8-K
0001521036false00015210362025-10-312025-10-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): October 31, 2025 |
LANTHEUS HOLDINGS, INC.
(Exact name of Registrant as Specified in Its Charter)
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Delaware |
001-36569 |
35-2318913 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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201 Burlington Road South Building |
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Bedford, Massachusetts |
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01730 |
(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: (978) 671-8001 |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s) |
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Name of each exchange on which registered
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Common stock, par value $0.01 per share |
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LNTH |
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The Nasdaq Global Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 6, 2025, Lantheus Holdings, Inc. (the “Company”) announced via press release its financial results as of and for the three and nine months ended September 30, 2025. A copy of that press release is being furnished as Exhibit 99.1 and is hereby incorporated by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On November 6, 2025, the Company announced that Brian Markison, the Company’s Chief Executive Officer and a member of the Company’s board of directors (the “Board”), notified the Board on November 2, 2025, that he will retire from the Company effective December 31, 2025 (the “Effective Date”). In connection with his retirement and in accordance with the terms of his employment agreement with the Company, Mr. Markison will also resign from the Board on the Effective Date. Mr. Markison’s decision to retire from all positions held at the Company is not related to any disagreement with the Company on any matter relating to its operations, policies, or practices. Mr. Markison has agreed to serve as a strategic advisor to the Company through at least March 31, 2026.
The Company has also announced that Mary Anne Heino, the Chair of the Board, has been appointed Executive Chair of the Company effective on November 7, 2025 (the “Appointment Date”) and will serve as the Company’s principal executive officer as of the Appointment Date. In addition, the Board appointed Ms. Heino as the Company’s Interim Chief Executive Officer effective on January 1, 2026. Ms. Heino, 65, has served as a member of the Board since August 2015, and became the Chair of the Board and a member of the Science and Technology Committee in March 2024. She previously served in the following roles at the Company: Chief Executive Officer from August 2015 until March 1, 2024; President from August 2015 until March 2023; Chief Operating Officer from March 2015 until August 2015; and Chief Commercial Officer from April 2013 (when she joined the Company) until March 2015.
Ms. Heino was not selected as Executive Chair or Interim Chief Executive Officer pursuant to any arrangement or understanding between her and any other person. There are no related party transactions between the Company and Ms. Heino, except that she previously entered into an indemnification agreement with the Company in connection with her service as a member of the Board that will remain in effect. There are no family relationships between Ms. Heino and any director or executive officer of the Company.
On October 31, 2025, Paul Blanchfield, President, notified the Company that he has accepted a role at another company and is leaving Lantheus, effective November 7, 2025. In addition, Amanda Morgan will return from leave and continue in her role as Chief Commercial Officer, reporting directly to Ms. Heino.
In connection with her appointment as Executive Chair and continuing through her tenure as Interim Chief Executive Officer, Ms. Heino will receive $83,333 per month in base salary, which reflects an annual rate of $1,000,000. She will also be eligible to receive a bonus in respect of fiscal 2026 with a target of 110% of her base salary, which shall be prorated based on her period of service as Interim Chief Executive Officer. In addition, Ms. Heino will be granted equity awards with an aggregate grant date fair value of $1,500,000 on November 13, 2025 (the “Grant Date”). The equity awards will consist of 50% in Black-Scholes value for options to purchase the Company’s common stock with an exercise price equal to the closing price of the common stock on the Grant Date and 50% restricted stock units, all of which will vest in full on the first anniversary of the Grant Date, so long as Ms. Heino continues to provide services to the Company through such date.
Item 7.01 Regulation FD Disclosure.
On November 6, 2025, the Company issued a press release announcing its leadership transition plan. A copy of the press release is being furnished with this Current Report on Form 8-K as Exhibit 99.2 and is incorporated herein by reference.
The information in this Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
* Exhibits 99.1 and 99.2 attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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LANTHEUS HOLDINGS, INC. |
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By: |
/s/ Daniel M. Niedzwiecki |
Name: |
Daniel M. Niedzwiecki |
Title: |
Chief Administrative Officer and General Counsel |
Date: November 6, 2025
EX-99.1
Exhibit 99.1
Lantheus Reports Third Quarter 2025 Financial Results and Provides Business Update
•Recorded third quarter 2025 worldwide revenue of $384.0 million, GAAP fully diluted earnings per share of $0.41, adjusted fully diluted earnings per share of $1.27 and free cash flow of $94.7 million
•Separately announced upcoming retirement of CEO, departure of President and appointment of prior CEO to Executive Chairperson; Board conducting CEO search
•Announced PDUFA dates for its new formulation of piflufolastat F 18 PSMA PET imaging agent; for MK-6240, its F 18 tau-targeted positron emission tomography (PET) imaging agent; and for LNTH-2501, its Ga 68 PET diagnostic imaging kit targeting somatostatin receptor-positive (SSTR+) neuroendocrine tumors (NETs)
•Closed acquisition of Life Molecular Imaging in July, immediately expanding near- and long-term growth profile and commercial portfolio
•Repurchased $100 million of shares of common stock in the third quarter pursuant to the previously announced stock repurchase plan that was approved by the Board in July 2025
•Provided updated corporate guidance for full year 2025 revenue and adjusted fully diluted earnings per share, reflecting the Life Molecular Imaging acquisition and current business outlook
BEDFORD, Mass., November 6, 2025 (GLOBE NEWSWIRE) -- Lantheus Holdings, Inc. (Lantheus or the Company) (NASDAQ: LNTH), the leading radiopharmaceutical-focused company committed to enabling clinicians to Find, Fight and Follow disease to deliver better patient outcomes, today reported financial results for its third quarter ended September 30, 2025.
