the Company’s maturities of principal obligations under its long-term debt and other borrowings are as follows:


(in thousands)	Amount
Remainder of 2024	$	—
2025	—
2026	—
2027	575,000


Total principal outstanding	575,000

Unamortized debt issuance costs	(12,174)

Finance lease liabilities	1,230

Total	564,056
Less: current portion	(868)
Total long-term debt, net and other borrowings	$	563,188

2022 Revolving Facility

In December 2022, the Company entered into a $350.0 million five-year revolving credit facility (the “2022 Revolving Facility”). Under the terms of the 2022 Revolving Facility, the lenders are committed to extending credit to the Company from time to time until December 2, 2027 consisting of revolving loans (the “Revolving Loans”) in an aggregate principal amount not to exceed $350.0 million (the “Revolving Commitment”) at any time, including a $20.0 million sub-facility for the issuance of letters of credit (the “Letters of Credit”) and a $10.0 million sub-facility for swingline loans (the “Swingline Loans”). The Revolving Loans, Letters of Credit, and the Swingline Loans, if used, are expected to be used for working capital and for other general corporate purposes.

The Revolving Loans bear interest, with pricing based from time to time at the Company’s election, at (i) the secured overnight financing rate as published by the Federal Reserve Bank of New York on its website plus an applicable margin that ranges from 1.50% to 2.50% based on the Company’s total net leverage ratio or (ii) the alternative base rate plus an applicable margin that ranges from 0.50% to 1.50% based on the Company’s total net leverage ratio. The 2022 Revolving Facility also includes an unused commitment fee at a rate ranging from 0.15% to 0.35% per annum based on the Company’s total net leverage ratio. Interest associated with the unused commitment is recorded to accrued expenses and other liabilities on the condensed consolidated balance sheet and paid out on a quarterly basis.

The Company is permitted to voluntarily prepay the Revolving Loans, in whole or in part, or reduce or terminate the Revolving Commitment, in each case, without premium or penalty. On any business day on which the total amount of outstanding Revolving Loans, Letters of Credit and Swingline Loans exceeds the total Revolving Commitment, the Company must prepay the Revolving Loans in an amount equal to such excess. The Company is not required to make mandatory prepayments under the 2022 Revolving Facility. As of June 30, 2024, there were no outstanding borrowings under the 2022 Revolving Facility.

The Company has the right to request an increase to the Revolving Commitment in an aggregate principal amount of up to the sum of $335.0 million or consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the four consecutive fiscal quarters most recently ended, plus additional amounts in certain circumstances (collectively, the “Incremental Cap”), minus certain incremental term loans made pursuant to specified incremental term loan commitments (“Incremental Term Loans”). The Company has the right to request Incremental Term Loans in an aggregate principal amount of up to the Incremental Cap less any incremental increases to the Revolving Commitment. Proceeds of Incremental Term Loans may be used for working capital and for other general corporate purposes and will bear interest at rates agreed between the Company and the lenders providing the Incremental Term Loans.

2022 Facility Covenants

The 2022 Revolving Facility contains a number of affirmative, negative and reporting covenants, as well as financial maintenance covenants pursuant to which the Company is required to be in quarterly compliance, measured on a trailing four quarter basis, with two financial covenants. The minimum interest coverage ratio must be at least 3.00 to 1.00. The maximum total net leverage ratio permitted by the financial covenant is 3.50 to 1.00.

The 2022 Revolving Facility contains usual and customary restrictions on the ability of the Company and its subsidiaries to: (i) incur additional indebtedness (ii) create liens; (iii) consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; (iv) sell certain assets; (v) pay dividends on, repurchase or make distributions in respect of capital stock or make other restricted payments; (vi) make certain investments; (vii) repay subordinated indebtedness prior to stated maturity; and (viii) enter into certain transactions with its affiliates.

Upon an event of default, the Administrative Agent will have the right to declare the loans and other obligations outstanding under the 2022 Revolving Facility immediately due and payable and all commitments immediately terminated.

The 2022 Revolving Facility is guaranteed by Lantheus Holdings, and certain subsidiaries of LMI, including Progenics and Lantheus Real Estate, and obligations under the 2022 Revolving Facility are generally secured by first priority liens over substantially all of the assets of each of LMI, Lantheus Holdings, and certain subsidiaries of LMI, including Progenics and Lantheus Real Estate (subject to customary exclusions set forth in the transaction documents) owned as of December 2, 2022 or thereafter acquired.

Convertible Notes

On December 8, 2022, the Company issued $575.0 million in aggregate principal amount of 2.625% Convertible Senior Notes due 2027 (the “Notes”), which includes $75.0 million in aggregate principal amount of Notes sold pursuant to the full exercise of the initial purchasers’ option to purchase additional Notes. The Notes were issued under an indenture, dated as of December 8, 2022 (the “Indenture”), among the Company, LMI (the “Guarantor”), a wholly owned subsidiary of the Company, as Guarantor, and U.S. Bank Trust Company, National Association, as Trustee. The net proceeds from the issuance of the Notes were approximately $557.8 million after deducting the initial purchasers’ discounts and offering expenses payable by the Company.

The Notes are senior unsecured obligations of the Company. The Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Guarantor. The Notes bear interest at a rate of 2.625% per year, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2023, and will mature on December 15, 2027 unless earlier redeemed, repurchased or converted in accordance with their terms. The initial conversion rate for the Notes is 12.5291 shares of the Company’s common stock per $1,000 in principal amount of Notes (which is equivalent to an initial conversion price of approximately $79.81 per share of the Company’s common stock, representing an initial conversion premium of approximately 42.5% above the closing price of $56.01 per share of the Company’s common stock on December 5, 2022). In no event shall the conversion rate per $1,000 in principal amount of notes exceed 17.8539 shares of the Company’s common stock. Prior to the close of business on the business day immediately preceding September 15, 2027, the Notes may be converted at the option of the holders only upon occurrence of specified events and during certain periods, and thereafter until the close of business on the business day immediately preceding the maturity date, the Notes may be converted at any time. The Company will satisfy any conversion by paying cash up to the aggregate principal amount of the Notes to be converted and by paying or delivering, as the case may be, cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted. The Company may redeem for cash all or any portion of the Notes, at its option, on or after December 22, 2025 if the closing sale price per share of the Company’s common stock

exceeds 130% of the conversion price of the Notes for a specified period of time. The redemption price will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

The Company evaluated the Notes upon completion of the sale and concluded on the following features:

•Conversion Feature: The Company determined that the conversion feature qualifies for the classification of equity. As a result, the conversion feature should not be bifurcated as a derivative instrument and the Notes were accounted for as a single liability.

•Redemption Features: The redemption features were reviewed within the Notes and the Company determined that the redemption features are closely related to the Notes and as such should not be separately accounted for as a bifurcated derivative instrument.

•Additional Interest Features: The Notes may result in additional interest if the Company fails to timely file any document that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. The Company will pay additional interest on the notes at a rate equal to 0.25% to 0.50% per annum based on the principal amount of notes outstanding for each day the Company failure to file has occurred or the notes are not otherwise freely tradable. Further, if the notes are assigned a restricted CUSIP number or the notes are not otherwise freely tradable pursuant to Rule 144 under the Securities Act by holders other than Company affiliates or holders that were Company affiliates at any time during the three months immediately preceding as of the 385th day after the last date of original issuance of the notes, the Company will pay additional interest on the notes at a rate equal to (i) 0.25% to 0.50% per annum based on the principal amount of notes outstanding for each day until the restrictive legend has been removed from the notes, the notes are assigned an unrestricted CUSIP and the notes are freely tradable. The Company concluded that the interest feature is unrelated to the credit risk and should be bifurcated from the Notes, however, the Company assessed the probabilities of triggering events occurring under these features and does not expect to trigger the aforementioned events. These events will continue to be monitored to determine whether the interest feature will be bifurcated if it has value.

