0001193125-26-073498 | 10-K | XBRL Viewer

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Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 7,163
2027	8,565
2028	7,986
2029	7,205
2030	6,544
Thereafter	48,686
Total future minimum lease payments	86,149
Less: interest	32,330
Total	53,819
Finance Leases
2026	782
2027	424
2028	100
2029	0
2030	0
Thereafter	0
Total future minimum lease payments	1,306
Less: interest	57
Total	$ 1,249	$ 1,645

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Uncertainties [Abstract]
Balance at January 1	$ 7,620	$ 4,099	$ 1,480
Additions related to current year tax positions	7,465	948	3,749
Additions related to prior year tax positions	22,441	2,694	0
Reductions related to prior year tax positions	(351)	(3)	(688)
Settlements	(1,041)	(118)	(442)
Lapse of statute of limitations	(637)	0	0
Balance at December 31	$ 35,497	$ 7,620	$ 4,099

Segment Information - Schedule of Research and Development Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total research and development expenses	$ 177,308	$ 168,098	$ 77,707
Reportable Segment
Segment Reporting Information [Line Items]
Program third-party research and development expenses	42,158	31,957	8,332
Other research and development expenses	135,150	136,141	69,375
Total research and development expenses	$ 177,308	$ 168,098	$ 77,707

Leases (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025		December 31, 2024
Assets
Operating	Other long-term assets	$	30,975	$	36,083
Finance	Property, plant and equipment, net		1,260		1,564
Total leased assets		$	32,235	$	37,647
Liabilities
Current
Operating	Accrued expenses and other current liabilities	$	3,804	$	1,867
Finance	Current portion of long-term debt and other borrowings		738		974
Noncurrent
Operating	Other long-term liabilities		50,016		53,185
Finance	Long-term debt and other borrowings, net of current portion		511		671
Total leased liabilities		$	55,069	$	56,697

Schedule of Components of Lease Expense and Other Information

The components of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Operating lease expense	$	6,138	$	6,391	$	4,627
Finance lease expense
Amortization of ROU assets		1,103		962		795
Interest on lease liabilities		85		96		81
Total lease expense	$	7,326	$	7,449	$	5,503

Other information related to leases is as follows:


	December 31, 2025			December 31, 2024
Weighted-average remaining lease term (years):
Operating leases		11.2			13.1
Finance leases		1.8			1.9
Weighted-average discount rate:
Operating leases		7.5	%		7.5	%
Finance leases		5.5	%		6.0	%


	Year Ended December 31,
(in thousands)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,289	$	4,540
Operating cash flows from finance leases	$	85	$	96
Financing cash flows from finance leases	$	1,106	$	318

Schedule of Future Minimum Lease Payments Under Operating Leases

Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:


(in thousands)	Operating Leases		Finance Leases
2026	$	7,163	$	782
2027		8,565		424
2028		7,986		100
2029		7,205		—
2030		6,544		—
Thereafter		48,686		—
Total future minimum lease payments		86,149		1,306
Less: interest		32,330		57
Total	$	53,819	$	1,249

Schedule of Future Minimum Lease Payments Under Finance Leases

Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:


(in thousands)	Operating Leases		Finance Leases
2026	$	7,163	$	782
2027		8,565		424
2028		7,986		100
2029		7,205		—
2030		6,544		—
Thereafter		48,686		—
Total future minimum lease payments		86,149		1,306
Less: interest		32,330		57
Total	$	53,819	$	1,249

Other Assets - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 20,750	$ 15,406
Other current assets	650	953
Total other current assets	21,400	16,359
ROU asset	30,975	36,083
Other long-term assets	19,069	8,154
Total other long-term assets	$ 50,044	$ 44,237

Stockholders' Equity and Stock-Based Compensation - Schedule of Total Stockholder Return Restricted Stock Awards Valuation Model (Details) - Total Stockholder Return Restricted Stock Awards - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	57.50%	57.40%	52.80%
Risk-free interest rate	4.00%	4.30%	4.60%
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.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 233,559	$ 312,442	$ 326,661

- Definition

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

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+ Details

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Cash Flows [Abstract]
Proceeds from income tax refunds	$ 28	$ 2,688	$ 25

Intangibles, Net and Goodwill - Schedule of Change in Carrying Value of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Finite-Lived Intangible Assets [Line Items]
Goodwill, Beginning Balance	$ 61,189
Goodwill, Reclassification to assets held for sale	(1,734)
Goodwill, Foreign currency translation adjustments	655
Goodwill, Ending Balance	239,517
Life Molecular Imaging Ltd
Finite-Lived Intangible Assets [Line Items]
Goodwill, Acquisition Evergreen/ Life Molecular	63,186
Evergreen Theragnostics
Finite-Lived Intangible Assets [Line Items]
Goodwill, Acquisition Evergreen/ Life Molecular	$ 116,221

- Definition

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+ Details

Acquisitions - Summary of Acquisition Date Fair Value of Provisional Consideration Transferred in Acquisition (Details) - USD ($) $ in Thousands	Jul. 21, 2025	Apr. 01, 2025
Evergreen Theragnostics
Business Combination [Line Items]
Cash consideration		$ 276,424
Fair value of contingent consideration		43,042
Total purchase consideration		$ 319,466
Life Molecular Imaging Ltd
Business Combination [Line Items]
Cash consideration	$ 352,926
Fair value of contingent consideration	27,000
Total purchase consideration	379,926
Life Molecular Imaging Ltd \| Preliminary Estimate
Business Combination [Line Items]
Cash consideration	355,204
Fair value of contingent consideration	27,000
Total purchase consideration	382,204
Life Molecular Imaging Ltd \| Measurement Period Adjustment
Business Combination [Line Items]
Cash consideration	(2,278)
Fair value of contingent consideration	0
Total purchase consideration	$ (2,278)

- Definition

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+ Details

Fair Value of Financial Instruments - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 01, 2025	Sep. 30, 2024	Jun. 15, 2024
Fair Value, Option, Quantitative Disclosures [Line Items]
Unrealized gain (loss) on investment in equity securities	$ (8,617,000)	$ (43,564,000)	$ (0)
Business combination contingent consideration liability	94,339,000
Liabilities	95,282,000
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Business combination contingent consideration liability	94,339,000
Liabilities	94,339,000	0
Life Molecular Imaging Inc
Fair Value, Option, Quantitative Disclosures [Line Items]
Asset acquisition, additional milestone payments	400,000,000
Milestone payments in cash	30,000,000
Progenics
Fair Value, Option, Quantitative Disclosures [Line Items]
Payments for prior acquisition	85,000,000
Business combination contingent consideration liability	0	0
Progenics \| Net Sales Targets for Azedra
Fair Value, Option, Quantitative Disclosures [Line Items]
Potential payments, high	70,000,000
Progenics \| 1095 Commercialization [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Potential payments, high	5,000,000
Progenics \| 1404 Commercialization Milestone
Fair Value, Option, Quantitative Disclosures [Line Items]
Potential payments, high	10,000,000
Evergreen Theragnostics
Fair Value, Option, Quantitative Disclosures [Line Items]
Business combination contingent consideration liability				$ 25,000,000
Evergreen Theragnostics \| Additional Remaining Payments
Fair Value, Option, Quantitative Disclosures [Line Items]
Business combination contingent consideration liability	$ 727,500,000
Radiopharm Theranostics Limited
Fair Value, Option, Quantitative Disclosures [Line Items]
Shares owned (in shares)	537,958,513				149,625,180
Investment owned, fair value	$ 9,000,000	$ 2,200,000
Share price (in dollars per share)	$ 0.02	$ 0.01
Unrealized gain (loss) on investment in equity securities	$ 3,300,000	$ 2,600,000
Purchase amount in investment in equity securities	$ 10,000,000		$ 5,000,000
Perspective Therapeutics, Inc
Fair Value, Option, Quantitative Disclosures [Line Items]
Shares owned (in shares)	11,677,339					11,677,339
Investment owned, fair value	$ 32,100,000	$ 37,300,000
Share price (in dollars per share)	$ 2.75	$ 3.19
Unrealized gain (loss) on investment in equity securities	$ 5,100,000	$ 41,000,000

Income Taxes - Schedule of Income Taxes Paid (Net of Refunds) (Parenthetical) (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2025

USD ($)

Income Tax Paid, by Individual Jurisdiction [Line Items]

U.S. state and local

$ 18,889

^[1]

CALIFORNIA

Income Tax Paid, by Individual Jurisdiction [Line Items]

U.S. state and local

$ 3,500

[1]	Includes $3.5 million of California payments.

Accrued Expenses and Other Current and Long-Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Compensation and benefits	$ 63,244	$ 48,263
Freight, distribution and operations	75,995	85,966
Accrued rebates and discounts	66,448	25,248
Accrued professional fees	26,511	20,308
Accrued research and development expenses	12,964	13,219
Income taxes payable	3,574	1,591
Other	18,571	10,397
Total accrued expenses and other liabilities	267,307	204,992
Operating lease liabilities	50,016	53,185
Other long-term liabilities	57,850	9,995
Total other long-term liabilities	$ 107,866	$ 63,180

Property, Plant and Equipment, Net - Schedule of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant & Equipment [Line Items]
Total gross property, plant and equipment	$ 236,476	$ 285,560
Less: accumulated depreciation and amortization	(72,790)	(108,762)
Total property, plant and equipment, net	163,686	176,798
Land
Property, Plant & Equipment [Line Items]
Total gross property, plant and equipment	3,020	9,480
Buildings
Property, Plant & Equipment [Line Items]
Total gross property, plant and equipment	49,913	85,523
Machinery, equipment and fixtures
Property, Plant & Equipment [Line Items]
Total gross property, plant and equipment	110,587	114,357
Computer software
Property, Plant & Equipment [Line Items]
Total gross property, plant and equipment	55,550	48,702
Construction in progress
Property, Plant & Equipment [Line Items]
Total gross property, plant and equipment	$ 17,406	$ 27,498

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, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 233,559	$ 312,442	$ 326,661
Basic weighted-average common shares outstanding (in shares)	67,489	69,199	68,266
Effect of convertible notes (in shares)	0	742	199
Diluted weighted-average common shares outstanding	68,443	71,651	70,239
Basic income per common share (in shares)	$ 3.46	$ 4.52	$ 4.79
Diluted income per common share (in shares)	$ 3.41	$ 4.36	$ 4.65
Antidilutive securities excluded from diluted net income per common share (in shares)	1,552	891	421
Employee Stock Option
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive share based compensation (in shares)	175	277	346
Restricted Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive share based compensation (in shares)	779	1,433	1,428

Other Assets (Tables)

12 Months Ended

Dec. 31, 2025

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

Schedule of Other Assets

Other assets are comprised of the following:


	December 31,
(in thousands)	2025		2024
Prepaid expenses	$	20,750	$	15,406
Other current assets		650		953
Total other current assets	$	21,400	$	16,359

ROU asset (Note 14)	$	30,975	$	36,083
Other long-term assets		19,069		8,154
Total other long-term assets	$	50,044	$	44,237

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. 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 and estimated useful lives, 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 have been reduced by an allowance for credit losses. The allowance for credit losses represents the Company’s best estimate of the amount of probable credit losses in our accounts receivable. The Company’s allowance is based on a number of factors, including an evaluation of customer credit worthiness, the age of the outstanding receivable, economic trends, historical experience and other information over the payment periods. The Company reviews and adjusts the allowance for expected credit losses on a quarterly basis. Accounts receivable balances are written off against the allowance for expected credit losses when the Company determines that the balances are not recoverable. Allowance for credit losses was $9.5 million and $7.8 million at December 31, 2025 and 2024, respectively.

Income Taxes

The Company accounts for income taxes using an asset and liability approach. Income tax expense 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.

Net Income per Common Share

Basic net income per share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed using the sum of the weighted average number of shares of common stock outstanding during the period and, if dilutive, the weighted average number of potential shares of common stock, including the assumed exercise of stock options, unvested restricted stock and total shareholder return awards. The Company applies the two-class method to calculate its basic and diluted net income per share attributable to common stockholders. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. During periods in which the Company incurs net losses, both basic and diluted net loss per common share are 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.

Restricted Cash

Restricted cash as of December 31, 2025 and 2024, 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 estimates the allowance for credit losses based on an evaluation of customer credit worthiness, the age of the outstanding receivable, economic trends, historical experience and other information over the payment periods. The Company sells primarily to hospitals, independent diagnostic testing facilities, and radiopharmacies.

As of December 31, 2025 and 2024, 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, 2025, 2024 and 2023.

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 condition, results of operations and cash flows.

The Company currently relies on Jubilant HollisterStier (“JHS”) as its significant manufacturer of DEFINITY and relied on JHS as its sole source manufacturer of NEUROLITE, Cardiolite and evacuation vials for TechneLite prior to the sale of such SPECT products to SHINE on January 1, 2026. Through December 31, 2025, the Company had Molybdenum-99 supply agreements with Institute for Radioelements of Belgium, NTP Radioisotopes and its subcontractor Australian Nuclear Science and Technology Organisation.

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


	Year Ended December 31,
	2025			2024			2023
PYLARIFY		64.2	%		69.0	%		65.7	%
DEFINITY		21.4	%		20.7	%		21.6	%

Inventory, Net

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. As of December 31, 2025, the Company had $0.6 million of such product costs included in inventory related to PYLARIFY that have been purchased to support the new formulation of our PSMA PET imaging agent, which is awaiting regulatory approval. The Company had no inventory pending regulatory approval as of December 31, 2024.

Property, Plant and Equipment, Net

Property, plant and equipment are stated at cost. Replacements of major units of property are capitalized, and replaced properties and equipment 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 and 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 expenses in the accompanying consolidated statements of operations.

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.

Assets Held for Sale

The Company classifies an asset as held for sale when management, having the authority to approve the action, commits to a plan to sell the asset, the sale is probable within one year and the asset is available for immediate sale in its present condition. The Company also considers whether an active program to locate a buyer has been initiated, whether the asset is marketed actively for sale at a price that is reasonable in relation to its current fair value and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company initially measures an asset that is classified as held for sale at the lower of its (i) carrying amount or (ii) fair value less costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized until the date of sale. The Company assesses the fair value of an asset less costs to sell each reporting period that the asset remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying amount of the asset, as long as the new carrying amount does not exceed the carrying amount of the asset at the time it was initially classified as held for sale. Assets are not depreciated or amortized while they are classified as held for sale.

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 using its best estimates and assumptions. 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 Company allocates the purchase price based on the relative fair value the assets acquired and liabilities assumed. 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, 2025, 2024 or 2023.

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 include intangible assets acquired in a business combination that are used in research and development (R&D) 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 R&D efforts. Upon completion of the associated R&D 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.

Investments

Equity investments with readily determinable fair values for which the Company does not have significant influence over the investee are measured at fair value on a recurring basis. Equity investments without readily determinable fair values for which the Company does not have significant influence over the investee are measured at cost with adjustments for observable changes in price or impairments (referred to as the measurement alternative). For equity investments for which the Company does not have significant influence over the investee, changes in the value of unsold equity investments are recorded in investment in equity securities – unrealized (gain) loss in the Company’s consolidated statements of operations. Equity investments for which the Company has significant influence over the investee are measured using the equity method unless the Company elects to apply the fair value option to account for the investment.