“Lantheus’ third quarter results underscore the strength of our strategy and the dedication of our team as we continue to advance our leadership in radiopharmaceuticals,” said Brian Markison, CEO. “As I look ahead to my planned retirement at year-end, announced separately today, I am confident Lantheus is set up for continued success. On the heels of this quarter’s solid results, Lantheus is preparing for the next chapter of our prostate cancer franchise by prioritizing PYLARIFY commercial execution with focus and discipline, while advancing our broader strategic diversification plan, including our new PSMA PET formulation. Together with the combined expertise of the Lantheus team and our talented Life Molecular Imaging and Evergreen colleagues, we remain united in our purpose to Find, Fight and Follow disease to deliver better patient outcomes.”
Summary Financial Results
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Three Months Ended September 30, |
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(in millions, except per share data - unaudited) |
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2025 |
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2024 |
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% Change |
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Worldwide revenue |
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$ |
384.0 |
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$ |
378.7 |
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1.4 |
% |
GAAP net income |
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$ |
27.8 |
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$ |
131.1 |
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(78.8 |
%) |
GAAP fully diluted earnings per share |
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$ |
0.41 |
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$ |
1.79 |
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(77.1 |
%) |
Adjusted net income (non-GAAP) |
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$ |
85.7 |
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$ |
124.1 |
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(30.9 |
%) |
Adjusted fully diluted earnings per share (non-GAAP) |
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$ |
1.27 |
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$ |
1.70 |
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(25.3 |
%) |
Third Quarter 2025
•Sales of PYLARIFY were $240.6 million, a decrease of 7.4%.
•Sales of DEFINITY were $81.8 million, an increase of 6.3%.
•Operating income decreased 67.4% to $43.6 million. Adjusted operating income (non-GAAP) decreased 27.6% to $119.6 million.
•Fully diluted earnings per share decreased 77.1% to $0.41, compared to $1.79 in the prior year period. Adjusted fully diluted earnings per share (non-GAAP) decreased 25.3% to $1.27, compared to $1.70 in the prior year period.
•Net cash provided by operating activities and free cash flow were $105.3 million and $94.7 million, respectively.
Balance Sheet
•At September 30, 2025, the Company's cash and cash equivalents were $382.0 million, after payments of $276.4 million and $355.2 million for the acquisitions of Evergreen Theragnostics, Inc. (“Evergreen”) and Life Molecular Imaging, respectively, and payment of $100 million for the repurchase of common stock, compared to $912.8 million at December 31, 2024.
•The Company currently has access to up to $750.0 million from a revolving line of credit.
Recent Business Highlights
Leadership Transition Plan
•On November 6, Lantheus announced that Chief Executive Officer Brian Markison will retire from the Company, effective December 31, 2025. Additional details on the leadership transition plan are disclosed in a separate press release and filing, available in the Investor Relations section of our website located at www.lantheus.com.
Business Development Updates
•In July, the Company announced the completion of the acquisition of Life Molecular Imaging. Through the transaction, Lantheus strengthened its nuclear medicine commercial portfolio, and enhanced the company’s capabilities across the radiopharmaceutical value chain. As part of the acquisition, Ludger Dinkelborg, PhD, formerly CEO and Managing Director of Life Molecular Imaging, joined Lantheus as Head of Research and Development.
•In September, the Company announced an exclusive licensing agreement for GE HealthCare to develop, manufacture, and commercialize Lantheus’ piflufolastat F 18 in Japan (PYLARIFY® in the U.S. market) for prostate cancer diagnostics and companion diagnostic use. Under the terms of the agreement, GE HealthCare paid an upfront license fee and will pay Lantheus for development milestones and tiered royalties based on product sales in Japan.
Radiopharmaceutical Pipeline Updates
•In October, the Company announced the FDA established a Prescription Drug User Fee Act (PDUFA) target action date of March 29, 2026 for LNTH-2501 (Gallium-68 edotreotide), the Company’s diagnostic kit for the preparation of Ga 68 edotreotide Injection, indicated for use with PET imaging for localization of SSTR+ NETs in adult and pediatric patients.
•In October, the Company announced the FDA has accepted its New Drug Application (NDA) for MK-6240, the Company’s F 18-labeled tau-targeted PET imaging agent. MK-6240 previously received Fast Track designation from the FDA for its potential to address an unmet medical need in Alzheimer’s disease diagnostics. The FDA has set a PDUFA target action date of August 13, 2026.