As of June 30, 2024, the carrying value of the Notes was $575.0 million, the Notes had an unamortized discount of zero, and the fair value of the liability was $715.1 million. The Company recorded interest expense of approximately $3.8 million and $7.5 million related to the Notes for the three and six months ended June 30, 2024, respectively. There were no conversions of Notes during the six months ended June 30, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 394,091	$ 321,700	$ 764,066	$ 622,484
Cost of goods sold	138,317	119,053	266,446	342,761
Gross profit	255,774	202,647	497,620	279,723
Operating expenses
Sales and marketing	45,035	36,456	90,581	69,073
General and administrative	47,409	26,151	95,304	49,422
Research and development	60,601	15,901	108,625	46,433
Total operating expenses	153,045	78,508	294,510	164,928
Gain on sale of assets	0	0	6,254	0
Operating income	102,729	124,139	209,364	114,795
Interest expense	4,862	4,933	9,721	9,924
Investment in equity securities - unrealized loss (gain)	22,537	0	(38,167)	0
Other income	(9,044)	(4,482)	(17,832)	(7,713)
Income before income taxes	84,374	123,688	255,642	112,584
Income tax expense	22,301	29,557	62,503	21,260
Net income	$ 62,073	$ 94,131	$ 193,139	$ 91,324
Net income per common share:
Basic (in dollars per share)	$ 0.89	$ 1.38	$ 2.80	$ 1.34
Diluted (in dollars per share)	$ 0.88	$ 1.33	$ 2.74	$ 1.31
Weighted-average common shares outstanding:
Basic (in shares)	69,356	68,371	69,056	68,062
Diluted (in shares)	70,601	71,014	70,364	69,957

Accrued Expenses, Other Liabilities and Other Long-Term Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses, Other Liabilities and Other Long-Term Liabilities

Accrued expenses, other liabilities and other long-term liabilities are comprised of the following:


(in thousands)	June 30, 2024		December 31, 2023
Compensation and benefits	$	30,629	$	36,331
Freight, distribution and operations	85,778		67,529
Accrued rebates, discounts and chargebacks	17,247		16,070
Accrued professional fees	18,819		10,244
Accrued research and development expenses	43,371		3,258
Other	16,799		11,906
Total accrued expenses and other liabilities	$	212,643	$	145,338

Operating lease liabilities (Note 15)	$	54,125	$	54,453
Long-term contingent liabilities (Note 4)	2,800		2,700
Other long-term liabilities	6,618		6,168
Total other long-term liabilities	$	63,543	$	63,321

Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

7. Property, Plant and Equipment, Net

Property, plant and equipment, net, consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Land	$	9,480	$	9,480
Buildings	78,040		73,441
Machinery, equipment and fixtures	103,772		102,576
Computer software	52,601		27,259
Construction in progress	26,648		40,964
	270,541		253,720
Less: accumulated depreciation and amortization	(112,383)		(107,023)
Total property, plant and equipment, net	$	158,158	$	146,697

Depreciation and amortization expense related to property, plant and equipment, net, was $4.6 million and $3.3 million for the three months ended June 30, 2024 and 2023, respectively, and $10.0 million and $6.7 million for the six months ended June 30, 2024 and 2023, respectively.

During the three months ended June 30, 2023, as a result of a decline in expected future cash flows related to the AZEDRA marketed intangible asset, the Company determined certain impairment triggers had occurred. The Company reviewed revised undiscounted cash flows that were estimated to be generated by the asset group as of June 30, 2023. Based on the undiscounted cash

flow analysis, the Company determined that the asset group had net carrying values that exceeded their estimated undiscounted future cash flows. The Company then estimated the fair value of the asset group based on their discounted cash flows. The carrying value exceeded the fair value and as a result, the Company recorded a noncash impairment of $6.0 million for the six months ended June 30, 2023 in cost of goods sold in the condensed consolidated statements of operations.

On January 8, 2024, the Company entered into an agreement with Perspective Therapeutics, Inc. (“Perspective”) to transfer the sublease for the property at 110 Clyde Rd, Somerset, New Jersey (the “Somerset Facility”) and sell the associated assets at the Somerset Facility for $8.0 million. The transfer of the sublease and completion of the asset sale occurred on March 1, 2024. The sale of assets resulted in a derecognition to the right-of-use asset of $0.4 million, the lease liability of $0.4 million and remaining property, plant and equipment of $0.8 million. The Company also incurred commission expense of $1.0 million related to the transaction. The Company recorded a gain of $6.3 million for the six months ended June 30, 2024 within operating income.

See Note 19, "Acquisition of Assets" for further discussion of the Perspective transaction.

Long-Lived Assets Held for Sale

During the first quarter of 2023, the Company committed to a plan to sell a portion of its land and buildings associated with its Billerica, Massachusetts campus. Effective March 16, 2023, the Company entered into a purchase and sale agreement (the “P&S”) with a prospective buyer. The assets were classified as held for sale and comprised entirely of property, plant and equipment, net. The Company determined that the fair value of the net assets being sold exceeded the carrying value as of June 30, 2024. The purchase price for the campus sale is $10.0 million in cash. The transaction is expected to close in 2024.

Intangibles, Net

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles, Net

10. Intangibles, Net

Intangibles, net, consisted of the following:


	June 30, 2024
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 - 25	Straight-Line	$	13,540	$	(12,289)	$	1,251
Customer relationships	15 - 25	Accelerated	157,901		(127,143)		30,758

Currently marketed products	9 - 15	Straight-Line	132,800		(45,655)		87,145
Licenses	11 - 16	Straight-Line	22,233		(10,587)		11,646
Developed technology	7 - 9	Straight-Line	42,706		(1,267)		41,439

Total			$	369,180	$	(196,941)	$	172,239


	December 31, 2023
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 - 25	Straight-Line	$	13,540	$	(12,216)	$	1,324
Customer relationships	15 - 25	Accelerated	157,995		(117,574)		40,421
Currently marketed products	9 - 15	Straight-Line	132,800		(38,277)		94,523
Licenses	11 - 16	Straight-Line	22,233		(7,972)		14,261
Developed technology	9	Straight-Line	2,400		(944)		1,456

Total			$	328,968	$	(176,983)	$	151,985

The Company recorded amortization expense for its intangible assets of $10.2 million and $12.4 million for the three months ended June 30, 2024 and 2023, respectively and $20.1 million and $23.5 million for the six months ended June 30, 2024 and 2023, respectively.

In March 2023, the Company stopped all development activities in relation to a future indication associated with AZEDRA, which was classified as an in-process research and development (“IPR&D”) intangible asset. The asset group, which consisted of the IPR&D asset and a currently marketed product (the “AZEDRA intangible asset group”), was assessed for impairment. The Company considered several factors in estimating the future projections of revenues and cash flows of the AZEDRA intangible asset group as part of the impairment testing. The Company concluded that the carrying amount exceeded the fair value of the AZEDRA intangible asset group, which had no value. The Company recorded a non-cash impairment charge of $15.6 million in research and development expenses relating to the IPR&D asset and $116.4 million in cost of goods sold relating to the currently marketed indication of AZEDRA in the consolidated statement of operations for the quarter ended March 31, 2023.

On August 2, 2023, the Company sold the right to its RELISTOR royalty asset under its license agreement with Bausch; the Company retained the rights to future sales-based milestone payments. The Company received an initial payment of approximately $98.0 million in connection with the sale and has the right to receive an additional payment from the buyer of $5.0 million if worldwide net sales of RELISTOR in 2025 exceed a specified threshold. The additional payment would be recognized upon achievement of the specified threshold. Decreases of $63.6 million of license assets and $17.5 million of associated accumulated amortization, as well as a gain of $51.8 million were recorded as a result of the sale.

On August 15, 2023, the Company announced that it would discontinue the production and promotion of AZEDRA and would be winding down its Somerset Facility. The Company continued manufacturing AZEDRA until the first quarter of 2024 to provide doses of AZEDRA to then-current patients so they could complete their treatment regimen. No AZEDRA was manufactured after March 1, 2024, when the Company transferred the tangible assets and associated lease of its Somerset Facility to Perspective. See Note 7, "Property, Plant and Equipment, Net" for impairment analysis.

In February 2023, the Company entered into an agreement with the stockholders of Cerveau (which holds the rights under a license agreement to develop and commercialize MK-6240) to purchase all of the outstanding capital stock of Cerveau for approximately $35.3 million. In May 2023, upon successful completion of a technology transfer, the Company paid $10.0 million to

the stockholders of Cerveau (the “Cerveau Stockholders”). This additional contingent payment was capitalized as part of the asset cost and increased the Company’s customer relationship intangible assets. See Note 19, "Acquisition of Assets" for further discussion of the Cerveau acquisition.

In June 2024, the Company entered into an agreement with the stockholders of Meilleur (“Meilleur Stockholders”) to purchase all of the outstanding capital stock of Meilleur (which holds the rights under a license agreement to develop and commercialize NAV-4694) for approximately $32.9 million. The Company recorded a developed technology intangible asset of $40.3 million as a result of the purchase price and the specific assets and liabilities of Meilleur that were acquired as part of the asset acquisition based on their value at the agreed upon closing date. See Note 19, “Acquisition of Assets” for further discussion of the Meilleur acquisition.