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, 2025 and 2024. As of December 31, 2025 and 2024, the fair value of the Company’s convertible debt was estimated to be approximately $659.5 million and $765.3 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 Company's acquisitions accounted for as asset acquisitions may include contingent consideration payments to be made for development, regulatory, and sales-based milestones. The Company first assesses whether such contingent consideration payments meet 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.

The Company's acquisitions accounted for as business combinations include contingent consideration payments to be made for development, regulatory, and sales-based milestones, as well as potential payments to be made pursuant to an assumed contract. 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 and updated 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 flow (“DCF”) and Monte Carlo simulation models that include significant estimates and assumptions pertaining to regulatory and commercialization events and sales targets. Significant changes in any of these inputs could result in a significantly higher or lower fair value measurement of the contingent consideration liabilities.

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, 2025, 2024 and 2023, the Company incurred $16.4 million, $29.7 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 R&D 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, 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, net of estimated forfeitures, over the requisite service period, which generally represents the vesting period. 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. The Company estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate forfeitures and records stock-based compensation expense only for those awards that are expected to vest.

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, Net

Other income, net consisted of the following:


	Year Ended December 31,
(in thousands)	2025			2024			2023
Foreign currency loss	$	1,006		$	733		$	21
Tax indemnification expense, net		734			(106	)		4,943
Interest income		(23,391	)		(36,838	)		(19,638	)
Gain on sale of RELISTOR licensed intangible asset(1)		(5,000	)		—			(51,789	)
Revision of estimated decommissioning costs related to asset retirement obligation(2)		(4,727	)		—			—
Other		52			(1,020	)		143
Total other income, net	$	(31,326	)	$	(37,231	)	$	(66,320	)

(1)

$5.0 million recognized in December 2025 related to the achievement of a 2025 net sales milestone for RELISTOR as a part of the purchase price consideration outlined in the 2023 Healthcare Royalty Management LLC Royalty Interest agreement.

(2)

See Note 9, ”Asset Retirement Obligations,” for more information.

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. The accumulated other comprehensive loss balance consists entirely of foreign currency translation gains and losses.

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. As of December 31, 2025, the Company estimates the decommissioning and decontaminating costs for all their manufacturing sites to be approximately $20.4 million. 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, 2025 and 2024, 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, 2025 and 2024.

Self-Insurance Reserves

The Company’s consolidated balance sheets at December 31, 2025 and 2024 include $3.5 million and $2.8 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).

Leases

In accordance with Accounting Standards Codification (“ASC”) 842, “Leases,” the Company determines if an arrangement is or contains a lease at inception. The Company has leases for vehicles, corporate offices and certain equipment. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company classifies leases at the lease commencement date as operating or finance leases and records a right-of-use asset and a lease liability on the consolidated balance sheets for all leases with an initial lease term of greater than twelve months. Leases with an initial term of twelve months or less are not recorded on the balance sheets, but payments are recognized as expense on a straight-line basis over the lease term. The Company has elected not to record a right-of-use asset or lease liability for leases with terms of twelve months or less.

A lease qualifies as a finance lease if any of the following criteria are met at the inception of the lease: (i) there is a transfer of ownership of the leased asset to the Company by the end of the lease term, (ii) the Company holds an option to purchase the leased asset that it is reasonably certain to exercise, (iii) the lease term is for a major part of the remaining economic life of the leased asset, (iv) the present value of the sum of lease payments equals or exceeds substantially all of the fair value of the leased asset, or (v) the nature of the leased asset is specialized to the point that it is expected to provide the lessor no alternative use at the end of the lease term.

Finance and operating lease assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term using the discount rate implicit in the lease. If the rate implicit is not readily determinable, the Company utilizes an estimate of its incremental borrowing rate based upon the available information at the lease commencement date, which may include comparing interest rates in the market for similar borrowings with comparable credit quality of the Company. Operating lease right-of-use (“ROU”) assets are further adjusted for prepaid or accrued lease payments. Operating lease payments are expensed using the straight-line method as an operating expense over the lease term. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Finance lease assets are amortized to depreciation expense using the straight-line method over the shorter of the useful life of the related asset or the lease term. Finance lease payments are bifurcated into (i) a portion that is recorded as imputed interest expense and (ii) a portion that reduces the finance liability associated with the lease.

ROU assets and lease liabilities are reassessed and remeasured when amendments to the terms of the lease agreement require reassessment and remeasurement of the lease payments and other inputs to the calculation of ROU assets and lease liabilities. The Company accounts for remeasurements and modifications to lease liabilities using the present value of remaining lease payments and estimated incremental borrowing rate at the date of remeasurement. The adjustment to the lease liability is recognized as a gain or loss in operating expenses, or as an adjustment to the ROU asset, as appropriate, based on the terms and conditions within the lease that are amended.

Recent Accounting Pronouncements

The Company has considered all new accounting standards issued by the Financial Accounting Standards Board (“FASB”).

Accounting Pronouncements Adopted During the Period

In December 2023, the FASB issued Accounting Standards Update (“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 adopted ASU 2023-09 prospectively and the disclosures included in this Annual Report on Form 10-K (“Form 10-K”) reflect the disclosures required under ASU 2023-09. See Note 5, “Income Taxes,” to these consolidated financial statements for more information.

Accounting Pronouncements Not Yet Adopted

In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270) Narrow-Scope Improvements,” which clarifies that the interim reporting requirements in Topic 270 apply to all entities that issue interim financial statements prepared in accordance with U.S. GAAP and consolidates such requirements within Topic 270. The amendments provide a comprehensive

list within Topic 270 of required interim disclosures, establishes a principle requiring disclosure of events or changes occurring after the end of the most recent annual reporting period that have a material impact on interim results and clarifies the form and content requirements applicable to interim financial statements. The requirements of ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027 (for the Company’s Form 10-Q for the three months ending March 31, 2028). The Company is currently in the process of evaluating the effects of this pronouncement on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” which simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. Entities will now capitalize costs associated with internal-use software only when management has authorized and committed funding, and it is probable that the project will be completed and the software will be used to perform its intended function. ASU 2025-06 is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently in the process of evaluating the effects of this pronouncement on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets,” which provides a practical expedient related to the estimation of expected credit losses for accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, “Revenue Recognition.” ASU 2025-05 requires an entity to disclose whether it has elected to use the practical expedient. An entity that makes the accounting policy election is required to disclose the date through which subsequent cash collections are evaluated. The requirements of ASU 2025-05 are effective for annual periods beginning after December 15, 2025, and interim periods beginning in the first quarter of 2026. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company is currently in the process of evaluating the effects of this pronouncement and believes that the adoption will not have a material impact on its consolidated financial statements and related disclosures.

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 Form 10-Q for the first quarter of 2026. The adoption of ASU 2024-04 is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures in 2026.

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 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 impact of this pronouncement on its consolidated financial statements and related disclosures.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stockholders' Equity and Stock-Based Compensation

13. Stockholders’ Equity and Stock-Based Compensation

Equity Incentive Plans

As of December 31, 2025, 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 (“RSUs”) 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, April 2017, February and April 2019, April 2021, April 2022 and April 2024, October 2024 and April 2025. The aggregate shares of common stock reserved for issuance under the 2015 Plan, as amended, is 14,930,277 shares.

Employee Stock Purchase Plan

The Lantheus Holdings, Inc. 2023 Employee Stock Purchase Plan, (the “2023 ESPP”) provides for the granting of up to 500,000 shares of the Company’s common stock to eligible employees. The 2023 ESPP allows eligible employees to contribute up to 15% of their qualifying compensation toward the semi-annual purchase of the Company’s common stock in March and September of each year, subject to an annual maximum dollar amount. The purchase price is the lesser of 85% of the fair market value of the stock on the last trading day of each Offering Period (as defined in the 2023 ESPP); or the first trading day of each Offering Period. The number of shares issued under the 2023 ESPP was 62,243 shares, 67,920 shares and 34,345 shares in 2025, 2024 and 2023, respectively. The Company calculates the fair value of the shares issued under the 2023 ESPP using the Black-Scholes model at the commencement of an Offering Period in March and September of each year and the related expense is recorded over the Offering Period.

Stock-Based Compensation Expense

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


	Year Ended December 31,
(in thousands)	2025		2024		2023
Cost of goods sold	$	14,116	$	12,670	$	9,126
Sales and marketing		16,557		13,899		9,500
General and administrative		41,673		37,945		24,807
Research and development		13,217		11,879		7,074
Total stock-based compensation expense	$	85,563	$	76,393	$	50,507

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. Stock option awards generally vest over three years; however, there are certain stock option awards with a vesting period of one year that are granted to certain employees and members of the Board. All option awards have a ten-year contractual term.

A summary of stock option activity for 2025 is presented below:


						Weighted-
						Average
				Weighted-		Remaining		Aggregate
	Total			Average		Contractual		Intrinsic
	Stock			Exercise		Term		Value
	Options			Price		(Years)		($)
Balance at January 1, 2025		1,216,746		$	60.92		—		—
Options granted		566,899		$	86.14		—		—
Options exercised		(171,101	)	$	48.74		—		—
Options cancelled and forfeited		(196,516	)	$	83.34		—		—
Outstanding at December 31, 2025		1,416,028		$	69.37		—		—
Vested and expected to vest at December 31, 2025		1,378,843		$	69.07		7.5		10,759,578
Exercisable at December 31, 2025		622,283		$	57.29		5.9		8,863,264

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


	Year Ended December 31,
	2025			2024			2023
Expected volatility		57.2	%		55.4	%		56.1	%
Risk-free interest rate		4.1	%		4.2	%		4.0	%
Expected life (in years)		5.9			6.0			6.0
Expected dividend yield		—			—			—

During the years ended December 31, 2025, 2024 and 2023, 171,101, 209,657 and 214,619 options were exercised having aggregate intrinsic values of $7.1 million, $12.1 million and $12.9 million, respectively. The weighted average grant-date fair value of stock options granted was $49.19, $39.26 and $43.18 for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, there was $24.1 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 RSU activity for 2025 is presented below:


				Weighted-
				Average Grant
				Date Fair Value Per
	Shares			Share
Nonvested balance at January 1, 2025		1,271,850		$	69.81
Granted		824,105		$	84.92
Vested		(622,533	)	$	69.92
Forfeited		(232,485	)	$	78.89
Nonvested balance at December 31, 2025		1,240,937		$	78.70

RSUs generally vest over three years; however, there are certain RSUs with a vesting period of one year that are granted to certain employees and members of the Board. As of December 31, 2025, there was $65.1 million of unrecognized compensation expense related to outstanding RSUs, which is expected to be recognized over a weighted-average period of 2.0 years.

The weighted average grant-date fair value for RSUs granted during the fiscal years ended December 31, 2025, 2024 and 2023 was $84.92, $70.56 and $74.38 per share, respectively. The total fair value of restricted stock vested in fiscal years 2025, 2024 and 2023 was $43.5 million, $42.5 million and $18.3 million, respectively.

Total Stockholder Return Restricted Stock Awards

During the years ended December 31, 2025, 2024 and 2023, 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 is based on a Monte Carlo simulation valuation model with the following assumptions:


	Year Ended December 31,
	2025			2024			2023
Expected volatility		57.5	%		57.4	%		52.8	%
Risk-free interest rate		4.0	%		4.3	%		4.6	%
Expected life (in years)		2.8			2.8			2.8
Expected dividend yield		—			—			—

A summary of TSR award activity for 2025 is presented below:


				Weighted-
				Average Grant
				Date Fair Value Per
	Shares			Share
Nonvested balance at January 1, 2025		684,684		$	109.38
Granted		394,732		$	163.50
Vested		(368,714	)	$	98.11
Forfeited		(151,302	)	$	135.47
Nonvested balance at December 31, 2025		559,400		$	128.13

As of December 31, 2025, there was $26.9 million of unrecognized compensation expense related to outstanding performance restricted stock which is expected to be recognized over a weighted-average period of 1.8 years.

The weighted average grant-date fair value for TSR awards granted during the fiscal years ended December 31, 2025, 2024 and 2023 was $163.50, $105.87 and $127.75 per share, respectively. The total fair value of TSR awards vested in fiscal years 2025, 2024 and 2023 was $36.2 million, $33.6 million and $8.2 million, respectively.

Modification of equity awards

In the fourth quarter of 2024, 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 included transitioning approximately 75 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 were approximately $12.1 million.

Common Stock Repurchases

On July 31, 2025, the Board authorized a program to repurchase up to $400.0 million of shares of the Company’s common stock through December 31, 2027 (the “2025 Program”). The 2025 Program replaced the program authorized in November 2024 to repurchase up to $250.0 million of shares of the Company’s common stock (the “2024 Program”), including the remaining unused amounts under the 2024 Program, so there could be no additional repurchases under the 2024 Program subsequent to July 31, 2025. During 2025, the Company repurchased 1.3 million shares for approximately $100.0 million under the 2024 Program for an average stock price of $79.37. During 2025, the Company repurchased a total of 3.5 million shares for an aggregate purchase price of approximately $200.0 million under the 2025 Program for an average stock price of $56.72. A total of approximately $200.0 million of shares of the Company’s common stock remain available for repurchase under the 2025 Program.

Benefit Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Benefit Plans

18. Benefit Plans

Defined Contribution 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 $9.8 million, $5.8 million, and $4.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Nonqualified Deferred Compensation Plan

In October 2024, the Company adopted the LDCP to provide key, highly-compensated employees and non-employee directors an additional opportunity for personal financial planning by allowing an option to defer a portion of their base salary and variable compensation each year. Under the LDCP, which is an elective nonqualified deferred compensation plan, employee participants are eligible to defer up to 80% of base salary and up to 80% of any bonus award beginning in 2025. For 2024, employee participants were not eligible to defer any base salary and could only defer up to 25% of their 2024 bonus award. Non-employee directors that are participants of the LDCP are eligible to defer up to 100% of their Board fees. Additionally, Company matching or employer contributions may be credited to the plan, although no such matching or employer contributions were made for 2024. Any matching or employer contributions cliff vest after the earlier of (i) five years, (ii) the participant reaching age 55, (iii) death, or (iv) disability. All amounts deferred or credited to a participant’s account (the “Deferred Amounts”) are held in a separate trust which was established by the Company to administer the LDCP. The LDCP assets held in trust by the Company to offset its obligation, which currently consist of COLI and could include mutual funds in future periods, are subject to the claims of the Company’s creditors in the event that the Company becomes insolvent. Consequently, the trust qualifies as a grantor trust for income tax purposes, or a Rabbi Trust (the “Trust”). Amounts deferred (and earnings on those amounts) are generally distributed following termination of employment unless the participant has elected an earlier distribution date, which may be no earlier than January 1st of the second year following the year of deferral. Vested Company matching or employer contributions (and earnings on those amounts) are generally distributed following termination of employment. Participants can elect to receive distributions in a lump sum, in annual installments over a period of not more than ten years for a qualifying distribution event (as defined in the LDCP), or in annual installments over a period of not more than five years if distributions are made prior to termination of employment.

