0001628280-25-007970 | 10-K | XBRL Viewer

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Revenue from Contracts with Customers - Schedule Of Contract Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Amounts included in the contract liability at the beginning of the period	$ 447	$ 682

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

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

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


	December 31,
(in thousands)	2024		2023
Compensation and benefits	$	48,263	$	36,331
Freight, distribution and operations	85,966		67,529
Accrued rebates, discounts and chargebacks	25,248		16,070
Accrued research and development expenses	13,219		3,258
Accrued professional fees	20,308		10,244

Other	11,988		11,906
Total accrued expenses and other liabilities	$	204,992	$	145,338

Operating lease liabilities (Note 16)	$	53,185	$	54,453
Long-term contingent liability (Note 4)	—		2,700
Other long-term liabilities	9,995		6,168
Total other long-term liabilities	$	63,180	$	63,321

Intangibles, Net and Goodwill (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangibles

Intangibles, net, consisted of the following:


	December 31, 2024
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 – 25	Straight-Line	$	13,540	$	(12,363)	$	1,177
Customer relationships	15 – 25	Accelerated	157,742		(136,647)		21,095
Currently marketed product	9 – 15	Straight-Line	132,800		(53,033)		79,767
Licenses	11 – 16	Straight-Line	22,233		(13,203)		9,030
Developed technology	9	Straight-Line	55,982		(5,290)		50,692

Total			$	382,297	$	(220,536)	$	161,761


	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 product	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:


	December 31, 2024
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 – 25	Straight-Line	$	13,540	$	(12,363)	$	1,177
Customer relationships	15 – 25	Accelerated	157,742		(136,647)		21,095
Currently marketed product	9 – 15	Straight-Line	132,800		(53,033)		79,767
Licenses	11 – 16	Straight-Line	22,233		(13,203)		9,030
Developed technology	9	Straight-Line	55,982		(5,290)		50,692

Total			$	382,297	$	(220,536)	$	161,761


	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 product	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

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


(in thousands)	Amount
2025	$	32,063
2026	32,861
2027	27,335
2028	23,849
2029	23,691
2030 and thereafter	21,962
Total	$	161,761

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customers

Revenue from Contracts with Customers

Revenue Recognition

Revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods or services. To achieve this core principle, the Company applies the following five steps: (1) identify the contracts with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the Company satisfies a performance obligation.

Disaggregation of Revenue

The following table summarizes revenue by revenue source as follows:


	Year Ended December 31,
Major Products/Service Lines (in thousands)	2024		2023		2022
Product revenue, net(1)	$	1,524,782	$	1,263,068	$	887,038
License and royalty revenues(2)	9,128		33,361		48,023
Total revenues	$	1,533,910	$	1,296,429	$	935,061

______________________________

(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 of its principal products.

(2)The Company recognized $24.0 million license revenue in the first quarter of 2022 related to an agreement with Novartis Pharma AG.

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 out-licensing arrangements and partnerships for the Company’s biomarker solutions, digital solutions, and radiotherapeutic platforms, inclusive of two investigational late-stage diagnostic agents, MK-6240 and NAV-4694. On August 2, 2023, the Company sold 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. No sales-based milestone payment was earned in 2024. During the fourth quarter of 2023, the Company earned a sales-based milestone payment of $15.0 million.

On January 31, 2022, the Company entered into a global settlement agreement with Novartis Pharma AG (“Novartis”), Advanced Accelerator Applications USA, Inc., Endocyte, Inc. and their affiliates (the “Novartis Agreement”) to settle certain disputes between the parties. Under the Novartis Agreement, Novartis agreed to make a lump sum payment to the Company, as well as to reimburse the Company for certain fees and expenses in connection with certain German litigation, and the Company agreed to license certain intellectual property to Novartis. In addition, the Company agreed to supply PYLARIFY for clinical purposes at an arms-length value which will be recorded revenue in the future as product is provided. In accordance with the Company's ASC 606, “Revenue from Contracts with Customers”, assessment, Novartis is considered to be a customer. The Company determined that the $24.0 million constituted a single element which was satisfied on the date of the execution of the Novartis Agreement. The Company determined that the license of intellectual property carried a fair value of $24.0 million. As such, the Company assigned the value to the fair value of the license, which constitutes the entire transaction price and does not require further allocation. The Company determined that the $24.0 million represented the point at which the licensee was able to use and benefit from the license and recognized revenue when the license was granted to Novartis upon execution of the Novartis Agreement. The Company recognized the $24.0 million fee as revenue on its consolidated statement of operations for the quarter ended March 31, 2022. The Company received the $24.0 million payment in April 2022.

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


	Year Ended December 31,
(in thousands)	2024		2023		2022
PYLARIFY	$	1,057,834	$	851,303	$	527,405
Other radiopharmaceutical oncology	384		3,130		4,102
Total radiopharmaceutical oncology	1,058,218		854,433		531,507
DEFINITY	317,792		279,768		244,993
TechneLite	95,487		87,370		88,864
Other precision diagnostics	24,231		22,980		22,825
Total precision diagnostics	437,510		390,118		356,682
Strategic Partnerships and other revenue	38,182		51,878		46,872
Total revenues	$	1,533,910	$	1,296,429	$	935,061

Product Revenue, Net

The Company sells its products principally to hospitals, independent diagnostic testing facilities, and radiopharmacies. The Company considers customer purchase orders, which in some cases are governed by master sales or group purchasing organization agreements, to be the contracts with a customer.

For each contract, the Company considers the promise to transfer products, each of which is distinct, to be the identified performance obligations. In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled.

The Company typically invoices customers upon satisfaction of identified performance obligations. As the Company’s standard payment terms are 30 to 60 days from invoicing, the Company has elected to use the significant financing component practical expedient.

The Company allocates the transaction price to each distinct product based on their relative standalone selling price. The product price as specified on the purchase order is considered the standalone selling price as it is an observable input which depicts the price as if sold to a similar customer in similar circumstances.

Revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs upon delivery to the customer. Further, in determining whether control has transferred, the Company considers if there is a present right to payment and legal title, along with risks and rewards of ownership having transferred to the customer.

Frequently, the Company receives orders for products to be delivered over multiple dates that may extend across several reporting periods. The Company invoices for each delivery upon shipment and recognizes revenues for each distinct product delivered, assuming transfer of control has occurred.

The Company generally does not separately charge customers for shipping and handling costs, but any shipping and handling costs charged to customers are included in product revenue, net. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues.

Variable Consideration

Revenues from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established for discounts, returns, rebates and allowances that are offered within contracts between the Company and its customers. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as a current liability. Where appropriate, these estimates take into consideration a range of possible outcomes which are probability-weighted for relevant factors such as the Company’s historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the contract. The amount of variable consideration which is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the

Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company adjusts these estimates, which would affect product revenue and earnings in the period such variances become known.

Rebates and Allowances: The Company provides certain customers with rebates and allowances that are explicitly stated in the Company’s contracts and are recorded as a reduction of revenue in the period the related product revenue is recognized. The Company establishes a liability for such amounts, which is included in accrued expenses and other liabilities in the accompanying consolidated balance sheets. These rebates and allowances result from performance-based offers that are primarily based on attaining contractually specified sales volumes and administrative fees the Company is required to pay to group purchasing organizations. The Company estimates the amount of rebates and allowances that are explicitly stated in the Company’s contracts based on a combination of actual purchases and an estimate of the customer’s buying patterns.

Product Returns: The Company generally offers customers a limited right of return due to non-conforming product. The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company currently estimates product return liabilities using its historical product return information and considers other factors that it believes could significantly impact its expected returns, including product recalls. Reserves for product returns are not significant to the Company due to the nature of its products including radiopharmaceutical products with limited half-lives.

An analysis of the amount of, and change in, reserves is summarized as follows:


(in thousands)	Rebates and Allowances
Balance, January 1, 2023	$	13,399
Provision related to current period revenues	32,308
Adjustments relating to prior period revenues	(453)
Payments or credits made during the period	(29,184)
Balance, December 31, 2023	16,070
Provision related to current period revenues	63,504

Payments or credits made during the period	(54,326)
Balance, December 31, 2024	$	25,248

License and Royalty Revenues

The Company has entered into licensing agreements, under which it licenses certain rights to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, up-front license fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. The Company also has distribution licenses which are treated as combined performance obligations with the delivery of its products and are classified as product revenue, net.

In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the five-step approach stated earlier. The Company uses judgment in determining the number of performance obligations in a license agreement by assessing whether the license is distinct or should be combined with another performance obligation, as well as the nature of the license. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may include market conditions, reimbursement rates for personnel costs, development timelines and probabilities of regulatory success.

Licenses of intellectual property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

Milestone Payments: At the inception of each arrangement that includes development or sales milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in

the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are outside the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect license and royalty revenues and earnings in the period of adjustment. At December 31, 2024, the variable consideration for the milestone payments is constrained and is excluded from contract price until the milestone is achieved by the customer.

Royalty Revenues: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

Contract Costs

The Company recognizes an asset for incremental costs of obtaining a contract with a customer if it expects to recover those costs. The Company’s sales incentive compensation plans qualify for capitalization since these plans are directly related to sales achieved during a period of time. However, the Company has elected the practical expedient to expense the costs as they are incurred, within sales and marketing expenses, since the amortization period is less than one year.

The Company recognized certain revenues as follows:


	Year Ended December 31,
(in thousands)	2024		2023
Amounts included in the contract liability at the beginning of the period	$	447	$	682

The Company did not record any revenue related to performance obligations satisfied (or partially satisfied) in previous periods during the years ended December 31, 2024 and 2023.

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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 912,814	$ 713,656
Accounts receivable, net	321,258	284,292
Inventory	68,025	64,029
Other current assets	24,536	16,683
Assets held for sale	0	7,159
Total current assets	1,326,633	1,085,819
Investment in equity securities	39,489	0
Property, plant and equipment, net	176,798	146,697
Intangibles, net	161,761	151,985
Goodwill	61,189	61,189
Deferred tax assets, net	170,233	150,198
Other long-term assets	44,237	55,261
Total assets	1,980,340	1,651,149
Current liabilities
Current portion of long-term debt and other borrowings	974	823
Accounts payable	34,560	41,189
Accrued expenses and other liabilities	204,992	145,338
Total current liabilities	240,526	187,350
Asset retirement obligations	23,344	22,916
Long-term debt, net and other borrowings	565,279	561,670
Other long-term liabilities	63,180	63,321
Total liabilities	892,329	835,257
Commitments and contingencies (see Note 19)
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; 70,905 and 69,863 shares issued and outstanding as of December 31, 2024 and 2023, respectively)	709	699
Additional paid-in capital	817,972	757,727
Treasury Stock at cost - 2,455 shares and 1,339 shares as of December 31, 2024 and 2023, respectively	(175,000)	(75,000)
Retained earnings	445,945	133,503
Accumulated other comprehensive loss	(1,615)	(1,037)
Total stockholders’ equity	1,088,011	815,892
Total liabilities and stockholders’ equity	$ 1,980,340	$ 1,651,149

Consolidated Statements of Changes in Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained (Deficit) Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2021		67,739
Beginning balance (in shares) at Dec. 31, 2021			0
Beginning balance at Dec. 31, 2021	$ 464,439	$ 677	$ 0	$ 685,472	$ (221,225)	$ (485)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28,067				28,067
Other comprehensive income (loss)	(774)					(774)
Stock option exercises and employee stock plan purchases (in shares)		411
Stock option exercises and employee stock plan purchases	8,912	$ 4		8,908
Vesting of restricted stock awards (in shares)		845
Vesting of restricted stock awards	0	$ 9		(9)
Shares withheld to cover taxes (in shares)		(144)
Shares withheld to cover taxes	(7,759)	$ (1)		(7,758)
Repurchase of common stock (in shares)			1,339
Repurchase of common stock, including excise tax	(75,000)		$ (75,000)
Stock-based compensation	29,262			29,262
Ending balance (in shares) at Dec. 31, 2022		68,851
Ending balance (in shares) at Dec. 31, 2022			1,339
Ending balance at Dec. 31, 2022	447,147	$ 689	$ (75,000)	715,875	(193,158)	(1,259)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	326,661				326,661
Other comprehensive income (loss)	222					222
Stock option exercises and employee stock plan purchases (in shares)		245
Stock option exercises and employee stock plan purchases	5,749	$ 2		5,747
Vesting of restricted stock awards (in shares)		962
Vesting of restricted stock awards	0	$ 10		(10)
Shares withheld to cover taxes (in shares)		(195)
Shares withheld to cover taxes	(14,394)	$ (2)		(14,392)
Repurchase of common stock, including excise tax	0
Stock-based compensation	$ 50,507			50,507
Ending balance (in shares) at Dec. 31, 2023	69,863	69,863
Ending balance (in shares) at Dec. 31, 2023	1,339		1,339
Ending balance at Dec. 31, 2023	$ 815,892	$ 699	$ (75,000)	757,727	133,503	(1,037)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	312,442				312,442
Other comprehensive income (loss)	(578)					(578)
Stock option exercises and employee stock plan purchases (in shares)		257
Stock option exercises and employee stock plan purchases	6,728	$ 2		6,726
Vesting of restricted stock awards (in shares)		1,118
Vesting of restricted stock awards	0	$ 11		(11)
Shares withheld to cover taxes (in shares)		(333)
Shares withheld to cover taxes	$ (22,615)	$ (3)		(22,612)
Repurchase of common stock (in shares)	1,100		1,116
Repurchase of common stock, including excise tax	$ (100,251)		$ (100,000)	(251)
Stock-based compensation	$ 76,393			76,393
Ending balance (in shares) at Dec. 31, 2024	70,905	70,905
Ending balance (in shares) at Dec. 31, 2024	2,455		2,455
Ending balance at Dec. 31, 2024	$ 1,088,011	$ 709	$ (175,000)	$ 817,972	$ 445,945	$ (1,615)

Acquisition of Assets	12 Months Ended
Acquisition of Assets	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition of Assets	Acquisition of Assets In December 2022, the Company made upfront payments of $260.0 million to POINT Biopharma Global Inc. (“POINT”) as a part of an asset acquisition with the potential for additional milestone payments of approximately $1.8 billion between the two licensed assets based on U.S. Food and Drug Administration (“FDA”) approval and net sales and commercial milestones. Under the terms of the PNT2002 License Agreement, the Company paid POINT an upfront cash payment of $250.0 million, and could pay up to an additional $281.0 million in milestone payments upon the achievement of specified U.S. and ex-U.S. regulatory milestones related to PNT2002. POINT is also eligible to receive up to $1.3 billion in sales milestone payments upon the achievement of specified annual sales thresholds of PNT2002. Under the terms of the PNT2003 License Agreement, the Company paid POINT an upfront cash payment of $10.0 million, and could pay up to an additional $34.5 million in milestone payments upon the achievement of specified U.S. and ex-U.S. regulatory milestones related to PNT2003. POINT is also eligible to receive up to $275.0 million in sales milestone payments upon the achievement of specified annual sales thresholds of PNT2003. Additionally, the Company will pay POINT royalties on net sales, beyond certain financial thresholds and subject to conditions, of 20% for PNT2002 and 15% for PNT2003. 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 $260.0 million was recognized in research and development expenses during the year ended December 31, 2022. On February 6, 2023, the Company acquired Cerveau. Cerveau holds the rights under a license agreement to develop and commercialize MK-6240, an investigational late-stage F-18-labeled PET imaging agent that targets tau tangles in Alzheimer’s disease. The Company determined that upon review of its acquisition of Cerveau, 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 stockholders of Cerveau (the “Cerveau Stockholders”) and paid the Cerveau 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 Cerveau 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, 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 Cerveau Stockholders up to double-digit royalty payments for research revenue and commercial sales. Research revenue is derived from existing partnerships with pharmaceutical companies and academic institutions that use MK-6240 in clinical trials. The purchase agreement pursuant to which the Company purchased Cerveau specified, among other things, that certain Cerveau 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 the 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 Perspective Shares, 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 a 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 holds less than 20% of the outstanding Perspective Shares and therefore 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. None of these options and rights have been exercised as of December 31, 2024. 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 first quarter of 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” to these consolidated financial statements 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 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 (“LRRC15”) 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 assumed 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 2024 related to the Radiopharm transaction. 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 (the “Initial Shares”) at the fair market offering price of $0.03 per share upon the receipt of required approvals from Radiopharm’s shareholders, which were obtained during the third quarter of 2024. Included within the agreement is an option for the Company to invest an additional $5.0 million within six months of the issuance date of the Initial Shares on the same terms as the Company’s initial purchase, which would result in the Company purchasing approximately an additional 149,925,040 Radiopharm shares. No additional shares were purchased under the option during the three months ended December 31, 2024. On June 18, 2024, the Company acquired Meilleur, including its asset NAV-4694, an investigational 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 stockholders of Meilleur (“Meilleur Stockholders”) on June 18, 2024 and paid an additional $10.0 million in August 2024 after the 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 as well as up to $4.0 million in remaining 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 commercial sales. On July 3, 2024, the Company acquired from Life Molecular Imaging Ltd. (“Life Molecular”) the global rights to RM2, a gastrin-releasing peptide receptor (“GRPR”)-targeting agent, 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 acquisition. 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 certain 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 through July 3, 2026. 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 2024 related to the Life Molecular acquisition. Global rights are exclusive for therapeutic fields in all countries and diagnostic fields in the Americas and co-exclusive with Life Molecular for diagnostic fields outside of the Americas. See Note 23, “Subsequent Events,” to these consolidated financial statements for subsequent events involving pending acquisitions.

Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
Federal	$ 114,645	$ 110,108	$ 42,532
State	33,919	29,806	4,302
International	0	0	(166)
Current income tax expense (benefit), total	148,564	139,914	46,668
Deferred
Federal	(26,960)	(45,252)	(39,920)
State	(3,657)	(10,739)	(8,315)
International	588	359	219
Deferred income tax expense (benefit), total	(30,029)	(55,632)	(48,016)
Income tax expense (benefit)	$ 118,535	$ 84,282	$ (1,348)

Intangibles, Net and Goodwill

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles, Net and Goodwill

Intangibles, net, consisted of the following:


	December 31, 2024
(in thousands)	Useful Lives (in years)	Amortization Method	Cost		Accumulated Amortization		Net
Trademarks	15 – 25	Straight-Line	$	13,540	$	(12,363)	$	1,177
Customer relationships	15 – 25	Accelerated	157,742		(136,647)		21,095
Currently marketed product	9 – 15	Straight-Line	132,800		(53,033)		79,767
Licenses	11 – 16	Straight-Line	22,233		(13,203)		9,030
Developed technology	9	Straight-Line	55,982		(5,290)		50,692

Total			$	382,297	$	(220,536)	$	161,761


	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 product	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 $43.8 million, $46.4 million and $33.2 million for the years ended December 31, 2024, 2023 and 2022, respectively.

In March 2023, the Company stopped all development activities in relation to a future indication associated with AZEDRA, which was classified as an 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. No sales-based milestone payment was earned in 2024. During the fourth quarter of 2023, the Company earned a sales-based milestone payment of $15.0 million.

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” to these consolidated financial statements for impairment analysis.

In February 2023, the Company entered into an agreement with the stockholders of Cerveau Technologies, Inc. (“Cerveau”) 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 selling stockholders of Cerveau. This additional contingent payment was capitalized as part of the asset cost and increased the Company’s customer relationship intangible assets. See Note 21, “Acquisition of Assets” to these consolidated financial statements for further discussion of the Company’s acquisition of Cerveau.

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. In August 2024, upon successful completion of a technology transfer, the Company paid $10.0 million to the Meilleur Stockholders. This additional contingent payment was capitalized as part of the asset cost and increased the total value of the Company’s developed technology intangible assets. See Note 21, “Acquisition of Assets” to these consolidated financial statements for further discussion of the acquisition of Meilleur.

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


(in thousands)	Amount
2025	$	32,063
2026	32,861
2027	27,335
2028	23,849
2029	23,691
2030 and thereafter	21,962
Total	$	161,761

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses	$ 15,406	$ 16,437
Other Current Assets	9,130	246
Total other current assets	24,536	16,683
ROU Asset	36,083	45,325
Other Long-Term Assets	8,154	9,936
Total other long-term assets	$ 44,237	$ 55,261

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 08, 2022
Debt Instrument [Line Items]
Allowance for doubtful accounts	$ 7,800,000
Convertible Debt
Debt Instrument [Line Items]
Fair value of debt	765,300,000	$ 644,300,000
2.625% Convertible Senior Notes due 2027 \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 575,000,000		$ 575,000,000
Interest rate	2.625%		2.625%

- 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

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 76,393	$ 50,507	$ 29,262
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	12,670	9,126	4,422
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	13,899	9,500	6,185
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	37,945	24,807	14,876
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 11,879	$ 7,074	$ 3,779

- Definition

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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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
-Topic 718
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Acquisition of Assets (Details) $ / shares in Units, $ in Thousands, € in Millions								1 Months Ended				3 Months Ended	6 Months Ended	12 Months Ended
	Jul. 03, 2024 USD ($)	Jul. 03, 2024 EUR (€)	Jul. 02, 2024 USD ($)	Jun. 18, 2024 USD ($)	Jun. 15, 2024 USD ($) licensed_asset $ / shares shares	Jun. 14, 2024	Jan. 08, 2024 USD ($)	Aug. 31, 2024 USD ($)	May 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 06, 2024 $ / shares shares	Jan. 22, 2024 $ / shares shares
Asset Acquisition [Line Items]
Research and development														$ 168,098	$ 77,707	$ 311,681
Acquisition of exclusive license option														$ 28,000	$ 0	0
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								$ 5,000
Equity investment, shares (in shares) \| shares					149,625,180								149,925,040	149,625,180
Share price (in dollars per share) \| $ / shares					$ 0.03								$ 0.01	$ 0.01
Agreement with Perspective Therapeutics, Inc
Asset Acquisition [Line Items]
Purchase price for stock							$ 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]
Ownership percentage																	19.90%
Shares owned (in shares) \| shares					11,677,339								11,677,339	11,677,339
Share price (in dollars per share) \| $ / shares													$ 3.19	$ 3.19
Perspective Therapeutics, Inc, Fully Diluted Basis
Asset Acquisition [Line Items]
Ownership percentage																	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
POINT Biopharma
Asset Acquisition [Line Items]
Payment for acquisitions											$ 260,000
Asset acquisition, additional milestone payments											1,800,000
Research and development																$ 260,000
PNT2002 License Agreement
Asset Acquisition [Line Items]
Payment for acquisitions											$ 250,000
Royalty percentage											20.00%
PNT2002 License Agreement \| Regulatory Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments											$ 281,000
PNT2002 License Agreement \| Sales Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments											1,300,000
PNT2003 License Agreement
Asset Acquisition [Line Items]
Payment for acquisitions											$ 10,000
Royalty percentage											15.00%
PNT2003 License Agreement \| Regulatory Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments											$ 34,500
PNT2003 License Agreement \| Sales Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments											$ 275,000
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				$ 10,000
Asset acquisition, additional milestone payments				43,000
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				$ 4,000
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 \| Regulatory Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments \| €		€ 132.5
Life Molecular Imaging, RM2 Technology \| Sales Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments \| €		280.0
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

Intangibles, Net and Goodwill - Schedule of Intangibles, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Aug. 02, 2023
Finite-Lived Intangible Assets [Line Items]
Total, cost	$ 382,297	$ 328,968
Accumulated Amortization	(220,536)	(176,983)
Total	161,761
Total, net	161,761	151,985
Trademarks
Finite-Lived Intangible Assets [Line Items]
Cost	13,540	13,540
Accumulated Amortization	(12,363)	(12,216)
Total	$ 1,177	$ 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	$ 157,742	$ 157,995
Accumulated Amortization	(136,647)	(117,574)
Total	$ 21,095	$ 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 product
Finite-Lived Intangible Assets [Line Items]
Cost	$ 132,800	$ 132,800
Accumulated Amortization	(53,033)	(38,277)
Total	$ 79,767	$ 94,523
Currently marketed product \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	9 years	9 years
Currently marketed product \| 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	(13,203)	(7,972)	$ (17,500)
Total	$ 9,030	$ 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	9 years
Cost	$ 55,982	$ 2,400
Accumulated Amortization	(5,290)	(944)
Total	$ 50,692	$ 1,456

401(k) Plan	12 Months Ended
401(k) Plan	Dec. 31, 2024
Retirement Benefits [Abstract]
401(k) Plan	401(k) Plan The Company maintains a qualified 401(k) plan (the “401(k) Plan”) for its U.S. employees. The 401(k) Plan covers U.S. employees who meet certain eligibility requirements. Under the terms of the 401(k) Plan, the employees may elect to make tax-deferred contributions through payroll deductions within statutory and plan limits, and the Company may elect to make non-elective discretionary contributions. The Company may also make optional contributions to the 401(k) Plan for any plan year at its discretion. Expense recognized by the Company for matching contributions made to the 401(k) Plan was $5.8 million, $4.1 million, and $3.1 million for the years ended December 31, 2024, 2022 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant & Equipment [Line Items]
Property, plant and equipment, gross	$ 285,560	$ 253,720
Less: accumulated depreciation and amortization	(108,762)	(107,023)
Property, plant and equipment, net	176,798	146,697
Land
Property, Plant & Equipment [Line Items]
Property, plant and equipment, gross	9,480	9,480
Buildings
Property, Plant & Equipment [Line Items]
Property, plant and equipment, gross	85,523	73,441
Machinery, equipment and fixtures
Property, Plant & Equipment [Line Items]
Property, plant and equipment, gross	114,357	102,576
Computer software
Property, Plant & Equipment [Line Items]
Property, plant and equipment, gross	48,702	27,259
Construction in progress
Property, Plant & Equipment [Line Items]
Property, plant and equipment, gross	$ 27,498	$ 40,964

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Shares
Nonvested beginning balance (in shares) \| shares	1,210,259
Granted (in shares) \| shares	842,991
Vested (in shares) \| shares	(602,145)
Forfeited (in shares) \| shares	(179,255)
Nonvested ending balance (in shares) \| shares	1,271,850
Weighted- Average Grant Date Fair Value Per Share
Nonvested beginning balance (in dollars per share) \| $ / shares	$ 58.71
Granted (in dollars per share) \| $ / shares	70.56
Vested (in dollars per share) \| $ / shares	49.78
Forfeited (in dollars per share) \| $ / shares	65.75
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 69.81

Income Taxes - Schedule of Components of Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets
Federal benefit of state taxes payable	$ 867	$ 263
Reserves, accruals and other	30,382	18,923
Capitalized research and development	29,799	17,142
Stock compensation	13,876	9,266
Unrealized loss on investments	10,707	0
Intangible assets	33,771	25,214
Net operating loss carryforwards	71,502	80,184
Lease liability	14,100	14,365
Deferred tax assets	205,004	165,357
Deferred Tax Liabilities
Right-of-use asset	(9,241)	(11,543)
Depreciation	(9,881)	0
Deferred tax liability	(19,122)	(11,543)
Less: valuation allowance	(15,649)	(3,616)
Net deferred tax assets	170,233	150,198
Recorded in the accompanying consolidated balance sheets as:
Noncurrent deferred tax assets, net	$ 170,233	$ 150,198

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

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Maturities of Principal Obligations

As of December 31, 2024, the Company’s maturities of principal obligations under its long-term debt and other borrowings are as follows:


(in thousands)	December 31, 2024		December 31, 2023
Principal amount 2.625% Convertible Senior Notes due 2027	$	575,000	$	575,000
Unamortized debt issuance costs	(10,392)		(13,955)
Finance lease liabilities	1,645		1,448
Total	566,253		562,493
Less: current portion of long-term debt and other borrowings	(974)		(823)
Total long-term debt, net, and other borrowings	$	565,279	$	561,670

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	6 Months Ended	12 Months Ended
	Jun. 15, 2024	Aug. 31, 2024	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Unrealized loss on investment in equity securities				$ (43,564)	$ 0	$ 0
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]				General and administrative
Change in fair value of the contingent financial asset and contingent financial liabilities				$ 1,200
Changes in fair value of contingent assets and liabilities				2,699	$ 9,275	$ (34,700)
Progenics
Fair Value, Option, Quantitative Disclosures [Line Items]
Payments for prior acquisition				85,000
Progenics \| Net Sales Targets for Azedra
Fair Value, Option, Quantitative Disclosures [Line Items]
Potential payments, high			$ 70,000	70,000
Progenics \| 1095 commercialization milestone
Fair Value, Option, Quantitative Disclosures [Line Items]
Potential payments, high			5,000	5,000
Progenics \| 1404 Commercialization Milestone
Fair Value, Option, Quantitative Disclosures [Line Items]
Potential payments, high			$ 10,000	$ 10,000
Progenics \| Reduction due to partial settlement of 2013 Milestone Rights
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]				General and administrative
Change in fair value of the contingent financial asset and contingent financial liabilities				$ (1,500)
Changes in fair value of contingent assets and liabilities		$ 1
Radiopharm Theranostics Limited
Fair Value, Option, Quantitative Disclosures [Line Items]
Share price (in dollars per share)	$ 0.03		$ 0.01	$ 0.01
Unrealized loss on investment in equity securities				$ (2,600)
Equity investment, shares (in shares)	149,625,180		149,925,040	149,625,180
Equity method investments, fair value			$ 2,200	$ 2,200
Perspective Therapeutics, Inc
Fair Value, Option, Quantitative Disclosures [Line Items]
Shares owned (in shares)	11,677,339		11,677,339	11,677,339
Investment owned, fair value			$ 37,300	$ 37,300
Share price (in dollars per share)			$ 3.19	$ 3.19
Unrealized loss on investment in equity securities				$ 41,000

Summary of Significant Accounting Policies - Stock Based Compensation (Details)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Expected dividend yield	0.00%

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease expense	$ 6,391	$ 4,627
Finance lease expense
Amortization of ROU assets	962	795
Interest on lease liabilities	96	81
Total lease expense	$ 7,449	$ 5,503

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The approximate disaggregated amounts that comprise research and development expenses regularly reviewed by the CODM are as follows:


(in thousands)	Year Ended December 31,
	2024		2023		2022
Program third-party research and development expenses	$	31,957	$	8,332	$	8,180
Other research and development expenses (1)	136,141		69,375		303,501
Total research and development expenses	$	168,098	$	77,707	$	311,681

__________________________

(1) Other research and development expenses consist of all other research and development costs incurred for the benefit of multiple research and development programs, including legal, employee costs, depreciation, information technology, other facility-bases expenses and other third-party costs.

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Goodwill, impairment loss	$ 0	$ 0	$ 0

Net Income Per Common Share - Additional Information (Details) - $ / shares	Dec. 31, 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

+ Details

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Lantheus Holdings, Inc., a Delaware corporation, is the parent company of Lantheus Medical Imaging, Inc. (“LMI”) and LMI is the parent company of Progenics Pharmaceuticals, Inc., a Delaware corporation (“Progenics”). See “Progenics Acquisition” below and Note 21, “Acquisition of Assets,” to these consolidated financial statements respectively, for more information. The Company develops, manufactures and commercializes innovative diagnostic and therapeutic products that assist clinicians in the diagnosis and treatment of cancer, heart disease and other diseases. The Company believes its diagnostic products result in improved diagnostic information that enables healthcare providers to better detect and characterize, or rule out, disease, potentially achieving improved patient outcomes, reducing patient risk and limiting overall costs throughout the healthcare system. The Company’s commercial products are used by cardiologists, internal medicine physicians, nuclear medicine physicians, oncologists, radiologists, sonographers, technologists, and urologists working in a variety of clinical settings. The Company believes that its diagnostic products provide information that enables healthcare providers to better detect and characterize, or rule out, disease, with the potential to achieve better patient outcomes, reduce patient risk, and limit overall costs. The Company produces and markets its products throughout the United States (the “United States” or the “U.S.”), selling primarily to hospitals, independent diagnostic testing facilities, and radiopharmacies. The Company sells its products outside the U.S. through a combination of direct distribution in Canada and third-party distribution relationships in Europe, Canada, Australia, Asia-Pacific, Central America and South America. Sales of the Company’s prostate cancer diagnostic imaging agent, PYLARIFY (as defined below), are generated in the U.S. through an internal PYLARIFY sales team, as well as a sales team at some of the Company’s positron emission tomography (“PET”) manufacturing facilities (“PMF”) partners. Sales of the Company’s ultrasound enhancing agent, DEFINITY, are generated in the U.S. through an internal DEFINITY sales team. In the U.S., the Company’s other nuclear imaging products, including TechneLite, Xenon-133, NEUROLITE and CARDIOLITE, are primarily sold to commercial radiopharmacies, the majority of which are controlled by or associated with PharmaLogic Holdings Corp, Cardinal Health, RLS, United Pharmacy Partners, and Jubilant Radiopharma. Research revenue is derived from existing partnerships with pharmaceutical companies and academic institutions that use our products and product candidates in clinical trials and includes milestone and dose-related payments. A small portion of the Company’s nuclear imaging product sales in the U.S. are generated through the Company’s internal sales force to hospitals and clinics that maintain their own in-house radiopharmaceutical preparation capabilities. In Europe, Australia, Asia-Pacific, Central America and South America, the Company generally relies on third-party distributors to market, sell and distribute its nuclear imaging and ultrasound enhancing agent products, either on a country-by-country basis or on a multi-country regional basis. The Company’s executive offices are located in Bedford, Massachusetts, with additional offices in North Billerica, Massachusetts, Montreal, Canada and Lund, Sweden. 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 Holdings, Plato Merger Sub, Inc., a wholly-owned subsidiary of Holdings (“Merger Sub”), and Progenics, Holdings completed the acquisition of Progenics by means of a merger of Merger Sub with and into Progenics, with Progenics surviving such merger as a wholly-owned subsidiary of Holdings (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 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.

Summary of Significant Accounting Policies - Schedule Of Other Loss (Income), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Foreign currency losses	$ 733	$ 21	$ 256
Tax indemnification expense, net	(106)	4,943	9,554
Interest income	(36,838)	(19,638)	(2,613)
Interest rate swap termination	0	0	(5,494)
Gain on sale of RELISTOR licensed intangible asset associated with net sales royalties	(8,415)	(51,789)	0
Other	(1,020)	143	0
Total other (income) loss	$ (37,231)	$ (66,320)	$ 1,703

Accrued Expenses and Other Liabilities and Other Long-Term Liabilities

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities and Other Long-Term Liabilities

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


	December 31,
(in thousands)	2024		2023
Compensation and benefits	$	48,263	$	36,331
Freight, distribution and operations	85,966		67,529
Accrued rebates, discounts and chargebacks	25,248		16,070
Accrued research and development expenses	13,219		3,258
Accrued professional fees	20,308		10,244

Other	11,988		11,906
Total accrued expenses and other liabilities	$	204,992	$	145,338

Operating lease liabilities (Note 16)	$	53,185	$	54,453
Long-term contingent liability (Note 4)	—		2,700
Other long-term liabilities	9,995		6,168
Total other long-term liabilities	$	63,180	$	63,321

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 312,442	$ 326,661	$ 28,067
Other comprehensive income (loss):
Foreign currency translation	(578)	222	(505)
Realized loss on cash flow hedges, net of tax	0	0	(269)
Total other comprehensive (loss) income	(578)	222	(774)
Comprehensive income	$ 311,864	$ 326,883	$ 27,293

- 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.