The below table summarizes the estimated aggregate amortization expense expected to be recognized on the above intangible assets:


(in thousands)	Amount
Remainder of 2024	$	22,741
2025	30,167
2026	30,965
2027	25,438
2028	21,953
2029 and thereafter	40,975
Total	$	172,239

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table summarizes revenue by revenue source as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
Major Products/Service Lines (in thousands)	2024		2023		2024		2023
Product revenue, net(1)	$	392,756	$	314,084	$	762,069	$	606,340
License and royalty revenues	1,335		7,616		1,997		16,144
Total revenues	$	394,091	$	321,700	$	764,066	$	622,484

________________________________

Revenue by product category on a net basis is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
PYLARIFY	$	273,255	$	210,522	$	532,125	$	405,992
Other radiopharmaceutical oncology	—		818		384		1,535
Total radiopharmaceutical oncology	273,255		211,340		532,509		407,527
DEFINITY	78,100		70,529		154,664		139,353
TechneLite	28,186		21,594		49,900		42,580
Other precision diagnostics	5,825		5,454		11,757		11,261
Total precision diagnostics	112,111		97,577		216,321		193,194
Strategic partnerships and other revenue	8,725		12,783		15,236		21,763
Total revenues	$	394,091	$	321,700	$	764,066	$	622,484

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	18. Commitments and Contingencies Legal Proceedings From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. In addition, the Company has in the past been, and may in the future be, subject to investigations by governmental and regulatory authorities, which expose it to greater risks associated with litigation, regulatory or other proceedings, as a result of which the Company could be required to pay significant fines or penalties. The costs and outcome of litigation, regulatory or other proceedings cannot be predicted with certainty, and some lawsuits, claims, actions or proceedings may be disposed of unfavorably to the Company and could have a material adverse effect on the Company’s results of operations or financial condition. In addition, intellectual property disputes often have a risk of injunctive relief which, if imposed against the Company, could materially and adversely affect its financial condition or results of operations. If a matter is both probable to result in material liability and the amount of loss can be reasonably estimated, the Company estimates and discloses the possible material loss or range of loss. If such loss is not probable or cannot be reasonably estimated, a liability is not recorded in its condensed consolidated financial statements. As of June 30, 2024, the Company did not have any material ongoing litigation to which the Company was a party. On January 26, 2024, the Company was sued in the United States District Court for the District of Delaware by Advanced Accelerator Applications USA, Inc. and Advanced Accelerator Applications SA, each a Novartis entity, for patent infringement in response to the filing of the Company’s Abbreviated New Drug Application (“ANDA”) and Paragraph IV certification in connection with PNT2003, consistent with the process established by the Hatch-Waxman Act. Because the outcome of litigation is uncertain, the Company cannot predict how or when this matter will ultimately be resolved.

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 29,571	$ 31,259
Work in process	20,108	13,807
Finished goods	20,837	18,963
Total inventory	$ 70,516	$ 64,029

Other Income (Tables)

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Schedule of Other Income

Other income consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Foreign currency (gain) loss	$	455	$	(224)	$	238	$	22
Tax indemnification income, net	—		(232)		—		(328)
Interest income	(8,924)		(4,027)		(17,472)		(7,550)

Other	(575)		1		(598)		143
Total other income, net	$	(9,044)	$	(4,482)	$	(17,832)	$	(7,713)

Intangibles, Net (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangibles, net, consisted of the following:


	June 30, 2024
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 - 25	Straight-Line	$	13,540	$	(12,289)	$	1,251
Customer relationships	15 - 25	Accelerated	157,901		(127,143)		30,758

Currently marketed products	9 - 15	Straight-Line	132,800		(45,655)		87,145
Licenses	11 - 16	Straight-Line	22,233		(10,587)		11,646
Developed technology	7 - 9	Straight-Line	42,706		(1,267)		41,439

Total			$	369,180	$	(196,941)	$	172,239


	December 31, 2023
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 - 25	Straight-Line	$	13,540	$	(12,216)	$	1,324
Customer relationships	15 - 25	Accelerated	157,995		(117,574)		40,421
Currently marketed products	9 - 15	Straight-Line	132,800		(38,277)		94,523
Licenses	11 - 16	Straight-Line	22,233		(7,972)		14,261
Developed technology	9	Straight-Line	2,400		(944)		1,456

Total			$	328,968	$	(176,983)	$	151,985

Schedule of Indefinite-Lived Intangible Assets

Intangibles, net, consisted of the following:


	June 30, 2024
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 - 25	Straight-Line	$	13,540	$	(12,289)	$	1,251
Customer relationships	15 - 25	Accelerated	157,901		(127,143)		30,758

Currently marketed products	9 - 15	Straight-Line	132,800		(45,655)		87,145
Licenses	11 - 16	Straight-Line	22,233		(10,587)		11,646
Developed technology	7 - 9	Straight-Line	42,706		(1,267)		41,439

Total			$	369,180	$	(196,941)	$	172,239


	December 31, 2023
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 - 25	Straight-Line	$	13,540	$	(12,216)	$	1,324
Customer relationships	15 - 25	Accelerated	157,995		(117,574)		40,421
Currently marketed products	9 - 15	Straight-Line	132,800		(38,277)		94,523
Licenses	11 - 16	Straight-Line	22,233		(7,972)		14,261
Developed technology	9	Straight-Line	2,400		(944)		1,456

Total			$	328,968	$	(176,983)	$	151,985

Schedule of Expected Future Amortization Expense Related to Intangible Assets

The below table summarizes the estimated aggregate amortization expense expected to be recognized on the above intangible assets:


(in thousands)	Amount
Remainder of 2024	$	22,741
2025	30,167
2026	30,965
2027	25,438
2028	21,953
2029 and thereafter	40,975
Total	$	172,239