As of December 31, 2025, assets and liabilities held by the Trust were $1.1 million and $0.9 million, respectively, and were included in other long-term assets, accrued expenses and other current and long-term liabilities in the Company’s consolidated balance sheets. There were no assets and liabilities held by the Trust as of December 31, 2024. Changes in the value of the LDCP assets and liabilities are charged to investment in equity securities - unrealized loss and to general and administrative expenses, respectively, in the Company’s consolidated statements of operations and were de minimis in 2025.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: 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 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: 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 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-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 14: 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

+ Details

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2025

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Changes in Asset Retirement Obligations

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


(in thousands)	Amount
Balance at January 1, 2024	$	22,916
Accretion expense		428
Balance at December 31, 2024		23,344
Revision of estimated decommissioning costs		(4,727	)
Remediation costs		(1,520	)
Reclassification to liabilities held-for-sale(1)		(17,453	)
Accretion expense		494
Balance at December 31, 2025	$	138

(1)

Amount reclassified to liabilities held for sale as a result of the then-pending sale of the assets and liabilities associated with the Company’s SPECT business. See Note 8, “Assets and Liabilities Held for Sale” for more information.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

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,
	2025			2024			2023
PYLARIFY		64.2	%		69.0	%		65.7	%
DEFINITY		21.4	%		20.7	%		21.6	%

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,			December 31,
(in thousands)	2025			2024
Land	$	3,020		$	9,480
Buildings		49,913			85,523
Machinery, equipment and fixtures		110,587			114,357
Computer software		55,550			48,702
Construction in progress		17,406			27,498
Total gross property, plant and equipment		236,476			285,560
Less - accumulated depreciation and amortization		(72,790	)		(108,762	)
Total property, plant and equipment, net(1)	$	163,686		$	176,798

(1)

As of December 31, 2025, amounts totaling $6.5 million in land, $48.1 million in buildings, $37.5 million in machinery, equipment and fixtures, $0.5 million in computer software, $6.2 million in construction in progress and $49.6 million in accumulated depreciation and amortization were reclassified to assets held for sale as a result of the then-pending sale of the Company’s SPECT business. See Note 8, “Assets and Liabilities Held for Sale” for more information.

Schedule of Other Income, Net

Other income, net consisted of the following:


	Year Ended December 31,
(in thousands)	2025			2024			2023
Foreign currency loss	$	1,006		$	733		$	21
Tax indemnification expense, net		734			(106	)		4,943
Interest income		(23,391	)		(36,838	)		(19,638	)
Gain on sale of RELISTOR licensed intangible asset(1)		(5,000	)		—			(51,789	)
Revision of estimated decommissioning costs related to asset retirement obligation(2)		(4,727	)		—			—
Other		52			(1,020	)		143
Total other income, net	$	(31,326	)	$	(37,231	)	$	(66,320	)

(1)

(2)

See Note 9, ”Asset Retirement Obligations,” for more information.

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

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,			December 31,
(in thousands)	2025			2024
Land	$	3,020		$	9,480
Buildings		49,913			85,523
Machinery, equipment and fixtures		110,587			114,357
Computer software		55,550			48,702
Construction in progress		17,406			27,498
Total gross property, plant and equipment		236,476			285,560
Less - accumulated depreciation and amortization		(72,790	)		(108,762	)
Total property, plant and equipment, net(1)	$	163,686		$	176,798

(1)

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025
	Total Fair
(in thousands)	Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	179,791	$	179,791	$	—	$	—
Investment securities		41,087		41,087		—		—
Total assets	$	220,878	$	220,878	$	—	$	—
Liabilities:
Deferred compensation plan liabilities	$	943	$	943	$	—	$	—
Contingent consideration liabilities		94,339		—		—		94,339
Total liabilities	$	95,282	$	943	$	—	$	94,339

			December 31, 2024
	Total Fair
(in thousands)	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	$	—	$	—

Schedule of Company's 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, 2025:


	Fair Value at
	December 31, 2025					Weighted
Contingent Consideration Liability	(in thousands)		Valuation Technique	Unobservable Inputs	Range	Average
Development and commercialization milestones	$	42,378	Discounted cash flow	Payment discount rate	7.3% - 11.2%	8.7%
				Probability of payment	0.0% - 100.0%	86.2%
				Range of expected payment dates	2026 - 2037	N/A

Sales milestones		30,877	Scenario analysis	Revenue volatility	37.0% - 48.0%	46.8%
				Revenue discount rate	9.4% - 17.7%	16.8%

Assumed contingent consideration from Piramal SPA		21,084	Scenario analysis	EBITDA volatility	60.0%	60.0%
				EBITDA discount rate	21.0% - 21.0%	21.0%
Total contingent consideration liabilities	$	94,339

Schedule of contingent consideration measured at fair value

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


	Level 3
	Accrued Contingent
(in thousands)	Consideration
Balance at January 1, 2024	$	2,700
Change in fair value included in net income		(1,194	)
Gain on partial buyout of 2013 Milestone Rights		(1,505	)
Cash payments		(1	)
Balance at December 31, 2024		—
Evergreen acquisition		43,042
Life Molecular acquisition		53,800
Acquired contingent consideration from Piramal SPA - current portion		(3,882	)
Changes in fair value included in net income		1,379
Balance at December 31, 2025	$	94,339

Commitments and Contingencies - Schedule of Purchase Commitments Under Noncancelable Arrangements (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 14,780
2027	8,694
2028	0
2029	0
2030 and thereafter	0
Total	$ 23,474

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2025

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,
(in thousands)	2025		2024		2023
Major Products/Service Lines
Product revenue, net(1)	$	1,507,573	$	1,524,782	$	1,263,068
License and royalty revenues		34,036		9,128		33,361
Total revenues	$	1,541,609	$	1,533,910	$	1,296,429

(1)

The Company’s product revenue includes PYLARIFY, DEFINITY, Neuraceq and TechneLite 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.

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


	Year Ended December 31,
(in thousands)	2025		2024		2023
PYLARIFY	$	989,116	$	1,057,834	$	851,303
Other radiopharmaceutical oncology		—		384		3,130
Total radiopharmaceutical oncology		989,116		1,058,218		854,433
DEFINITY		330,248		317,792		279,768
Neuraceq		51,447		—		—
TechneLite		86,803		95,487		87,370
Other precision diagnostics		24,616		24,231		22,980
Total precision diagnostics		493,114		437,510		390,118
Strategic partnerships and other revenue		59,379		38,182		51,878
Total revenues	$	1,541,609	$	1,533,910	$	1,296,429

Schedule of Revenue by Geographic Region Determined by Location of Customer or Other Party

The following table presents the Company’s revenue by geographic region determined by location of customer or other party for the periods presented:


	Year Ended December 31,
(in thousands)	2025		% of Revenue			2024		% of Revenue			2023		% of Revenue
United States	$	1,458,881		94.6	%	$	1,484,687		96.8	%	$	1,262,146		97.4	%
Rest of world		82,728		5.4	%		49,223		3.2	%		34,283		2.6	%
Total revenues		1,541,609		100.0	%		1,533,910		100.0	%		1,296,429		100.0	%

Schedule of Amount of and Change in Reserves

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


(in thousands)	Rebates
Balance at January 1, 2023	$	13,399
Provision related to current period revenues		31,855
Payments or credits made during the period		(29,184	)
Balance at December 31, 2023		16,070
Provision related to current period revenues		63,504
Payments or credits made during the period		(54,326	)
Balance at December 31, 2024		25,248
Provision related to current period revenues		167,628
Payments or credits made during the period		(126,428	)
Balance at December 31, 2025	$	66,448

Schedule of Deferred Revenue

The following table provides a roll forward of deferred revenue:


(in thousands)	Deferred Revenue
Balance at January 1, 2024	$	1,489
Revenue recognized in relation to the beginning of the year contract liability balance		(634	)
Revenue deferred		592
Balance at December 31, 2024		1,447
Revenue recognized in relation to the beginning of the year contract liability balance		(3,144	)
Revenue deferred		8,681
Balance at December 31, 2025	$	6,984

Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jan. 08, 2024	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant & Equipment [Line Items]
Depreciation and amortization expense			$ 22,500	$ 20,400	$ 13,200
Noncash impairment			1,541,609	1,533,910	1,296,429
Gain on sale of assets			$ 0	8,415	0
Gain on sale of assets				$ 2,100
North Billerica
Property, Plant & Equipment [Line Items]
Gain on sale of assets		$ 9,800
AZEDRA
Property, Plant & Equipment [Line Items]
Noncash impairment					$ 6,000
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]					Noncash impairment
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, net	800
Commission expense	1,000
Gain on sale of assets	$ 6,300

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Item 9B. Other Information On December 2, 2025, Samuel R. Leno, a member of our Board, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (the “10b5-1 Plan”). The 10b5-1 Plan provides for the potential sale of up to 14,307 shares of our common stock between March 4, 2026 and March 13, 2026.
Samuel R. Leno
Trading Arrangements, by Individual
Name	Samuel R. Leno
Title	a member of our Board
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 2, 2025
Expiration Date	March 4, 2026
Arrangement Duration	93 days
Sale of common stock \| Samuel R. Leno
Trading Arrangements, by Individual
Aggregate Available	14,307

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

20. 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 R&D expenses as reported in the Company’s consolidated statements of operations. However, the CODM reviews R&D 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 R&D expenses regularly reviewed by the CODM are as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Program third-party research and development expenses	$	42,158	$	31,957	$	8,332
Other research and development expenses(1)		135,150		136,141		69,375
Total research and development expenses	$	177,308	$	168,098	$	77,707

(1)

Other R&D expenses consist of all other R&D costs incurred for the benefit of multiple R&D programs, including legal, employee costs, depreciation, information technology, other facility-bases expenses and other third-party costs.

Geographic Information

See Note 3, “Revenue from Contracts with Customers” for a disaggregation of revenue by geographic region. Long-lived assets by geographic region, which are based on asset location, are not presented because it is impracticable to do so.

- 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.

+ References

Reference 1: 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

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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+ Details

Assets and Liabilities Held for Sale (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Carrying Amounts of Assets and Liabilities Held for Sale

The table below presents the carrying amounts of assets and liabilities held for sale related to the SPECT transaction:


	December 31,
(in thousands)	2025
Assets:
Accounts receivable, net	$	14,261
Inventory		11,641
Other current assets		2,991
Property, plant and equipment, net		49,244
Intangible assets, net		871
Goodwill		1,734
Total assets held-for-sale	$	80,742

Liabilities:
Accounts payable		3,039
Accrued expenses and other liabilities		1,976
Asset retirement obligation		17,453
Total liabilities held-for-sale	$	22,468

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Stockholders' Equity and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

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)	2025		2024		2023
Cost of goods sold	$	14,116	$	12,670	$	9,126
Sales and marketing		16,557		13,899		9,500
General and administrative		41,673		37,945		24,807
Research and development		13,217		11,879		7,074
Total stock-based compensation expense	$	85,563	$	76,393	$	50,507

Schedule of Stock Options Activity

A summary of stock option activity for 2025 is presented below:


						Weighted-
						Average
				Weighted-		Remaining		Aggregate
	Total			Average		Contractual		Intrinsic
	Stock			Exercise		Term		Value
	Options			Price		(Years)		($)
Balance at January 1, 2025		1,216,746		$	60.92		—		—
Options granted		566,899		$	86.14		—		—
Options exercised		(171,101	)	$	48.74		—		—
Options cancelled and forfeited		(196,516	)	$	83.34		—		—
Outstanding at December 31, 2025		1,416,028		$	69.37		—		—
Vested and expected to vest at December 31, 2025		1,378,843		$	69.07		7.5		10,759,578
Exercisable at December 31, 2025		622,283		$	57.29		5.9		8,863,264

Schedule of Valuation Model

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


	Year Ended December 31,
	2025			2024			2023
Expected volatility		57.2	%		55.4	%		56.1	%
Risk-free interest rate		4.1	%		4.2	%		4.0	%
Expected life (in years)		5.9			6.0			6.0
Expected dividend yield		—			—			—

Schedule of Restricted Stock Awards Activity

A summary of RSU activity for 2025 is presented below:


				Weighted-
				Average Grant
				Date Fair Value Per
	Shares			Share
Nonvested balance at January 1, 2025		1,271,850		$	69.81
Granted		824,105		$	84.92
Vested		(622,533	)	$	69.92
Forfeited		(232,485	)	$	78.89
Nonvested balance at December 31, 2025		1,240,937		$	78.70

A summary of TSR award activity for 2025 is presented below:


				Weighted-
				Average Grant
				Date Fair Value Per
	Shares			Share
Nonvested balance at January 1, 2025		684,684		$	109.38
Granted		394,732		$	163.50
Vested		(368,714	)	$	98.11
Forfeited		(151,302	)	$	135.47
Nonvested balance at December 31, 2025		559,400		$	128.13

Schedule of Total Stockholder Return Restricted Stock Awards Valuation Model

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


	Year Ended December 31,
	2025			2024			2023
Expected volatility		57.5	%		57.4	%		52.8	%
Risk-free interest rate		4.0	%		4.3	%		4.6	%
Expected life (in years)		2.8			2.8			2.8
Expected dividend yield		—			—			—

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

17. 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, 2025, future payments required under purchase commitments are as follows:


(in thousands)	Amount
2026	$	14,780
2027		8,694
2028		—
2029		—
2030 and thereafter		—
Total	$	23,474

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, 2025, no future fixed payments are required under license agreements. The Company may be required to pay approximately $4.9 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 business, financial condition, results of operations and cash flows. 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.

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. In December 2025, the court conducted its trial. As of the date of this Form 10-K, the Company is currently waiting for the court to issue its decision. 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.

On September 9, 2025, an alleged stockholder initiated a putative securities class action against the Company in the United States District Court for the Southern District of New York, styled Margolis v. Lantheus Holdings, Inc., et al. The operative complaint also asserts claims against certain of the Company’s named executives. A related action, styled Indiana Pub. Ret. Sys. v. Lantheus Holdings, Inc., et al., was filed in the same court on November 5, 2025. Those actions are now consolidated into a single putative securities class action (captioned In re Lantheus Holdings, Inc. Secs. Litig.), the theory of which is that the defendants made materially false or misleading statements (or omitted material facts) in violation of the Exchange Act. Under the operative scheduling order in the case, the lead plaintiff may file an amended complaint by March 13, 2026. Additionally, on December 17, 2025, another alleged stockholder of the Company filed a shareholder derivative action in the same court, styled Lelchuk v. Heino et al., nominally on behalf of the Company and naming as defendants the current directors of the Board and the same officers named in the consolidated securities class action described above (a similar derivative complaint styled Jones v. Markison et al., was previously filed on October 31, 2025 but was voluntarily withdrawn without prejudice). The derivative complaint largely repeats the allegations asserted in the consolidated securities class action, and asserts claims for alleged breaches of fiduciary duties, aiding and abetting breach of fiduciary duty, unjust enrichment, waste of corporate assets, and violations of the Exchange Act. The plaintiff seeks damages and other relief on behalf of the Company. Because the outcome of litigation is uncertain, the Company cannot predict how or when these matters will ultimately be resolved.