•In August, the Company announced the FDA acceptance of its NDA for a new formulation of piflufolastat F 18 PSMA PET imaging agent. In addition to increasing batch size – potentially enabling increased patient access, supply resilience, and enhanced production efficiency – Lantheus anticipates that the new formulation will qualify for three years of transitional pass-through payment status. The FDA has set a PDUFA target action date of March 6, 2026.
Other Key Updates
Full Year 2025 Updated Corporate Financial Guidance
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Guidance Issued November 6, 2025 |
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Guidance Issued August 6, 2025 |
FY 2025 Revenue |
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$1.49 billion - $1.51 billion |
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$1.475 billion - $1.51 billion |
FY 2025 Adjusted fully diluted EPS |
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$5.50 - $5.65 |
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$5.50 - $5.70 |
On a forward-looking basis, the Company does not provide GAAP income per common share guidance or a reconciliation of GAAP income per common share to adjusted fully diluted EPS because the Company is unable to predict with reasonable certainty business development and
acquisition related expenses, purchase accounting fair value adjustments, and any one-time, non-recurring charges. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. As a result, it is the Company’s view that a quantitative reconciliation of adjusted fully diluted EPS on a forward-looking basis is not available without unreasonable effort.
Conference Call and Webcast
As previously announced, the Company will host a conference call and webcast on Thursday, November 6, 2025, at 8:00 a.m. ET. To access the conference call or webcast, participants should register online at https://investor.lantheus.com/news-events/calendar-of-events.
A replay will be available approximately two hours after completion of the webcast and will be archived on the same web page for at least 30 days.
The conference call will include a discussion of non-GAAP financial measures. Reference is made to the most directly comparable GAAP financial measures, the reconciliation of the differences between the two financial measures, and the other information included in this press release, our Form 8-K filed with the SEC today, or otherwise available in the Investor Relations section of our website located at www.lantheus.com.
The conference call may include forward-looking statements. See the cautionary information about forward-looking statements in the safe-harbor section of this press release.
About Lantheus
Lantheus is the leading radiopharmaceutical-focused company, delivering life-changing science to enable clinicians to Find, Fight and Follow disease to deliver better patient outcomes. Headquartered in Massachusetts with offices in New Jersey, Canada, Germany, Switzerland, Sweden and the United Kingdom, Lantheus has been providing radiopharmaceutical solutions for nearly 70 years. For more information, visit www.lantheus.com.
Internet Posting of Information
The Company routinely posts information that may be important to investors in the “Investors” section of its website at www.lantheus.com. The Company encourages investors and potential investors to consult its website regularly for important information about the Company.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as adjusted net income and its line components; adjusted net income per share - fully diluted; adjusted operating income, and free cash flow. The Company’s management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company’s operations, period over period. However, these measures may exclude items that may be highly variable, difficult to predict and of a size that could have a substantial impact on the Company’s reported results of operations for a particular period. Management uses these and other non-GAAP measures internally for evaluation of the performance of the business, including the evaluation of results relative to employee performance compensation targets. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.
Safe Harbor for Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their use of terms such as “advance,” “believe,” “continue,” “could,” “driving,” “expect,” “guidance,” “maintain,” “may,” “on track,” “plan,” “potential,” “predict,” “progress,” “should,” “target,” “will,” “would” and other similar terms. Such forward-looking statements include our guidance for the fiscal year 2025 and our plans to expand our portfolio of late-stage assets and high potential early-stage candidates, our acquisitions of Evergreen and Life Molecular Imaging and our plans to divest our SPECT business to SHINE Technologies, LLC (“SHINE”), a wholly owned subsidiary of Illuminated Holdings, Inc., and are based upon current plans, estimates and expectations that are subject to risks and uncertainties that could cause actual results to materially differ from those described in the forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Risks and uncertainties that could cause our actual results to materially differ from those described in the forward-looking statements include: (i) continued market expansion and penetration for our established commercial products, particularly PYLARIFY, DEFINITY and Neuraceq, in a competitive environment and our ability to clinically and commercially differentiate our products; (ii) our ability to have third parties manufacture our products and our ability to manufacture DEFINITY in our in-house manufacturing facility, in amounts and at the times needed; (iii) the availability of raw materials, key components, and equipment, either used in the production of our products and product candidates, or by healthcare professionals (“HCPs”) of our products and product candidates, including, but not limited to positron emission tomography (“PET”) scanners for PYLARIFY, Neuraceq, MK-6240 and NAV-4694; (iv) our ability to obtain U.S. Food and Drug Administration (“FDA”) approval for our new formulation of our F-18 prostate-specific membrane antigen (“PSMA”) PET imaging agent, to complete the technology transfer across our PET manufacturing facilities (“PMF”) network for such new formulation, and to obtain adequate coding, coverage and payment, including transitional pass-through payment status (“TPT Status”), for such new formulation; (v) our ability to satisfy our obligations under our existing clinical development partnerships using MK-6240 or NAV-4694 as a research tool and under the license agreements through which we have rights to MK-6240 and NAV-4694, and to further develop and commercialize MK-6240 and NAV-4694 as approved products; (vi) our ability to successfully integrate acquisitions, including of Life Molecular and Evergreen, including the potential for unforeseen expenses related to integration activities, the accuracy of our financial models, the potential for unforeseen liabilities within those businesses, the ability to integrate disparate information technology systems, retain key talent and create a merged corporate culture that successfully realizes the full potential of the combined organization; (vii) our ability to complete the sale of our single-photon emission computerized tomography (“SPECT”) business to SHINE on the proposed terms and on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary regulatory approvals and satisfaction of other closing conditions to consummate the transaction, unforeseen expenses related to the divestiture, and failure to realize the expected benefits of the transaction; (viii) our ability to obtain FDA approval for LNTH-2501, our investigational kit for the preparation