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 22,301	$ 29,557	$ 62,503	$ 21,260
Effective tax rate	26.40%	23.90%	24.40%	18.90%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Acquisition of Assets	6 Months Ended
Acquisition of Assets	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition of Assets	19. Acquisition of Assets On February 6, 2023, the Company acquired Cerveau. Cerveau holds the rights under a license agreement to develop and commercialize MK-6240, an investigational second-generation F 18-labeled positron emission tomography (“PET”) imaging agent that targets Tau tangles in Alzheimer’s disease. The Company determined that upon review of the Cerveau acquisition, the transaction did not meet the definition of a business combination and is therefore treated as an asset acquisition. In February 2023, the Company made an upfront payment of approximately $35.3 million to the Cerveau Stockholders (the “Selling Stockholders”) and paid the Selling Stockholders an additional $10.0 million in May 2023 upon the successful completion of a technology transfer. The Company could pay up to an additional $51.0 million in milestone payments upon achievement of specified U.S. regulatory milestones related to MK-6240. The Selling Stockholders are also eligible to receive up to $1.2 billion in sales milestone payments upon the achievement of specified annual commercial sales thresholds of MK-6240 in the event the Company pursues commercialization, as well as up to $13.5 million in research revenue milestones upon achievement of specified annual research revenue thresholds. Additionally, the Company will pay to the Selling Stockholders up to double-digit royalty payments for research revenue and commercial sales. Research revenue is derived from existing partnerships with pharmaceutical companies that use MK-6240 in clinical trials. The purchase agreement pursuant to which the Company purchased Cerveau specified, among other things, that certain Selling Stockholders provide transition and clinical development services for a prescribed time following the closing of the transaction. On January 8, 2024, the Company entered into an agreement with Perspective to participate in the next qualified financing to purchase shares of Perspective common stock (“Perspective Shares”). On January 22, 2024, the Company purchased 56,342,355 Perspective Shares, representing 11.39% of the outstanding shares of Perspective common stock, at the fair market offering price of $0.37 per share. Included within the agreement is a covenant which allows for the Company to designate one observer to Perspective’s board of directors. The observer has the option to attend any or all board meetings in a nonvoting capacity and the right to receive any board materials, except under certain instances where attorney-client privilege is necessary, where the material relates to business or contractual relationship with the Company, to avoid bona fide conflict of interest, exposure of trade secrets or relating to a change of control transaction. The Company also purchased 60,431,039 Perspective Shares at a fair market purchase price of $0.95 per share as an investor in a private placement transaction on March 6, 2024, which resulted in the Company holding a cumulative 19.90% of the outstanding Perspective Shares (or 17.35% on a fully diluted basis) after giving effect to the closing of the private placement transaction. The Company does not have the ability to exercise significant influence over operating and financial policies of Perspective because the Company’s board observer has no voting rights and there is otherwise no participation in policy-making processes, no interchange of managerial personnel, and no sharing of technology between the Company and Perspective. Also effective January 8, 2024, the Company obtained the following options and rights from Perspective for an aggregate upfront payment of $28.0 million in cash: •An exclusive option from Perspective to negotiate for an exclusive license under the rights of Perspective and its affiliates to Perspective’s Pb212-VMT-⍺-NET, a clinical stage alpha therapy developed for the treatment of neuroendocrine tumors, to develop, manufacture, commercialize and otherwise exploit the VMT-α-NET Product. •A right to co-fund the investigational new drug application (“IND”) enabling studies for early-stage therapeutic candidates targeting prostate-specific membrane antigen and gastrin releasing peptide receptor and, prior to IND filing, a right to negotiate for an exclusive license to such candidates. •A right of first offer and last look protections for any third party merger and acquisition transactions involving Perspective for a twelve-month period. Costs of IPR&D projects acquired as part of an asset acquisition that have no alternative future use are expensed when incurred, and therefore, a charge of $28.0 million was recognized in research and development expenses during the three months ended March 31, 2024. Also effective January 8, 2024, the Company entered into an agreement with Perspective to transfer the Somerset Facility and the associated assets at the Somerset Facility for $8.0 million. The transfer of the sublease and completion of the asset sale occurred on March 1, 2024 at which time the Company had no further continuing legal obligations related to the lease. See Note 7, "Property, Plant and Equipment, Net" for additional details. On June 14, 2024 Perspective effected a 1-for-10 reverse stock split, after which the Company held 11,677,339 shares of Perspective’s common stock. On June 15, 2024, the Company entered into an agreement with Radiopharm Theranostics Limited (“Radiopharm”) to acquire all of Radiopharm’s rights to two licensed preclinical assets for an upfront payment of $2.0 million. The Company acquired global exclusive rights to both an LRRC15-targeted monoclonal antibody referred to as DUNP19 and to a Trophoblast cell surface antigen 2 (“TROP2”)-targeted nanobody. LRRC15 is a potential first-in-class, highly specific monoclonal antibody radio-conjugate with both Orphan Drug and Rare Pediatric Disease designations from the FDA for the treatment of osteosarcoma. The agent is designed to target the surrounding tumor micro-environment cells expressing the protein potentially treating a broad range of cancers. The TROP2-targeted nanobody radio-conjugate is designed to target TROP2, an intracellular calcium signal transducer that is overexpressed in various types of adenocarcinomas with minimal expression in normal tissues and is associated with tumor aggressiveness, poor prognosis and drug resistance. In connection with this acquisition, the Company is assuming the underlying license agreements related to the two preclinical assets, together with their respective milestone and royalty payment obligations. The Company could pay up to an additional $20.0 million in milestone payments upon achievement of specified regulatory milestones. The Company could also pay up to an additional $6.5 million in sales milestone payments upon the achievement of specified annual commercial sales thresholds in the event the Company pursues commercialization as well as royalty payments for commercial sales. Costs of IPR&D projects acquired as part of an asset acquisition that have no alternative future use are expensed when incurred, and therefore, a charge of $2.0 million was recognized in research and development expenses during the three months ended June 30, 2024. The Company also entered an agreement with Radiopharm to make an initial equity investment of approximately $5.0 million to purchase 149,625,180 Radiopharm shares at the fair market offering price of $0.03 per share. Included within the agreement is an option to invest an additional $5.0 million within six months on the same terms which would result in the Company purchasing approximately an additional 149,925,040 Radiopharm shares. The aforementioned agreement is predicated on the approval of Radiopharm’s shareholder vote that is expected to occur in the third quarter of 2024. On June 18, 2024, the Company acquired Meilleur, including its investigational asset NAV-4694, an F 18-labeled PET imaging agent that targets beta amyloids in Alzheimer’s disease. The Company determined that upon review of the Meilleur acquisition, the transaction did not meet the definition of a business combination and is therefore treated as an asset acquisition. The Company made an upfront payment of approximately $32.9 million to the Meilleur Stockholders on June 18, 2024 and expects to pay an additional $10.0 million upon successful completion of a technology transfer. The Company could pay up to an additional $43.0 million in milestone payments upon achievement of specified U.S. regulatory milestones related to NAV-4694. The Meilleur Stockholders are also eligible to receive up to $830.0 million in sales milestone payments upon the achievement of specified annual commercial sales thresholds of NAV-4694 in the event the Company pursues commercialization as well as up to $5.0 million in research milestones upon achievement of specified clinical studies at academic institutions thresholds. Research revenue is derived from existing partnerships with pharmaceutical companies and academic institutions that use NAV-4694 in clinical trials. Additionally, the Company could pay the Meilleur Stockholders up to double-digit royalty payments for research revenue and, in the event the Company pursues commercialization, commercial sales. Certain members of the Meilleur Stockholders will also provide transition and clinical development services for a prescribed time following the closing of the transaction for a fair market value fee. On June 27, 2024, the Company announced it had acquired the global rights to Life Molecular Imaging’s RM2, which targets 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, for an upfront payment of $35.0 million plus a $1.0 million payment made prior to the close date. The Company could pay up to an additional 132.5 million Euros in regulatory milestone payments upon achievement of clinical trial thresholds and approvals in different regions. The Company could pay up to 280.0 million Euros in sales milestone payments upon the achievement of specified annual commercial sales threshold of RM2 in the event the Company pursues commercialization. Additionally, the Company could pay up to 25.0 million Euros for collaboration payments inclusive of all costs including employee costs, payments due to Universities, out-of-pocket expenses and services costs, as well as up to 5.0 million Euros for any additional development services performed by Life Molecular Imaging during the 24-month period immediately following the close date. Costs of IPR&D projects acquired as part of an asset acquisition that have no alternative future use are expensed when incurred, and therefore, a charge of $36.0 million was recognized in research and development expenses during the three months ended June 30, 2024. Global rights are exclusive for therapeutic fields in all countries and diagnostic fields in the Americas and co-exclusive with Life Molecular Imaging for diagnostic fields outside of the Americas. 68Ga-DOTA-RM2 targets cancers overexpressing GRPR, such as prostate, breast, lung, pancreatic, colorectal, gastric and ovarian cancers and has been extensively studied in various tumor types.

Fair Value of Financial Instruments - Schedule of Quantitative Information and Assumptions Pertaining to the Fair Value Measurement of the Level 3 Inputs (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities	$ 2,800	$ 2,700
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities	2,800	2,700
Level 3 \| 1095 commercialization milestone
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities	1,800	1,800
Level 3 \| Net sales targets - AZEDRA and 1095
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities	$ 1,000	$ 900
Level 3 \| Probability adjusted discounted cash flow model \| Probability of success \| 1095 commercialization milestone
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input, percentage	0.40	0.40
Level 3 \| Probability adjusted discounted cash flow model \| Discount rate \| 1095 commercialization milestone
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input, percentage	0.045	0.041
Level 3 \| Monte Carlo simulation \| Probability of success \| Net sales targets - AZEDRA and 1095 \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input, percentage	0	0
Level 3 \| Monte Carlo simulation \| Probability of success \| Net sales targets - AZEDRA and 1095 \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input, percentage	0.40	0.40
Level 3 \| Monte Carlo simulation \| Discount rate \| Net sales targets - AZEDRA and 1095
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input, percentage	0.15	0.15

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements include the accounts of Lantheus and have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement have been included. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ended December 31, 2024 or any future period. The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all the information and notes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities Exchange Commission (“SEC”) on February 22, 2024.
Investments	Investments Equity investments with readily determinable fair values for which the Company does not have significant influence over the investee are measured at fair value on a recurring basis. Equity investments without readily determinable fair values for which the Company does not have significant influence over the investee are measured at cost with adjustments for observable changes in price or impairments (referred to as the measurement alternative). For equity investments for which the Company does not have significant influence over the investee, changes in the value of unsold equity investments are recorded in investment in equity securities – unrealized gain (loss). Equity investments for which the Company has significant influence over the investee are measured using the equity method unless the Company elects to apply the fair value option to account for the investment.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires all public entities, including public entities with a single reportable segment, to provide in interim and annual periods one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires disclosures of significant segment expenses and other segment items as well as incremental qualitative disclosures. The guidance in this update is effective for fiscal years beginning after December 15, 2023, and interim periods after December 15, 2024. The Company is currently in the process of evaluating the effects of this pronouncement on our related disclosures. In December 2023, the FASB also issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact of this pronouncement on our related disclosures.