As of December 31, 2025, the Company was not a party to any other material ongoing legal proceedings and has determined that the aforementioned matters are not expected to have a material adverse effect on its business or consolidated financial results.

Progenics

In connection with Lantheus Medical’s acquisition of Progenics in 2020, 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. The Company remitted its final aggregate payment obligation under and in full satisfaction of the CVRs in May 2023.

Long-Term Debt and Other Borrowings, Net of Current Portion - Schedule of Maturities of Principal Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 08, 2022
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (6,829)	$ (10,392)
Finance lease liabilities	1,249	1,645
Total	569,416	566,253
Less: current portion of long-term debt and other borrowings	(738)	(974)
Total long-term debt and other borrowings, net of current portion	568,678	565,279
2.625% Convertible Senior Notes due December 2027 \| Convertible Debt
Debt Instrument [Line Items]
Principal amount 2.625% Convertible Senior Notes due 2027	$ 574,996	$ 575,000
Interest rate			2.625%

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Assets:
Investment securities	$ 41,087,000	$ 39,489,000
Total assets	220,878,000	721,698,000
Liabilities:
Deferred compensation plan liabilities	943,000	0
Contingent consideration liabilities	94,339,000
Total liabilities	95,282,000
Level 1
Assets:
Investment securities	41,087,000	39,489,000
Total assets	220,878,000	721,698,000
Liabilities:
Deferred compensation plan liabilities	943,000
Contingent consideration liabilities	0
Total liabilities	943,000
Level 2
Assets:
Investment securities	0	0
Total assets	0	0
Liabilities:
Deferred compensation plan liabilities	0
Contingent consideration liabilities	0
Total liabilities	0
Level 3
Assets:
Investment securities	0	0
Total assets	0	0
Liabilities:
Deferred compensation plan liabilities	0
Contingent consideration liabilities	94,339,000
Total liabilities	94,339,000	0
Money market funds
Assets:
Money market funds	179,791,000	682,209,000
Money market funds \| Level 1
Assets:
Money market funds	179,791,000	682,209,000
Money market funds \| Level 2
Assets:
Money market funds	0	0
Money market funds \| Level 3
Assets:
Money market funds	$ 0	$ 0

Income Taxes - Schedule of Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ 320,265	$ 429,899	$ 410,326
Foreign	(6,473)	1,078	617
Income before income taxes	$ 313,792	$ 430,977	$ 410,943

- 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.

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-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

Long-Term Debt and Other Borrowings, Net of Current Portion

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt and Other Borrowings, Net of Current Portion

12. Long-Term Debt and Other Borrowings, Net of Current Portion

As of December 31, 2025, the Company’s maturities of principal obligations under its long-term debt and other borrowings are as follows:


	December 31,			December 31,
(in thousands)	2025			2024
Principal amount 2.625% Convertible Senior Notes due December 2027	$	574,996		$	575,000
Unamortized debt issuance costs		(6,829	)		(10,392	)
Finance lease liabilities		1,249			1,645
Total		569,416			566,253
Less: current portion of long-term debt and other borrowings		(738	)		(974	)
Total long-term debt and other borrowings, net of current portion	$	568,678		$	565,279

2022 Revolving Facility

In December 2024, the Company entered into an amendment to its $350.0 million five-year revolving credit facility originally entered into in 2022. The amendment, 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 current and long-term 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, 2025, 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 $685.0 million (so that the total amount available would be approximately $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 (as defined in the 2022 Revolving Facility) 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 Lantheus Medical, 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 Lantheus Medical, Lantheus Holdings, and certain subsidiaries of Lantheus Medical, including Progenics and Lantheus Real Estate (subject to customary exclusions set forth in the transaction documents) owned as of December 2, 2022 or thereafter acquired.

2.625% Convertible Senior Notes due December 2027

On December 8, 2022, the Company issued $575.0 million in aggregate principal amount of 2.625% Convertible Senior Notes due December 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, Lantheus Medical, a wholly owned subsidiary of the Company, as guarantor, and U.S. Bank Trust Company, National Association, as Trustee. The net proceeds from the issuance of the Notes were approximately $557.8 million after deducting the initial purchasers’ discounts and offering expenses payable by the Company.

The Notes are senior unsecured obligations of the Company. The Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Guarantor. The Notes bear interest at a rate of 2.625% per year, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2023, and will mature on December 15, 2027 unless earlier redeemed, repurchased or converted in accordance with their terms. The initial conversion rate for the Notes is 12.5291 shares of the Company’s common stock per $1,000 in principal amount of Notes (which is equivalent to an initial conversion price of approximately $79.81 per share of the Company’s common stock, representing an initial conversion premium of approximately 42.5% above the closing price of $56.01 per share of the Company’s common stock on December 5, 2022). In no event shall the conversion rate per $1,000 in principal amount of Notes exceed 17.8539 shares of the Company’s common stock. Prior to the close of business on the business day immediately preceding September 15, 2027, the Notes may be converted at the option of the holders only upon occurrence of specified events and during certain periods, and thereafter until the close of business on the business day immediately preceding the maturity date, the Notes may be converted at any time. The Company will satisfy any conversion by paying cash up to the aggregate principal amount of the Notes to be converted and by paying or delivering, as the case may be, cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted. The Company may redeem for cash all or any portion of the Notes, at its option, 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 Securities and Exchange Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 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 Company affiliates or holders that were Company affiliates at any time during the three months immediately preceding as of the 385th day after the last date of original issuance of the Notes, the Company will pay additional interest on the Notes at a rate equal to (i) 0.25% to 0.50% per annum based on the principal amount of Notes outstanding for each day until the restrictive legend has been removed from the Notes, the Notes are assigned an unrestricted CUSIP and the Notes are freely tradable. The Company concluded that the interest feature is unrelated to the credit risk and should be bifurcated from the Notes, however, the Company assessed the probabilities of triggering events occurring under these features and does not expect to trigger the aforementioned events. These events will continue to be monitored to determine whether the interest feature will be bifurcated if it has value.

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 2025, 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 2026, 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 sheets as of December 31, 2025.

The Company recorded interest expense of approximately $15.1 million related to the Notes for the years ended December 31, 2025, 2024 and 2023, respectively.

- 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

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

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

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Stockholders' Equity and Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 85,563	$ 76,393	$ 50,507
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	14,116	12,670	9,126
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	16,557	13,899	9,500
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	41,673	37,945	24,807
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 13,217	$ 11,879	$ 7,074

- 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

Inventory (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory, Net

Inventory, net, consisted of the following:


	December 31,		December 31,
(in thousands)	2025		2024
Raw materials	$	25,927	$	29,080
Work in process		16,335		15,870
Finished goods		22,412		23,075
Total inventory, net(1)	$	64,674	$	68,025

(1)

As of December 31, 2025, amounts totaling $4.0 million, $3.5 million and $4.2 million were reclassified to assets held for sale, from raw materials, work in process and finished goods, respectively, as a result of the then-pending sale of the Company’s single-photon emission computerized tomography (“SPECT”) business. See Note 8, “Assets and Liabilities Held for Sale” for more information.

Fair Value of Financial Instruments - Schedule of Contingent Consideration Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Option, Quantitative Disclosures [Line Items]
Balance, Beginning	$ 0	$ 2,700
Changes in fair value included in net income	1,379	(1,194)
Gain on partial buyout of 2013 Milestone Rights		(1,505)
Cash Payments		(1)
Balance , Ending	94,339	$ 0
Evergreen Theragnostics
Fair Value, Option, Quantitative Disclosures [Line Items]
Accrued contingent consideration, acquisition	43,042
Life Molecular Imaging Inc [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Accrued contingent consideration, acquisition	53,800
Acquired contingent consideration	400,000
Piramal SPA
Fair Value, Option, Quantitative Disclosures [Line Items]
Acquired contingent consideration	$ (3,882)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Payments Required

As of December 31, 2025, future payments required under purchase commitments are as follows:


(in thousands)	Amount
2026	$	14,780
2027		8,694
2028		—
2029		—
2030 and thereafter		—
Total	$	23,474

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

5. Income Taxes

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


	Year Ended December 31,
(in thousands)	2025			2024		2023
Domestic	$	320,265		$	429,899	$	410,326
Foreign		(6,473	)		1,078		617
Income before income taxes	$	313,792		$	430,977	$	410,943

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


	Year Ended December 31,
(in thousands)	2025			2024			2023
Current
Federal	$	40,613		$	114,645		$	110,108
State		17,058			33,919			29,806
Foreign		967			—			—
		58,638			148,564			139,914
Deferred
Federal		21,686			(26,960	)		(45,252	)
State		1,781			(3,657	)		(10,739	)
Foreign		(1,872	)		588			359
		21,595			(30,029	)		(55,632	)
Income tax expense	$	80,233		$	118,535		$	84,282

The table below provides the updated requirements of ASU 2023-09 for 2025. See Note 2, “Summary of Significant Accounting Policies - Recent Accounting Pronouncements” for additional detail on the adoption of ASU 2023-09.

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


	Year Ended December 31, 2025
(in thousands, except percent data)	Amount			Percent
U.S. federal statutory tax rate	$	65,896			21.0	%
State and local income taxes, net of Federal benefit(1)		16,201			5.2	%
Foreign tax effects		271			0.1	%
Effect of cross-border tax laws		(874	)		(0.3	%)
Tax credits
Research and development tax credits		(5,446	)		(1.7	%)
Changes in valuation allowances		1,832			0.6	%
Nontaxable or nondeductible items		3,899			1.2	%
Changes in unrecognized tax benefits		(1,324	)		(0.4	%)
Other adjustments		(222	)		(0.1	%)
Total tax provision and effective tax rate	$	80,233			25.6	%

(1)

State and local taxes in California, Florida, Illinois, New York, New York City and Pennsylvania made up the majority (greater than 50 percent) of the tax effect in this category.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:


	Year Ended December 31,
(in thousands)	2024			2023
U.S. statutory rate	$	90,506		$	86,298
Permanent items		(413	)		1,042
Sale of RELISTOR licensed intangible asset		—			(10,817	)
Section 162(m)		407			307
Uncertain tax positions		2,466			(5,045	)
Tax credits		(5,247	)		(2,118	)
State and local taxes		21,724			18,726
Impact on deferred taxes of change in tax rate		(970	)		(330	)
Changes in fair value of contingent assets and liabilities		(567	)		(1,948	)
Foreign tax rate differential		66			128
Valuation allowance		12,123			(4	)
Stock compensation		(206	)		(3,941	)
Change in indemnification deferred tax asset		(28	)		1,240
Other		(1,326	)		744
Income tax expense	$	118,535		$	84,282

Income taxes paid (net of refunds) are as follows:


(in thousands)	Year Ended December 31, 2025
U.S. federal	$	47,000
U.S. state and local(1)		18,889
Foreign		3,148
Income taxes paid (net of refunds)	$	69,037

(1)

Includes $3.5 million of California payments.

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


	December 31,
(in thousands)	2025			2024
Deferred Tax Assets
Federal benefit of state taxes payable	$	521		$	867
Reserves, accruals and other		36,166			30,382
Capitalized research and development		6,194			29,799
Stock compensation		18,363			13,876
Unrealized loss on investments		12,794			10,707
Intangible assets		—			33,771
Net operating loss carryforwards		85,929			71,502
Lease liability		13,730			14,100
Deferred tax assets		173,697			205,004
Deferred Tax Liabilities
Right-of-use asset		(7,919	)		(9,241	)
Depreciation		(13,617	)		(9,881	)
Intangible assets		(78,517	)		—
Deferred tax liabilities		(100,053	)		(19,122	)
Less: valuation allowance		(18,694	)		(15,649	)
	$	54,950		$	170,233
Recorded in the accompanying consolidated balance sheet as:
Noncurrent deferred tax assets, net	$	54,950		$	170,233

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted. The OBBBA provides for significant U.S. tax law changes, including the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. These provisions did not have a material impact on the Company’s effective income tax rate for 2025. The change in the Company’s deferred tax balances for 2025 was primarily related to the acquisitions of Life Molecular and Evergreen and the expensing of previously capitalized R&D expenses, for tax purposes, under the OBBBA.

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, 2025 and 2024, the Company maintains a valuation allowance of $18.7 million and $15.6 million, respectively. The amounts in 2025 and 2024 primarily relate to unrealized losses incurred during each year on the Company’s investment in equity securities and to net deferred tax assets of certain of the Company’s foreign subsidiaries.

Utilization of net operating loss carryforwards and R&D 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 R&D 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, 2025, the Company had U.S. federal net operating loss carryforwards of approximately $281.4 million, $108.2 million of which will expire between 2029 and 2037, and $173.2 million of which can be carried forward indefinitely. The Company has foreign net operating losses of $76.3 million, $3.9 million of which expire between 2032 and 2035 and $72.4 million of which can be carried forward indefinitely. The Company’s state net operating losses are $9.2 million on a tax-effected basis, the majority of which will expire between 2032 and 2045. The Company has state research credit carryforwards of $3.4 million, which will expire between 2030 and 2040.

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 six years after filing. The Company is currently undergoing tax examination in the United Kingdom for tax years 2018 to 2021 and in Germany for tax years 2020 to 2022.