of Gallium-68 edotreotide Injection, which may be used in conjunction with a PET scan to stage and localize gastroenteropancreatic neuroendocrine tumors in adult and pediatric patients, and approval for PNT2003, and to be successful in the patent litigation associated with PNT2003; (ix) the cost, efforts and timing for clinical development, regulatory approval, adequate coding, coverage and payment and successful commercialization of our product candidates and new clinical applications and territories for our products, in each case, that we or our strategic partners may undertake; (x) our ability to identify opportunities to collaborate with strategic partners and to acquire or in-license additional diagnostic and therapeutic product opportunities in oncology, neurology and other strategic areas and continue to grow and advance our pipeline of products; (xi) the effect that changes to management, including turnover in our leadership and senior management team, could have on our business; and (xii) the risk and uncertainties discussed in our filings with the Securities and Exchange Commission (including those described in the Risk Factors section in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q).
- Tables Follow -
Lantheus Holdings, Inc.
Consolidated Statements of Operations
(in thousands, except per share data – unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Revenues |
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$ |
384,014 |
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$ |
378,734 |
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$ |
1,134,823 |
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$ |
1,142,800 |
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Cost of goods sold |
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161,648 |
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136,608 |
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433,746 |
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403,054 |
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Gross profit |
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222,366 |
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242,126 |
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701,077 |
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739,746 |
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Operating expenses |
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Sales and marketing |
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48,828 |
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43,719 |
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132,372 |
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134,300 |
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General and administrative |
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81,898 |
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40,516 |
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205,229 |
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135,820 |
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Research and development |
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48,025 |
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24,148 |
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129,828 |
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132,773 |
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Total operating expenses |
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178,751 |
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108,383 |
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467,429 |
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402,893 |
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Gain on sale of assets |
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— |
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— |
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— |
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6,254 |
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Operating income |
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43,615 |
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133,743 |
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233,648 |
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343,107 |
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Interest expense |
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4,950 |
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4,903 |
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14,671 |
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14,624 |
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Investment in equity securities - unrealized gain |
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(1,160 |
) |
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(37,325 |
) |
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(871 |
) |
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(75,492 |
) |
Other income |
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(2,556 |
) |
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(9,953 |
) |
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(23,579 |
) |
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(27,785 |
) |
Income before income taxes |
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42,381 |
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176,118 |
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243,427 |
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431,760 |
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Income tax expense |
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14,610 |
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45,025 |
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63,956 |
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107,528 |
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Net income |
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$ |
27,771 |
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$ |
131,093 |
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$ |
179,471 |
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$ |
324,232 |
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Net income per common share: |
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Basic |
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$ |
0.41 |
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$ |
1.89 |
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$ |
2.63 |
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$ |
4.69 |
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Diluted |
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$ |
0.41 |
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$ |
1.79 |
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$ |
2.60 |
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$ |
4.55 |
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Weighted average common shares outstanding: |
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Basic |
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67,230 |
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69,464 |
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68,132 |
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|
69,193 |
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Diluted |
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67,663 |
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|
|
73,065 |
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|
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69,038 |
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71,331 |
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Lantheus Holdings, Inc.