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive (loss) income, net of tax	$ 0		$ 0
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	815,892,000	$ 447,147,000
Other comprehensive (loss) income before reclassifications	(173,000)	307,000
Ending balance	1,026,685,000	552,645,000
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,037,000)	(1,259,000)
Other comprehensive (loss) income before reclassifications	(173,000)	307,000
Ending balance	(1,210,000)	(952,000)
Accumulated other comprehensive (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,037,000)	(1,259,000)
Ending balance	$ (1,210,000)	$ (952,000)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Inventory (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Raw materials	$	29,571	$	31,259
Work in process	20,108		13,807
Finished goods	20,837		18,963
Total inventory	$	70,516	$	64,029

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 62,073	$ 131,066	$ 94,131	$ (2,807)	$ 193,139	$ 91,324

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

15. Leases

Operating and finance lease assets and liabilities are as follows:


(in thousands)	Classification	June 30, 2024		December 31, 2023
Assets
Operating	Other long-term assets	$	42,541	$	45,325
Finance	Property, plant and equipment, net	1,427		1,438
Total leased assets		$	43,968	$	46,763
Liabilities
Current
Operating	Accrued expenses and other liabilities	$	2,094	$	1,904
Finance	Current portion of long-term debt and other borrowings	868		823
Noncurrent
Operating	Other long-term liabilities	54,125		54,453
Finance	Long-term debt, net and other borrowings	362		625
Total leased liabilities		$	57,449	$	57,805

On May 4, 2023, the Company entered into a modification to the operating lease for office space in Bedford, Massachusetts (the “Existing Premises”) that was executed in February 2022. The lease commenced and was recorded in December 2022 for $11.0 million and the initial term was set to expire in June 2031. The lease modification includes a lease of additional office and laboratory space at the Bedford location (the “Additional Premises”) for a term of 15 years and 4 months and extends the term of the lease for the Existing Premises to be coterminous with the term of the lease for the Additional Premises. As a result of the extended term for the Existing Premises, the Company recorded an additional right-of-use asset and liability of $6.0 million in May 2023. The modification also contains a provision to convert the rent schedule of the Existing Premises from gross to triple net in 2024, which may result in an additional adjustment to the right-of-use asset and liability. In September 2023, the landlord provided notice to the Company that its renovations of the Additional Premises were completed. As a result of the notice, the Company recorded an additional right-of-use asset and liability of $23.5 million as of September 1, 2023. To determine the value of the additional right-of-use asset and liability, the Company was required to calculate the discount rate of the lease modification. The discount rate was determined based on the expected lease term and by comparing interest rates in the market for similar borrowings with comparable credit quality of the Company. The lease for the Additional Premises allows for the extension of five years to begin immediately upon the expiration of the original term.

On March 1, 2024, the Company transferred the sublease and completed the asset sale of the Somerset Facility. See Note 7, "Property, Plant and Equipment, Net" for further discussion on the sublease transfer.

Other information related to leases were as follows:


	June 30, 2024	December 31, 2023
Weighted-average remaining lease term (Years):
Operating leases	13.2	13.5
Finance leases	2.4	2.3
Weighted-average discount rate:
Operating leases	7.4%	7.3%
Finance leases	7.4%	6.2%

Leases

15. Leases

Operating and finance lease assets and liabilities are as follows:


(in thousands)	Classification	June 30, 2024		December 31, 2023
Assets
Operating	Other long-term assets	$	42,541	$	45,325
Finance	Property, plant and equipment, net	1,427		1,438
Total leased assets		$	43,968	$	46,763
Liabilities
Current
Operating	Accrued expenses and other liabilities	$	2,094	$	1,904
Finance	Current portion of long-term debt and other borrowings	868		823
Noncurrent
Operating	Other long-term liabilities	54,125		54,453
Finance	Long-term debt, net and other borrowings	362		625
Total leased liabilities		$	57,449	$	57,805

Other information related to leases were as follows:


	June 30, 2024	December 31, 2023
Weighted-average remaining lease term (Years):
Operating leases	13.2	13.5
Finance leases	2.4	2.3
Weighted-average discount rate:
Operating leases	7.4%	7.3%
Finance leases	7.4%	6.2%

Other Income

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Other Income

17. Other Income

Other income consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Foreign currency (gain) loss	$	455	$	(224)	$	238	$	22
Tax indemnification income, net	—		(232)		—		(328)
Interest income	(8,924)		(4,027)		(17,472)		(7,550)

Other	(575)		1		(598)		143
Total other income, net	$	(9,044)	$	(4,482)	$	(17,832)	$	(7,713)

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2022		68,851
Beginning balance at Dec. 31, 2022	$ 447,147	$ 689	$ (75,000)	$ 715,875	$ (193,158)	$ (1,259)
Beginning balance, treasury stock (in shares) at Dec. 31, 2022			1,339
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(2,807)				(2,807)
Other comprehensive (loss) income	(119)					(119)
Stock option exercises and employee stock plan purchases (in shares)		120
Stock option exercises and employee stock plan purchases	2,782	$ 1		2,781
Vesting of restricted stock awards and units (in shares)		813
Vesting of restricted stock awards and units	0	$ 8		(8)
Shares withheld to cover taxes (in shares)		(154)
Shares withheld to cover taxes	(11,154)	$ (2)		(11,152)
Stock-based compensation	9,667			9,667
Ending balance (in shares) at Mar. 31, 2023		69,630
Ending balance at Mar. 31, 2023	445,516	$ 696	$ (75,000)	717,163	(195,965)	(1,378)
Ending balance, treasury stock (in shares) at Mar. 31, 2023			1,339
Beginning balance (in shares) at Dec. 31, 2022		68,851
Beginning balance at Dec. 31, 2022	447,147	$ 689	$ (75,000)	715,875	(193,158)	(1,259)
Beginning balance, treasury stock (in shares) at Dec. 31, 2022			1,339
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	91,324
Ending balance (in shares) at Jun. 30, 2023		69,755
Ending balance at Jun. 30, 2023	552,645	$ 698	$ (75,000)	729,733	(101,834)	(952)
Ending balance, treasury stock (in shares) at Jun. 30, 2023			1,339
Beginning balance (in shares) at Mar. 31, 2023		69,630
Beginning balance at Mar. 31, 2023	445,516	$ 696	$ (75,000)	717,163	(195,965)	(1,378)
Beginning balance, treasury stock (in shares) at Mar. 31, 2023			1,339
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	94,131				94,131
Other comprehensive (loss) income	426					426
Stock option exercises and employee stock plan purchases (in shares)		73
Stock option exercises and employee stock plan purchases	1,347	$ 1		1,346
Vesting of restricted stock awards and units (in shares)		68
Vesting of restricted stock awards and units	0	$ 1		(1)
Shares withheld to cover taxes (in shares)		(16)
Shares withheld to cover taxes	(1,467)			(1,467)
Stock-based compensation	12,692			12,692
Ending balance (in shares) at Jun. 30, 2023		69,755
Ending balance at Jun. 30, 2023	$ 552,645	$ 698	$ (75,000)	729,733	(101,834)	(952)
Ending balance, treasury stock (in shares) at Jun. 30, 2023			1,339
Beginning balance (in shares) at Dec. 31, 2023	69,863	69,863
Beginning balance at Dec. 31, 2023	$ 815,892	$ 699	$ (75,000)	757,727	133,503	(1,037)
Beginning balance, treasury stock (in shares) at Dec. 31, 2023	1,339		1,339
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 131,066				131,066
Other comprehensive (loss) income	(141)					(141)
Stock option exercises and employee stock plan purchases (in shares)		86
Stock option exercises and employee stock plan purchases	2,757	$ 1		2,756
Vesting of restricted stock awards and units (in shares)		988
Vesting of restricted stock awards and units	0	$ 9		(9)
Shares withheld to cover taxes (in shares)		(302)
Shares withheld to cover taxes	(19,418)	$ (3)		(19,415)
Stock-based compensation	15,384			15,384
Ending balance (in shares) at Mar. 31, 2024		70,635
Ending balance at Mar. 31, 2024	$ 945,540	$ 706	$ (75,000)	756,443	264,569	(1,178)
Ending balance, treasury stock (in shares) at Mar. 31, 2024			1,339
Beginning balance (in shares) at Dec. 31, 2023	69,863	69,863
Beginning balance at Dec. 31, 2023	$ 815,892	$ 699	$ (75,000)	757,727	133,503	(1,037)
Beginning balance, treasury stock (in shares) at Dec. 31, 2023	1,339		1,339
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 193,139
Ending balance (in shares) at Jun. 30, 2024	70,750	70,750
Ending balance at Jun. 30, 2024	$ 1,026,685	$ 708	$ (75,000)	775,545	326,642	(1,210)
Ending balance, treasury stock (in shares) at Jun. 30, 2024	1,339		1,339
Beginning balance (in shares) at Mar. 31, 2024		70,635
Beginning balance at Mar. 31, 2024	$ 945,540	$ 706	$ (75,000)	756,443	264,569	(1,178)
Beginning balance, treasury stock (in shares) at Mar. 31, 2024			1,339
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	62,073				62,073
Other comprehensive (loss) income	(32)					(32)
Stock option exercises and employee stock plan purchases (in shares)		68
Stock option exercises and employee stock plan purchases	1,549	$ 1		1,548
Vesting of restricted stock awards and units (in shares)		58
Vesting of restricted stock awards and units	0	$ 1		(1)
Shares withheld to cover taxes (in shares)		(11)
Shares withheld to cover taxes	(924)			(924)
Stock-based compensation	$ 18,479			18,479
Ending balance (in shares) at Jun. 30, 2024	70,750	70,750
Ending balance at Jun. 30, 2024	$ 1,026,685	$ 708	$ (75,000)	$ 775,545	$ 326,642	$ (1,210)
Ending balance, treasury stock (in shares) at Jun. 30, 2024	1,339		1,339

Net Income Per Common Share- Narrative (Details) - $ / shares	Jun. 30, 2024	Dec. 08, 2022
2.625% Convertible Senior Notes due 2027 \| Convertible Debt
Debt Instrument [Line Items]
Initial conversion price (in dollars per share)	$ 79.81	$ 79.81

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	70,750,000	69,863,000
Common stock, shares outstanding (in shares)	70,750,000	69,863,000
Treasury stock, shares (in shares)	1,339,000	1,339,000

Derivative Instruments	6 Months Ended
Derivative Instruments	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	12. Derivative Instruments The Company has used, but does not currently use, interest rate swaps to reduce the variability in cash flows associated with portions of the Company’s interest payments on variable rate debt.