A reconciliation of the Company’s changes in uncertain tax positions for 2025, 2024 and 2023 is as follows:


	Year Ended December 31,
(in thousands)	2025			2024			2023
Balance at January 1	$	7,620		$	4,099		$	1,480
Additions related to current year tax positions		7,465			948			3,749
Additions related to prior year tax positions		22,441			2,694			—
Reductions related to prior year tax positions		(351	)		(3	)		(688	)
Settlements		(1,041	)		(118	)		(442	)
Lapse of statute of limitations		(637	)		—			—
Balance at December 31	$	35,497		$	7,620		$	4,099

As of December 31, 2025 and 2024, total liabilities for uncertain tax positions, including interest and penalties, were $37.6 million and $9.4 million, respectively, consisting of uncertain tax positions of $35.5 million and $7.6 million, respectively, interest accruals of $2.1 million and $1.8 million, respectively, and no penalty accruals as of December 31, 2025 and 2024. The increase in uncertain tax positions during the year ended December 31, 2025 was primarily related to tax uncertainties recorded in purchase accounting related to the LMI Acquisition. As of December 31, 2025, $29.6 million and $8.0 million of these liabilities were recorded in other long-term liabilities and as a reduction of deferred tax assets, respectively. 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, 2025, the Company has $32.0 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 942
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+ Details

Intangibles, Net and Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Change in Carrying Value of Goodwill

The following table represents the change in the carrying value of goodwill from January 1 to December 31, 2025:


(in thousands)	Amount
Balance at January 1, 2025	$	61,189
Acquisition of Evergreen		116,221
Acquisition of Life Molecular		63,186
Reclassification to assets held for sale(1)		(1,734	)
Foreign currency translation adjustments		655
Balance at December 31, 2025	$	239,517

(1)

Schedule of Finite-Lived Intangible Assets

Intangibles, net, consisted of the following:


	December 31, 2025
(in thousands)	Useful Lives (in years)	Amortization Method	Gross		Accumulated Amortization			Net
Amortizable:
Trademarks	25	Straight-line	$	13,540	$	(12,509	)	$	1,031
Customer relationships	5	Accelerated		102,958		(90,834	)		12,124
Currently marketed products	9 - 10.5	Straight-line		492,800		(83,013	)		409,787
Licenses	13 - 16	Straight-line		22,233		(14,167	)		8,066
Developed technology	7 - 9	Straight-line		55,982		(13,211	)		42,771
Total amortizable intangibles				687,513		(213,734	)		473,779
Non-amortizable:
In-process research and development	Indefinite			249,000		—			249,000
Total intangibles, net			$	936,513	$	(213,734	)	$	722,779


	December 31, 2024
(in thousands)	Useful Lives (in years)	Amortization Method	Gross		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 products	9 -15	Straight-line		132,800		(53,033	)		79,767
Licenses	11 - 16	Straight-line		22,233		(13,203	)		9,030
Developed technology	7 - 9	Straight-line		55,982		(5,290	)		50,692
Total intangibles, net			$	382,297	$	(220,536	)	$	161,761

Schedule of Indefinite-Lived Intangible Assets

Intangibles, net, consisted of the following:


	December 31, 2025
(in thousands)	Useful Lives (in years)	Amortization Method	Gross		Accumulated Amortization			Net
Amortizable:
Trademarks	25	Straight-line	$	13,540	$	(12,509	)	$	1,031
Customer relationships	5	Accelerated		102,958		(90,834	)		12,124
Currently marketed products	9 - 10.5	Straight-line		492,800		(83,013	)		409,787
Licenses	13 - 16	Straight-line		22,233		(14,167	)		8,066
Developed technology	7 - 9	Straight-line		55,982		(13,211	)		42,771
Total amortizable intangibles				687,513		(213,734	)		473,779
Non-amortizable:
In-process research and development	Indefinite			249,000		—			249,000
Total intangibles, net			$	936,513	$	(213,734	)	$	722,779


	December 31, 2024
(in thousands)	Useful Lives (in years)	Amortization Method	Gross		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 products	9 -15	Straight-line		132,800		(53,033	)		79,767
Licenses	11 - 16	Straight-line		22,233		(13,203	)		9,030
Developed technology	7 - 9	Straight-line		55,982		(5,290	)		50,692
Total intangibles, net			$	382,297	$	(220,536	)	$	161,761

Schedule of Estimated Aggregate Amortization Expense Related to Intangible Assets

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


(in thousands)	Amount
2026	$	66,891
2027		61,380
2028		58,074
2029		57,930
2030		49,041
2031 and thereafter		180,463
Total	$	473,779

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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+ Details

Revenue from Contracts with Customers - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) ProductCategory	Dec. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Number of product categories \| ProductCategory	3
Payment terms	standard payment terms are 30 to 60 days
Performance obligation satisfied in previous period \| $	$ 0	$ 0

Summary of Significant Accounting Policies - Schedule of Product Concentration Risk (Details) - Revenue Benchmark [Member] - Product	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PYLARIFY
Concentration Risk [Line Items]
% of Revenue	64.20%	69.00%	65.70%
DEFINITY
Concentration Risk [Line Items]
% of Revenue	21.40%	20.70%	21.60%

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Leases - Schedule of Other Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Weighted-average remaining lease term (Years):
Operating leases	11 years 2 months 12 days	13 years 1 month 6 days
Finance leases	1 year 9 months 18 days	1 year 10 months 24 days
Weighted-average discount rate:
Operating leases	7.50%	7.50%
Finance leases	5.50%	6.00%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 2,289	$ 4,540
Operating cash flows from finance leases	85	96
Financing cash flows from finance leases	$ 1,106	$ 318

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 1,541,609	$ 1,533,910	$ 1,296,429
Product revenue, net
Disaggregation of Revenue [Line Items]
Revenues	1,507,573	1,524,782	1,263,068
License and royalty revenues
Disaggregation of Revenue [Line Items]
Revenues	34,036	9,128	33,361
Total radiopharmaceutical oncology
Disaggregation of Revenue [Line Items]
Revenues	989,116	1,058,218	854,433
PYLARIFY
Disaggregation of Revenue [Line Items]
Revenues	989,116	1,057,834	851,303
Other radiopharmaceutical oncology
Disaggregation of Revenue [Line Items]
Revenues	0	384	3,130
Total precision diagnostics
Disaggregation of Revenue [Line Items]
Revenues	493,114	437,510	390,118
DEFINITY
Disaggregation of Revenue [Line Items]
Revenues	330,248	317,792	279,768
Neuraceq
Disaggregation of Revenue [Line Items]
Revenues	51,447	0	0
TechneLite
Disaggregation of Revenue [Line Items]
Revenues	86,803	95,487	87,370
Other precision diagnostics
Disaggregation of Revenue [Line Items]
Revenues	24,616	24,231	22,980
Strategic partnerships and other revenue
Disaggregation of Revenue [Line Items]
Revenues	$ 59,379	$ 38,182	$ 51,878

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Research and Development Expenses

The approximate disaggregated amounts that comprise R&D expenses regularly reviewed by the CODM are as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Program third-party research and development expenses	$	42,158	$	31,957	$	8,332
Other research and development expenses(1)		135,150		136,141		69,375
Total research and development expenses	$	177,308	$	168,098	$	77,707

(1)

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

4. Fair Value of Financial Instruments

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

•

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

•

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

•

Level 3 — Unobservable inputs that reflect the 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 that are measured at fair value on a recurring basis consist of money market funds, deferred compensation plan liabilities, 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. 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 acquisitions of Progenics, Evergreen and Life Molecular 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, 2025
	Total Fair
(in thousands)	Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	179,791	$	179,791	$	—	$	—
Investment securities		41,087		41,087		—		—
Total assets	$	220,878	$	220,878	$	—	$	—
Liabilities:
Deferred compensation plan liabilities	$	943	$	943	$	—	$	—
Contingent consideration liabilities		94,339		—		—		94,339
Total liabilities	$	95,282	$	943	$	—	$	94,339

			December 31, 2024
	Total Fair
(in thousands)	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	$	—	$	—

Nonqualified Deferred Compensation Plan

The Company maintains the Lantheus Nonqualified Deferred Compensation Plan (the “LDCP”) for the benefit of certain key, highly-compensated employees and non-employee directors. The assets of the LDCP are invested in corporate-owned life insurance (“COLI”) and mutual funds at December 31, 2025. The mutual funds are classified as Level 1 of the fair value hierarchy because they are valued using quoted market prices. There were no assets or liabilities balances in the LDCP at December 31, 2024. The liabilities of the LDCP are presented in other long-term liabilities in the Company’s consolidated balance sheets. See Note 18, “Benefit Plans” for more information on the LDCP.

Perspective Therapeutics, Inc. Equity Securities

At December 31, 2025, 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 Perspective Shares is based on their closing price 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, 2025 was approximately $32.1 million based on a closing market price of $2.75 per share on December 31, 2025, resulting in an unrealized loss of $5.1 million for the year ended December 31, 2025. 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 19, “Acquisitions,” to these consolidated financial statements for further discussion of the Perspective transaction.

Radiopharm Theranostics Limited Equity Securities

At December 31, 2025, the Company held 537,958,513 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 Radiopharm Shares is based on their closing price 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, 2025 was approximately $9.0 million based on the converted closing market price of approximately $0.02 per share on December 31, 2025, resulting in an unrealized loss on equity securities of $3.3 million for the year ended December 31, 2025. 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 19, “Acquisitions” to these consolidated financial statements for further discussion of the Radiopharm transaction.

Contingent Consideration

Progenics

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 higher fair value measurement. The Company records the contingent consideration liabilities 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 Company estimated that the probability of successfully meeting the sales targets and commercialization milestones described above was zero, as the Company discontinued the production of AZEDRA in the first quarter of 2024 and the Company is not actively advancing 1095. As a result of this assessment, the Company determined the value of the contingent consideration liabilities to be $0 at December 31, 2025 and 2024.

Evergreen Theragnostics, Inc.

Pursuant to the terms of the Agreement and Plan of Merger (the “Evergreen Merger Agreement”) with Evergreen and Shareholder Representative Services LLC governing the Company's acquisition of Evergreen in April 2025 (see Note 19, “Acquisitions”), the Company is required to pay up to $727.5 million in cash upon the achievement of specified milestones in connection with the development and commercialization of certain milestone products, as defined in the Evergreen Merger Agreement, and Octevy (also referred to as LNTH-2501), a registrational-stage PET diagnostic imaging agent targeting neuroendocrine tumors. The Company records these possible payments as contingent consideration liabilities that are classified within Level 3 of the fair value hierarchy. The Company estimated the fair value of the contingent consideration liabilities associated with the sales milestones using a Monte Carlo simulation in a risk-neutral framework, whereby the achievement of the future revenue associated with the sales milestones was simulated using a geometric Brownian motion model. The Company estimated the fair value of the contingent consideration liability associated with the development and commercialization milestones using a probability-weighted DCF approach. The most significant unobservable inputs with respect to these milestone products and Octevy, are the revenue volatility and probabilities of achieving regulatory milestones, respectively. A significant change in probability of payment of the first regulatory milestone payment for Octevy could result in a material fluctuation in the value of the contingent consideration liability.

Life Molecular Imaging Limited

Pursuant to the terms of the Sale and Purchase Agreement (the “LMI Purchase Agreement”) with Life Medical Group Limited (“Life Medical”) in connection with the Company’s acquisition of Life Molecular in July 2025 (see Note 19, “Acquisitions”), the Company is required to make certain earn-out and milestone payments as a percentage of and upon achievement of specified net sales thresholds, respectively, of Neuraceq and certain other imaging and tracing agents in Life Molecular’s pipeline. These contingent cash earn-out and milestone payments total up to $400.0 million.

In addition to the net sales earn-out and milestone payments, the Company also assumed a contingent consideration liability owed to Piramal Holdings SA (“Piramal”), pursuant to an assumed contract (the “Piramal SPA”). The Company is required to make cash payments of up to $30.0 million upon the achievement of specified earnings metrics of Life Molecular, as defined in the Piramal SPA.

The Company estimated the fair value of the contingent consideration liabilities using a Monte Carlo simulation model in a risk-neutral framework, whereby the achievement of the future revenue and other specified earnings metrics associated with the contingent payments were simulated using a geometric Brownian motion model. The most significant unobservable inputs with respect to Neuraceq and other imaging and tracing agents in Life Molecular’s pipeline include revenue volatility and the

probability of commercial success. A significant change in the revenue volatility or forecasted commercial revenue could result in a material fluctuation in the value of the contingent consideration liability.

The following tables summarize quantitative information and assumptions pertaining to the fair value measurement of liabilities using Level 3 inputs as of December 31, 2025:


	Fair Value at
	December 31, 2025					Weighted
Contingent Consideration Liability	(in thousands)		Valuation Technique	Unobservable Inputs	Range	Average
Development and commercialization milestones	$	42,378	Discounted cash flow	Payment discount rate	7.3% - 11.2%	8.7%
				Probability of payment	0.0% - 100.0%	86.2%
				Range of expected payment dates	2026 - 2037	N/A

Sales milestones		30,877	Scenario analysis	Revenue volatility	37.0% - 48.0%	46.8%
				Revenue discount rate	9.4% - 17.7%	16.8%

Assumed contingent consideration from Piramal SPA		21,084	Scenario analysis	EBITDA volatility	60.0%	60.0%
				EBITDA discount rate	21.0% - 21.0%	21.0%
Total contingent consideration liabilities	$	94,339

Unobservable inputs were weighted by the relative fair value of the contingent consideration liability. There were no liabilities with fair values that were measured using Level 3 inputs as of December, 31, 2024.

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


	Level 3
	Accrued Contingent
(in thousands)	Consideration
Balance at January 1, 2024	$	2,700
Change in fair value included in net income		(1,194	)
Gain on partial buyout of 2013 Milestone Rights		(1,505	)
Cash payments		(1	)
Balance at December 31, 2024		—
Evergreen acquisition		43,042
Life Molecular acquisition		53,800
Acquired contingent consideration from Piramal SPA - current portion		(3,882	)
Changes in fair value included in net income		1,379
Balance at December 31, 2025	$	94,339

- 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/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-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 5: 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 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-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 (f)
-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 (e)
-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 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: 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 12: 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 13: 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

Long-Term Debt and Other Borrowings, Net of Current Portion - Narrative (Details)			1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 08, 2022 USD ($) $ / shares	Dec. 05, 2022	Dec. 31, 2022 USD ($)	Dec. 31, 2025 USD ($) Days	Dec. 31, 2025 USD ($) FinancialCovenant	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
2022 Facility Covenants
Debt Instrument [Line Items]
Number of covenants \| FinancialCovenant					2
Minimum interest coverage ratio				3	3
Debt instrument, covenant leverage ratio					3.5
2022 Facility Covenants \| Scenario 1
Debt Instrument [Line Items]
Debt instrument, covenant leverage ratio					4
Convertible Debt
Debt Instrument [Line Items]
Extinguishment of debt	$ 75,000,000
Convertible Debt \| 2.625% Convertible Senior Notes due December 2027
Debt Instrument [Line Items]
Interest rate	2.625%
Debt instrument face amount	$ 575,000,000
Proceeds from convertible debt	$ 557,800,000
Conversion ratio	0.0178539	0.0125291
Initial conversion price (in dollars per share) \| $ / shares	$ 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 \| Days				20
Threshold consecutive trading days \| Days				30
Interest expense, debt					$ 15,100,000	$ 15,100,000	$ 15,100,000
Convertible Debt \| Maximum \| 2.625% Convertible Senior Notes due December 2027
Debt Instrument [Line Items]
Debt instrument, covenant percentage of additional interest				0.50%	0.50%
Convertible Debt \| Minimum \| 2.625% Convertible Senior Notes due December 2027
Debt Instrument [Line Items]
Debt instrument, covenant percentage of additional interest				0.25%	0.25%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 350,000,000			$ 750,000,000
Debt instrument term			5 years
Outstanding borrowings				$ 0	$ 0
Revolving Credit Facility \| Line of Credit \| 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 \| Line of Credit \| Maximum \| SOFR
Debt Instrument [Line Items]
Debt instrument, basis rate			2.00%
Revolving Credit Facility \| Line of Credit \| Maximum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis rate			1.00%
Revolving Credit Facility \| Line of Credit \| Maximum \| Net Leverage Ratio
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage			0.30%
Revolving Credit Facility \| Line of Credit \| Minimum \| SOFR
Debt Instrument [Line Items]
Debt instrument, basis rate			1.25%
Revolving Credit Facility \| Line of Credit \| Minimum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis rate			0.25%
Revolving Credit Facility \| Line of Credit \| Minimum \| Net Leverage Ratio
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage			0.15%
Letter of Credit \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 40,000,000
Bridge Loan \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 20,000,000

Cover Page - USD ($) $ in Thousands	12 Months Ended
Cover Page - USD ($) $ in Thousands	Dec. 31, 2025	Feb. 23, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Fiscal Period Focus	FY
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36569
Entity Registrant Name	LANTHEUS HOLDINGS, INC.
Entity Central Index Key	0001521036
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	35-2318913
Entity Address, Address Line One	201 Burlington Road, South Building
Entity Address, Postal Zip Code	01730
Entity Address, City or Town	Bedford
Entity Address, State or Province	MA
City Area Code	978
Local Phone Number	671-8001
Title of 12(b) Security	Common Stock, $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			$ 4,274,700
Entity Common Stock, Shares Outstanding		64,605,894
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 April 30, 2026, portions of which are incorporated by reference into Parts II and III of this Form 10-K. The 2026 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, 2025.
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Boston, Massachusetts
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Lantheus Holdings, Inc. and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, changes in stockholders’ equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 26, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.