Consolidated Revenues Analysis
(in thousands, except percent data – unaudited)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2025 |
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2024 |
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Change $ |
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Change % |
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2025 |
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2024 |
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Change $ |
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Change % |
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PYLARIFY |
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$ |
240,616 |
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$ |
259,756 |
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$ |
(19,140 |
) |
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(7.4 |
)% |
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$ |
748,912 |
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$ |
791,881 |
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$ |
(42,969 |
) |
|
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(5.4 |
)% |
Other radiopharmaceutical oncology |
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|
— |
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— |
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— |
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— |
% |
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— |
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384 |
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(384 |
) |
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(100.0 |
)% |
Total radiopharmaceutical oncology |
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240,616 |
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259,756 |
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(19,140 |
) |
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(7.4 |
)% |
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|
748,912 |
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|
792,265 |
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(43,353 |
) |
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(5.5 |
)% |
DEFINITY |
|
|
81,785 |
|
|
|
76,965 |
|
|
|
4,820 |
|
|
|
6.3 |
% |
|
|
244,935 |
|
|
|
231,629 |
|
|
|
13,306 |
|
|
|
5.7 |
% |
Neuraceq |
|
|
20,442 |
|
|
|
— |
|
|
|
20,442 |
|
|
|
100.0 |
% |
|
|
20,442 |
|
|
|
— |
|
|
|
20,442 |
|
|
|
100.0 |
% |
TechneLite |
|
|
21,127 |
|
|
|
20,480 |
|
|
|
647 |
|
|
|
3.2 |
% |
|
|
65,820 |
|
|
|
70,380 |
|
|
|
(4,560 |
) |
|
|
(6.5 |
)% |
Other precision diagnostics |
|
|
6,339 |
|
|
|
6,282 |
|
|
|
57 |
|
|
|
0.9 |
% |
|
|
18,672 |
|
|
|
18,039 |
|
|
|
633 |
|
|
|
3.5 |
% |
Total precision diagnostics |
|
|
129,693 |
|
|
|
103,727 |
|
|
|
25,966 |
|
|
|
25.0 |
% |
|
|
349,869 |
|
|
|
320,048 |
|
|
|
29,821 |
|
|
|
9.3 |
% |
Strategic partnerships and other revenue |
|
|
13,705 |
|
|
|
15,251 |
|
|
|
(1,546 |
) |
|
|
(10.1 |
)% |
|
|
36,042 |
|
|
|
30,487 |
|
|
|
5,555 |
|
|
|
18.2 |
% |
Total revenues |
|
$ |
384,014 |
|
|
$ |
378,734 |
|
|
$ |
5,280 |
|
|
|
1.4 |
% |
|
$ |
1,134,823 |
|
|
$ |
1,142,800 |
|
|
$ |
(7,977 |
) |
|
|
(0.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share and percent data – unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Net income |
|
$ |
27,771 |
|
|
$ |
131,093 |
|
|
$ |
179,471 |
|
|
$ |
324,232 |
|
Stock and incentive plan compensation |
|
|
24,501 |
|
|
|
20,366 |
|
|
|
68,020 |
|
|
|
54,229 |
|
Amortization of acquired intangible assets |
|
|
14,639 |
|
|
|
11,908 |
|
|
|
30,626 |
|
|
|
31,961 |
|
Campus consolidation costs |
|
|
(213 |
) |
|
|
23 |
|
|
|
(146 |
) |
|
|
37 |
|
Contingent consideration fair value adjustments |
|
|
982 |
|
|
|
(1,505 |
) |
|
|
982 |
|
|
|
(1,405 |
) |
Non-recurring fees |
|
|
— |
|
|
|
— |
|
|
|
2,633 |
|
|
|
— |
|
Gain on sale of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,254 |
) |
Strategic collaboration and license costs |
|
|
860 |
|
|
|
30 |
|
|
|
16,273 |
|
|
|
66,221 |
|
Investment in equity securities - unrealized gain (a) |
|
|
(1,116 |
) |
|
|
(37,325 |
) |
|
|
(785 |
) |
|
|
(75,492 |
) |
Acquisition, integration and divestiture-related costs |
|
|
34,973 |
|
|
|
(263 |
) |
|
|
62,645 |
|
|
|
1,346 |
|
Other |
|
|
197 |
|
|
|
805 |
|
|
|
(3,024 |
) |
|
|
2,273 |
|
Income tax effect of non-GAAP adjustments(b) |
|
|
(16,888 |
) |
|
|
(1,048 |
) |
|
|
(50,890 |
) |
|
|
(27,907 |
) |
Adjusted net income |
|
$ |
85,706 |
|
|
$ |
124,084 |
|
|
$ |
305,805 |
|
|
$ |
369,241 |
|
Adjusted net income, as a percentage of revenues |
|
|
22.3 |
% |
|
|
32.8 |
% |
|
|
26.9 |
% |
|
|
32.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Net income per share - diluted |
|
$ |
0.41 |
|
|
$ |
1.79 |
|
|
$ |
2.60 |
|
|
$ |
4.55 |
|
Stock and incentive plan compensation |
|
|
0.36 |
|
|
|
0.28 |
|
|
|
0.99 |
|
|
|
0.76 |
|
Amortization of acquired intangible assets |
|
|
0.22 |
|
|
|
0.16 |
|
|
|
0.44 |
|
|
|
0.45 |
|
Campus consolidation costs |
|
|
(0.00 |
) |
|
|
0.00 |
|
|
|
(0.00 |
) |
|
|
0.00 |
|
Contingent consideration fair value adjustments |
|
|
0.01 |
|
|
|
(0.02 |
) |
|
|
0.01 |
|
|
|
(0.02 |
) |
Non-recurring fees |
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
Gain on sale of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.09 |
) |
Strategic collaboration and license costs |
|
|
0.01 |
|
|
|
0.00 |
|
|
|
0.24 |
|
|
|
0.93 |
|
Investment in equity securities - unrealized gain (a) |
|
|
(0.02 |
) |
|
|
(0.51 |
) |
|
|
(0.01 |
) |
|
|
(1.06 |
) |
Acquisition, integration and divestiture-related costs |
|
|
0.52 |
|
|
|
(0.00 |
) |
|
|
0.91 |
|
|
|
0.02 |
|
Other |
|
|
0.00 |
|
|
|
0.01 |
|
|
|
(0.04 |
) |
|
|
0.03 |
|
Income tax effect of non-GAAP adjustments(b) |
|
|
(0.25 |
) |
|
|
(0.01 |
) |
|
|
(0.74 |
) |
|
|
(0.39 |
) |
Adjusted net income per share - diluted(c) |
|
$ |
1.27 |
|
|
$ |
1.70 |
|
|
$ |
4.43 |
|
|
$ |
5.18 |
|
Weighted-average common shares outstanding - diluted |
|
|
67,663 |
|
|
|
73,065 |
|
|
|
69,038 |
|
|
|
71,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)Non-GAAP amount excludes a gain of $44 and $86 from the change in value of other assets for the three and nine months ended September 30, 2025, respectively.