Accrued Expenses, Other Liabilities and Other Long-Term Liabilities

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses, Other Liabilities and Other Long-Term Liabilities

8. Accrued Expenses, Other Liabilities and Other Long-Term Liabilities

Accrued expenses, other liabilities and other long-term liabilities are comprised of the following:


(in thousands)	June 30, 2024		December 31, 2023
Compensation and benefits	$	30,629	$	36,331
Freight, distribution and operations	85,778		67,529
Accrued rebates, discounts and chargebacks	17,247		16,070
Accrued professional fees	18,819		10,244
Accrued research and development expenses	43,371		3,258
Other	16,799		11,906
Total accrued expenses and other liabilities	$	212,643	$	145,338

Operating lease liabilities (Note 15)	$	54,125	$	54,453
Long-term contingent liabilities (Note 4)	2,800		2,700
Other long-term liabilities	6,618		6,168
Total other long-term liabilities	$	63,543	$	63,321

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 757,018	$ 713,656
Accounts receivable, net	372,288	284,292
Inventory	70,516	64,029
Other current assets	24,165	16,683
Assets held for sale	7,159	7,159
Total current assets	1,231,146	1,085,819
Investment in equity securities	116,423	0
Property, plant and equipment, net	158,158	146,697
Intangibles, net	172,239	151,985
Goodwill	61,189	61,189
Deferred tax assets, net	151,185	150,198
Other long-term assets	49,491	55,261
Total assets	1,939,831	1,651,149
Current liabilities
Current portion of long-term debt and other borrowings	868	823
Accounts payable	49,774	41,189
Accrued expenses and other liabilities	212,643	145,338
Total current liabilities	263,285	187,350
Asset retirement obligations	23,130	22,916
Long-term debt, net and other borrowings	563,188	561,670
Other long-term liabilities	63,543	63,321
Total liabilities	913,146	835,257
Commitments and contingencies (See Note 18)
Stockholders’ equity
Preferred stock ($0.01 par value, 25,000 shares authorized; no shares issued and outstanding)	0	0
Common stock ($0.01 par value, 250,000 shares authorized; 70,750 and 69,863 shares issued as of June 30, 2024 and December 31, 2023, respectively)	708	699
Additional paid-in capital	775,545	757,727
Treasury Stock at cost - 1,339 shares as of June 30, 2024 and December 31, 2023	(75,000)	(75,000)
Retained earnings	326,642	133,503
Accumulated other comprehensive loss	(1,210)	(1,037)
Total stockholders’ equity	1,026,685	815,892
Total liabilities and stockholders’ equity	$ 1,939,831	$ 1,651,149

Acquisition of Assets (Details) $ / shares in Units, $ in Thousands, € in Millions								1 Months Ended		3 Months Ended			6 Months Ended
	Jun. 27, 2024 USD ($)	Jun. 27, 2024 EUR (€)	Jun. 26, 2024 USD ($)	Jun. 18, 2024 USD ($)	Jun. 15, 2024 USD ($) licensed_asset $ / shares shares	Jun. 01, 2024 shares	Jan. 08, 2024 USD ($)	May 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 06, 2024 $ / shares shares	Jan. 22, 2024 $ / shares shares
Asset Acquisition [Line Items]
Acquisition of exclusive license option															$ 28,000	$ 0
Research and development										$ 60,601		$ 15,901			$ 108,625	$ 46,433
Perspective Therapeutics, Inc
Asset Acquisition [Line Items]
Conversion ratio						0.1
Radiopharm Theranostics Limited
Asset Acquisition [Line Items]
Payments to acquire equity method investments					$ 5,000
Equity investment, shares (in shares) \| shares					149,625,180
Share price (in dollars per share) \| $ / shares					$ 0.03
Forecast \| Radiopharm Theranostics Limited
Asset Acquisition [Line Items]
Payments to acquire equity method investments													$ 5,000
Equity investment, shares (in shares) \| shares													149,925,040
Agreement with Perspective Therapeutics, Inc
Asset Acquisition [Line Items]
Disposal group consideration							$ 8,000
Perspective Therapeutics, Inc
Asset Acquisition [Line Items]
Research and development											$ 28,000
Perspective Therapeutics, Inc \| Licenses
Asset Acquisition [Line Items]
Acquisition of exclusive license option							$ 28,000
Perspective Therapeutics, Inc
Asset Acquisition [Line Items]
Subsidiary, ownership percentage, noncontrolling owner																	19.90%
Shares owned (in shares) \| shares						11,677,339
Perspective Therapeutics, Inc, Fully Diluted Basis
Asset Acquisition [Line Items]
Subsidiary, ownership percentage, noncontrolling owner																	17.35%
Perspective Common Stock
Asset Acquisition [Line Items]
Shares acquired (in shares) \| shares																	60,431,039	56,342,355
Percentage of acquired interest																		11.39%
Share price (in dollars per share) \| $ / shares																	$ 0.95	$ 0.37
Cerveau Technologies, Inc
Asset Acquisition [Line Items]
Payment for acquisitions								$ 10,000	$ 35,300
Asset acquisition, additional milestone payments									51,000
Cerveau Technologies, Inc \| Sales Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments									1,200,000
Cerveau Technologies, Inc \| Research Revenue Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments									$ 13,500
Radiopharm Theranostics Limited
Asset Acquisition [Line Items]
Payment for acquisitions					$ 2,000
Asset acquisition, additional milestone payments					$ 20,000
Research and development										2,000
Number of licensed asset acquired \| licensed_asset					2
Radiopharm Theranostics Limited \| Sales Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments					$ 6,500
Meilleur Technologies, Inc
Asset Acquisition [Line Items]
Payment for acquisitions				$ 32,900
Asset acquisition, additional milestone payments				43,000
Meilleur Technologies, Inc \| Forecast
Asset Acquisition [Line Items]
Payment for acquisitions														$ 10,000
Meilleur Technologies, Inc \| Sales Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments				830,000
Meilleur Technologies, Inc \| Research Revenue Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments				$ 5,000
Life Molecular Imaging, RM2 Technology
Asset Acquisition [Line Items]
Payment for acquisitions	$ 35,000		$ 1,000
Research and development										$ 36,000
Life Molecular Imaging, RM2 Technology \| Sales Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments \| €		€ 280.0
Life Molecular Imaging, RM2 Technology \| Regulatory Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments \| €		132.5
Life Molecular Imaging, RM2 Technology \| Collaboration Payments
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments \| €		25.0
Life Molecular Imaging, RM2 Technology \| Development Services
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments \| €		€ 5.0
Additional development services performed, term	24 months	24 months

Fair Value of Financial Instruments - Schedule of Financial Instruments with Significant Level 3 Inputs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Financial Liabilities
Fair value, beginning of period	$ 2,700	$ 111,600
Changes in fair value included in net income	100	(8,975)
Cash payments	0	(99,625)
Fair value, end of period	$ 2,800	$ 3,000

Asset Retirement Obligations - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Obligation expected to be incurred	$ 25.1
Financial assurance in form of surety bond	$ 30.3

Revenue from Contracts with Customers - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 product_category
Revenue from Contract with Customer [Abstract]
Number of product categories	3

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

5. Income Taxes

The Company calculates income taxes at the end of each reporting period based on the estimated effective tax rate for the full year, adjusted for any discrete events which are recorded in the period they occur. Cumulative adjustments to the tax provision are recorded in the reporting period in which a change in the estimated annual effective tax rate is determined. The Company’s income tax expense and effective tax rate are presented below:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2024			2023			2024			2023
Income tax expense	$	22,301		$	29,557		$	62,503		$	21,260
Effective tax rate	26.4		%	23.9		%	24.4		%	18.9		%