+ References

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+ Details

Property, Plant and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 08, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Property, Plant & Equipment [Line Items]
Depreciation and amortization expense		$ 20,400	$ 13,200	$ 13,700
Noncash impairment			6,000
Gain on sale of assets		8,415	$ 0	$ 0
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
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Property, Plant & Equipment [Line Items]
Disposal group consideration					$ 9,800

Segment Information (Details) $ in Thousands	12 Months Ended
Segment Information (Details) $ in Thousands	Dec. 31, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| Segment	1
Total research and development expenses	$ 168,098	$ 77,707	$ 311,681
Reportable Segment
Segment Reporting Information [Line Items]
Program third-party research and development expenses	31,957	8,332	8,180
Other research and development expenses	136,141	69,375	303,501
Total research and development expenses	$ 168,098	$ 77,707	$ 311,681

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Equity Incentive Plans

As of December 31, 2024, the Company’s approved equity incentive plans included the 2015 Equity Incentive Plan (“2015 Plan”), the 2013 Equity Incentive Plan (“2013 Plan”), and the 2008 Equity Incentive Plan (“2008 Plan”). These plans are administered by the Board of Directors (the “Board”) and permit the granting of stock, stock options, stock appreciation rights, restricted stock, restricted stock units and dividend equivalent rights to employees, officers, directors and consultants of the Company.

The Company has certain stock option and restricted stock awards outstanding under each of its equity incentive plans but, upon adoption of the 2015 Plan, the Company no longer grants new equity awards under its 2008 and 2013 Plans. The Company adopted its 2015 Plan in June 2015 and subsequently amended the plan in April 2016, 2017, 2019, 2021, 2022 and 2024 and again in October 2024. The amended plans increased the common stock reserved for issuance under the 2015 Plan to an aggregate 14,930,277 shares. The Company assumed Progenics equity plans due to the acquisition as discussed in Note 1, “Description of Business” to these consolidated financial statements. The Company no longer grants new equity awards under the Progenics equity plans.

Stock-based compensation expense recognized in the consolidated statements of operations is summarized below:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Cost of goods sold	$	12,670	$	9,126	$	4,422
Sales and marketing	13,899		9,500		6,185
General and administrative	37,945		24,807		14,876
Research and development	11,879		7,074		3,779
Total stock-based compensation expense	$	76,393	$	50,507	$	29,262

Stock Options

Stock option awards under the 2015 Plan are granted with an exercise price equal to the fair value of the Company’s common stock at the date of grant. All option awards have a ten-year contractual term.

A summary of option activity for 2024 is presented below:


	Total Stock Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value ($)
Balance at January 1, 2024	957,172	$	48.13	6.7	18,283,464
Options granted	544,175	$	69.99
Options exercised	(209,657)	$	24.52
Options cancelled and forfeited	(74,944)	$	65.34
Outstanding at December 31, 2024	1,216,746	$	60.92	7.6	35,707,375
Vested and expected to vest at December 31, 2024	1,180,842	$	55.69	6.9	35,019,006
Exercisable at December 31, 2024	460,419	$	47.00	5.6	19,865,507

The table below summarizes the key weighted-average assumptions used in valuing stock options granted:


	Year Ended December 31,
	2024		2023		2022
Expected volatility	55.4	%	56.1	%	62.1	%
Risk-free interest rate	4.2	%	4.0	%	2.0	%
Expected life (in years)	6.0		6.0		6.0
Expected dividend yield	—		—		—

During the years ended December 31, 2024, 2023 and 2022, 209,657, 214,619 and 397,822 options were exercised having aggregate intrinsic values of $12.1 million, $12.9 million and $13.1 million, respectively. The weighted average grant-date fair value of stock options granted was $39.26 for the year ended December 31, 2024.

As of December 31, 2024, there was $19.7 million of unrecognized compensation expense related to outstanding stock options, which is expected to be recognized over a weighted-average period of 2.0 years.

Restricted Stock Units

A summary of restricted stock awards and restricted stock units (“RSUs”) activity for 2024 is presented below:


	Shares	Weighted- Average Grant Date Fair Value Per Share
Nonvested balance at January 1, 2024	1,210,259	$	58.71
Granted	842,991	$	70.56
Vested	(602,145)	$	49.78
Forfeited	(179,255)	$	65.75
Nonvested balance at December 31, 2024	1,271,850	$	69.81

Restricted stock generally vest over 3 years. As of December 31, 2024, there was $58.4 million of unrecognized compensation expense related to outstanding restricted stock, which is expected to be recognized over a weighted-average period of 1.9 years.

The weighted average grant-date fair value for restricted stock granted during the fiscal years ended December 31, 2024, 2023 and 2022 was $70.56, $74.38 and $51.51 per share, respectively. The total fair value of restricted stock vested in fiscal years 2024, 2023 and 2022 was $42.5 million, $18.3 million and $11.9 million, respectively.

Total Stockholder Return Restricted Stock Awards

During the years ended December 31, 2024, 2023 and 2022, the Company granted total stockholder return (“TSR”) awards that include a three-year market condition where the performance measurement period is three years. Vesting of the TSR awards is based on the Company’s level of attainment of specified TSR targets relative to the percentage appreciation of a specified index of companies for the respective three-year period and is also subject to the continued employment of the grantees. The number of shares that are earned over the performance period ranges from 0% to 200% of the initial award. The fair value of these awards are based on a Monte Carlo simulation valuation model with the following assumptions:


	Year Ended December 31,
	2024		2023		2022
Expected volatility	57.4	%	52.8	%	56.6	%
Risk-free interest rate	4.3	%	4.6	%	1.7	%
Expected life (in years)	2.8		2.8		2.8
Expected dividend yield	—		—		—

A summary of TSR award activity for 2024 is presented below:


	Shares	Weighted- Average Grant Date Fair Value Per Share
Nonvested balance at January 1, 2024	630,054	$	78.91
Granted	586,292	$	105.87
Vested	(514,192)	$	31.25
Forfeited	(17,470)	$	117.27
Nonvested balance at December 31, 2024	684,684	$	109.38

As of December 31, 2024, there was $35.4 million of unrecognized compensation expense related to outstanding performance restricted stock which is expected to be recognized over a weighted-average period of 1.9 years.

The weighted average grant-date fair value for TSR awards granted during the fiscal years ended December 31, 2024, 2023 and 2022 was $105.87, $127.75 and $95.31 per share, respectively. The total fair value of TSR awards vested in fiscal years 2024, 2023 and 2022 was $33.6 million, $8.2 million and $8.8 million, respectively.

Modification of equity awards

In the fourth quarter of 2024, as part of the Company’s evolution into a fully integrated radiopharmaceutical company, the Company reviewed its current capabilities and skillsets and began implementing organizational changes deemed necessary to best position the Company to execute on its long-term strategy. These changes include transitioning approximately 60 employees out of the Company. In connection with these changes, the Company approved equity modifications that allowed grants of stock options and RSUs issued to those impacted by this event to continue to vest in 2024 and 2025 with any unvested stock option and RSU grants as of December 31, 2025 to be cancelled. TSR awards granted to these individuals will continue to vest on their original vesting schedule but any shares issued will be issued in a pro-rated amount based on the time served during the performance period. The incremental stock-based compensation expense resulting from these modifications recognized in 2024 was $2.7 million. Total costs related to these organizational changes through December 31, 2024 were approximately $9.4 million. Remaining costs expected to be incurred are not material.

Common Stock Repurchases

In November 2024, the Board authorized a program to repurchase up to $250 million of the Company’s common stock over the next twelve months (the “2024 Program”). Such repurchases may be made from time to time via open market purchases at prevailing market prices, in privately negotiated transactions, block trades, or pursuant to trades intending to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The actual timing, number and dollar amount of repurchase transactions will be determined by our management, in its discretion and will depend on a number of factors, including but not limited to, the market price of the Company’s common stock. In the year ended December 31, 2024, the Company repurchased approximately 1.1 million shares of its outstanding common stock under the 2024 Program for an aggregate purchase price of approximately $100.0 million at an average stock price of $89.59 per share.

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 1,533,910	$ 1,296,429	$ 935,061
Cost of goods sold	545,619	586,886	353,358
Gross profit	988,291	709,543	581,703
Operating expenses
Sales and marketing	177,940	141,736	100,243
General and administrative	193,689	125,458	133,584
Research and development	168,098	77,707	311,681
Total operating expenses	539,727	344,901	545,508
Gain on sale of assets	8,415	0	0
Operating income	456,979	364,642	36,195
Interest expense	19,669	20,019	7,185
Investment in equity securities - net unrealized loss	43,564	0	0
Loss on extinguishment of debt	0	0	588
Other (income) loss, net	(37,231)	(66,320)	1,703
Income before income taxes	430,977	410,943	26,719
Income tax expense (benefit)	118,535	84,282	(1,348)
Net income	$ 312,442	$ 326,661	$ 28,067
Net income per common share:
Basic (in dollars per share)	$ 4.52	$ 4.79	$ 0.41
Diluted (in dollars per share)	$ 4.36	$ 4.65	$ 0.40
Weighted-average common shares outstanding:
Basic (in shares)	69,199	68,266	68,487
Diluted (in shares)	71,651	70,239	70,671

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

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


	December 31,
(in thousands)	2024		2023
Land	$	9,480	$	9,480
Buildings	85,523		73,441
Machinery, equipment and fixtures	114,357		102,576
Computer software	48,702		27,259
Construction in progress	27,498		40,964
	285,560		253,720
Less: accumulated depreciation and amortization	(108,762)		(107,023)
Total property, plant and equipment, net	$	176,798	$	146,697

Depreciation and amortization expense related to property, plant & equipment, net, was $20.4 million, $13.2 million and $13.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The Company tests long-lived assets for recoverability whenever events or changes in circumstances suggest that the carrying value of an asset or group of assets may not be recoverable.

During 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. Subsequently, in 2023, the Company discontinued the production and promotion of AZEDRA and decided to wind down its facility at 110 Clyde Rd, Somerset, New Jersey (the “Somerset Facility”). 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 during 2023 in cost of goods sold in the consolidated statement of operations.

On January 8, 2024, the Company entered into an agreement with Perspective to transfer the sublease for the Somerset Facility and sold 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 on sale of assets of $6.3 million for the year ended December 31, 2024.

Summary of Significant Accounting Policies - Schedule of Product Concentration Risk (Details) - Revenue Benchmark - Product Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
PYLARIFY
Concentration Risk [Line Items]
Concentration risk percentage	69.00%	65.70%	56.40%
DEFINITY
Concentration Risk [Line Items]
Concentration risk percentage	20.70%	21.60%	26.20%

Summary of Significant Accounting Policies - Self-Insurance Reserves (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Accrued liabilities associated with employee medical costs	$ 2.8	$ 1.0

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant, and Equipment, Net

The estimated useful lives of the major classes of depreciable assets are as follows:


Class						Range of Estimated Useful Lives
Buildings						10 - 50 years
Land improvements						15 - 40 years
Machinery and equipment						3 - 15 years
Furniture and fixtures						15 years
Leasehold improvements						Lesser of lease term or 15 years
Computer software						3 - 5 years

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


	December 31,
(in thousands)	2024		2023
Land	$	9,480	$	9,480
Buildings	85,523		73,441
Machinery, equipment and fixtures	114,357		102,576
Computer software	48,702		27,259
Construction in progress	27,498		40,964
	285,560		253,720
Less: accumulated depreciation and amortization	(108,762)		(107,023)
Total property, plant and equipment, net	$	176,798	$	146,697

Stock-Based Compensation - Valuation Model Assumptions (Details) - Options - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	55.40%	56.10%	62.10%
Risk-free interest rate	4.20%	4.00%	2.00%
Expected life (in years)	6 years	6 years	6 years
Expected dividend yield	$ 0	$ 0	$ 0

- 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

Stock-Based Compensation - Equity Incentive Plans (Details)	Dec. 31, 2024 shares
Share-Based Payment Arrangement [Abstract]
Share based compensation, shares authorized (in shares)	14,930,277

Revenue from Contracts with Customers - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2024 USD ($) product_category	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Number of product categories \| product_category			3
Revenues			$ 1,533,910	$ 1,296,429	$ 935,061
Total amount awarded		$ 24,000
Payment terms			standard payment terms are 30 to 60 days
License and Royalty Revenues, Sales-Based Milestone Payment
Disaggregation of Revenue [Line Items]
Revenues	$ 15,000		$ 0

- 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, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2024

Asset Retirement Obligation Disclosure [Abstract]

Schedule of 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, January 1, 2023	$	22,543

Accretion expense	373
Balance, December 31, 2023	22,916

Accretion expense	428

Balance, December 31, 2024	$	23,344

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2024	Feb. 20, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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, City or Town	Bedford
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01730
City Area Code	978
Local Phone Number	671-8001
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	LNTH
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 4,238.4
Entity Common Stock, Shares Outstanding		68,476,575
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Listed hereunder are the documents, portions of which are incorporated by reference, and the parts of this Form 10-K into which such portions are incorporated: The Registrant’s Definitive Proxy Statement for use in connection with the Annual Meeting of Stockholders to be held on May 1, 2025, portions of which are incorporated by reference into Parts II and III of this Form 10-K. The 2025 Proxy Statement will be filed with the Securities and Exchange Commission no later than 120 days after the close of our year ended December 31, 2024.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001521036

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

The components of Accumulated Other Comprehensive Loss, net of tax effects for the years ended December 31, 2024 and 2023, consisted of the following:


(in thousands)	Foreign Currency Translation(1)		Accumulated Other Comprehensive Loss
Balance at January 1, 2024	$	(1,037)	$	(1,037)
Other comprehensive loss before reclassifications	(578)		(578)

Balance at December 31, 2024	$	(1,615)	$	(1,615)

Balance at January 1, 2023	$	(1,259)	$	(1,259)
Other comprehensive income before reclassifications	222		222
Balance at December 31, 2023	$	(1,037)	$	(1,037)

(1)For purposes of comprehensive income disclosures, we do not record tax expense or benefits for the net changes in the foreign currency translation adjustments.

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table summarizes revenue by revenue source as follows:


	Year Ended December 31,
Major Products/Service Lines (in thousands)	2024		2023		2022
Product revenue, net(1)	$	1,524,782	$	1,263,068	$	887,038
License and royalty revenues(2)	9,128		33,361		48,023
Total revenues	$	1,533,910	$	1,296,429	$	935,061

______________________________

(2)The Company recognized $24.0 million license revenue in the first quarter of 2022 related to an agreement with Novartis Pharma AG.

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


	Year Ended December 31,
(in thousands)	2024		2023		2022
PYLARIFY	$	1,057,834	$	851,303	$	527,405
Other radiopharmaceutical oncology	384		3,130		4,102
Total radiopharmaceutical oncology	1,058,218		854,433		531,507
DEFINITY	317,792		279,768		244,993
TechneLite	95,487		87,370		88,864
Other precision diagnostics	24,231		22,980		22,825
Total precision diagnostics	437,510		390,118		356,682
Strategic Partnerships and other revenue	38,182		51,878		46,872
Total revenues	$	1,533,910	$	1,296,429	$	935,061

Schedule of Valuation and Qualifying Accounts

An analysis of the amount of, and change in, reserves is summarized as follows:


(in thousands)	Rebates and Allowances
Balance, January 1, 2023	$	13,399
Provision related to current period revenues	32,308
Adjustments relating to prior period revenues	(453)
Payments or credits made during the period	(29,184)
Balance, December 31, 2023	16,070
Provision related to current period revenues	63,504

Payments or credits made during the period	(54,326)
Balance, December 31, 2024	$	25,248

Schedule of contracts with customer

The Company recognized certain revenues as follows:


	Year Ended December 31,
(in thousands)	2024		2023
Amounts included in the contract liability at the beginning of the period	$	447	$	682

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives (Details)	Dec. 31, 2024
Buildings \| Minimum
Property, Plant & Equipment [Line Items]
Estimated useful lives	10 years
Buildings \| Maximum
Property, Plant & Equipment [Line Items]
Estimated useful lives	50 years
Land improvements \| Minimum
Property, Plant & Equipment [Line Items]
Estimated useful lives	15 years
Land improvements \| Maximum
Property, Plant & Equipment [Line Items]
Estimated useful lives	40 years
Machinery and equipment \| Minimum
Property, Plant & Equipment [Line Items]
Estimated useful lives	3 years
Machinery and equipment \| Maximum
Property, Plant & Equipment [Line Items]
Estimated useful lives	15 years
Furniture and fixtures
Property, Plant & Equipment [Line Items]
Estimated useful lives	15 years
Leasehold improvements
Property, Plant & Equipment [Line Items]
Estimated useful lives	15 years
Computer software \| Minimum
Property, Plant & Equipment [Line Items]
Estimated useful lives	3 years
Computer software \| Maximum
Property, Plant & Equipment [Line Items]
Estimated useful lives	5 years

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense Recognized

Stock-based compensation expense recognized in the consolidated statements of operations is summarized below:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Cost of goods sold	$	12,670	$	9,126	$	4,422
Sales and marketing	13,899		9,500		6,185
General and administrative	37,945		24,807		14,876
Research and development	11,879		7,074		3,779
Total stock-based compensation expense	$	76,393	$	50,507	$	29,262

Schedule of Option Activity

A summary of option activity for 2024 is presented below:


	Total Stock Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value ($)
Balance at January 1, 2024	957,172	$	48.13	6.7	18,283,464
Options granted	544,175	$	69.99
Options exercised	(209,657)	$	24.52
Options cancelled and forfeited	(74,944)	$	65.34
Outstanding at December 31, 2024	1,216,746	$	60.92	7.6	35,707,375
Vested and expected to vest at December 31, 2024	1,180,842	$	55.69	6.9	35,019,006
Exercisable at December 31, 2024	460,419	$	47.00	5.6	19,865,507

Schedule of Valuation Model

The table below summarizes the key weighted-average assumptions used in valuing stock options granted:


	Year Ended December 31,
	2024		2023		2022
Expected volatility	55.4	%	56.1	%	62.1	%
Risk-free interest rate	4.2	%	4.0	%	2.0	%
Expected life (in years)	6.0		6.0		6.0
Expected dividend yield	—		—		—

Schedule of Restricted Stock Awards Activity

A summary of restricted stock awards and restricted stock units (“RSUs”) activity for 2024 is presented below:


	Shares	Weighted- Average Grant Date Fair Value Per Share
Nonvested balance at January 1, 2024	1,210,259	$	58.71
Granted	842,991	$	70.56
Vested	(602,145)	$	49.78
Forfeited	(179,255)	$	65.75
Nonvested balance at December 31, 2024	1,271,850	$	69.81

A summary of TSR award activity for 2024 is presented below:


	Shares	Weighted- Average Grant Date Fair Value Per Share
Nonvested balance at January 1, 2024	630,054	$	78.91
Granted	586,292	$	105.87
Vested	(514,192)	$	31.25
Forfeited	(17,470)	$	117.27
Nonvested balance at December 31, 2024	684,684	$	109.38

Schedule of RSU Valuation Model

The fair value of these awards are based on a Monte Carlo simulation valuation model with the following assumptions:


	Year Ended December 31,
	2024		2023		2022
Expected volatility	57.4	%	52.8	%	56.6	%
Risk-free interest rate	4.3	%	4.6	%	1.7	%
Expected life (in years)	2.8		2.8		2.8
Expected dividend yield	—		—		—

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Purchase Commitments

The Company has entered into purchasing arrangements in which minimum quantities of goods or services have been committed to be purchased on an annual basis.