(b)Represents the estimated income tax effect of the adjustments between GAAP net income and non-GAAP adjusted net income.
(c)Amounts may not add due to rounding.
Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures (Continued)
(in thousands, except per share and percent data – unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Operating income |
|
$ |
43,615 |
|
|
$ |
133,743 |
|
|
$ |
233,648 |
|
|
$ |
343,107 |
|
Stock and incentive plan compensation |
|
|
24,501 |
|
|
|
20,366 |
|
|
|
68,020 |
|
|
|
54,229 |
|
Amortization of acquired intangible assets |
|
|
14,639 |
|
|
|
11,908 |
|
|
|
30,626 |
|
|
|
31,961 |
|
Campus consolidation costs |
|
|
(213 |
) |
|
|
23 |
|
|
|
(146 |
) |
|
|
37 |
|
Contingent consideration fair value adjustments |
|
|
982 |
|
|
|
(1,505 |
) |
|
|
982 |
|
|
|
(1,405 |
) |
Non-recurring fees |
|
|
— |
|
|
|
— |
|
|
|
2,633 |
|
|
|
— |
|
Gain on sale of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,254 |
) |
Strategic collaboration and license costs |
|
|
860 |
|
|
|
30 |
|
|
|
16,273 |
|
|
|
66,221 |
|
Acquisition, integration and divestiture-related costs |
|
|
34,973 |
|
|
|
(263 |
) |
|
|
62,645 |
|
|
|
1,346 |
|
Other |
|
|
197 |
|
|
|
805 |
|
|
|
1,703 |
|
|
|
2,273 |
|
Adjusted operating income |
|
$ |
119,554 |
|
|
$ |
165,107 |
|
|
$ |
416,384 |
|
|
$ |
491,515 |
|
Adjusted operating income, as a percentage of revenues |
|
|
31.1 |
% |
|
|
43.6 |
% |
|
|
36.7 |
% |
|
|
43.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lantheus Holdings, Inc.
Reconciliation of Free Cash Flow
(in thousands – unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Net cash provided by operating activities |
|
$ |
105,294 |
|
|
$ |
175,062 |
|
|
$ |
299,963 |
|
|
$ |
387,020 |
|
Capital expenditures |
|
|
(10,622 |
) |
|
|
(15,808 |
) |
|
|
(27,301 |
) |
|
|
(35,256 |
) |
Free cash flow |
|
$ |
94,672 |
|
|
$ |
159,254 |
|
|
$ |
272,662 |
|
|
$ |
351,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
$ |
(319,468 |
) |
|
$ |
(67,798 |
) |
|
$ |
(615,658 |
) |
|
$ |
(219,413 |
) |
Net cash (used in) provided by financing activities |
|
$ |
(99,166 |
) |
|
$ |
1,869 |
|
|
$ |
(215,798 |
) |
|
$ |
(14,877 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lantheus Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands – unaudited)
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
382,006 |
|
|
$ |
912,814 |
|
Accounts receivable, net |
|
|
351,376 |
|
|
|
321,258 |
|
Inventory, net |
|
|
62,040 |
|
|
|
68,025 |
|
Income tax receivable |
|
|
31,877 |
|
|
|
8,177 |
|
Other current assets |
|
|
21,169 |
|
|
|
16,359 |
|
Assets held for sale |
|
|
76,623 |
|
|
|
— |
|
Total current assets |
|
|
925,091 |
|
|
|
1,326,633 |
|
Investment in equity securities |
|
|
46,474 |
|
|
|
39,489 |
|
Property, plant and equipment, net |
|
|
164,072 |
|
|
|
176,798 |
|
Intangibles, net |
|
|
739,264 |
|
|
|
161,761 |
|
Goodwill |
|
|
240,328 |
|
|
|
61,189 |
|
Deferred tax assets, net |
|
|
107,450 |
|
|
|
170,233 |
|
Other long-term assets |
|
|
53,721 |
|
|
|
44,237 |
|
Total assets |
|
$ |
2,276,400 |
|
|
$ |
1,980,340 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Current portion of long-term debt and other borrowings |
|
$ |
871 |
|
|
$ |
974 |
|
Accounts payable |
|
|
66,296 |
|
|
|
34,560 |
|
Accrued expenses and other liabilities |
|
|
251,105 |
|
|
|
204,992 |
|
Liabilities held for sale |
|
|
28,566 |
|
|
|
— |
|
Total current liabilities |
|
|
346,838 |
|
|
|
240,526 |
|
Asset retirement obligations |
|
|
137 |
|
|
|
23,344 |
|
Long-term debt and other borrowings, net of current portion |
|
|
567,937 |
|
|
|
565,279 |
|
Long-term deferred tax liabilities |
|
|
55,078 |
|
|
|
— |
|
Long-term contingent consideration liabilities |
|
|
71,024 |
|
|
|
— |
|
Other long-term liabilities |
|
|
116,180 |
|
|
|
63,180 |
|
Total liabilities |
|
|
1,157,194 |
|
|
|
892,329 |
|
Total stockholders’ equity |
|
|
1,119,206 |
|
|
|
1,088,011 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,276,400 |
|
|
$ |
1,980,340 |
|
|
|
|
|
|
|
|
###
Contacts:
Mark Kinarney
Vice President, Investor Relations
978-671-8842
ir@lantheus.com