The increase in the effective income tax rate for the three and six months ended June 30, 2024 is primarily due to the decrease in the Company’s stock compensation deductions and the change in fair value of our contingent consideration liabilities.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Investments Equity investments with readily determinable fair values for which the Company does not have significant influence over the investee are measured at fair value on a recurring basis. Equity investments without readily determinable fair values for which the Company does not have significant influence over the investee are measured at cost with adjustments for observable changes in price or impairments (referred to as the measurement alternative). For equity investments for which the Company does not have significant influence over the investee, changes in the value of unsold equity investments are recorded in investment in equity securities – unrealized gain (loss). Equity investments for which the Company has significant influence over the investee are measured using the equity method unless the Company elects to apply the fair value option to account for the investment. Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires all public entities, including public entities with a single reportable segment, to provide in interim and annual periods one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires disclosures of significant segment expenses and other segment items as well as incremental qualitative disclosures. The guidance in this update is effective for fiscal years beginning after December 15, 2023, and interim periods after December 15, 2024. The Company is currently in the process of evaluating the effects of this pronouncement on our related disclosures. In December 2023, the FASB also issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact of this pronouncement on our related disclosures.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

14. Stock-Based Compensation

The following table presents stock-based compensation expense recognized in the Company’s accompanying condensed consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Cost of goods sold	$	2,870	$	2,231	$	5,502	$	3,873
Sales and marketing	3,076		1,959		5,868		4,221
General and administrative	9,768		6,670		17,531		11,072
Research and development	2,765		1,832		4,962		3,193
Total stock-based compensation expense	$	18,479	$	12,692	$	33,863	$	22,359

Basis of Presentation (Details) - USD ($) $ in Thousands	Feb. 20, 2020	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Business combination, consideration transferred, equity interests issued (in shares)	26,844,877
Business combination common stock under contingent value right (in shares)	86,630,633
Contingent consideration liabilities		$ 2,800	$ 2,700
Progenics
Business Acquisition [Line Items]
Aggregate cash payments percentage	40.00%
Percentage of total contingent consideration under CVRs	19.90%
Business combination contingent value right of total consideration	$ 99,600
Progenics \| Cash Payments 2022
Business Acquisition [Line Items]
Contingent consideration liabilities	100,000
Progenics \| Cash Payments 2023
Business Acquisition [Line Items]
Contingent consideration liabilities	$ 150,000

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Investment securities	$ 116,423
Total assets	692,397	$ 574,131
Liabilities:
Contingent consideration liabilities	2,800	2,700
Total liabilities	2,800	2,700
Level 1
Assets:
Investment securities	116,423
Total assets	692,397	574,131
Liabilities:
Contingent consideration liabilities	0	0
Total liabilities	0	0
Level 2
Assets:
Investment securities	0
Total assets	0	0
Liabilities:
Contingent consideration liabilities	0	0
Total liabilities	0	0
Level 3
Assets:
Investment securities	0
Total assets	0	0
Liabilities:
Contingent consideration liabilities	2,800	2,700
Total liabilities	2,800	2,700
Money market funds
Assets:
Money market funds	575,974	574,131
Money market funds \| Level 1
Assets:
Money market funds	575,974	574,131
Money market funds \| Level 2
Assets:
Money market funds	0	0
Money market funds \| Level 3
Assets:
Money market funds	$ 0	$ 0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income	$ 193,139	$ 91,324
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation, amortization and accretion	30,264	30,375
Impairment of long-lived assets	0	138,050
Amortization of debt related costs	2,145	2,155
Changes in fair value of contingent assets and liabilities	100	(8,975)
Provision for excess and obsolete inventory	1,925	3,179
Stock-based compensation	33,863	22,359
Gain on disposal of assets	(6,254)	0
Unrealized gain on investment in equity securities	(38,167)	0
Charges incurred in connection with acquired IPR&D	66,000	0
Deferred taxes	(7,629)	(39,616)
Long-term indemnification receivable	0	(327)
Long-term income tax payable and other long-term liabilities	1,588	1,386
Other	4,582	1,735
Changes in assets and liabilities which provided (used) cash:
Accounts receivable	(88,028)	(39,078)
Inventory	(7,975)	(19,255)
Other current assets	3,166	(9,260)
Other long-term assets	(353)	0
Accounts payable	6,873	14,186
Accrued expenses and other liabilities	16,719	(112,004)
Net cash provided by operating activities	211,958	76,234
Investing activities
Capital expenditures	(19,448)	(19,865)
Acquisition of assets, net	(33,911)	(45,345)
Proceeds from sale of assets	8,000	0
Purchases of investment in equity securities	(78,256)	0
Acquisition of exclusive license option	(28,000)	0
Net cash used in investing activities	(151,615)	(65,210)
Financing activities
Payments on long-term debt and other borrowings	(628)	(528)
Contingent value rights settlement	0	(3,700)
Proceeds from stock option exercises	2,483	3,189
Proceeds from issuance of common stock	1,823	940
Payments for minimum statutory tax withholding related to net share settlement of equity awards	(20,424)	(12,621)
Net cash used in financing activities	(16,746)	(12,720)
Effect of foreign exchange rates on cash, cash equivalents and restricted cash	(213)	139
Net increase (decrease) in cash, cash equivalents and restricted cash	43,384	(1,557)
Cash, cash equivalents and restricted cash, beginning of period	715,285	417,241
Cash, cash equivalents and restricted cash, end of period	758,669	415,684
Reconciliation to amounts within the condensed consolidated balance sheets
Cash and cash equivalents	757,018	414,076
Restricted cash included in other long-term assets	1,651	1,608
Cash, cash equivalents and restricted cash at end of period	758,669	415,684
Schedule of non-cash investing and financing activities
Additions of property, plant and equipment included in liabilities	7,937	9,826
Acquisition of IPR&D included in liabilities	37,000	0
Lease liability settled through transfer of lease	$ 376	$ 0

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present information about the Company’s assets and liabilities measured at fair value on a recurring basis:


	June 30, 2024
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	575,974	$	575,974	$	—	$	—
Investment securities	116,423		116,423		—		—

Total assets	$	692,397	$	692,397	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	2,800	$	—	$	—	$	2,800
Total liabilities	$	2,800	$	—	$	—	$	2,800


	December 31, 2023
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	574,131	$	574,131	$	—	$	—


Total assets	$	574,131	$	574,131	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	2,700	$	—	$	—	$	2,700
Total liabilities	$	2,700	$	—	$	—	$	2,700

Schedule of Quantitative Information and Assumptions Pertaining to the Fair Value Measurement of the Level 3 Inputs

The following tables summarize quantitative information and assumptions pertaining to the fair value measurement of liabilities using Level 3 inputs at June 30, 2024.


	Fair Value at						Assumptions
(in thousands)	June 30, 2024		December 31, 2023		Valuation Technique	Unobservable Input	June 30, 2024		December 31, 2023
Contingent consideration liability:



1095 commercialization milestone	1,800		1,800		Probability adjusted discounted cash flow model
						Period of expected milestone achievement	2026		2026
						Probability of success	40	%	40	%
						Discount rate	4.5	%	4.1	%



Net sales targets - AZEDRA and 1095	1,000		900		Monte Carlo simulation
						Probability of success and sales targets	0% - 40%		0% - 40%
						Discount rate	15%		15%
Total	$	2,800	$	2,700

Schedule of Financial Instruments with Significant Level 3 Inputs

For those financial instruments with significant Level 3 inputs, the following table summarizes the activities for the periods indicated:


	Financial Liabilities
(in thousands)	Six Months Ended June 30,
		2024		2023
Fair value, beginning of period		$	2,700	$	111,600

Changes in fair value included in net income		100		(8,975)
Cash payments		—		(99,625)
Fair value, end of period		$	2,800	$	3,000

Long-Term Debt, Net, and Other Borrowings - Schedule of Maturities of Principal Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Remainder of 2024	$ 0
2025	0
2026	0
2027	575,000
Total principal outstanding	575,000
Unamortized debt issuance costs	(12,174)
Finance lease liabilities	1,230
Total	564,056
Less: current portion	(868)
Total long-term debt, net and other borrowings	$ 563,188	$ 561,670