Leases - Schedule of Operating and Financing Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Operating lease, right-of-use asset	$ 30,975	$ 36,083
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Finance	$ 1,260	$ 1,564
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Total leased assets	$ 32,235	$ 37,647
Current
Operating	$ 3,804	$ 1,867
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Other Accrued Liabilities, Current	Accounts Payable and Other Accrued Liabilities, Current
Finance	$ 738	$ 974
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt, Current Maturities	Long-Term Debt, Current Maturities
Noncurrent
Operating	$ 50,016	$ 53,185
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Finance	$ 511	$ 671
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt and Lease Obligation	Long-Term Debt and Lease Obligation
Total leased liabilities	$ 55,069	$ 56,697

Net Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

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)	2025		2024		2023
Net income	$	233,559	$	312,442	$	326,661

Basic weighted-average common shares outstanding		67,489		69,199		68,266
Effect of dilutive stock options		175		277		346
Effect of dilutive restricted stock		779		1,433		1,428
Effect of convertible notes		—		742		199
Diluted weighted-average common shares outstanding		68,443		71,651		70,239
Net income per common share:
Basic	$	3.46	$	4.52	$	4.79
Diluted	$	3.41	$	4.36	$	4.65

Antidilutive securities excluded from diluted net income per common share		1,552		891		421

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

7. Property, Plant and Equipment, Net

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


	December 31,			December 31,
(in thousands)	2025			2024
Land	$	3,020		$	9,480
Buildings		49,913			85,523
Machinery, equipment and fixtures		110,587			114,357
Computer software		55,550			48,702
Construction in progress		17,406			27,498
Total gross property, plant and equipment		236,476			285,560
Less - accumulated depreciation and amortization		(72,790	)		(108,762	)
Total property, plant and equipment, net(1)	$	163,686		$	176,798

(1)

Depreciation and amortization expense related to property, plant and equipment, net, was $22.5 million, $20.4 million and $13.2 million for the years ended December 31, 2025, 2024 and 2023, 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 recorded a noncash impairment of $6.0 million in cost of goods sold in the accompanying consolidated statements of operations.

On January 8, 2024, the Company entered into an agreement with Perspective to transfer the sublease for the Company’s Somerset, New Jersey facility (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 in operating income in the accompanying consolidated statements of operations for the year ended December 31, 2024. See Note 19, “Acquisitions” for more further discussion of the Perspective transaction.

During the fourth quarter of 2024, the Company completed the sale of a portion of its North Billerica campus for $9.8 million in cash. The Company recorded a gain on sale of assets of $2.1 million in operating income in the accompanying consolidated statements of operations for the year ended December 31, 2024.

Asset Retirement Obligations - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Obligation expected to be incurred	$ 20,400
Additional reduction for remediation efforts	1,500
Revision of estimated decommissioning costs	(4,727)
Financial assurance in form of surety bond	$ 30,300

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Evergreen Theragnostics

Business Combination [Line Items]

Summary of Acquisition Date Fair Value of Provisional Consideration Transferred in Acquisition

The acquisition date fair value of the consideration transferred in the Evergreen Merger consisted of the following (in thousands):


(in thousands)
Cash consideration	$	276,424
Fair value of contingent consideration		43,042
Total purchase consideration	$	319,466

Summary of Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition:


(in thousands)	Estimated Fair Value
Assets acquired:
Cash and cash equivalents	$	8,065
Accounts receivable, other(1)		2,758
Prepaid expenses and other current assets		459
Property, plant and equipment, net		16,711
Intangibles(2)		215,000
Deferred tax assets		18,112
Other long-term assets		1,424
Total identifiable assets acquired		262,529
Liabilities assumed:
Accounts payable		(1,964	)
Accrued expenses and other current liabilities		(754	)
Deferred tax liabilities		(55,718	)
Other long-term liabilities		(848	)
Total liabilities assumed		(59,284	)
Net assets acquired	$	203,245
Purchase consideration	$	319,466
Goodwill(3)	$	116,221

(1)

The value approximates the gross contractual amount of accounts receivables. The contractual amount not expected to be collected is immaterial.

(2)

Intangible assets acquired consisted of IPR&D. The estimated fair values of the IPR&D assets were determined based on the present values of the expected cash flows to be generated by the respective underlying assets. The Company used a discount rate of 11.5% and cash flows that have been probability adjusted to reflect the risks of product commercialization, which the Company believes are appropriate and representative of market participant assumptions.

(3)

The goodwill recognized is attributable to future technologies that are not separately identifiable that could potentially add to the currently developed and pipeline products and Evergreen’s assembled workforce. Future technologies did not meet the criteria for recognition separately from goodwill because they are part of the future development and growth of the business. Goodwill of $116.2 million recognized in connection with the Evergreen Merger is not deductible for tax purposes.

Life Molecular Imaging Ltd

Business Combination [Line Items]

Summary of Acquisition Date Fair Value of Provisional Consideration Transferred in Acquisition

The acquisition date fair value of the provisional consideration transferred in the LMI Acquisition consisted of the following:



(in thousands)	Preliminary Estimate		Measurement Period Adjustment			Final
Cash consideration	$	355,204	$	(2,278	)	$	352,926
Fair value of contingent consideration		27,000		—			27,000
Total purchase consideration	$	382,204	$	(2,278	)	$	379,926

Summary of Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition:


(in thousands)	Estimated Fair Value
Assets acquired:
Cash and cash equivalents	$	46,193
Accounts receivable, other(1)		25,123
Inventory		1,125
Prepaid expenses and other current assets		1,974
Property, plant and equipment, net		4,979
Intangibles(2)		394,000
Deferred tax assets		15,993
Other long-term assets		11,506
Total identifiable assets acquired	$	500,893
Liabilities assumed:
Accounts payable	$	(5,715	)
Accrued expenses and other current liabilities		(25,964	)
Deferred tax liabilities		(72,570	)
Other long-term liabilities		(79,904	)
Total liabilities assumed		(184,153	)
Net assets acquired	$	316,740
Purchase consideration	$	379,926
Goodwill(3)	$	63,186

(1)

The value approximates the gross contractual amount of accounts receivables. The contractual amount not expected to be collected is immaterial.

(2)

Intangible assets acquired consisted of IPR&D and currently marketed products. The estimated fair values of the IPR&D and currently marketed product assets were determined based on the present values of the expected cash flows to be generated by the respective underlying assets. The Company used a discount rate of 23.5% and 23.0% for IPR&D and currently marketed products, respectively. IPR&D cash flows have been probability-adjusted to reflect the risks of technical and regulatory success of the products, which the Company believes are appropriate and representative of market participant assumptions. The Company estimates that the acquired currently marketed product asset has a useful life of 10.5 years.

(3)

The goodwill recognized is attributable to future technologies that are not separately identifiable that could potentially add to the currently developed and pipeline products and Life Molecular’s assembled workforce. Future technologies did not meet the criteria for recognition separately from goodwill because they are part of the future development and growth of the business. Goodwill of $63.2 million recognized in connection with the Life Molecular Merger is not deductible for tax purposes.

- 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

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Accrued Expenses and Other Current and Long-Term Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current and Long-Term Liabilities

11. Accrued Expenses and Other Current and Long-Term Liabilities

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


	December 31,		December 31,
(in thousands)	2025		2024
Compensation and benefits	$	63,244	$	48,263
Freight, distribution and operations		75,995		85,966
Accrued rebates and discounts		66,448		25,248
Accrued professional fees		26,511		20,308
Accrued research and development expenses		12,964		13,219
Income taxes payable		3,574		1,591
Other		18,571		10,397
Total accrued expenses and other current liabilities	$	267,307	$	204,992

Operating lease liabilities	$	50,016	$	53,185
Other long-term liabilities		57,850		9,995
Total other long-term liabilities	$	107,866	$	63,180

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

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

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

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


	December 31,		December 31,
(in thousands)	2025		2024
Compensation and benefits	$	63,244	$	48,263
Freight, distribution and operations		75,995		85,966
Accrued rebates and discounts		66,448		25,248
Accrued professional fees		26,511		20,308
Accrued research and development expenses		12,964		13,219
Income taxes payable		3,574		1,591
Other		18,571		10,397
Total accrued expenses and other current liabilities	$	267,307	$	204,992

Operating lease liabilities	$	50,016	$	53,185
Other long-term liabilities		57,850		9,995
Total other long-term liabilities	$	107,866	$	63,180

Acquisitions - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jul. 21, 2025	Apr. 01, 2025	Dec. 31, 2025	Dec. 31, 2024
Liabilities assumed:
Goodwill			$ 239,517	$ 61,189
Evergreen Theragnostics
Assets acquired:
Cash and cash equivalents		$ 8,065
Accounts receivable, other		2,758
Prepaid expenses and other current assets		459
Property, plant and equipment, net		16,711
Intangibles		215,000
Deferred tax assets		18,112
Other long-term assets		1,424
Total identifiable assets acquired		262,529
Liabilities assumed:
Accounts payable		(1,964)
Accrued expenses and other current liabilities		(754)
Deferred tax liabilities		(55,718)
Other long-term liabilities		(848)
Total liabilities assumed		(59,284)
Net assets acquired		203,245
Purchase consideration		319,466
Goodwill		$ 116,221
Life Molecular Imaging Ltd
Assets acquired:
Cash and cash equivalents	$ 46,193
Accounts receivable, other	25,123
Inventory	1,125
Prepaid expenses and other current assets	1,974
Property, plant and equipment, net	4,979
Intangibles	394,000
Deferred tax assets	15,993
Other long-term assets	11,506
Total identifiable assets acquired	500,893
Liabilities assumed:
Accounts payable	(5,715)
Accrued expenses and other current liabilities	(25,964)
Deferred tax liabilities	(72,570)
Other long-term liabilities	(79,904)
Total liabilities assumed	(184,153)
Net assets acquired	316,740
Purchase consideration	379,926
Goodwill	$ 63,186

Acquisitions (Details) $ / shares in Units, $ in Thousands, € in Millions												1 Months Ended				3 Months Ended		12 Months Ended
	Jul. 21, 2025 USD ($)	Apr. 01, 2025 USD ($)	Jul. 03, 2024 EUR (€)	Jul. 03, 2024 USD ($)	Jul. 02, 2024 USD ($)	Jun. 27, 2024 EUR (€)	Jun. 18, 2024 USD ($)	Jun. 15, 2024 USD ($) LicensedAsset shares	Jun. 14, 2024	Jan. 08, 2024 USD ($)	Feb. 06, 2023 USD ($)	May 31, 2025 USD ($)	Aug. 31, 2024 USD ($)	May 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Mar. 31, 2024 USD ($)	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 06, 2024 $ / shares shares	Jan. 22, 2024 $ / shares shares
Asset Acquisition [Line Items]
Additional cash payment required																		$ 94,339
Acquisition of exclusive license option																		0	$ 28,000	$ 0
Research and development																		$ 177,308	$ 168,098	77,707
Radiopharm Theranostics Limited
Asset Acquisition [Line Items]
Shares owned (in shares) \| shares																149,625,180		537,958,513
Shares Purchase (in shares) \| shares																		388,333,333
Share price (in dollars per share) \| $ / shares																		$ 0.02	$ 0.01
Purchase amount in investment in equity securities																		$ 10,000		$ 5,000
Agreement with Perspective Therapeutics, Inc
Asset Acquisition [Line Items]
Disposal group consideration										$ 8,000
Perspective Therapeutics, Inc
Asset Acquisition [Line Items]
Subsidiary, ownership percentage, noncontrolling owner																						19.90%
Research and development																	$ 28,000
Shares owned (in shares) \| shares								11,677,339										11,677,339
Conversion ratio									0.1
Share price (in dollars per share) \| $ / shares																		$ 2.75	$ 3.19
Perspective Therapeutics, Inc \| Licenses
Asset Acquisition [Line Items]
Acquisition of exclusive license option										$ 28,000
Perspective Therapeutics, Inc, Fully Diluted Basis
Asset Acquisition [Line Items]
Subsidiary, ownership percentage, noncontrolling owner																						17.35%
Perspective Common Stock
Asset Acquisition [Line Items]
Shares acquired (in shares) \| shares																						60,431,039	56,342,355
Percentage of acquired interest																							11.39%
Share price (in dollars per share) \| $ / shares																						$ 0.95	$ 0.37
Evergreen Theragnostics
Asset Acquisition [Line Items]
Payments to acquire businesses		$ 276,424
Additional cash payment required		25,000
Acquisition and integration related costs																		$ 28,000
Payment of transaction expenses		11,600
Nonrecurring post combination expense																		7,500
Component of consideration transferred		$ 6,100
Business Combination, Separately Recognized Transaction, Acquisition-Related Cost, Expensed, Statement of Income or Comprehensive Income [Extensible Enumeration]		Operating Expenses Before Gain Loss On Sale Of Assets
Pre existing debt		$ 4,300
Additional Milestone Payments \| Evergreen Theragnostics
Asset Acquisition [Line Items]
Additional cash payment required		$ 727,500
Regulatory Milestones \| RM2 Sublicense Agreement [Member]
Asset Acquisition [Line Items]
Payment for acquisitions \| €						€ 10.0
POINT Biopharma
Asset Acquisition [Line Items]
Research and development																					$ 260,000
Radiopharm Theranostics Limited
Asset Acquisition [Line Items]
Research and development																			$ 2,000
Payment for acquisitions								$ 2,000
Asset acquisition, additional milestone payments								$ 20,000
Number of licensed asset acquired \| LicensedAsset								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]
Research and development																$ 36,000		11,200
Payment for acquisitions				$ 35,000	$ 1,000
Contingent regulatory and development milestones \| €			€ 45.0
Life Molecular Imaging, RM2 Technology \| Sales Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments \| €			280.0
Life Molecular Imaging, RM2 Technology \| Regulatory Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments \| €			€ 127.5
AstraZeneca
Asset Acquisition [Line Items]
Non-refundable upfront payment to adjust the future royalty obligations												$ 10,000
Life Molecular Imaging Ltd
Asset Acquisition [Line Items]
Acquisition and integration related costs																		$ 36,700
Payment for acquisitions	$ 355,200
Working capital settlement	2,300
Asset acquisition, additional milestone payments	$ 400,000
PNT2002 License Agreement
Asset Acquisition [Line Items]
Payment for acquisitions																					$ 250,000
Royalty percentage																					20.00%
PNT2002 License Agreement \| Sales Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments																					$ 1,300,000
PNT2002 License Agreement \| Regulatory Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments																					281,000
PNT2003 License Agreement [Member]
Asset Acquisition [Line Items]
Payment for acquisitions																					$ 10,000
Royalty percentage																					15.00%
PNT2003 License Agreement [Member] \| Sales Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments																					$ 275,000
PNT2003 License Agreement [Member] \| Regulatory Milestones
Asset Acquisition [Line Items]
Asset acquisition, additional milestone payments																					$ 34,500
Cerveau Technologies, Inc
Asset Acquisition [Line Items]
Payment for acquisitions											$ 35,300			$ 10,000
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

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

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Maturities of Principal Obligations

As of December 31, 2025, the Company’s maturities of principal obligations under its long-term debt and other borrowings are as follows:


	December 31,			December 31,
(in thousands)	2025			2024
Principal amount 2.625% Convertible Senior Notes due December 2027	$	574,996		$	575,000
Unamortized debt issuance costs		(6,829	)		(10,392	)
Finance lease liabilities		1,249			1,645
Total		569,416			566,253
Less: current portion of long-term debt and other borrowings		(738	)		(974	)
Total long-term debt and other borrowings, net of current portion	$	568,678		$	565,279

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,088,011	$ 815,892	$ 447,147
Ending balance	1,089,797	1,088,011	815,892
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,615)	(1,037)	(1,259)
Ending balance	$ (1,307)	$ (1,615)	$ (1,037)

- Definition

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

+ References

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+ Details

Assets and Liabilities Held for Sale

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Held for Sale

8. Assets and Liabilities Held for Sale

SPECT Business

On May 1, 2025, the Company entered into a definitive agreement to sell its SPECT business to SHINE Technologies, LLC (“SHINE”), a wholly-owned subsidiary of Illuminated Holdings, Inc. Under the terms of the agreement, SHINE will acquire the assets and liabilities associated with the Company’s SPECT business, including its approved products (TechneLite, NEUROLITE, Xenon Xe-133 Gas, and Cardiolite) and the portion of the North Billerica, Massachusetts campus that manufactures the Company’s SPECT products and SPECT-related Canadian operations. The transaction was subject to customary closing conditions and completed on January 1, 2026.