Melissa Downs
Executive Director, External Communications
646-975-2533
media@lantheus.com
EX-99.2
Lantheus Announces Leadership Transition Plan
Brian Markison to Retire as Chief Executive Officer; Board Conducting Search for Next CEO
Continued Execution of Company’s Strategy to be Led by Prior CEO Mary Anne Heino as Executive Chairperson
BEDFORD, Mass. – November 6 – Lantheus Holdings, Inc. (the “Company”) (NASDAQ: LNTH), the leading radiopharmaceutical-focused company committed to enabling clinicians to Find, Fight and Follow disease to deliver better patient outcomes, today announced that Chief Executive Officer Brian Markison will retire from the Company, effective December 31, 2025, after more than 13 years of service to Lantheus as director and executive. The Board has initiated a comprehensive search process to help identify a new CEO. To support an orderly and seamless transition, Mr. Markison has agreed to serve as a a strategic advisor to the Company through at least March 31, 2026.
Mary Anne Heino, who currently serves as Chairperson of the Board of Directors and previously served as Lantheus CEO from 2015 to 2024, has been appointed Executive Chairperson, effective November 7, 2025. Following Mr. Markison’s retirement at the end of the year, Ms. Heino will lead the company as interim CEO until the Company’s next CEO is appointed.
Separately, Lantheus announced today that its President, Paul Blanchfield, has accepted a role at another company and is leaving Lantheus. Ms. Heino and Mr. Markison will work together to assume Mr. Blanchfield’s responsibilities. In addition, Amanda Morgan will return from leave and continue in her role as Chief Commercial Officer, reporting directly to Ms. Heino.
“On behalf of the Board, I want to express our sincere gratitude to Brian for his leadership and dedication to Lantheus,” said Julie McHugh, Lead Independent Director. “His valuable insights and contributions strengthened Lantheus’ leadership position at the forefront of radiopharmaceutical innovation and have positioned the Company for future growth opportunities with multiple near-term potential FDA market approvals and a strong pipeline of diagnostic and therapeutic candidates. I also want to thank Paul for his contributions to Lantheus over the years and wish him well in his future endeavors.”
Ms. McHugh continued, “The Board and management team are committed to ensuring a smooth transition, and we look forward to working closely with Mary Anne throughout this process. Her extensive experience, deep familiarity with our business, strategic vision and proven track record of successful commercialization make her uniquely equipped to continue effectively executing our existing strategy and building momentum during this transition period.”
Ms. Heino commented, “It has been a privilege working with Brian over many years, and I have seen firsthand how his industry expertise has supported Lantheus’ evolution as a leader in radiopharmaceuticals. I am excited to take on the role of Executive Chairperson and honored to step in as interim CEO following Brian’s retirement. I look forward to partnering with Brian, Amanda, and our talented team during this transition as we continue to focus on commercial execution, expand the reach of our innovative solutions, and maximize the success of our upcoming expected product approvals, including the new formulation of our market-leading PSMA PET imaging agent. We remain focused on delivering improved outcomes for patients and sustainable value for our shareholders.”
Under Mr. Markison’s leadership as CEO, Lantheus completed the strategic acquisitions of Evergreen Theragnostics, Life Molecular Imaging and Meilleur Technologies and key licensing deals. These transactions diversified the Company’s revenue streams, built a robust radiodiagnostic and
radiotherapeutic development pipeline, positioned us for successful regulatory submissions, enhanced the Company’s capabilities across the radiopharmaceutical value chain, and expanded Lantheus’ expertise and capabilities in the growing Alzheimer’s disease radiodiagnostic market.