As of December 31, 2024, future payments required under purchase commitments are as follows:


(in thousands)	Amount
2025	$	5,915
2026	2,716
2027	2,716
2028	—
2029 and thereafter	—
Total	$	11,347

The Company has entered into agreements which contain certain percentage volume purchase requirements. The Company has excluded these future purchase commitments from the table above since there are no minimum purchase commitments or payments under these agreements.

License Agreements

The Company has entered into license agreements in which fixed payments have been committed to be paid on an annual basis.

As of December 31, 2024, no future fixed payments are required under license agreements. The Company may be required to pay approximately $3.7 billion in contingent payments under the Company’s license agreements. These contingent payments include potential milestone or contractual payment obligations contingent upon the achievement or occurrence of future milestones or events and the amounts and timing of such potential obligations are unknown or uncertain.

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 consolidated financial statements.

As of December 31, 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 our Abbreviated New Drug Application 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.

On February 23, 2024, the Company filed a patent infringement lawsuit against a healthcare-related imaging software developer, and that developer filed a motion to dismiss the case based on grounds of invalidity for certain patents and failure to state a claim for infringement for other patents. The court dismissed the developer’s motion to dismiss as to invalidity, and granted the motion as to certain allegations of infringement. Because the outcome of litigation is uncertain, the Company cannot predict how or when this matter will ultimately be resolved.

Stock-Based Compensation - Schedule of Total Stockholder Return Restricted Awards (Details) - Total Stockholder Return Restricted Stock Awards - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	57.40%	52.80%	56.60%
Risk-free interest rate	4.30%	4.60%	1.70%
Expected life (in years)	2 years 9 months 18 days	2 years 9 months 18 days	2 years 9 months 18 days
Expected dividend yield	$ 0	$ 0	$ 0

- 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

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 815,892	$ 447,147
Other comprehensive (loss) income before reclassifications	(578)	222
Ending balance	1,088,011	815,892
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,037)	(1,259)
Ending balance	(1,615)	(1,037)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,037)	(1,259)
Other comprehensive (loss) income before reclassifications	(578)	222
Ending balance	$ (1,615)	$ (1,037)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Intangibles, Net and Goodwill - Schedule of Expected Future Amortization Expense Related to Intangible Assets (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 32,063
2026	32,861
2027	27,335
2028	23,849
2029	23,691
2030 and thereafter	21,962
Total	$ 161,761

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net income	$ 312,442	$ 326,661	$ 28,067
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation, amortization and accretion	64,624	60,043	47,929
Impairment of long-lived assets	0	138,050	0
Asset retirement obligation acceleration	0	0	280
Gain on interest rate swap termination	0	0	(5,494)
Amortization of debt related costs	4,296	4,300	1,249
Changes in fair value of contingent assets and liabilities	(2,699)	(9,275)	34,700
Charges incurred in connection with acquired IPR&D	66,000	0	260,000
Loss on extinguishment of debt	0	0	588
Provision for excess and obsolete inventory	(904)	7,914	7,145
Stock-based compensation	76,393	50,507	29,262
Gain on disposal of assets	(8,415)	(51,789)	0
Unrealized loss on investment in equity securities	43,564	0	0
Deferred taxes	(30,029)	(55,632)	(48,016)
Long-term indemnification receivable	0	3,929	9,554
Long-term income tax payable and other long-term liabilities	5,236	(3,103)	(12,477)
Other	12,194	4,855	4,059
Changes in assets and liabilities which provided (used) cash:
Accounts receivable	(37,685)	(68,637)	(128,460)
Inventory	(2,670)	(36,220)	(7,508)
Other current assets	4,440	(2,418)	(2,440)
Other long-term assets	0	0	(533)
Accounts payable	(8,804)	17,189	301
Accrued expenses and other liabilities	46,767	(81,114)	63,575
Net cash provided by operating activities	544,750	305,260	281,781
Investing activities
Capital expenditures	(51,625)	(46,555)	(18,347)
Proceeds from sale of assets, net	17,767	97,839	1,800
Purchases of investment in equity securities	(83,246)	0	0
Acquisition of assets, net	(80,911)	(45,345)	(260,000)
Acquisition of exclusive license option	(28,000)	0	0
Net cash (used in) provided by investing activities	(226,015)	5,939	(276,547)
Financing activities
Proceeds from issuance of common stock	3,450	1,933	1,375
Debt issuance costs	0	0	(95)
Proceeds from issuance of long-term debt, net	0	0	557,750
Contingent value rights settlement	0	(3,700)	0
Payments on long-term debt and other borrowings	(318)	(717)	(175,385)
Deferred financing costs	(2,331)	0	(2,315)
Proceeds from interest rate swap termination	0	0	5,583
Proceeds from stock option exercises	3,278	3,816	7,537
Payments for minimum statutory tax withholding related to net share settlement of equity awards	(22,615)	(14,394)	(7,759)
Repurchase of common stock	(100,000)	0	(75,000)
Net cash (used in) provided by financing activities	(118,536)	(13,062)	311,691
Effect of foreign exchange rates on cash and cash equivalents	(998)	(93)	(335)
Net increase in cash and cash equivalents and restricted cash	199,201	298,044	316,590
Cash and cash equivalents and restricted cash, beginning of year	715,285	417,241	100,651
Cash and cash equivalents and restricted cash, end of year	914,486	715,285	417,241
Reconciliation to amounts within the consolidated balance sheets
Cash and cash equivalents	912,814	713,656	415,652
Restricted cash included in other long-term assets	1,672	1,629	1,589
Cash, cash equivalents and restricted cash at end of period	914,486	715,285	417,241
Supplemental disclosure of cash flow information
Interest	15,094	15,387	5,064
Income taxes, net of refunds of $2,688, $25 and $50, respectively	153,815	151,579	54,049
Schedule of non-cash investing and financing activities
Additions of property, plant and equipment included in liabilities	5,058	6,978	2,370
Lease liability settled through transfer of lease	762	0	0
Right-of-use asset obtained in exchange for operating lease liabilities	63	29,396	11,019
Excise tax payable on net common stock repurchases	$ 251	$ 0	$ 0

Net Income Per Common Share - Schedule of Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Net income	$ 312,442	$ 326,661	$ 28,067
Basic weighted-average common shares outstanding	69,199	68,266	68,487
Effect of convertible notes (in shares)	742	199	0
Diluted weighted-average common shares outstanding (in shares)	71,651	70,239	70,671
Basic income per common share (in dollars per share)	$ 4.52	$ 4.79	$ 0.41
Diluted income per common share (in dollars per share)	$ 4.36	$ 4.65	$ 0.40
Antidilutive securities excluded from diluted net income (loss) per common share (in shares)	891	421	358
Options
Debt Instrument [Line Items]
Effect of dilutive share based compensation (in shares)	277	346	439
Restricted stock
Debt Instrument [Line Items]
Effect of dilutive share based compensation (in shares)	1,433	1,428	1,745

Asset Retirement Obligations - Schedule of Reconciliation of Company's Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at the beginning of the period	$ 22,916	$ 22,543
Accretion expense	428	373
Balance at the ending of the period	$ 23,344	$ 22,916

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Pending Acquisition of Life Molecular On January 13, 2025, the Company announced that it entered into a definitive agreement to acquire Life Molecular, a subsidiary of Life Healthcare Group Holdings Ltd. Life Molecular is based in Berlin, Germany and is dedicated to advancing novel PET radiopharmaceutical diagnostics. The definitive agreement provides for an upfront payment of $350.0 million and up to an additional $400.0 million in potential earn-out and milestone payments. The transaction is expected to close in the second half of 2025, subject to the satisfaction of customary regulatory and closing conditions. Pending Acquisition of Evergreen Theragnostics On January 27, 2025, the Company announced that it entered into an Agreement and Plan of Merger (the “Evergreen Merger Agreement”) with Evergreen Theragnostics, Inc. (“Evergreen”) and Shareholder Representative Services LLC, pursuant to which the Company will acquire Evergreen by means of a statutory merger of a subsidiary with and into Evergreen, with Evergreen surviving as the Company’s wholly-owned subsidiary (the “Evergreen Merger”). Evergreen is a clinical-stage radiopharmaceutical company engaged in contract development and manufacturing services as well as drug discovery and commercialization of proprietary products. Pursuant to the Evergreen Merger Agreement, the Company will pay an upfront payment of $250.0 million, payable in cash at closing and subject to customary adjustments as set forth in the Evergreen Merger Agreement, and milestone payments in an aggregate cash amount of up to $752.5 million upon the occurrence of certain Milestone Triggering Events (as set forth in the Evergreen Merger Agreement). The Company also agreed to provide up to $18.0 million in unsecured loans to Evergreen on the terms set forth in the Merger Agreement. The Evergreen Merger is expected to close in the second half of 2025, subject to the satisfaction of customary regulatory and closing conditions.

Sale of Portion of North Billerica Facility	12 Months Ended
Sale of Portion of North Billerica Facility	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Sale of Portion of North Billerica Facility	Sale of Portion of North Billerica Facility During the first quarter of 2023, the Company committed to a plan to sell a then-unused portion of its land and buildings associated with its North Billerica campus. Effective March 16, 2023, the Company entered into a purchase and sale agreement with a prospective buyer and the sale of that portion of the North Billerica campus was completed in December 2024. 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 September 30, 2023. The purchase price for the sold portion of the North Billerica campus was $9.8 million in cash. As a result of the sale on December 10, 2024, the Company recorded a gain on sale of assets of $2.1 million in their consolidated statements of operations for the year ended December 31, 2024.

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2024

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

The Company considers its legal obligation to remediate its facilities upon a decommissioning of its radioactive-related operations as an asset retirement obligation. The Company has production facilities which manufacture and process radioactive materials at its sites in North Billerica, Massachusetts and, through March 1, 2024, Somerset, New Jersey. As of December 31, 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, January 1, 2023	$	22,543

Accretion expense	373
Balance, December 31, 2023	22,916

Accretion expense	428

Balance, December 31, 2024	$	23,344

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

Fair Value of Financial Instruments - Schedule of Financial Instruments With Significant Level 3 Inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financial Liabilities
Fair value, beginning of period	$ 2,700	$ 111,600
Changes in fair value included in net income	(1,194)	(9,275)
Gain on partial buyout of 2013 Milestone Rights	(1,505)	0
Cash Payments	(1)	(99,625)
Fair value, end of period	$ 0	$ 2,700
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	General and administrative
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	General and administrative

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on A Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 39,489
Total assets	721,698	$ 574,131
Contingent consideration liabilities	0	2,700
Total liabilities	0	2,700
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	39,489
Total assets	721,698	574,131
Contingent consideration liabilities	0	0
Total liabilities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0
Total assets	0	0
Contingent consideration liabilities	0	0
Total liabilities	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0
Total assets	0	0
Contingent consideration liabilities	0	2,700
Total liabilities	0	2,700
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	682,209	574,131
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	682,209	574,131
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 0	$ 0

Subsequent Events (Details) - USD ($) $ in Thousands	Jan. 27, 2025	Jan. 13, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Contingent consideration liabilities			$ 0	$ 2,700
Subsequent Event \| Life Molecular Imaging Ltd
Subsequent Event [Line Items]
Cash consideration		$ 350,000
Contingent consideration liabilities		$ 400,000
Subsequent Event \| Evergreen Theragnostics
Subsequent Event [Line Items]
Cash consideration	$ 250,000
Contingent consideration liabilities	752,500
Liabilities incurred	$ 18,000

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	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities	$ 0	$ 2,700
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities	0	2,700
1095 commercialization milestone \| Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities	$ 0	$ 1,800
1095 commercialization milestone \| Level 3 \| Probability of success and sales targets \| Probability adjusted discounted cash flow model
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0	0.40
1095 commercialization milestone \| Level 3 \| Discount rate \| Probability adjusted discounted cash flow model
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input		0.041
Net sales targets – AZEDRA and 1095 \| Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent consideration liabilities	$ 0	$ 900
Net sales targets – AZEDRA and 1095 \| Level 3 \| Probability of success and sales targets \| Monte Carlo simulation
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0
Net sales targets – AZEDRA and 1095 \| Level 3 \| Probability of success and sales targets \| Monte Carlo simulation \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input		0
Net sales targets – AZEDRA and 1095 \| Level 3 \| Probability of success and sales targets \| Monte Carlo simulation \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input		0.40
Net sales targets – AZEDRA and 1095 \| Level 3 \| Discount rate \| Monte Carlo simulation
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input		0.15

Leases - Schedule of Operating and Financing Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Operating lease, right-of-use asset	$ 36,083	$ 45,325
Finance	1,564	1,438
Total leased assets	$ 37,647	$ 46,763
Operating lease, right-of-use asset, statement of financial position [Extensible List]	Other long-term assets	Other long-term assets
Finance lease, right-of-use asset, statement of financial position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Current
Operating	$ 1,867	$ 1,904
Finance	974	823
Noncurrent
Operating	53,185	54,453
Finance	671	625
Total leased liabilities	$ 56,697	$ 57,805
Operating lease, liability, current, statement of financial position [Extensible List]	Accrued expenses and other liabilities	Accrued expenses and other liabilities
Finance lease, liability, current, statement of financial position [Extensible List]	Current portion of long-term debt and other borrowings	Current portion of long-term debt and other borrowings
Operating lease, liability, noncurrent, statement of financial position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Finance lease, liability, noncurrent, statement of financial position [Extensible List]	Total long-term debt, net, and other borrowings	Total long-term debt, net, and other borrowings

Long-Term Debt, Net, and Other Borrowings

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt, Net, and Other Borrowings

As of December 31, 2024, the Company’s maturities of principal obligations under its long-term debt and other borrowings are as follows:


(in thousands)	December 31, 2024		December 31, 2023
Principal amount 2.625% Convertible Senior Notes due 2027	$	575,000	$	575,000
Unamortized debt issuance costs	(10,392)		(13,955)
Finance lease liabilities	1,645		1,448
Total	566,253		562,493
Less: current portion of long-term debt and other borrowings	(974)		(823)
Total long-term debt, net, and other borrowings	$	565,279	$	561,670

2022 Revolving Facility

In December 2024, the Company entered into an amendment to its $350.0 million five-year revolving credit facility, which, among other things, increased the facility from $350.0 million to $750.0 million (as amended, the “2022 Revolving Facility”) and extended the maturity date from December 2, 2027 to December 19, 2029. Under the terms of the 2022 Revolving Facility, the lenders are committed to extending credit to the Company from time to time consisting of revolving loans (the “Revolving Loans”) in an aggregate principal amount not to exceed $750.0 million (the “Revolving Commitment”) at any time, including a $40.0 million sub-facility for the issuance of letters of credit (the “Letters of Credit”) and a $20.0 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 1.25% to 2.00% based on the Company’s total net leverage ratio or (ii) the alternative base rate plus an applicable margin that ranges from 0.25% to 1.00%, in either case, 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 0.30% 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 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 December 31, 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 greater of the sum of $685.0 million (so that the total amount available is $1.44 billion) or 100% of consolidated earnings before interest, taxes, depreciation and amortization 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 Revolving 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, other than in connection with certain acquisitions, in which case, the maximum total net leverage ratio permitted can be increased to 4.00 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 MI Real Estate (subject to customary exclusions set forth in the transaction documents) owned as of December 2, 2022 or thereafter acquired.

2.625% Convertible Senior Notes due 2027

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 conversation 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 or report 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 of 1933, as amended, by holders other than our affiliates or holders that were our 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 offered hereby, 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.

Holders of the Notes may require the Company to repurchase their Notes upon the occurrence of a fundamental change prior to the maturity at a repurchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of repurchase. In connection with certain triggering events, the Company will, under certain circumstances, increase the conversion rate for holders of the Notes who elect to convert their Notes in connection with such corporate events.

During the fourth quarter of 2024, the closing price of the Company’s common stock did not exceed 130% of the conversion price of the Notes for more than 20 trading days of the last 30 consecutive trading days of the quarter. As a result, the Notes are not convertible at the option of the holders of the Notes during the first quarter of 2024, the quarter immediately following the quarter when the conditions are met, as stated in the terms of the Notes. Because the Notes are not considered convertible under the terms of the Notes and pursuant to ASC 470-10, the Company classified the carrying value of the Notes as long-term debt, net and other borrowings on the Company’s consolidated balance sheet as of December 31, 2024.