As of December 31, 2025, assets and liabilities associated with the Company’s SPECT business have been presented in the Company’s consolidated balance sheets as assets and liabilities held for sale as it was determined that these assets and liabilities met the criteria to be classified as such under ASC 360, “Impairment or disposal of long-lived assets,” and will continue to be classified as such until the transaction is completed. The Company determined that the fair value less costs to sell exceeded the carrying value of the assets and liabilities associated with the SPECT business, and therefore no indicator of impairment was present with respect to these assets during 2025. The Company does not believe the sale represents a strategic shift having a major effect on the Company's consolidated financial results and therefore does not meet the criteria for classification as discontinued operations.

The table below presents the carrying amounts of assets and liabilities held for sale related to the SPECT transaction:


	December 31,
(in thousands)	2025
Assets:
Accounts receivable, net	$	14,261
Inventory		11,641
Other current assets		2,991
Property, plant and equipment, net		49,244
Intangible assets, net		871
Goodwill		1,734
Total assets held-for-sale	$	80,742

Liabilities:
Accounts payable		3,039
Accrued expenses and other liabilities		1,976
Asset retirement obligation		17,453
Total liabilities held-for-sale	$	22,468

See Note 21, “Subsequent Events,” to these consolidated financial statements for subsequent event involving the Company’s sale of its SPECT business to SHINE.

Acquisitions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

19. Acquisitions

Acquisition of Businesses

Evergreen Theragnostics, Inc.

On April 1, 2025 (the “ Evergreen Closing Date”), the Company acquired all the issued and outstanding shares of Evergreen by means of a statutory merger of a subsidiary of the Company with and into Evergreen, with Evergreen surviving as the Company’s wholly-owned subsidiary (the “Evergreen Merger”), pursuant to the terms of the Evergreen Merger Agreement. Evergreen is a clinical-stage radiopharmaceutical company engaged in CDMO services as well as drug discovery and commercialization of proprietary products.

As consideration for the Evergreen Merger, the Company remitted an upfront payment of $276.4 million in cash. The upfront cash consideration included a $25.0 million milestone payment that was triggered prior to the Evergreen Closing Date, the cash settlement of the options and restricted stock units granted to certain Evergreen equity holders related to pre-acquisition services, which was recorded as a component of consideration transferred of $6.1 million, the settlement by the Company of the pre-existing Evergreen debt of $4.3 million, and the payment of transaction expenses paid by the Company on behalf of Evergreen of $11.6 million. In connection with the Evergreen Merger, certain equity awards that were outstanding and unvested prior to the acquisition became fully vested per terms of the merger agreement. The Company recognized $7.5 million of nonrecurring post-combination expense related to the acceleration and cash settlement of unvested historical Evergreen employee stock awards, which was recorded to operating expenses in the Company’s consolidated statements of operations in 2025.

In the event of achievement of specified milestones, the Company would be required to pay up to an additional $727.5 million in cash pursuant to the Evergreen Merger Agreement. The potential remaining milestone payments are accounted for as

contingent consideration, the fair value of which is determined using a Monte-Carlo simulation for sales milestones and a probability-weighted DCF approach for development and commercialization milestones. The fair value of the total contingent consideration is included in other long-term liabilities in the Company’s consolidated balance sheets at December 31, 2025.

The acquisition date fair value of the consideration transferred in the Evergreen Merger consisted of the following (in thousands):


(in thousands)
Cash consideration	$	276,424
Fair value of contingent consideration		43,042
Total purchase consideration	$	319,466

The Evergreen Merger was accounted for as an acquisition of a business under ASC 805, “Business Combinations (“ASC 805”),” which requires that assets acquired and liabilities assumed on the acquisition date be recognized at their fair values as of the acquisition date. While the Company uses its best estimates and assumptions as part of the purchase price allocation process to value the assets acquired and liabilities assumed, its estimates and assumptions are subject to change during the measurement period. Fair value estimates are based on a complex series of judgments about future events and uncertainties and relies on estimates and assumptions. The judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company’s consolidated statements of operations.

As of December 31, 2025, the purchase accounting for the Evergreen Merger has not been finalized. As additional information becomes available, the Company may further revise its preliminary purchase price allocation during the remainder of the measurement period. The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition:


(in thousands)	Estimated Fair Value
Assets acquired:
Cash and cash equivalents	$	8,065
Accounts receivable, other(1)		2,758
Prepaid expenses and other current assets		459
Property, plant and equipment, net		16,711
Intangibles(2)		215,000
Deferred tax assets		18,112
Other long-term assets		1,424
Total identifiable assets acquired		262,529
Liabilities assumed:
Accounts payable		(1,964	)
Accrued expenses and other current liabilities		(754	)
Deferred tax liabilities		(55,718	)
Other long-term liabilities		(848	)
Total liabilities assumed		(59,284	)
Net assets acquired	$	203,245
Purchase consideration	$	319,466
Goodwill(3)	$	116,221

(1)

The value approximates the gross contractual amount of accounts receivables. The contractual amount not expected to be collected is immaterial.

(2)

(3)

Acquisition-related costs are not included as a component of consideration transferred but are expensed in the periods in which costs are incurred. The Company incurred $28.0 million of acquisition- and integration-related costs, including legal, accounting, compensation arrangements and other related fees in 2025. These costs are recorded in operating expenses in the consolidated statements of operations.

The results of operations attributable to the Evergreen Merger for 2025 were not material. Pro forma information has not been included as this acquisition did not have a material impact on the Company’s consolidated statements of operations in 2025.

Life Molecular Imaging Limited.

On July 21, 2025, Lantheus Radiopharm UK acquired the entire issued share capital of Life Molecular pursuant to the LMI Purchase Agreement with Life Medical, Life Healthcare Group Holdings Limited and Lantheus Medical as Lantheus Radiopharm UK’s guarantor (such acquisition, the “LMI Acquisition”). Life Molecular possesses an Alzheimer’s disease radiodiagnostic commercial infrastructure, R&D capabilities, and an established international footprint. The LMI Acquisition includes Neuraceq, an Alzheimer’s disease radiodiagnostic. Neuraceq is commercially approved in the United States, Canada, the European Union, the United Kingdom, Switzerland, China, Japan, South Korea, and Taiwan. As consideration for the LMI Acquisition, the Company remitted an upfront payment of $355.2 million in cash to Life Medical. In November 2025, the Company received a $2.3 million working capital settlement from Life Medical.

In connection with the LMI Acquisition, the Company could be required to pay up to an additional $400.0 million in potential earn-out and milestone payments as a percentage of and upon achievement of specified net sales thresholds, respectively, of Neuraceq and other pipeline assets. Additionally, the Company assumed a contingent consideration liability owed to Piramal (see Note 4, “Fair Value of Financial Instruments”), which is excluded from purchase consideration.

The potential remaining earn-out and milestone payments are accounted for as contingent consideration, the fair value of which is determined using a Monte-Carlo simulation in a risk-neutral framework. The fair value of the total contingent consideration is included in other long-term liabilities in the Company’s consolidated balance sheets at December 31, 2025.

The acquisition date fair value of the provisional consideration transferred in the LMI Acquisition consisted of the following:



(in thousands)	Preliminary Estimate		Measurement Period Adjustment			Final
Cash consideration	$	355,204	$	(2,278	)	$	352,926
Fair value of contingent consideration		27,000		—			27,000
Total purchase consideration	$	382,204	$	(2,278	)	$	379,926

The LMI Acquisition was accounted for as an acquisition of a business under ASC 805, which requires that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. While the Company uses its best estimates and assumptions as part of the purchase price allocation process to value the assets acquired and liabilities assumed, its estimates and assumptions are subject to change during the measurement period. Fair value estimates are based on a complex series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. The judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company’s consolidated statements of operations.

As of December 31, 2025, the purchase accounting for the LMI Acquisition has not been finalized. As additional information becomes available, the Company may further revise its preliminary purchase price allocation during the remainder of the measurement period. Besides tax implications of the purchase price allocation, the final allocation may result in additional

changes to other assets and liabilities. The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition:


(in thousands)	Estimated Fair Value
Assets acquired:
Cash and cash equivalents	$	46,193
Accounts receivable, other(1)		25,123
Inventory		1,125
Prepaid expenses and other current assets		1,974
Property, plant and equipment, net		4,979
Intangibles(2)		394,000
Deferred tax assets		15,993
Other long-term assets		11,506
Total identifiable assets acquired	$	500,893
Liabilities assumed:
Accounts payable	$	(5,715	)
Accrued expenses and other current liabilities		(25,964	)
Deferred tax liabilities		(72,570	)
Other long-term liabilities		(79,904	)
Total liabilities assumed		(184,153	)
Net assets acquired	$	316,740
Purchase consideration	$	379,926
Goodwill(3)	$	63,186

(1)

The value approximates the gross contractual amount of accounts receivables. The contractual amount not expected to be collected is immaterial.

(2)

(3)

The goodwill recognized is attributable to future technologies that are not separately identifiable that could potentially add to the currently developed and pipeline products and Life Molecular’s assembled workforce. Future technologies did not meet the criteria for recognition separately from goodwill because they are part of the future development and growth of the business. Goodwill of $63.2 million recognized in connection with the Life Molecular Merger is not deductible for tax purposes.

Acquisition-related costs are not included as a component of consideration transferred but are expensed in the periods in which costs are incurred. The Company incurred $36.7 million of acquisition- and integration-related costs, including legal, accounting, compensation arrangements and other related fees in 2025. These costs are recorded in operating expenses in the consolidated statements of operations.

The results of operations attributable to the LMI Acquisition for 2025 were not material. Pro forma information has not been included as this acquisition did not have a material impact on the Company’s consolidated statements of operations in 2025.

Acquisition of Assets

Exclusive License for PNT2003 & PNT2002

Under the terms of the PNT2003 License Agreement, the Company paid POINT Biopharma Global Inc. (“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.

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. 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.

Additionally, the Company will pay POINT royalties on net sales, beyond certain financial thresholds and subject to conditions, of 15% for PNT2003 and 20% for PNT2002. 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.

MK-6240

On February 6, 2023, the Company acquired Cerveau. Cerveau holds the rights under a license agreement to develop and commercialize MK-6240, a registrational 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.

Strategic Agreements with Perspective Therapeutics, Inc.

On January 8, 2024, the Company entered into an agreement with Perspective to participate in the next qualified financing to purchase 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’s ownership has been further diluted since the original investment was made. The Company does not have the ability to exercise significant influence over operating and financial policies of Perspective based on its level of ownership of Perspective and 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-α-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 (“IND”) application enabling studies for early-stage therapeutic candidates targeting prostate-specific membrane antigen and gastrin releasing peptide receptor and, prior to IND application 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, 2025.

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 R&D 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.

Radiopharm Theranostics Limited

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 a leucine-rich repeat-containing protein 15 (“LRRC15”)-targeted radiotherapeutic and to a Trophoblast cell surface antigen-2 (“TROP2”)-targeted radiodiagnostic. LRRC15, which is also known as LNTH-2403, is a potential first-in-class, highly specific monoclonal antibody radio-conjugate with both Orphan Drug and Rare Pediatric Disease designations from the U.S. Food and Drug Administration (“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, which is also known as LNTH-2404, 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.

During the third quarter of 2024, the Company purchased 149,625,180 shares of Radiopharm common stock (“Radiopharm Shares”), for an aggregate purchase price of approximately $5.0 million. During 2025, the Company purchased an aggregate additional 388,333,333 Radiopharm Shares for an aggregate purchase price of approximately $10.0 million. The Company does not have the ability to exercise significant influence over operating and financial policies of Radiopharm based on its ownership and because there is no participation in policy-making processes, no interchange of managerial personnel, and no sharing of technology between the Company and Radiopharm. See Note 4, “Fair Value of Financial Instruments,” for more information on the Company’s investment in Radiopharm.

Acquisition of NAV-4694

On June 18, 2024, the Company acquired Meilleur, including its asset NAV-4694, an investigational late-stage F-18-labeled PET imaging agent that targets beta amyloids in Alzheimer’s disease. The Company determined that upon review of the Meilleur acquisition, the transaction did not meet the definition of a business combination and is therefore treated as an asset acquisition.

The Company made an upfront payment of approximately $32.9 million to the Meilleur Stockholders on June 18, 2024 and 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. Additionally, in May 2025, the Company paid AstraZeneca AB (“AstraZeneca”) a $10.0 million one-time, non-refundable upfront payment to reduce the future commercial royalty obligations owed to AstraZeneca, pursuant to a NAV-4694 license agreement between AstraZeneca and Meilleur.

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.

RM2 Asset Purchase

On July 3, 2024, the Company acquired from Life Molecular the global rights to RM2, a gastrin-releasing peptide receptor-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 “RM2 Asset Purchase”), pursuant to the Sublicense, Development and Collaboration Agreement, by and between the Company and Life Molecular, dated as of June 27, 2024 (the “RM2 Sublicense Agreement”). Pursuant to the RM2 Sublicense Agreement, the Company has incurred €10.0 million in milestones achievements related to regulatory activities, and could have paid up to an additional €127.5 million in regulatory and development milestone payments upon achievement of clinical trial thresholds and approvals in different regions, up to €280 million in net sales milestones if products were commercialized and met certain sales thresholds, and royalties on net sales of RM2.