Mr. Markison added, “Serving on the Board and leading such a dedicated group of employees at Lantheus as CEO has been one of the most rewarding chapters of my career. I am proud of the progress we’ve made to solidify Lantheus’ position as the partner of choice in nuclear medicine, and I’m energized by the Company’s exciting opportunities that lie ahead. I look forward to collaborating with Mary Anne and the Board to ensure a smooth transition as Lantheus continues to drive long-term growth and create greater value for all our stakeholders.”
About Mary Anne Heino
Ms. Heino was CEO of Lantheus from August 2015 to March 2024. During this period, she led the transformation of Lantheus, driving unprecedented revenue growth after guiding the acquisition of Progenics and spearheading the development and commercialization of the industry-leading PSMA-targeted PET imaging agent for prostate cancer. Ms. Heino joined Lantheus in April 2013 as Chief Commercial Officer and was promoted to Chief Operating Officer in March 2015, where she oversaw commercial and technical operations. Prior to Lantheus, Ms. Heino held senior commercial and strategic leadership roles at Angelini Labopharm, Labopharm USA, and Centocor (a Johnson & Johnson company), following an early career in sales management at Janssen Pharmaceutica. She holds an MBA from NYU’s Stern School of Business, a BS in Nursing from the City University of New York, and a BS in Biology from SUNY Stony Brook.
Lantheus Reports Third Quarter 2025 Financial Results
Lantheus today reported financial results for its third quarter ended September 30, 2025 and full year 2025 guidance, which are available in the Investor Relations section of our website located at www.lantheus.com and disclosed in a separate press release. The Company will host a conference call and webcast this morning, Thursday, November 6, 2025, at 8:00 a.m. ET. To access the conference call or webcast, participants should register online at https://investor.lantheus.com/news-events/calendar-of-events. A replay will be available approximately two hours after completion of the webcast and will be archived on the same web page for at least 30 days.
About Lantheus
Lantheus is the leading radiopharmaceutical-focused company, delivering life-changing science to enable clinicians to Find, Fight and Follow disease to deliver better patient outcomes. Headquartered in Massachusetts with offices in New Jersey, Canada, Germany, Sweden, Switzerland and the United Kingdom, Lantheus has been providing radiopharmaceutical solutions for nearly 70 years. For more information, visit www.lantheus.com.
Safe Harbor for Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their use of terms such as “advance,” “believe,” “continue,” “could,” “driving,” “expect,” “focused,” “plan,” “potential,” “progress,” “remain,” “should,” “target,” “will,” “would” and other similar terms. Such forward-looking statements include statements regarding our ability to enhance our commercial execution, expand the reach of our innovative solutions, obtain approval of our product candidates, and successfully launch such product candidate in the event that they are approved. These forward-looking statements are based upon current plans, estimates and expectations that are subject to risks and uncertainties that could cause actual results to materially differ from those described
in the forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Risks and uncertainties that could cause our actual results to materially differ from those described in the forward-looking statements include: (i) continued market expansion and penetration for our established commercial products, particularly PYLARIFY, DEFINITY and Neuraceq, in a competitive environment and our ability to clinically and commercially differentiate our products; (ii) our ability to obtain U.S. Food and Drug Administration (“FDA”) approval for our new F 18 PSMA PET product candidate, to complete the technology transfer across our PET manufacturing facilities network for such new product candidate, and to obtain adequate coding, coverage and payment, including transitional pass-through payment status, for such new product candidate; (iii) our ability to satisfy our obligations under our existing clinical development partnerships using MK-6240 or NAV-4694 as a research tool and under the license agreements through which we have rights to MK-6240 and NAV-4694, and to further develop and commercialize MK-6240 and NAV-4694 as approved products; (iv) our ability to successfully integrate acquisitions, including of Life Molecular and Evergreen; (v) our ability to obtain FDA approval for LNTH-2501, our investigational kit for the preparation of Gallium-68 edotreotide Injection, which may be used in conjunction with a PET scan to stage and localize gastroenteropancreatic neuroendocrine tumors in adult and pediatric patients, and approval for PNT2003, and to be successful in the patent litigation associated with PNT2003; (vi) the cost, efforts and timing for clinical development, regulatory approval, adequate coding, coverage and payment and successful commercialization of our product candidates and new clinical applications and territories for our products, in each case, that we or our strategic partners may undertake; (vii) the effect that changes to management, including turnover in our leadership and senior management team, could have on our business and (ix) the risk and uncertainties discussed in our filings with the Securities and Exchange Commission (including those described in the Risk Factors section in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q).
Contacts:
Lantheus
Mark Kinarney
Vice President, Investor Relations
978-671-8842
ir@lantheus.com
Melissa Downs
Executive Director, External Communications
646-975-2533
media@lantheus.com