The Company recorded interest expense of approximately $15.1 million related to the Notes for the year ended December 31, 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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-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
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The components of income before income taxes consists of the following:


	Year Ended December 31,
(in thousands)	2024		2023		2022
U.S.	$	429,899	$	410,326	$	29,012
International	1,078		617		(2,293)
Income before income taxes	$	430,977	$	410,943	$	26,719

The Company’s income tax expense (benefit) consists of the following:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Current
Federal	$	114,645	$	110,108	$	42,532
State	33,919		29,806		4,302
International	—		—		(166)
	148,564		139,914		46,668
Deferred
Federal	(26,960)		(45,252)		(39,920)
State	(3,657)		(10,739)		(8,315)
International	588		359		219
	(30,029)		(55,632)		(48,016)
Income tax expense (benefit)	$	118,535	$	84,282	$	(1,348)

The reconciliation of income taxes at the U.S. federal statutory rate to the income tax expense (benefit) is as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
U.S. statutory rate	$	90,506	$	86,298	$	5,611
Permanent items	(413)		1,042		2,309

Sale of RELISTOR licensed intangible asset associated with net sales royalties	—		(10,817)		—
Section 162(m)	407		307		247
Uncertain tax positions	2,466		(5,045)		(12,629)
Tax credits	(5,247)		(2,118)		(4,085)
State and local taxes	21,724		18,726		67
Impact on deferred taxes of change in tax rate	(970)		(330)		4,169
Changes in fair value of contingent assets and liabilities	(567)		(1,948)		5,422
Foreign tax rate differential	66		128		68
Valuation allowance	12,123		(4)		(30)
Stock compensation	(206)		(3,941)		(4,612)
Change in indemnification deferred tax asset	(28)		1,240		2,343
Other	(1,326)		744		(228)
Income tax expense (benefit)	$	118,535	$	84,282	$	(1,348)

The components of deferred income tax assets (liabilities) are as follows:


	December 31,
(in thousands)	2024		2023
Deferred Tax Assets
Federal benefit of state taxes payable	$	867	$	263
Reserves, accruals and other	30,382		18,923

Capitalized research and development	29,799		17,142
Stock compensation	13,876		9,266
Unrealized loss on investments	10,707		—
Intangible assets	33,771		25,214
Net operating loss carryforwards	71,502		80,184
Lease liability	14,100		14,365
Deferred tax assets	205,004		165,357
Deferred Tax Liabilities

Right-of-use asset	(9,241)		(11,543)


Depreciation	(9,881)		—
Deferred tax liability	(19,122)		(11,543)
Less: valuation allowance	(15,649)		(3,616)
	$	170,233	$	150,198
Recorded in the accompanying consolidated balance sheets as:
Noncurrent deferred tax assets, net	$	170,233	$	150,198

The Company regularly assesses its ability to realize its deferred tax assets. Assessing the realizability of deferred tax assets requires significant management judgment. In determining whether its deferred tax assets are more-likely-than-not realizable, the Company evaluated all available positive and negative evidence. As of December 31, 2024 and 2023, the Company maintains a valuation allowance of $15.6 million and $3.6 million, respectively. The amount in 2024 primarily related to unrealized losses incurred during the year on its investment in equity securities and to net deferred tax assets of certain of the Company’s foreign subsidiaries. The 2023 amount only relates to the net deferred tax assets of certain of the Company’s foreign subsidiaries.

Utilization of net operating loss carryforwards and research and development credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that could occur in the future in accordance with Section 382 of the Internal Revenue Code of 1986 (“IRC Section 382”) and with Section 383 of the Internal Revenue Code of 1986, as well as similar state provisions. These ownership changes may limit the amount of net operating loss carryforwards and research and development credit carryforwards that can be utilized annually to offset future taxable income and taxes, respectively. In general, an ownership change, as defined by IRC Section 382, results from transactions which impact the ownership of certain stockholders or public groups in the stock of a corporation by more than 50 percentage points over a three-year period.

At December 31, 2024, the Company had U.S. federal net operating loss carryforwards of approximately $269.9 million, $128.1 million of which will expire between 2027 and 2037, and $141.8 million of which can be carried forward indefinitely. The Company has foreign net operating losses of $29.0 million and $4.3 million which expire in 2035 and $24.7 million of which can be carried forward indefinitely. The Company’s state net operating losses are $9.1 million on a tax-effected basis, which will expire between 2025 and 2044. The Company has state research credit carryforwards of $2.1 million, which will expire between 2026 and 2039.

The Company’s U.S. federal income tax returns are subject to examination for three years after the filing date of the return. The state and foreign income tax returns are subject to examination for periods varying from three to four years after filing, depending on the specific jurisdiction’s statutes of limitation, and in the case of Sweden, up to six years after the end of the financial year.

A reconciliation of the Company’s changes in uncertain tax positions for 2024 and 2023 is as follows:


(in thousands)	Amount
Balance of uncertain tax positions as of January 1, 2022	$	3,658
Additions related to current year tax positions	—
Reductions related to prior year tax positions	(1,180)
Settlements	(306)
Lapse of statute of limitations	(692)
Balance of uncertain tax positions as of December 31, 2022	1,480
Additions related to current year tax positions	3,749
Reductions related to prior year tax positions	(688)
Settlements	(442)
Lapse of statute of limitations	—
Balance of uncertain tax positions as of December 31, 2023	4,099
Additions related to current year tax positions	948
Additions related to prior year tax positions	2,694
Reductions related to prior year tax positions	(3)
Settlements	(118)
Lapse of statute of limitations	—
Balance of uncertain tax positions as of December 31, 2024	$	7,620

In connection with the Company’s acquisition of the medical imaging business from Bristol Myers Squibb (“BMS”) in 2008, the Company recorded a liability for uncertain tax positions related to the acquired business and simultaneously entered into an indemnification agreement with BMS for any payments made to settle those uncertain tax positions with the taxing authorities.

In accordance with the Company’s accounting policy, the change in the tax liability, penalties and interest associated with these obligations (net of any offsetting federal or state benefit) is recognized within income tax expense. As these reserves change, adjustments are included in income tax expense while the offsetting adjustment is included in other income. Assuming that the receivable from BMS continues to be considered recoverable by the Company, there will be no effect on net income and no net cash outflows related to these liabilities. Included in other (income) loss for the years ended December 31, 2024, 2023 and 2022, is tax indemnification (income) expense, net of ($0.1) million, $4.9 million and $9.6 million, respectively.

As of December 31, 2024 and 2023, total liabilities for uncertain tax positions including interest and penalties were $9.4 million and $5.4 million, respectively, consisting of uncertain tax positions of $7.6 million and $4.1 million, respectively, interest accruals of $1.8 million and $1.3 million, respectively, and no penalty accruals as of December 31, 2024 and 2023. The increase in uncertain tax positions during the year ended December 31, 2024 was primarily related to state tax uncertainties. As of December 31, 2024, $1.4 million, $7.3 million, and $0.7 million of these liabilities were recorded in current liabilities, other long-term liabilities, and as a reduction of deferred tax assets, respectively. As of December 31, 2023, $1.3 million, $3.2 million and $0.9 million of these liabilities were recorded in current liabilities, other long-term liabilities, and as a reduction of deferred tax assets, respectively. Included in the 2024 tax provision are expenses of $2.5 million, primarily related to state tax position. Included in the 2023 and 2022 tax provision are benefits of $5.0 million and $12.6 million, respectively, relating to reversals of uncertain tax positions recognized upon settlements, effective settlements, or lapses of relevant statutes of limitation, partially offset by interest accruals. As of December 31, 2024, the Company has $5.7 million of unrecognized tax benefits which would impact the effective tax rate if recognized.

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Sale of Portion of North Billerica Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets	$ 8,415	$ 51,789	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price for stock				$ 9,800
Gain on sale of assets	$ 2,100

Leases (Tables)

12 Months Ended

Dec. 31, 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	December 31, 2024		December 31, 2023
Assets
Operating	Other long-term assets	$	36,083	$	45,325
Finance	Property, plant and equipment, net	1,564		1,438
Total leased assets		$	37,647	$	46,763
Liabilities
Current
Operating	Accrued expenses and other liabilities	$	1,867	$	1,904
Finance	Current portion of long-term debt and other borrowings	974		823
Noncurrent
Operating	Other long-term liabilities	53,185		54,453
Finance	Long-term debt, net and other borrowings	671		625
Total leased liabilities		$	56,697	$	57,805

Schedule of Components of Lease Expense and Other Information

The components of lease expense were as follows:


(in thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Operating lease expense	$	6,391	$	4,627
Finance lease expense
Amortization of ROU assets	$	962	795
Interest on lease liabilities	96		81

Total lease expense	$	7,449	$	5,503

Other information related to leases were as follows:


	December 31, 2024		December 31, 2023
Weighted-average remaining lease term (Years):
Operating leases	13.1		13.5
Finance leases	1.9		2.3
Weighted-average discount rate:
Operating leases	7.5%		7.3%
Finance leases	6.0%		6.2%

(in thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,540	$	3,462
Operating cash flows from finance leases	96		81
Financing cash flows from finance leases	318		504
ROU assets obtained in exchange for lease obligations:
Operating leases	63		29,396
Finance leases	$	1,564	$	1,437

Schedule of Future Minimum Lease Payments Under Operating Leases

Future minimum lease payments under non-cancellable leases as of December 31, 2024 were as follows:


(in thousands)	Operating Leases		Finance Leases
2025	$	5,368	$	1,045
2026	6,341		529
2027	7,147		170
2028	7,332		37
2029	7,523		—
Thereafter	61,193		—
Total future minimum lease payments	94,904		1,781
Less: interest	39,852		136
Total	$	55,052	$	1,645

Schedule of Future Minimum Lease Payments Under Finance Leases

Future minimum lease payments under non-cancellable leases as of December 31, 2024 were as follows:


(in thousands)	Operating Leases		Finance Leases
2025	$	5,368	$	1,045
2026	6,341		529
2027	7,147		170
2028	7,332		37
2029	7,523		—
Thereafter	61,193		—
Total future minimum lease payments	94,904		1,781
Less: interest	39,852		136
Total	$	55,052	$	1,645

Income Taxes - Reconciliation of Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Uncertain Tax Positions [Roll Forward]
Beginning balance of uncertain tax positions	$ 4,099	$ 1,480	$ 3,658
Additions related to current year tax positions	948	3,749	0
Additions related to prior year tax positions	2,694
Reductions related to prior year tax positions	(3)	(688)	(1,180)
Settlements	(118)	(442)	(306)
Lapse of statute of limitations	0	0	(692)
Ending balance of uncertain tax positions	$ 7,620	$ 4,099	$ 1,480

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Payments Required

As of December 31, 2024, future payments required under purchase commitments are as follows:


(in thousands)	Amount
2025	$	5,915
2026	2,716
2027	2,716
2028	—
2029 and thereafter	—
Total	$	11,347

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

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, interest rate swaps, 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 fair value of the interest rate swaps is determined based on observable market-based inputs, including interest rate curves and reflects the contractual terms of these instruments, including the period to maturity. Please refer to Note 13, “Derivative Instruments,” to these consolidated financial statements for further details on the interest rate swaps. Investment in equity securities resulting from the Perspective Therapeutics, Inc. (“Perspective”) and Radiopharm Theranostics Limited (“Radiopharm”) strategic agreements were recorded at fair value by the Company and are adjusted for price changes observable in the market each quarter. 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:


	December 31, 2024
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	682,209	$	682,209	$	—	$	—
Investment securities	39,489		39,489		—		—


Total assets	$	721,698	$	721,698	$	—	$	—
Liabilities:

Contingent consideration liabilities	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—


	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 years ended December 31, 2024 and 2023, there were no transfers into or out of Level 3.

Perspective Therapeutics, Inc. Equity Securities

At December 31, 2024, the Company held 11,677,339 shares of Perspective common stock (“Perspective Shares”). The Company accounts for its investment in Perspective Shares as an equity investment with a readily determinable fair value, as the securities are publicly traded on the New York Stock Exchange (“NYSE”). The fair value of the equity securities is based on the closing price of the Perspective Shares on the NYSE at the end of the fiscal period and is classified within Level 1 of the fair value hierarchy because the equity securities are valued using quoted market prices. The fair value of the Perspective Shares as of December 31, 2024 was approximately $37.3 million based on a closing market price of $3.19 per share on December 31, 2024, resulting in an unrealized loss of $41.0 million for the year ended December 31, 2024. See Note 21, “Acquisition of Assets” to these consolidated financial statements for further discussion of the Perspective transaction.

Radiopharm Theranostics Limited Equity Securities

At December 31, 2024, the Company held 149,625,180 shares of Radiopharm common stock (“Radiopharm Shares”). The Company accounts for its investment in Radiopharm Shares as an equity investment with a readily determinable fair value, as the securities are publicly traded on the Australian Stock Exchange (“ASX”). The fair value of the equity securities is based on the closing price of the Radiopharm Shares on the ASX at the end of the fiscal period and is classified within Level 1 of the fair value hierarchy because the equity securities are valued using quoted market prices. The fair value of the Radiopharm Shares as of December 31, 2024 was approximately $2.2 million based on the converted closing market price of approximately $0.01 per share on December 31, 2024, resulting in an unrealized loss on equity securities of $2.6 million for the year ended December 31, 2024. See Note 21, “Acquisition of Assets” to these consolidated financial statements for further discussion of the Radiopharm transaction.

Contingent Consideration

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 for a commercialization milestone related to a prostate cancer product candidate the Company refers to as “1404” that was out-licensed 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 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 as of December 31, 2024 and 2023.


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



1095 commercialization milestone	$	—	$	1,800	Probability adjusted discounted cash flow model
						Period of expected milestone achievement	N/A		2026
						Probability of success	—	%	40	%
						Discount rate	N/A		4.1	%



Net sales targets – AZEDRA and 1095	—		900		Monte Carlo simulation
						Probability of success and sales targets	—	%	0% - 40%
						Discount rate	N/A		15	%
Total	$	—	$	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)	Years Ended December 31,
		2024		2023
Fair value, beginning of period		$	2,700	$	111,600

Changes in fair value included in net income		(1,194)		(9,275)
Gain on partial buyout of 2013 Milestone Rights		(1,505)		—
Cash Payments		(1)		(99,625)

Fair value, end of period		$	—	$	2,700

The change in fair value of the contingent financial liabilities resulted in a decrease of general and administrative expense of $1.2 million for the year ended December 31, 2024. In August 2024, the Company entered into a bill of sale with the holder of a significant portion of the contingent milestone rights related to the 2013 Acquisition (the “2013 Milestone Rights”) to transfer the holder’s portion of the 2013 Milestone Rights back to the Company for $1,000. This buyout resulted in a $1.5 million decrease in general and administrative expense during 2024 due to the reduction in outstanding 2013 Milestone Rights.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues		$ 1,533,910	$ 1,296,429	$ 935,061
Total amount awarded	$ 24,000
Product revenue, net
Disaggregation of Revenue [Line Items]
Total revenues		1,524,782	1,263,068	887,038
License and royalty revenues
Disaggregation of Revenue [Line Items]
Total revenues		9,128	33,361	48,023
Total radiopharmaceutical oncology
Disaggregation of Revenue [Line Items]
Total revenues		1,058,218	854,433	531,507
PYLARIFY
Disaggregation of Revenue [Line Items]
Total revenues		1,057,834	851,303	527,405
Other radiopharmaceutical oncology
Disaggregation of Revenue [Line Items]
Total revenues		384	3,130	4,102
Total precision diagnostics
Disaggregation of Revenue [Line Items]
Total revenues		437,510	390,118	356,682
DEFINITY
Disaggregation of Revenue [Line Items]
Total revenues		317,792	279,768	244,993
TechneLite
Disaggregation of Revenue [Line Items]
Total revenues		95,487	87,370	88,864
Other precision diagnostics
Disaggregation of Revenue [Line Items]
Total revenues		24,231	22,980	22,825
Strategic Partnerships and other revenue
Disaggregation of Revenue [Line Items]
Total revenues		$ 38,182	$ 51,878	$ 46,872

Stock-Based Compensation - Modification of Equity Awards and Common Stock Repurchases (Details) $ / shares in Units, shares in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024 employee	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 30, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
Restructuring and Related Cost, Number of Positions Eliminated \| employee	60
Incremental cost		$ 2,700,000
Restructuring charges		$ 9,400,000
Stock repurchase program, authorized amount					$ 250,000,000
Repurchase of common stock (in shares) \| shares		1.1
Repurchase of common stock		$ 100,251,000	$ 0	$ 75,000,000
Repurchases of stock, price per share (in dollars per share) \| $ / shares		$ 89.59
Restructuring incurred cost statement of income or comprehensive income extensible enumeration not disclosed flag		true

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company determines if an arrangement is a lease at inception. The Company has operating and finance leases for vehicles, corporate offices and certain equipment.

Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Lease agreements with lease and non-lease components are accounted for separately. As the Company’s leases do not provide an implicit rate, the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

The Company assumed two operating leases as a result of the Progenics acquisition related to office space at the World Trade Center in New York City, pursuant to a lease agreement expiring in September 2030 (the “WTC Lease”), and a radiopharmaceutical manufacturing facility in Somerset, New Jersey, under a sublease agreement expiring in November 2028, which were recorded as of June 19, 2020, for $18.6 million and $0.6 million, respectively. The Company entered into an operating lease related to office space in Somerset, New Jersey, under a lease agreement expiring in August 2026, which was recorded in October 2021 for $0.7 million. The Company entered into an operating lease agreement in February 2022 to lease office space in Bedford, Massachusetts (“Existing Premises”), under a lease agreement expiring in June 2031, which commenced and was recorded in December 2022 for $11.0 million (the “Existing Premises Lease”).

On May 4, 2023, the Company entered into a modification to the Existing Premises Lease. 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 2025, 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 October 7, 2024, the Company executed a second amendment to the Bedford Lease for additional space resulting in one additional operating lease. As of December 31, 2024, the additional operating lease has not yet commenced. The future lease payments for this lease are approximately $17.0 million. The lease is expected to commence in 2026 and has a noncancellable lease term of 13.3 years.

On March 1, 2024, the Company transferred the sublease and completed the asset sale of the Somerset Facility. See Note 7, “Property, Plan and Equipment, Net” to these consolidated financial statements for further discussion on the sublease transfer.

Leases with an initial term of 12 months or less are not recorded on the balance sheet as the Company has elected to apply the short-term lease exemption. The Company recognizes lease expense for these leases on a straight-line basis over the lease term.