Intangibles, Net - Schedule of Intangibles Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Aug. 02, 2023
Finite-Lived Intangible Assets [Line Items]
Total, cost	$ 369,180	$ 328,968
Accumulated Amortization	(196,941)	(176,983)
Total	172,239
Total, net	172,239	151,985
Trademarks
Finite-Lived Intangible Assets [Line Items]
Cost	13,540	13,540
Accumulated Amortization	(12,289)	(12,216)
Total	$ 1,251	$ 1,324
Trademarks \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	15 years	15 years
Trademarks \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	25 years	25 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Cost	$ 157,901	$ 157,995
Accumulated Amortization	(127,143)	(117,574)
Total	$ 30,758	$ 40,421
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	15 years	15 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	25 years	25 years
Currently marketed products
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	9 years
Cost	$ 132,800	$ 132,800
Accumulated Amortization	(45,655)	(38,277)
Total	$ 87,145	$ 94,523
Currently marketed products \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)		9 years
Currently marketed products \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	15 years	15 years
Licenses
Finite-Lived Intangible Assets [Line Items]
Cost	$ 22,233	$ 22,233	$ 63,600
Accumulated Amortization	(10,587)	(7,972)	$ (17,500)
Total	$ 11,646	$ 14,261
Licenses \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	11 years	11 years
Licenses \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	16 years	16 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)		9 years
Cost	$ 42,706	$ 2,400
Accumulated Amortization	(1,267)	(944)
Total	$ 41,439	$ 1,456
Developed technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	7 years
Developed technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	9 years

Accumulated Other Comprehensive (Loss) Income

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive (Loss) Income

13. Accumulated Other Comprehensive (Loss) Income

The components of accumulated other comprehensive (loss) income, net of tax of zero for the six months ended June 30, 2024 and 2023 consisted of the following:


(in thousands)	Foreign currency translation		Accumulated other comprehensive (loss)
Balance at January 1, 2024	$	(1,037)	$	(1,037)
Other comprehensive loss before reclassifications	(173)		(173)

Balance at June 30, 2024	$	(1,210)	$	(1,210)

Balance at January 1, 2023	$	(1,259)	$	(1,259)
Other comprehensive income before reclassifications	307		307

Balance at June 30, 2023	$	(952)	$	(952)

Asset Retirement Obligations - Schedule of Changes in Asset Retirement Obligations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at the beginning of the period	$ 22,916
Accretion expense	214
Balance at the ending of the period	$ 23,130

Long-Term Debt, Net, and Other Borrowings (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Maturities of Principal Obligations

As of June 30, 2024, the Company’s maturities of principal obligations under its long-term debt and other borrowings are as follows:


(in thousands)	Amount
Remainder of 2024	$	—
2025	—
2026	—
2027	575,000


Total principal outstanding	575,000

Unamortized debt issuance costs	(12,174)

Finance lease liabilities	1,230

Total	564,056
Less: current portion	(868)
Total long-term debt, net and other borrowings	$	563,188

Long-Term Debt, Net, and Other Borrowings - Narrative (Details)			1 Months Ended	3 Months Ended	6 Months Ended
	Dec. 08, 2022 USD ($) $ / shares	Dec. 05, 2022	Dec. 31, 2022 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2024 USD ($) financial_covenant $ / shares
2022 Facility Covenants
Debt Instrument [Line Items]
Number of covenants \| financial_covenant					2
Minimum interest coverage ratio				3.00	3.00
Debt instrument, covenant leverage ratio					3.50
Convertible Debt
Debt Instrument [Line Items]
Extinguishment of debt	$ 75,000,000
Convertible Debt \| 2.625% Convertible Senior Notes due 2027
Debt Instrument [Line Items]
Debt instrument face amount	$ 575,000,000
Interest rate	2.625%
Proceeds from convertible debt	$ 557,800,000
Conversion ratio	0.0178539	0.0125291
Initial conversion price (in dollars per share) \| $ / shares	$ 79.81			$ 79.81	$ 79.81
Share price (in dollars per share) \| $ / shares	$ 56.01
Initial conversion premium	42.50%
Debt instrument, stock price percentage	130.00%
Purchase price as a percentage of principal amount	100.00%
Long-term debt				$ 575,000,000	$ 575,000,000
Debt instrument, unamortized discount				0	0
Debt instrument, fair value				715,100,000	715,100,000
Interest expense, debt				$ 3,800,000	$ 7,500,000
Maximum \| Convertible Debt \| 2.625% Convertible Senior Notes due 2027
Debt Instrument [Line Items]
Debt instrument, covenant percentage of additional interest				0.50%	0.50%
Minimum \| Convertible Debt \| 2.625% Convertible Senior Notes due 2027
Debt Instrument [Line Items]
Debt instrument, covenant percentage of additional interest				0.25%	0.25%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Commitment fee amount			$ 350,000,000
Debt instrument term			5 years
Outstanding borrowings				$ 0	$ 0
Revolving Credit Facility \| Maximum \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 350,000,000
Line of credit facility, accordion feature, higher borrowing capacity option			$ 335,000,000
Revolving Credit Facility \| Maximum \| Line of Credit \| SOFR
Debt Instrument [Line Items]
Debt instrument, basis rate			2.50%
Revolving Credit Facility \| Maximum \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis rate			1.50%
Revolving Credit Facility \| Maximum \| Line of Credit \| Net Leverage Ratio
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage			0.35%
Revolving Credit Facility \| Minimum \| Line of Credit \| SOFR
Debt Instrument [Line Items]
Debt instrument, basis rate			1.50%
Revolving Credit Facility \| Minimum \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis rate			0.50%
Revolving Credit Facility \| Minimum \| Line of Credit \| Net Leverage Ratio
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage			0.15%
Letter of Credit \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 20,000,000
Bridge Loan \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 10,000,000

Leases - Schedule of Other Information Related to Leases (Details)	Jun. 30, 2024	Dec. 31, 2023
Weighted-average remaining lease term (Years):
Operating leases	13 years 2 months 12 days	13 years 6 months
Finance leases	2 years 4 months 24 days	2 years 3 months 18 days
Weighted-average discount rate:
Operating leases	7.40%	7.30%
Finance leases	7.40%	6.20%

Asset Retirement Obligations (Tables)

6 Months Ended

Jun. 30, 2024

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Changes in Asset Retirement Obligations

The following table provides a summary of the changes in the Company’s carrying value of asset retirement obligations:


(in thousands)	Amount
Balance at January 1, 2024	$	22,916
Accretion expense	214

Balance at June 30, 2024	$	23,130

Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Other Income (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Foreign currency (gain) loss	$ 455	$ (224)	$ 238	$ 22
Tax indemnification income, net	0	(232)	0	(328)
Interest income	(8,924)	(4,027)	(17,472)	(7,550)
Other	(575)	1	(598)	143
Total other income, net	$ (9,044)	$ (4,482)	$ (17,832)	$ (7,713)

Property, Plant and Equipment, Net - Schedule of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	$ 270,541	$ 253,720
Less: accumulated depreciation and amortization	(112,383)	(107,023)
Total property, plant and equipment, net	158,158	146,697
Land
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	9,480	9,480
Buildings
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	78,040	73,441
Machinery, equipment and fixtures
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	103,772	102,576
Computer software
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	52,601	27,259
Construction in progress
Property, Plant & Equipment [Line Items]
Property, plant & equipment, gross	$ 26,648	$ 40,964

Property, Plant and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant, and Equipment, Net

Property, plant and equipment, net, consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Land	$	9,480	$	9,480
Buildings	78,040		73,441
Machinery, equipment and fixtures	103,772		102,576
Computer software	52,601		27,259
Construction in progress	26,648		40,964
	270,541		253,720
Less: accumulated depreciation and amortization	(112,383)		(107,023)
Total property, plant and equipment, net	$	158,158	$	146,697

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 394,091	$ 321,700	$ 764,066	$ 622,484
Product revenue, net
Disaggregation of Revenue [Line Items]
Revenues	392,756	314,084	762,069	606,340
License and royalty revenues
Disaggregation of Revenue [Line Items]
Revenues	1,335	7,616	1,997	16,144
Total radiopharmaceutical oncology
Disaggregation of Revenue [Line Items]
Revenues	273,255	211,340	532,509	407,527
PYLARIFY
Disaggregation of Revenue [Line Items]
Revenues	273,255	210,522	532,125	405,992
Other radiopharmaceutical oncology
Disaggregation of Revenue [Line Items]
Revenues	0	818	384	1,535
Total precision diagnostics
Disaggregation of Revenue [Line Items]
Revenues	112,111	97,577	216,321	193,194
DEFINITY
Disaggregation of Revenue [Line Items]
Revenues	78,100	70,529	154,664	139,353
TechneLite
Disaggregation of Revenue [Line Items]
Revenues	28,186	21,594	49,900	42,580
Other precision diagnostics
Disaggregation of Revenue [Line Items]
Revenues	5,825	5,454	11,757	11,261
Strategic partnerships and other revenue
Disaggregation of Revenue [Line Items]
Revenues	$ 8,725	$ 12,783	$ 15,236	$ 21,763