Operating and finance lease assets and liabilities are as follows:


(in thousands)	Classification	December 31, 2024		December 31, 2023
Assets
Operating	Other long-term assets	$	36,083	$	45,325
Finance	Property, plant and equipment, net	1,564		1,438
Total leased assets		$	37,647	$	46,763
Liabilities
Current
Operating	Accrued expenses and other liabilities	$	1,867	$	1,904
Finance	Current portion of long-term debt and other borrowings	974		823
Noncurrent
Operating	Other long-term liabilities	53,185		54,453
Finance	Long-term debt, net and other borrowings	671		625
Total leased liabilities		$	56,697	$	57,805

The components of lease expense were as follows:


(in thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Operating lease expense	$	6,391	$	4,627
Finance lease expense
Amortization of ROU assets	$	962	795
Interest on lease liabilities	96		81

Total lease expense	$	7,449	$	5,503

Other information related to leases were as follows:


	December 31, 2024		December 31, 2023
Weighted-average remaining lease term (Years):
Operating leases	13.1		13.5
Finance leases	1.9		2.3
Weighted-average discount rate:
Operating leases	7.5%		7.3%
Finance leases	6.0%		6.2%

(in thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,540	$	3,462
Operating cash flows from finance leases	96		81
Financing cash flows from finance leases	318		504
ROU assets obtained in exchange for lease obligations:
Operating leases	63		29,396
Finance leases	$	1,564	$	1,437

Future minimum lease payments under non-cancellable leases as of December 31, 2024 were as follows:


(in thousands)	Operating Leases		Finance Leases
2025	$	5,368	$	1,045
2026	6,341		529
2027	7,147		170
2028	7,332		37
2029	7,523		—
Thereafter	61,193		—
Total future minimum lease payments	94,904		1,781
Less: interest	39,852		136
Total	$	55,052	$	1,645

Leases

The Company determines if an arrangement is a lease at inception. The Company has operating and finance leases for vehicles, corporate offices and certain equipment.

Operating and finance lease assets and liabilities are as follows:


(in thousands)	Classification	December 31, 2024		December 31, 2023
Assets
Operating	Other long-term assets	$	36,083	$	45,325
Finance	Property, plant and equipment, net	1,564		1,438
Total leased assets		$	37,647	$	46,763
Liabilities
Current
Operating	Accrued expenses and other liabilities	$	1,867	$	1,904
Finance	Current portion of long-term debt and other borrowings	974		823
Noncurrent
Operating	Other long-term liabilities	53,185		54,453
Finance	Long-term debt, net and other borrowings	671		625
Total leased liabilities		$	56,697	$	57,805

The components of lease expense were as follows:


(in thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Operating lease expense	$	6,391	$	4,627
Finance lease expense
Amortization of ROU assets	$	962	795
Interest on lease liabilities	96		81

Total lease expense	$	7,449	$	5,503

Other information related to leases were as follows:


	December 31, 2024		December 31, 2023
Weighted-average remaining lease term (Years):
Operating leases	13.1		13.5
Finance leases	1.9		2.3
Weighted-average discount rate:
Operating leases	7.5%		7.3%
Finance leases	6.0%		6.2%

(in thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,540	$	3,462
Operating cash flows from finance leases	96		81
Financing cash flows from finance leases	318		504
ROU assets obtained in exchange for lease obligations:
Operating leases	63		29,396
Finance leases	$	1,564	$	1,437

Future minimum lease payments under non-cancellable leases as of December 31, 2024 were as follows:


(in thousands)	Operating Leases		Finance Leases
2025	$	5,368	$	1,045
2026	6,341		529
2027	7,147		170
2028	7,332		37
2029	7,523		—
Thereafter	61,193		—
Total future minimum lease payments	94,904		1,781
Less: interest	39,852		136
Total	$	55,052	$	1,645

Commitments and Contingencies - Additional Information (Details) $ in Billions	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contingent payments	$ 3.7

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 29,080	$ 31,259
Work in process	15,870	13,807
Finished goods	23,075	18,963
Total inventory	$ 68,025	$ 64,029

Long-Term Debt, Net, and Other Borrowings - Convertible Senior Notes (Details) - Convertible Debt			1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 08, 2022 USD ($) $ / shares	Dec. 05, 2022	Dec. 31, 2022	Dec. 31, 2024 USD ($) day $ / shares	Dec. 31, 2024 USD ($) $ / shares
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 75,000,000
2.625% Convertible Senior Notes due 2027
Debt Instrument [Line Items]
Interest rate	2.625%			2.625%	2.625%
Debt instrument, face amount	$ 575,000,000			$ 575,000,000	$ 575,000,000
Proceeds from convertible debt	$ 557,800,000
Initial conversion price (in dollars per share) \| $ / shares	$ 79.81			$ 79.81	$ 79.81
Initial conversion premium	42.50%
Share price (in dollars per share) \| $ / shares	$ 56.01
Debt instrument, stock price percentage	130.00%			130.00%
Purchase price as a percentage of principal amount	100.00%
Debt instrument, redemption price, percentage	100.00%
Threshold trading days \| day				20
Threshold consecutive trading days \| day				30
Interest expense, debt					$ 15,100,000
Convertible, conversion ratio		0.0125291	0.0178539
2.625% Convertible Senior Notes due 2027 \| Minimum
Debt Instrument [Line Items]
Debt instrument, covenant percentage of additional interest				0.25%	0.25%
2.625% Convertible Senior Notes due 2027 \| Maximum
Debt Instrument [Line Items]
Debt instrument, covenant percentage of additional interest				0.50%	0.50%

Revenue from Contracts with Customers - Schedule Of Rebates and Allowances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 16,070	$ 13,399
Provision related to current period revenues	63,504	32,308
Adjustments relating to prior period revenues		(453)
Payments or credits made during the period	(54,326)	(29,184)
Ending balance	$ 25,248	$ 16,070

Other Assets

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

Other assets are comprised of the following:


	December 31,
(in thousands)	2024		2023
Prepaid Expenses	$	15,406	$	16,437

Other Current Assets	9,130		246
Total other current assets	$	24,536	$	16,683

ROU Asset (Note 16)	$	36,083	$	45,325

Other Long-Term Assets	8,154		9,936
Total other long-term assets	$	44,237	$	55,261

Inventory (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following:


	December 31,
(in thousands)	2024		2023
Raw materials	$	29,080	$	31,259
Work in process	15,870		13,807
Finished goods	23,075		18,963
Total inventory	$	68,025	$	64,029

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Income Taxes

The components of income before income taxes consists of the following:


	Year Ended December 31,
(in thousands)	2024		2023		2022
U.S.	$	429,899	$	410,326	$	29,012
International	1,078		617		(2,293)
Income before income taxes	$	430,977	$	410,943	$	26,719

Schedule of Income Tax Expense (Benefit)

The Company’s income tax expense (benefit) consists of the following:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Current
Federal	$	114,645	$	110,108	$	42,532
State	33,919		29,806		4,302
International	—		—		(166)
	148,564		139,914		46,668
Deferred
Federal	(26,960)		(45,252)		(39,920)
State	(3,657)		(10,739)		(8,315)
International	588		359		219
	(30,029)		(55,632)		(48,016)
Income tax expense (benefit)	$	118,535	$	84,282	$	(1,348)

Schedule of Reconciliation of Income Taxes at the U.S. Federal Statutory Rate to the Actual Income Taxes

The reconciliation of income taxes at the U.S. federal statutory rate to the income tax expense (benefit) is as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
U.S. statutory rate	$	90,506	$	86,298	$	5,611
Permanent items	(413)		1,042		2,309

Sale of RELISTOR licensed intangible asset associated with net sales royalties	—		(10,817)		—
Section 162(m)	407		307		247
Uncertain tax positions	2,466		(5,045)		(12,629)
Tax credits	(5,247)		(2,118)		(4,085)
State and local taxes	21,724		18,726		67
Impact on deferred taxes of change in tax rate	(970)		(330)		4,169
Changes in fair value of contingent assets and liabilities	(567)		(1,948)		5,422
Foreign tax rate differential	66		128		68
Valuation allowance	12,123		(4)		(30)
Stock compensation	(206)		(3,941)		(4,612)
Change in indemnification deferred tax asset	(28)		1,240		2,343
Other	(1,326)		744		(228)
Income tax expense (benefit)	$	118,535	$	84,282	$	(1,348)

Schedule of Components of Deferred Incomes Tax Assets (Liabilities)

The components of deferred income tax assets (liabilities) are as follows:


	December 31,
(in thousands)	2024		2023
Deferred Tax Assets
Federal benefit of state taxes payable	$	867	$	263
Reserves, accruals and other	30,382		18,923

Capitalized research and development	29,799		17,142
Stock compensation	13,876		9,266
Unrealized loss on investments	10,707		—
Intangible assets	33,771		25,214
Net operating loss carryforwards	71,502		80,184
Lease liability	14,100		14,365
Deferred tax assets	205,004		165,357
Deferred Tax Liabilities

Right-of-use asset	(9,241)		(11,543)


Depreciation	(9,881)		—
Deferred tax liability	(19,122)		(11,543)
Less: valuation allowance	(15,649)		(3,616)
	$	170,233	$	150,198
Recorded in the accompanying consolidated balance sheets as:
Noncurrent deferred tax assets, net	$	170,233	$	150,198

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the Company’s changes in uncertain tax positions for 2024 and 2023 is as follows:


(in thousands)	Amount
Balance of uncertain tax positions as of January 1, 2022	$	3,658
Additions related to current year tax positions	—
Reductions related to prior year tax positions	(1,180)
Settlements	(306)
Lapse of statute of limitations	(692)
Balance of uncertain tax positions as of December 31, 2022	1,480
Additions related to current year tax positions	3,749
Reductions related to prior year tax positions	(688)
Settlements	(442)
Lapse of statute of limitations	—
Balance of uncertain tax positions as of December 31, 2023	4,099
Additions related to current year tax positions	948
Additions related to prior year tax positions	2,694
Reductions related to prior year tax positions	(3)
Settlements	(118)
Lapse of statute of limitations	—
Balance of uncertain tax positions as of December 31, 2024	$	7,620

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Location	Boston, Massachusetts
Auditor Name	Deloitte & Touche LLP

Description of Business (Details) - USD ($) $ in Thousands	Feb. 20, 2020	Dec. 31, 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		$ 0	$ 2,700
Progenics
Business Acquisition [Line Items]
Aggregate cash payments percentage	40.00%
Percentage of total consideration	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

Long-Term Debt, Net, and Other Borrowings - 2022 Revolving Facility (Details) - Line of Credit - USD ($)	1 Months Ended
	Dec. 31, 2024	Dec. 31, 2022
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 350,000,000
Debt instrument, term (in years)		5 years
Outstanding borrowings	$ 0
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	750,000,000
Line of credit facility, accordion feature, higher borrowing capacity option	$ 685,000,000
Line of credit facility, current borrowing capacity		$ 1,440,000,000
Revolving Credit Facility \| Maximum \| SOFR
Debt Instrument [Line Items]
Debt instrument, basis rate	2.00%
Revolving Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis rate	1.00%
Revolving Credit Facility \| Maximum \| Leverage Ratio Range
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.30%
Revolving Credit Facility \| Minimum \| SOFR
Debt Instrument [Line Items]
Debt instrument, basis rate	1.25%
Revolving Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis rate	0.25%
Revolving Credit Facility \| Minimum \| Leverage Ratio Range
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.15%
Revolving Credit Facility \| Amended 2022 Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 750,000,000
Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	40,000,000
Bridge Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 20,000,000

Stock-Based Compensation - Schedule of TSR Award Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares
Nonvested beginning balance (in shares)	1,210,259
Granted (in shares)	842,991
Vested (in shares)	(602,145)
Forfeited (in shares)	(179,255)
Nonvested ending balance (in shares)	1,271,850	1,210,259
Weighted- Average Grant Date Fair Value Per Share
Nonvested beginning balance (in dollars per share)	$ 58.71
Granted (in dollars per share)	70.56
Vested (in dollars per share)	49.78
Forfeited (in dollars per share)	65.75
Nonvested, ending balance (in dollars per share)	$ 69.81	$ 58.71
Total Stockholder Return Restricted Stock Awards
Shares
Nonvested beginning balance (in shares)	630,054
Granted (in shares)	586,292
Vested (in shares)	(514,192)
Forfeited (in shares)	(17,470)
Nonvested ending balance (in shares)	684,684	630,054
Weighted- Average Grant Date Fair Value Per Share
Nonvested beginning balance (in dollars per share)	$ 78.91
Granted (in dollars per share)	105.87	$ 127.75	$ 95.31
Vested (in dollars per share)	31.25
Forfeited (in dollars per share)	117.27
Nonvested, ending balance (in dollars per share)	$ 109.38	$ 78.91

Leases - Schedule of Other Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted-average remaining lease term (Years):
Operating leases	13 years 1 month 6 days	13 years 6 months
Finance leases	1 year 10 months 24 days	2 years 3 months 18 days
Weighted-average discount rate:
Operating leases	7.50%	7.30%
Finance leases	6.00%	6.20%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 4,540	$ 3,462
Operating cash flows from finance leases	96	81
Financing cash flows from finance leases	318	504
ROU assets obtained in exchange for lease obligations:
Operating leases	63	29,396	$ 11,019
Finance leases	$ 1,564	$ 1,437

Income Taxes - Schedule of Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S.	$ 429,899	$ 410,326	$ 29,012
International	1,078	617	(2,293)
Income before income taxes	$ 430,977	$ 410,943	$ 26,719

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-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 6: http://www.xbrl.org/2009/role/commonPracticeRef
-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 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 12: 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(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Net Income Per Common Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Income Per Common Share

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


	Year Ended December 31,
(in thousands, except per share amounts)	2024		2023		2022
Net income	$	312,442	$	326,661	$	28,067

Basic weighted-average common shares outstanding	69,199		68,266		68,487
Effect of dilutive stock options	277		346		439

Effect of dilutive restricted stock	1,433		1,428		1,745

Effect of convertible debt instrument	742		199		—
Diluted weighted-average common shares outstanding	71,651		70,239		70,671

Basic income per common share	$	4.52	$	4.79	$	0.41
Diluted income per common share	$	4.36	$	4.65	$	0.40

Antidilutive securities excluded from diluted net income per common share	891		421		358

Impact of the Convertible Notes

The Company considered whether the notes are participating securities through the two-class method. Per the terms of the indenture governing the Notes’, 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 earning exceeds the current share price, regardless of whether such dividend is declared. During the year ended December 31, 2024, 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 will have 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. See Note 12, “Long-Term Debt, Net, and Other Borrowings,” to these consolidated financial statements for further discussion on the Notes.

Inventory

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of the following:


	December 31,
(in thousands)	2024		2023
Raw materials	$	29,080	$	31,259
Work in process	15,870		13,807
Finished goods	23,075		18,963
Total inventory	$	68,025	$	64,029

The Company has no inventory pending regulatory approval as of December 31, 2024 and 2023. The majority of the value of the inventory relates to non-radioactive products. With respect to the Company’s products that are radiopharmaceuticals, due to the limited shelf life of such products, they are generally not held as finished goods.

Accrued Expenses and Other Liabilities and Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Compensation and benefits	$ 48,263	$ 36,331
Freight, distribution and operations	85,966	67,529
Accrued rebates, discounts and chargebacks	25,248	16,070
Accrued research and development expenses	13,219	3,258
Accrued professional fees	20,308	10,244
Other	11,988	11,906
Total accrued expenses and other liabilities	204,992	145,338
Operating lease liabilities (Note 16)	53,185	54,453
Long-term contingent liability (Note 4)	0	2,700
Other long-term liabilities	9,995	6,168
Total other long-term liabilities	$ 63,180	$ 63,321

Asset Retirement Obligations - Additional Information (Details) $ in Millions	Dec. 31, 2024 USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Obligation expected to be incurred	$ 25.1
Financial assurance in form of surety bond	$ 30.3

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its direct and indirect wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The estimates reflected in the Company’s consolidated financial statements include, but are not limited to, certain judgments regarding revenue recognition, goodwill, tangible and intangible asset valuation, inventory valuation, asset retirement obligations, contingent assets and liabilities, income tax liabilities and related indemnification receivable, deferred tax assets and liabilities and accrued expenses. Actual results could materially differ from those estimates or assumptions.

Revenue Recognition

The Company recognizes revenue when it transfers control of promised goods or services to its customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods and services. See Note 3, “Revenue from Contracts with Customers,” to these consolidated financial statements, for further discussion on revenues.

Accounts Receivable, net

Accounts receivable consist of amounts billed and currently due from customers. The Company maintains an allowance for doubtful accounts for estimated current expected credit losses. In determining the allowance, consideration includes the probability of recoverability based on past experience as well as current and future economic and market conditions. Certain accounts receivable may be fully reserved when the Company becomes aware of any specific collection issues. The Company periodically reviews the aging of receivables, payment history and customer creditworthiness to determine if adjustments to the allowance for doubtful accounts is necessary. Allowance for doubtful accounts was $7.8 million at December 31, 2024 and de minimis at December 31, 2023.

Income Taxes

The Company accounts for income taxes using an asset and liability approach. Income tax expense (benefit) represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax attributes are expected to be recovered or paid, and are adjusted for changes in tax rates and tax laws when such changes are enacted.

The Company recognizes deferred tax assets to the extent that the Company believes that these assets are more-likely-than-not to be realized. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not that the future tax benefit will not be realized. The assessment of whether or not a valuation allowance is required involves weighing both positive and negative evidence, including both historical and prospective information, with greater weight given to evidence that is objectively verifiable. A history of recent losses is negative evidence that is difficult to overcome with positive evidence. In evaluating prospective information there are four sources of taxable income: reversals of taxable temporary differences, items that can be carried back to prior tax years (such as net operating losses), pre-tax income, and prudent and feasible tax planning strategies. Adjustments to the deferred tax valuation allowances are made in the period when those assessments are made.

The Company accounts for uncertain tax positions using a two-step recognition threshold and measurement analysis method to determine the financial statement impact of uncertain tax positions taken or expected to be taken in a tax return. Differences between tax positions taken in a tax return and amounts recognized in the financial statements are recorded as adjustments to other long-term assets and liabilities, or adjustments to deferred taxes, or both. The Company records the related interest and penalties to income tax expense (benefit).

Net Income per Common Share

The Company computes earnings per share using the two-class method. Basic earnings per common share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period, plus the potential dilutive effect of other securities as if those securities were converted or exercised. The Company’s potentially dilutive shares, which could include shares issuable upon conversion of the $575.0 million in aggregate principal amount of 2.625% Convertible Senior Notes due 2027 (the “Notes”), are considered to be common stock equivalents and are only included in the calculation of diluted net income per share when their effect is dilutive. The Company has the option to settle the Notes through cash settlement or a combination of cash and share settlement provided that the principal is settled in cash and the conversion spread is settled in cash or shares as elected by the Company. The Company applies the if-converted method for diluted earnings in order to reflect the conversion spread. During periods in which the Company incurs net losses, both basic and diluted loss per common share is calculated by dividing the net loss by the weighted-average shares of common stock outstanding and potentially dilutive securities are excluded from the calculation because their effect would be antidilutive.

Cash and Cash Equivalents

Cash and cash equivalents include savings deposits, certificates of deposit and money market funds that have original maturities of three months or less when purchased.

Restricted Cash

Restricted cash as of December 31, 2024 and 2023, represents primarily collateral for a letter of credit securing a lease obligation and a security deposit. The Company believes the carrying value of these assets approximates fair value.

Concentration of Risks and Limited Suppliers

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of trade accounts receivable. The Company periodically reviews its accounts receivable for collectability and provides for an allowance for doubtful accounts to the extent that amounts are not expected to be collected. The Company sells primarily to hospitals, independent diagnostic testing facilities, and radiopharmacies.

As of December 31, 2024 and 2023, no customer accounted for greater than 10% of accounts receivable, net. No customer accounted for greater than 10% of revenues for the years ended December 31, 2024, 2023 and 2022.

The Company relies on certain materials used in its development and manufacturing processes, some of which are procured from only one or a few sources. The failure of one of these suppliers to deliver on schedule could delay or interrupt the manufacturing or commercialization process and would adversely affect the Company’s operating results. In addition, a disruption in the commercial supply of, or a significant increase in the cost of one of the Company’s materials from these sources could have a material adverse effect on the Company’s business, financial position and results of operations.

The Company currently relies on Jubilant HollisterStier as its significant manufacturer of DEFINITY and its sole source manufacturer of NEUROLITE, CARDIOLITE and evacuation vials for TechneLite. The Company has Molybdenum-99 supply agreements with Institute for Radioelements of Belgium, running through December 31, 2025, with auto-renewal provisions and terminable upon notice of non-renewal, and with NTP Radioisotopes and its subcontractor Australian Nuclear Science and Technology Organisation, running through December 31, 2025.

The following table sets forth revenues for each of the Company’s products representing 10% or more of revenues:


	Year Ended December 31,
	2024		2023		2022
PYLARIFY	69.0	%	65.7	%	56.4	%
DEFINITY	20.7	%	21.6	%	26.2	%

Inventory

Inventory includes material, direct labor and related manufacturing overhead and is stated at the lower of cost and net realizable value on a first-in, first-out basis. The Company records inventory when the Company takes title to the product. The majority of the value of the inventory relates to non-radioactive products. With respect to the Company’s products that are radiopharmaceuticals, due to the limited shelf life of such products, they are generally not held as finished goods.

The Company assesses the recoverability of inventory to determine whether adjustments for excess and obsolete inventory are required. Inventory that is in excess of future requirements is written down to its estimated net realizable value based on product shelf life, forecasted demand and other factors.

Inventory costs associated with product that has not yet received regulatory approval are capitalized if the Company believes there is probable future commercial use of the product and future economic benefits of the asset. If future commercial use of the product is not probable, then inventory costs associated with such product are expensed as incurred. The Company had no inventory pending regulatory approval as of December 31, 2024 and 2023.

Property, Plant and Equipment, net

Property, plant & equipment are stated at cost. Replacements of major units of property are capitalized, and replaced properties are retired. Replacements of minor components of property and repair and maintenance costs are charged to expense as incurred. Certain costs to obtain or develop computer software are capitalized and amortized over the estimated useful life of the software. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the related assets and recorded in costs of goods sold and operating expenses in the associated functional expense category which utilizes the associated asset. The estimated useful lives of the major classes of depreciable assets are as follows:


Class						Range of Estimated Useful Lives
Buildings						10 - 50 years
Land improvements						15 - 40 years
Machinery and equipment						3 - 15 years
Furniture and fixtures						15 years
Leasehold improvements						Lesser of lease term or 15 years
Computer software						3 - 5 years

Upon retirement or other disposal of property, plant & equipment, the cost and related amount of accumulated depreciation are removed from the asset and accumulated depreciation accounts, respectively. The difference, if any, between the net asset value and the proceeds is included in operating income.

Included within machinery and equipment are spare parts. Spare parts include replacement parts relating to plant & equipment and are either recognized as an expense when consumed or reclassified and capitalized as part of the related asset and depreciated over the remaining useful life of the related asset.

Business Combinations

The Company accounts for business combinations using the acquisition method of accounting. The Company recognizes the assets acquired and liabilities assumed in business combinations on the basis of their fair values at the date of acquisition. The Company assesses the fair value of assets acquired, including intangible assets, and liabilities assumed using a variety of methods. Each asset acquired and liability assumed is measured at fair value from the perspective of a market participant. The method used to estimate the fair values of intangible assets incorporates significant assumptions regarding the estimates a market participant would make in order to evaluate an asset, including a market participant’s use of the asset and the appropriate discount rates. Acquired in-process research and development (“IPR&D”) is recognized at fair value and initially characterized as an indefinite-lived intangible asset, irrespective of whether the acquired IPR&D has an alternative future use. Any excess purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. Transaction costs and restructuring costs associated with a business combination are expensed as incurred.

During the measurement period, which extends no later than one year from the acquisition date, the Company may record certain adjustments to the carrying value of the assets acquired and liabilities assumed with the corresponding offset to goodwill. After the measurement period, all adjustments are recorded in the consolidated statements of operations as operating expenses or income.

Goodwill

Goodwill is not amortized but is instead tested for impairment at least annually and whenever events or circumstances indicate that it is more likely-than-not that it may be impaired. The Company has elected to perform the annual test for goodwill impairment as of October 31st of each year.

In performing the Company’s annual assessment, the Company is permitted to first perform a qualitative test and if necessary, perform a quantitative test. If the Company is required to perform the quantitative impairment test of goodwill, the Company compares the fair value of a reporting unit to its carrying value. If the reporting unit’s carrying value exceeds its fair value, the Company would record an impairment loss to the extent that the carrying value of goodwill exceeds its implied fair value. The Company estimates the fair value of its reporting units using discounted cash flow or other valuation models, such as comparative transactions and market multiples. The Company performed a qualitative assessment and did not recognize any goodwill impairment charges during the years ended December 31, 2024, 2023 or 2022.

Intangible and Long-Lived Assets

The Company tests intangible and long-lived assets for recoverability whenever events or changes in circumstances suggest that the carrying value of an asset or group of assets may not be recoverable. The Company measures the recoverability of assets to be held and used by comparing the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If those assets are considered to be impaired, the impairment equals the amount by which the carrying amount of the assets exceeds the fair value of the assets. Any impairments are recorded as permanent reductions in the carrying amount of the assets. See Note 7, “Property, Plant and Equipment, Net” to these consolidated financial statements for further details on impairment. Long-lived assets, other than goodwill and other intangible assets that are held for sale are recorded at the lower of the carrying value or the fair market value less the estimated cost to sell.

Intangible assets, consisting of patents, trademarks, customer relationships, a currently marketed product, licenses and developed technology related to the Company’s products are amortized in a method equivalent to the estimated utilization of the economic benefit of the asset.

Costs of IPR&D intangible assets acquired as part of an asset acquisition that have no alternative future use are expensed when incurred. Milestone payments made after regulatory approval are capitalized as an intangible asset and amortized over an estimated useful life of the product. Cash payments related to acquired IPR&D intangible assets are reflected as an investing cash flow in the Company's consolidated statement of cash flows.

The Company’s IPR&D intangible assets includes intangible assets acquired in a business combination that are used in research and development activities but have not yet reached technological feasibility, regardless of whether they have alternative future use. The primary basis for determining the technological feasibility or completion of these projects is obtaining regulatory approval to market the underlying products in an applicable geographic region. Because obtaining regulatory approval can include significant risks and uncertainties, the eventual realized value of the acquired IPR&D projects may vary from their fair value at the date of acquisition. The Company classifies IPR&D intangible assets acquired in a business combination as an indefinite-lived intangible asset until the completion or abandonment of the associated research and development efforts. Upon completion of the associated research and development efforts, the Company will determine the useful life and begin amortizing the assets to reflect their use over their remaining lives. Upon permanent abandonment, the Company writes-off the remaining carrying amount of the associated IPR&D intangible asset. IPR&D intangible assets are tested at least annually as of October 31st or when a triggering event occurs that could indicate a potential impairment and any impairment loss is recognized in the Company’s consolidated statements of operations. See Note 10, “Intangibles, Net and Goodwill” to these consolidated financial statements for further details on impairment.

Contingencies

In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, product and environmental liability. The Company records accruals for those loss contingencies when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. The Company does not recognize gain contingencies until realized.

Convertible Notes

The Company evaluates convertible notes to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for. The change in fair value of any separately recognized derivative is recorded in the consolidated statement of operations as other income or expense. Upon conversion, exercise or cancellation of a derivative instrument, the instrument is marked to fair value at the date of conversion, exercise or cancellation.

Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments, including its cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate the carrying values of these instruments due to their short term nature. The Company’s long-term debt has triggering events that would impact the fair value of the instruments. The Company determined that no triggering event has occurred during the years ended December 31, 2024 and December 31, 2023. As of December 31, 2024 and 2023, the fair value of the Company’s convertible debt was estimated to be approximately $765.3 million and $644.3 million, respectively, based on quoted market prices of these instruments and was classified as a Level 1 measurement within the fair value hierarchy. For more information on the fair value, see Note 4, “Fair Value of Financial Instruments” to these consolidated financial statements.

Contingent Consideration Liabilities

The estimated fair value of contingent consideration liabilities are initially measured and recorded on the acquisition date. The contingent consideration liabilities are considered to be Level 3 instruments and are reviewed quarterly, or whenever events or circumstances occur that indicate a change in fair value. The contingent consideration liabilities are recorded at fair value at the end of each reporting period with changes in estimated fair values recorded in general and administrative expenses in the consolidated statements of operations.

The estimated fair value is determined based on probability adjusted discounted cash flows and Monte Carlo simulation models that include significant estimates and assumptions pertaining to commercialization events and sales targets. The most significant unobservable inputs are the probabilities of achieving regulatory approval of the development projects and subsequent commercial success.

Significant changes in any of the probabilities of success would result in a significantly higher or lower fair value measurement. Significant changes in the probabilities as to the periods in which milestones will be achieved would result in a significantly lower or higher fair value measurement.

The Company's acquisitions accounted for as asset acquisitions may also include contingent consideration payments to be made for sales-based milestones, development and regulatory milestones. The Company assesses whether such contingent consideration meets the definition of a derivative. Contingent consideration payments in an asset acquisition not required to be accounted for as derivatives are recognized when the contingency is resolved, and the consideration is paid or becomes payable. Contingent consideration payments required to be accounted for as derivatives are recorded at fair value on the date of the acquisition and are subsequently remeasured to fair value at each reporting date. Upon recognition of the contingent consideration payment, the amount is included in the cost of the acquired asset or group of assets.

Derivative Instruments

The Company has used interest rate swaps to reduce the variability in cash flows associated with a portion of the Company’s forecasted interest payments on its variable rate debt. To qualify for hedge accounting, the hedging instrument must be highly effective at reducing the risk from the exposure being hedged. Further, the Company must formally document the hedging relationship at inception and, on at least a quarterly basis, continually reevaluate the relationship to ensure it remains highly effective throughout the life of the hedge. The Company does not enter into derivative financial instruments for speculative or trading purposes.

Advertising and Promotion Costs

Advertising and promotion costs are expensed as incurred. During the years ended December 31, 2024, 2023 and 2022, the Company incurred $29.7 million, $26.0 million and $26.0 million, respectively in advertising and promotion costs, which are included in sales and marketing in the consolidated statements of operations.

Research and Development

Research and development costs are expensed as incurred and relate primarily to the development of new products to add to the Company’s portfolio and costs related to its medical affairs and medical information functions. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and recognized as an expense as the goods are delivered or the related services are performed.

Foreign Currency

The consolidated statements of operations of the Company’s foreign subsidiaries are translated into U.S. Dollars using weighted-average exchange rates. The net assets of the Company’s foreign subsidiaries are translated into U.S. Dollars using the end of period exchange rates. The impact from translating the net assets of these subsidiaries at changing rates are recorded in the foreign currency translation adjustment account, which is included in accumulated other comprehensive loss in the consolidated balance sheets.

Remeasurement of the Company’s foreign currency denominated transactions are included in net income. Transaction gains and losses are reported as a component of other (income) loss, net in the consolidated statements of operations.

Stock-Based Compensation

The Company’s stock-based compensation cost is measured at the grant date of the stock-based award based on the fair value of the award and is recognized as expense over the requisite service period, which generally represents the vesting period, and includes an estimate of the awards that will be forfeited. The Company estimates the fair value of each stock-based award on its measurement date using either the current market price of the stock, the Black-Scholes option valuation model or the Monte Carlo simulation valuation model, whichever is most appropriate. The Black-Scholes and Monte Carlo simulation valuation models incorporate assumptions such as stock price volatility, the expected life of options or awards, a risk-free interest rate and dividend yield.

Expected volatility is based on the historical volatility of the Company’s stock price. The risk-free interest rates are based on quoted U.S. Treasury rates for securities with maturities approximating the awards’ expected lives. Expected lives are principally based on the Company’s historical exercise experience with previously issued awards. The expected dividend yield is zero as the Company has never paid dividends and does not currently anticipate paying any in the foreseeable future.

Expense for performance restricted stock awards is recognized based upon the fair value of the awards on the date of grant and the number of shares expected to vest based on the terms of the underlying award agreement and the requisite service period(s).

Other (Income) Loss, Net

Other (income) loss, net consisted of the following:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Foreign currency losses	$	733	$	21	$	256
Tax indemnification expense, net	(106)		4,943		9,554
Interest income	(36,838)		(19,638)		(2,613)
Interest rate swap termination	—		—		(5,494)
Gain on sale of RELISTOR licensed intangible asset associated with net sales royalties	—		(51,789)		—
Other	(1,020)		143		—
Total other (income) loss	$	(37,231)	$	(66,320)	$	1,703

Comprehensive Income

Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that, under U.S. GAAP, are excluded from net income. For the Company, other comprehensive income consists of foreign currency translation gains and losses, as well as realized gains and losses on cash flow hedges related to the Company’s interest rate swaps. The accumulated other comprehensive loss balance consists entirely of foreign currency translation gains and losses and realized and unrealized gains and losses on outstanding cash flow hedges related to the Company’s interest rate swaps.

Asset Retirement Obligations

The Company’s compliance with federal, state, local and foreign environmental laws and regulations may require it to remove or mitigate the effects of the disposal or release of chemical substances in jurisdictions where it does business or maintains properties. The Company establishes accruals when those costs are legally obligated and can be reasonably estimated. Accrual amounts are estimated, which may include the assistance of third-party environmental specialists, and are based on currently available information, regulatory requirements, remediation strategies, historical experience, the relative shares of the total remediation costs, a relevant discount rate, and the time periods of when estimated costs can be reasonably predicted. Changes in these assumptions could impact the Company’s future reported results.

The Company has production facilities which manufacture and process radioactive materials at its sites in North Billerica, Massachusetts and, through March 1, 2024, Somerset, New Jersey. The Company considers its legal obligation to remediate its facilities upon a decommissioning of its radioactive-related operations as an asset retirement obligation. The fair value of a liability for asset retirement obligations is recognized in the period in which the liability is incurred. The liability is measured at the present value of the obligation expected to be incurred and is adjusted in subsequent periods as accretion expense is recorded. The corresponding asset retirement costs are capitalized as part of the carrying values of the related long-lived assets and depreciated over the assets’ useful lives.

The Company has identified conditional asset retirement obligations related to the future removal and disposal of asbestos contained in certain of the buildings located on the Company’s North Billerica campus. The Company believes the asbestos is appropriately contained and it is compliant with all applicable environmental regulations. If these properties undergo major renovations or are demolished, certain environmental regulations are in place, which specify the manner in which asbestos must be handled and disposed. The Company is required to record the fair value of these conditional liabilities if they can be reasonably estimated. As of December 31, 2024 and 2023, sufficient information was not available to estimate a liability for such conditional asset retirement obligations as the obligations to remove the asbestos from these properties have indeterminable settlement dates. As such, no liability for conditional asset retirement obligations has been recorded in the accompanying consolidated balance sheets as of December 31, 2024 and 2023.

Self-Insurance Reserves

The Company’s consolidated balance sheets at December 31, 2024 and 2023 include $2.8 million and $1.0 million of accrued liabilities associated with employee medical costs that are retained by the Company, respectively. The Company estimates the required liability of those claims on an undiscounted basis based upon various assumptions which include, but are not limited to, the Company’s historical loss experience and projected loss development factors. The required liability is also subject to adjustment in the future based upon changes in claims experience, including changes in the number of incidents (frequency) and change in the ultimate cost per incident (severity).

Recent Accounting Pronouncements

Accounting Pronouncements Adopted During the Period

During the fourth quarter of 2024, the Company adopted Accounting Standard Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which was issued by the Financial Accounting Standards Board (the “FASB”) in December 2023. ASU 2023-07 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. See Note 22, “Segment Information” to these consolidated financial statements for additional disclosures.

Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-04, “Debt - Debt with Conversion and Other Options (Subtopic 470-20),” which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion rather than as extinguishment of debt. The requirements of ASU 2024-04 are effective for the annual periods beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted. For the Company, the requirements under ASU 2024-04 will be effective for its Quarterly Report on Form 10-Q for the first quarter 2026. The Company is currently in the process of evaluating the effects of this pronouncement on our consolidated financial results and related disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40),” and in January 2025, the FASB issued ASU 2025-01, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date.” ASU 2024-03 requires additional income statement disclosures, including the disaggregation of specific categories of expenses underlying the line items presented on the income statement. Additionally, ASU 2024-03 requires enhanced disclosure of selling expenses. As clarified by ASU 2025-01, the requirements of the guidance are effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. For the Company, annual reporting requirements under ASU 2024-03 will be effective for its Annual Report on Form 10-K for the year ending December 31, 2027 and interim reporting requirements will be effective beginning in the first quarter of 2028. Early adoption is permitted and the amendments should be applied on a prospective basis, however retrospective application is permitted. The Company is currently in the process of evaluating the effects of this pronouncement on our consolidated financial results and 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

401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
401(k) Plan (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Expense recognized by the company for matching contributions	$ 5.8	$ 4.1	$ 3.1

Derivative Instruments	12 Months Ended
Derivative Instruments	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative InstrumentsThe Company has used, but does not currently use, interest rate swaps to reduce the variability in cash flows associated with a portion of the Company’s forecasted interest payments on its variable rate debt.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 312,442	$ 326,661	$ 28,067

- Definition

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

+ References

+ Details

Stock-Based Compensation - Stock Options Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Options exercised (in shares)	209,657	214,619	397,822
Aggregate intrinsic value	$ 12.1	$ 12.9	$ 13.1
Weighted average grant date fair value (in dollars per share)	$ 39.26
Unrecognized compensation expense	$ 19.7
Weighted-average remaining period for recognition of unrecognized compensation costs	2 years

Summary of Significant Accounting Policies - Advertising and Promotion Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Advertising and promotion costs	$ 29.7	$ 26.0	$ 26.0

Other Assets (Tables)

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Other assets are comprised of the following:


	December 31,
(in thousands)	2024		2023
Prepaid Expenses	$	15,406	$	16,437

Other Current Assets	9,130		246
Total other current assets	$	24,536	$	16,683

ROU Asset (Note 16)	$	36,083	$	45,325

Other Long-Term Assets	8,154		9,936
Total other long-term assets	$	44,237	$	55,261

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 5,368
2026	6,341
2027	7,147
2028	7,332
2029	7,523
Thereafter	61,193
Total future minimum lease payments	94,904
Less: interest	39,852
Total	55,052
Finance Leases
2025	1,045
2026	529
2027	170
2028	37
2029	0
Thereafter	0
Total future minimum lease payments	1,781
Less: interest	136
Finance lease liabilities	$ 1,645	$ 1,448

Leases - Additional Information (Details) $ in Thousands	Dec. 31, 2024 USD ($) lease	Dec. 31, 2023 USD ($)	Sep. 01, 2023 USD ($)	May 31, 2023 USD ($)	May 04, 2023	Dec. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)	Jun. 19, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Number of leases \| lease	2
Operating lease liability	$ 55,052
Operating lease, right-of-use asset	36,083	$ 45,325
New York City
Lessee, Lease, Description [Line Items]
Operating lease liability								$ 18,600
Somerset, New Jersey
Lessee, Lease, Description [Line Items]
Operating lease liability							$ 700	$ 600
Bedford, Massachusetts
Lessee, Lease, Description [Line Items]
Operating lease liability			$ 23,500	$ 6,000		$ 11,000
Operating lease, right-of-use asset			$ 23,500	$ 6,000
Renewal term			5 years
Leases not yet commenced	$ 17,000
Leases not yet commenced, term	13 years 3 months 18 days
Term of contract					15 years 3 months 29 days

Commitments and Contingencies - Schedule of Purchase Commitments Under Noncancelable Arrangements (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 5,915
2026	2,716
2027	2,716
2028	0
2029 and thereafter	0
Total	$ 11,347

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

The Company operates as one business segment. The results of this operating segment are regularly reviewed by the Company’s chief operating decision maker (“CODM”), the Chief Executive Officer. The CODM does not manage any part of the Company separately, and the allocation of resources and assessment of performance are based on the Company’s consolidated operating results. In order to evaluate the reportable segment’s performance, the CODM uses net income and gross margin based on the consolidated statements of operations. The CODM uses net income to monitor budget and forecast versus actual results in assessing segment performance and to evaluate income generated from segment assets in deciding how to allocate resources. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.

Significant segment expenses reviewed by the CODM on a monthly basis include sales and marketing, general and administrative and research and development expenses as reported in the Company’s consolidated statements of operations. However, the CODM reviews research and development expenses in more detail for certain expenses related to the Company’s development of new products and clinical programs. The approximate disaggregated amounts that comprise research and development expenses regularly reviewed by the CODM are as follows:


(in thousands)	Year Ended December 31,
	2024		2023		2022
Program third-party research and development expenses	$	31,957	$	8,332	$	8,180
Other research and development expenses (1)	136,141		69,375		303,501
Total research and development expenses	$	168,098	$	77,707	$	311,681

__________________________

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Deferred tax asset, valuation allowance	$ 15,649,000	$ 3,616,000
Indemnification (income) expense	(106,000)	4,943,000	$ 9,554,000
Total liabilities for uncertain tax positions including interest and penalties	9,400,000	5,400,000
Uncertain tax positions	7,620,000	4,099,000	1,480,000	$ 3,658,000
Interest accruals	1,800,000	1,300,000
Penalty accruals	0	0
Tax provision benefit/expense	(2,466,000)	5,045,000	$ 12,629,000
Unrecognized tax benefits which would impact the effective tax rate	5,700,000
Liabilities, Current
Operating Loss Carryforwards [Line Items]
Total liabilities for uncertain tax positions including interest and penalties	1,400,000	1,300,000
Other Noncurrent Liabilities
Operating Loss Carryforwards [Line Items]
Total liabilities for uncertain tax positions including interest and penalties	7,300,000	3,200,000
Deferred Income Tax Assets, Net
Operating Loss Carryforwards [Line Items]
Total liabilities for uncertain tax positions including interest and penalties	700,000	$ 900,000
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers	269,900,000
Operating loss carryforwards expire	128,100,000
Operating loss carried forward	141,800,000
Foreign Tax Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers	29,000,000
Operating loss carryforwards expire	4,300,000
Operating loss carried forward	24,700,000
State Research Credit
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers	9,100,000
Tax credits	$ 2,100,000

Stock-Based Compensation - Schedule of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Contractual term	10 years
Total Stock Options
Options outstanding, beginning balance (in shares)	957,172
Options granted (in shares)	544,175
Options exercised (in shares)	(209,657)	(214,619)	(397,822)
Options cancelled and forfeited (in shares)	(74,944)
Options outstanding, ending balance (in shares)	1,216,746	957,172
Vested and expected to vest (in shares)	1,180,842
Exercisable (in shares)	460,419
Weighted- Average Exercise Price
Options outstanding, beginning balance (in dollars per share)	$ 48.13
Options granted (in dollars per share)	69.99
Options exercised (in dollars per share)	24.52
Options cancelled and forfeited (in dollars per share)	65.34
Options outstanding, ending balance (in dollars per share)	60.92	$ 48.13
Vested and expected to vest (in dollars per share)	55.69
Exercisable (in dollars per share)	$ 47.00
Weighted- Average Remaining Contractual Term (Years)
Options outstanding, weighted average remaining contractual term (in years)	7 years 7 months 6 days	6 years 8 months 12 days
Vested and expected to vest (in years)	6 years 10 months 24 days
Exercisable, weighted average remaining contractual term (in years)	5 years 7 months 6 days
Options outstanding, aggregate intrinsic value	$ 35,707,375	$ 18,283,464
Vested and expected to vest, aggregate intrinsic value	35,019,006
Exercisable, aggregate intrinsic value	$ 19,865,507

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Proceeds from income tax refunds	$ 2,688	$ 25	$ 50

Intangibles, Net and Goodwill - Additional Information (Details) - USD ($) $ in Thousands			1 Months Ended				3 Months Ended		12 Months Ended
	Jun. 18, 2024	Aug. 02, 2023	Aug. 31, 2024	Jun. 30, 2024	May 31, 2023	Feb. 28, 2023	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Indefinite-lived Intangible Assets [Line Items]
Amortization expense									$ 43,800	$ 46,400	$ 33,200
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							$ 176,983		220,536	176,983
Gain on sale of assets									8,415	51,789	0
Revenues									1,533,910	1,296,429	$ 935,061
Research and development
Indefinite-lived Intangible Assets [Line Items]
Impairment								$ 15,600
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]								Research and development
Cost of goods sold
Indefinite-lived Intangible Assets [Line Items]
Impairment								$ 116,400
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]								Cost of goods sold
Cerveau Technologies, Inc
Indefinite-lived Intangible Assets [Line Items]
Payment for acquisitions					$ 10,000	$ 35,300
Asset acquisition, consideration transferred					$ 10,000
Meilleur Technologies, Inc
Indefinite-lived Intangible Assets [Line Items]
Payment for acquisitions	$ 32,900		$ 10,000
Asset acquisition, consideration transferred			$ 10,000	$ 32,900
License and Royalty Revenues, Sales-Based Milestone Payment
Indefinite-lived Intangible Assets [Line Items]
Revenues							15,000		0
Licenses
Indefinite-lived Intangible Assets [Line Items]
Cost		63,600					22,233		22,233	22,233
Accumulated amortization		$ 17,500					7,972		13,203	7,972
Gain on sale of assets									51,800
Developed technology
Indefinite-lived Intangible Assets [Line Items]
Cost							2,400		55,982	2,400
Accumulated amortization							$ 944		$ 5,290	$ 944
Developed technology \| Meilleur Technologies, Inc
Indefinite-lived Intangible Assets [Line Items]
Finite lived intangible assets acquired				$ 40,300

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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)	70,905,000	69,863,000
Common stock, shares outstanding (in shares)	70,905,000	69,863,000
Treasury stock, shares (in shares)	2,455,000	1,339,000

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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:


	December 31, 2024
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	682,209	$	682,209	$	—	$	—
Investment securities	39,489		39,489		—		—


Total assets	$	721,698	$	721,698	$	—	$	—
Liabilities:

Contingent consideration liabilities	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—


	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

Fair Value Measurement Inputs and Valuation Techniques

The following tables summarize quantitative information and assumptions pertaining to the fair value measurement of liabilities using Level 3 inputs as of December 31, 2024 and 2023.


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



1095 commercialization milestone	$	—	$	1,800	Probability adjusted discounted cash flow model
						Period of expected milestone achievement	N/A		2026
						Probability of success	—	%	40	%
						Discount rate	N/A		4.1	%



Net sales targets – AZEDRA and 1095	—		900		Monte Carlo simulation
						Probability of success and sales targets	—	%	0% - 40%
						Discount rate	N/A		15	%
Total	$	—	$	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)	Years Ended December 31,
		2024		2023
Fair value, beginning of period		$	2,700	$	111,600

Changes in fair value included in net income		(1,194)		(9,275)
Gain on partial buyout of 2013 Milestone Rights		(1,505)		—
Cash Payments		(1)		(99,625)

Fair value, end of period		$	—	$	2,700

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Product Concentration Risk

The following table sets forth revenues for each of the Company’s products representing 10% or more of revenues:


	Year Ended December 31,
	2024		2023		2022
PYLARIFY	69.0	%	65.7	%	56.4	%
DEFINITY	20.7	%	21.6	%	26.2	%

Schedule of Estimated Useful Lives of Major Classes of Depreciable Assets

The estimated useful lives of the major classes of depreciable assets are as follows:


Class						Range of Estimated Useful Lives
Buildings						10 - 50 years
Land improvements						15 - 40 years
Machinery and equipment						3 - 15 years
Furniture and fixtures						15 years
Leasehold improvements						Lesser of lease term or 15 years
Computer software						3 - 5 years

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


	December 31,
(in thousands)	2024		2023
Land	$	9,480	$	9,480
Buildings	85,523		73,441
Machinery, equipment and fixtures	114,357		102,576
Computer software	48,702		27,259
Construction in progress	27,498		40,964
	285,560		253,720
Less: accumulated depreciation and amortization	(108,762)		(107,023)
Total property, plant and equipment, net	$	176,798	$	146,697

Schedule of other (income) loss, net

Other (income) loss, net consisted of the following:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Foreign currency losses	$	733	$	21	$	256
Tax indemnification expense, net	(106)		4,943		9,554
Interest income	(36,838)		(19,638)		(2,613)
Interest rate swap termination	—		—		(5,494)
Gain on sale of RELISTOR licensed intangible asset associated with net sales royalties	—		(51,789)		—
Other	(1,020)		143		—
Total other (income) loss	$	(37,231)	$	(66,320)	$	1,703

Stock-Based Compensation - Restricted Stock and TSR (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average remaining period for recognition of unrecognized compensation costs	2 years
Granted (in dollars per share)	$ 70.56
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Unrecognized compensation expense	$ 58.4
Weighted-average remaining period for recognition of unrecognized compensation costs	1 year 10 months 24 days
Granted (in dollars per share)	$ 70.56	$ 74.38	$ 51.51
Intrinsic value of vested shares	$ 42.5	$ 18.3	$ 11.9
Total Stockholder Return Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 35.4
Weighted-average remaining period for recognition of unrecognized compensation costs	1 year 10 months 24 days
Granted (in dollars per share)	$ 105.87	$ 127.75	$ 95.31
Intrinsic value of vested shares	$ 33.6	$ 8.2	$ 8.8
Performance awards, measurement period	3 years
Total Stockholder Return Restricted Stock Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentages attainable during period	0.00%
Total Stockholder Return Restricted Stock Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentages attainable during period	200.00%

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The components of Accumulated Other Comprehensive Loss, net of tax effects for the years ended December 31, 2024 and 2023, consisted of the following:


(in thousands)	Foreign Currency Translation(1)		Accumulated Other Comprehensive Loss
Balance at January 1, 2024	$	(1,037)	$	(1,037)
Other comprehensive loss before reclassifications	(578)		(578)

Balance at December 31, 2024	$	(1,615)	$	(1,615)

Balance at January 1, 2023	$	(1,259)	$	(1,259)
Other comprehensive income before reclassifications	222		222
Balance at December 31, 2023	$	(1,037)	$	(1,037)

(1)For purposes of comprehensive income disclosures, we do not record tax expense or benefits for the net changes in the foreign currency translation adjustments.

Long-Term Debt, Net, and Other Borrowings - Schedule of Maturities of Principal Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 08, 2022
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (10,392)	$ (13,955)
Finance lease liabilities	1,645	1,448
Total	566,253	562,493
Less: current portion of long-term debt and other borrowings	(974)	(823)
Total long-term debt, net, and other borrowings	565,279	561,670
2.625% Convertible Senior Notes due 2027 \| Convertible Debt
Debt Instrument [Line Items]
Principal amount 2.625% Convertible Senior Notes due 2027	$ 575,000	$ 575,000
Interest rate	2.625%		2.625%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes - Schedule of Differences in Statutory Rate and Effective Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. statutory rate	$ 90,506	$ 86,298	$ 5,611
Permanent items	(413)	1,042	2,309
Sale of RELISTOR licensed intangible asset associated with net sales royalties	0	(10,817)	0
Section 162(m)	407	307	247
Uncertain tax positions	2,466	(5,045)	(12,629)
Tax credits	(5,247)	(2,118)	(4,085)
State and local taxes	21,724	18,726	67
Impact on deferred taxes of change in tax rate	(970)	(330)	4,169
Changes in fair value of contingent assets and liabilities	(567)	(1,948)	5,422
Foreign tax rate differential	66	128	68
Valuation allowance	12,123	(4)	(30)
Stock compensation	(206)	(3,941)	(4,612)
Change in indemnification deferred tax asset	(28)	1,240	2,343
Other	(1,326)	744	(228)
Income tax expense (benefit)	$ 118,535	$ 84,282	$ (1,348)

Long-Term Debt, Net, and Other Borrowings - 2022 Revolving Facility Covenants (Details) - 2022 Facility Covenants	12 Months Ended
	Dec. 31, 2024 financial_covenant
Debt Instrument [Line Items]
Number of covenants	2
Minimum interest coverage ratio	3.00
Total net leverage ratio	3.50
Scenario 1
Debt Instrument [Line Items]
Total net leverage ratio	4.00

- 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

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”).

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its direct and indirect wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Revenue Recognition

Accounts Receivable, net

Income Taxes

Net Income per Common Share

Cash and Cash Equivalents

Cash and cash equivalents include savings deposits, certificates of deposit and money market funds that have original maturities of three months or less when purchased.

Restricted Cash

Concentration of Risks and Limited Suppliers

Inventory

Property, Plant and Equipment, net


Class						Range of Estimated Useful Lives
Buildings						10 - 50 years
Land improvements						15 - 40 years
Machinery and equipment						3 - 15 years
Furniture and fixtures						15 years
Leasehold improvements						Lesser of lease term or 15 years
Computer software						3 - 5 years

Business Combinations

Goodwill

Intangible and Long-Lived Assets

Contingencies

Convertible Notes

Fair Values of Financial Instruments

Contingent Consideration Liabilities

Derivative Instruments

Advertising and Promotion Costs

Advertising and promotion costs are expensed as incurred.

Research and Development

Foreign Currency

Stock-Based Compensation

Comprehensive Income

Asset Retirement Obligations

Self-Insurance Reserves

Recent Accounting Pronouncements

Accounting Pronouncements Adopted During the Period

Accounting Pronouncements Not Yet Adopted

Net Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Net Income Per Common Share

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


	Year Ended December 31,
(in thousands, except per share amounts)	2024		2023		2022
Net income	$	312,442	$	326,661	$	28,067

Basic weighted-average common shares outstanding	69,199		68,266		68,487
Effect of dilutive stock options	277		346		439

Effect of dilutive restricted stock	1,433		1,428		1,745

Effect of convertible debt instrument	742		199		—
Diluted weighted-average common shares outstanding	71,651		70,239		70,671

Basic income per common share	$	4.52	$	4.79	$	0.41
Diluted income per common share	$	4.36	$	4.65	$	0.40

Antidilutive securities excluded from diluted net income per common share	891		421		358