Costs of IPR&D projects acquired as part of an asset acquisition that have no alternative future use are expensed when incurred, and therefore, charges of $11.2 million in 2025 and $36.0 million in the third quarter of 2024 were recognized in R&D expenses related to the RM2 Asset Purchase.

In connection with the LMI Acquisition, the RM2 Sublicense Agreement was amended to (i) reduce the contingent regulatory and development milestones by €45.0 million; (ii) assign the right to future payments from Life Molecular to its former parent, Life Medical; and (iii) eliminate certain other non-substantive rights contained in the RM2 Sublicense Agreement (the “RM2 Amendment”). The Company determined that the RM2 Amendment did not constitute settlement of a pre-existing relationship in accordance with ASC 805, and concluded that the amendment represented a modification to the RM2 Sublicense Agreement, whereby the Company did not reacquire any incremental rights or assets. Accordingly, the Company will continue to account for the RM2 Sublicense Agreement as an asset acquisition, separate from the LMI Acquisition.

Stockholders' Equity and Stock-Based Compensation - Schedule of Valuation Model (Details) - Options - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	57.20%	55.40%	56.10%
Risk-free interest rate	4.10%	4.20%	4.00%
Expected life (in years)	5 years 10 months 24 days	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

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity Risk management and strategy With respect to cybersecurity risks, we have invested and continually invest in cybersecurity services, technologies, and capabilities. On an ongoing basis we provide our employees with comprehensive cybersecurity awareness training around phishing, malware and other cybersecurity risks, all in a manner reasonably intended to educate employees to safely avoid cyber attacks and mitigate the risk of employee related security breaches. In support of our cybersecurity program, our systems and services undergo regular reviews by management to determine if any insufficiencies in cybersecurity exist. If an incident is detected, our cybersecurity team follows the incident response policy to investigate, review and determine the potential impacts of such an incident. If the cybersecurity team determines that an incident could reasonably be expected to have an impact on the financial condition, operations or reputation of the Company, it escalates the incident to the crisis management team, which includes executive management. The crisis management team further evaluates the potential impact and materiality of an event and the appropriate response required. The crisis management team coordinates the appropriate response effort and communicates, as applicable, to the Audit Committee. To the extent that cybersecurity incident is determined to be material or otherwise reportable under applicable law, the appropriate disclosures are made. We monitor material risks from cybersecurity threats relating to potential compromises of sensitive information at our third-party business partners where relevant and reevaluate these risks periodically. We also conduct third-party security reviews and testing of our network, processes and systems periodically. Impact of cybersecurity risks on business strategy, results of operations or financial condition We rely on our computer networks and systems, some of which are managed by third-parties, to manage and store electronic information (including sensitive data such as confidential business information, personally identifiable data and personal health information), and to manage or support a variety of critical business processes and activities. We may face threats to our networks from unauthorized access, security breaches and other system disruptions. Despite our preventative actions or security measures, our infrastructure may be vulnerable to external or internal attacks or failures. Any such security breach may compromise information stored on our networks and may result in significant data losses or theft of sensitive or proprietary information. A cybersecurity breach could hurt our reputation by adversely affecting the perception of customers and potential customers about the security of their orders and personal information, as well as the perception of our manufacturing partners of the security of their proprietary information. In addition, a cybersecurity attack could result in other negative consequences, including disruption of our internal operations, increased cybersecurity protection costs, lost revenue, regulatory actions or litigation. Any disruption of internal operations could also have a material adverse impact on our results of operations, financial condition and cash flows. As of the date of this report, we have not experienced any known cybersecurity incidents, or a series of related incidents, that have materially affected or are reasonably likely to affect us, including our business strategy, results of operations or financial condition. For an additional description of these cybersecurity risks and potential related impacts on us, see “Risk Factors” in Part I, Item 1A of this Form 10-K. Governance Our Board actively oversees our corporate strategy and enterprise risk management (“ERM”) programs, including those relating to cybersecurity and data privacy risks. Our Audit Committee and Nominating and Corporate Governance Committee are primarily responsible for, among other things, overseeing our compliance and ERM programs, information technology systems, and our processes and data, including cybersecurity and data privacy. These responsibilities include reviewing and discussing with management our policies and processes relating to risk assessment and risk management. Cybersecurity and data privacy are regular topics on the Audit Committee’s agenda and management reviews at least quarterly the results of cybersecurity monitoring and discusses performance metrics, any cybersecurity incidents identified and potential recommended modifications to our technology, organization training, awareness and governance with our Audit Committee. A summary of these results are also reported by the Audit Committee to the Board at least annually. Management, including our Chief Information Officer, who has over 30 years of experience serving primarily in the life science industry and is a recognized industry leader, and our Chief Information Security Officer, who has nearly 30 years of cybersecurity experience across multiple industries, and is responsible for monitoring and assessing cybersecurity risks. Management reviews and determines the effectiveness of both internal and third-party leveraged expertise to ensure we have the appropriate knowledge base for risk coverage.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board actively oversees our corporate strategy and enterprise risk management (“ERM”) programs, including those relating to cybersecurity and data privacy risks. Our Audit Committee and Nominating and Corporate Governance Committee are primarily responsible for, among other things, overseeing our compliance and ERM programs, information technology systems, and our processes and data, including cybersecurity and data privacy. These responsibilities include reviewing and discussing with management our policies and processes relating to risk assessment and risk management. Cybersecurity and data privacy are regular topics on the Audit Committee’s agenda and management reviews at least quarterly the results of cybersecurity monitoring and discusses performance metrics, any cybersecurity incidents identified and potential recommended modifications to our technology, organization training, awareness and governance with our Audit Committee. A summary of these results are also reported by the Audit Committee to the Board at least annually.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee and Nominating and Corporate Governance Committee are primarily responsible for, among other things, overseeing our compliance and ERM programs, information technology systems, and our processes and data, including cybersecurity and data privacy.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board actively oversees our corporate strategy and enterprise risk management (“ERM”) programs, including those relating to cybersecurity and data privacy risks.
Cybersecurity Risk Role of Management [Text Block]	Our Board actively oversees our corporate strategy and enterprise risk management (“ERM”) programs, including those relating to cybersecurity and data privacy risks. Our Audit Committee and Nominating and Corporate Governance Committee are primarily responsible for, among other things, overseeing our compliance and ERM programs, information technology systems, and our processes and data, including cybersecurity and data privacy. These responsibilities include reviewing and discussing with management our policies and processes relating to risk assessment and risk management. Cybersecurity and data privacy are regular topics on the Audit Committee’s agenda and management reviews at least quarterly the results of cybersecurity monitoring and discusses performance metrics, any cybersecurity incidents identified and potential recommended modifications to our technology, organization training, awareness and governance with our Audit Committee. A summary of these results are also reported by the Audit Committee to the Board at least annually. Management, including our Chief Information Officer, who has over 30 years of experience serving primarily in the life science industry and is a recognized industry leader, and our Chief Information Security Officer, who has nearly 30 years of cybersecurity experience across multiple industries, and is responsible for monitoring and assessing cybersecurity risks. Management reviews and determines the effectiveness of both internal and third-party leveraged expertise to ensure we have the appropriate knowledge base for risk coverage.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	our Chief Information Security Officer, who has nearly 30 years of cybersecurity experience across multiple industries, and is responsible for monitoring and assessing cybersecurity risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Management, including our Chief Information Officer, who has over 30 years of experience serving primarily in the life science industry and is a recognized industry leader, and our Chief Information Security Officer, who has nearly 30 years of cybersecurity experience across multiple industries, and is responsible for monitoring and assessing cybersecurity risks.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	We monitor material risks from cybersecurity threats relating to potential compromises of sensitive information at our third-party business partners where relevant and reevaluate these risks periodically. We also conduct third-party security reviews and testing of our network, processes and systems periodically.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Fair Value of Financial Instruments - Schedule of Contingent Consideration Liabilities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
Total contingent consideration liabilities	$ 94,339
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Total contingent consideration liabilities	94,339
Development and Commercialization Milestones \| Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Total contingent consideration liabilities	$ 42,378
Development and Commercialization Milestones \| Level 3 \| Payment discount rate \| Discounted cash flow \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.073
Development and Commercialization Milestones \| Level 3 \| Payment discount rate \| Discounted cash flow \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.112
Development and Commercialization Milestones \| Level 3 \| Payment discount rate \| Discounted cash flow \| Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.087
Development and Commercialization Milestones \| Level 3 \| Probability of payment \| Discounted cash flow \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0
Development and Commercialization Milestones \| Level 3 \| Probability of payment \| Discounted cash flow \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	1
Development and Commercialization Milestones \| Level 3 \| Probability of payment \| Discounted cash flow \| Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.862
Sales Milestones \| Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Total contingent consideration liabilities	$ 30,877
Sales Milestones \| Level 3 \| Revenue volatility \| Scenario analysis \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.37
Sales Milestones \| Level 3 \| Revenue volatility \| Scenario analysis \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.48
Sales Milestones \| Level 3 \| Revenue volatility \| Scenario analysis \| Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.468
Sales Milestones \| Level 3 \| Revenue discount rate \| Scenario analysis \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.094
Sales Milestones \| Level 3 \| Revenue discount rate \| Scenario analysis \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.177
Sales Milestones \| Level 3 \| Revenue discount rate \| Scenario analysis \| Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.168
Assumed contingent consideration Piramal SPA \| Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Total contingent consideration liabilities	$ 21,084
Assumed contingent consideration Piramal SPA \| Level 3 \| EBITDA volatility \| Scenario analysis
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.60
Assumed contingent consideration Piramal SPA \| Level 3 \| EBITDA volatility \| Scenario analysis \| Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.60
Assumed contingent consideration Piramal SPA \| Level 3 \| EBITDA discount rate \| Scenario analysis \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.21
Assumed contingent consideration Piramal SPA \| Level 3 \| EBITDA discount rate \| Scenario analysis \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.21
Assumed contingent consideration Piramal SPA \| Level 3 \| EBITDA discount rate \| Scenario analysis \| Weighted Average
Fair Value, Option, Quantitative Disclosures [Line Items]
Liability measurement input	0.21

Asset Retirement Obligations - Schedule of Changes in Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at the beginning of the period	$ 23,344	$ 22,916
Revision of estimated decommissioning costs	(4,727)
Remediation costs	(1,520)
Reclassification to liabilities held-for-sale	(17,453)
Accretion expense	494	428
Balance at the ending of the period	$ 138	$ 23,344

Intangibles, Net and Goodwill - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Aug. 31, 2024	Jun. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense			$ 47,100	$ 43,800	$ 46,400
Revenues			$ 1,541,609	$ 1,533,910	$ 1,296,429
Meilleur Technologies, Inc
Finite-Lived Intangible Assets [Line Items]
Asset acquisition, consideration transferred	$ 10,000	$ 32,900
Developed technology \| Meilleur Technologies, Inc
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets acquired		$ 40,300

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 45
-Paragraph 28
-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Allowance for doubtful accounts	$ 9,500	$ 7,800
Capitalized inventories	600
Goodwill impairment charges	0	0	$ 0
Advertising expense	16,400	29,700	$ 26,000
Decommissioning cost liability	$ 20,400
Expected dividend yield rate	0.00%
Self insurance reserve liability	$ 3,500	2,800
Convertible Debt [Member]
Debt Instrument [Line Items]
Fair value of debt	$ 659,500	$ 765,300

Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current
Federal	$ 40,613	$ 114,645	$ 110,108
State	17,058	33,919	29,806
International	967	0	0
Current income tax expense (benefit), total	58,638	148,564	139,914
Deferred
Federal	21,686	(26,960)	(45,252)
State	1,781	(3,657)	(10,739)
International	(1,872)	588	359
Deferred income tax expense (benefit), total	21,595	(30,029)	(55,632)
Total tax provision and effective tax rate	$ 80,233	$ 118,535	$ 84,282

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives (Details)	Dec. 31, 2025
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
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

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2025 Segment
Segment Reporting Information [Line Items]
Number of operating segments	1
Number of reportable segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	In order to evaluate the reportable segment’s performance, the CODM uses net income and gross margin based on the consolidated statements of operations.
Segment Reporting, Expense Information Used by CODM, Description	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.

Summary of Significant Accounting Policies - Schedule Of Other Income, Net (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Other Income and Expenses [Abstract]

Foreign currency loss

$ 1,006

$ 733

$ 21

Tax indemnification expense, net

734

(106)

4,943

Interest income

(23,391)

(36,838)

(19,638)

Gain on sale of RELISTOR licensed intangible asset

^[1]

(5,000)

(51,789)

Revision of estimated decommissioning costs related to asset retirement obligation

^[2]

(4,727)

Other

(1,020)

143

Total other income, net

$ (31,326)

$ (37,231)

$ (66,320)

[1]	$5.0 million recognized in December 2025 related to the achievement of a 2025 net sales milestone for RELISTOR as a part of the purchase price consideration outlined in the 2023 Healthcare Royalty Management LLC Royalty Interest agreement.
[2]	See Note 9, ”Asset Retirement Obligations,” for more information.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 359,121	$ 912,814
Accounts receivable, net	358,640	321,258
Inventory, net	64,674	68,025
Income tax receivable	15,387	8,177
Other current assets	21,400	16,359
Assets held for sale	80,742	0
Total current assets	899,964	1,326,633
Investment in equity securities	42,213	39,489
Property, plant and equipment, net	163,686	176,798
Intangibles, net	722,779	161,761
Goodwill	239,517	61,189
Deferred tax assets, net	109,196	170,233
Other long-term assets	50,044	44,237
Total assets	2,227,399	1,980,340
Current liabilities:
Current portion of long-term debt and other borrowings	738	974
Accounts payable	42,906	34,560
Accrued expenses and other current liabilities	267,307	204,992
Liabilities held for sale	22,468	0
Total current liabilities	333,419	240,526
Asset retirement obligations	138	23,344
Long-term debt and other borrowings, net of current portion	568,678	565,279
Long-term deferred tax liabilities	54,246	0
Long-term contingent consideration liabilities	73,255	0
Other long-term liabilities	107,866	63,180
Total liabilities	1,137,602	892,329
Commitments and contingencies (Note 17)
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; 71,827 and 70,905 shares issued; 64,586 and 68,450 shares outstanding at December 31, 2025, and December 31, 2024, respectively)	718	709
Additional paid-in capital	888,320	817,972
Treasury stock at cost; 7,241 shares and 2,455 shares and 2,455 shares at December 31, 2025 and December 31, 2024, respectively	(477,438)	(175,000)
Retained earnings	679,504	445,945
Accumulated other comprehensive loss	(1,307)	(1,615)
Total stockholders’ equity	1,089,797	1,088,011
Total liabilities and stockholders’ equity	$ 2,227,399	$ 1,980,340

Revenue from Contracts with Customers - Schedule of Revenue by Geographic Region Determined by Location of Customer or Other Party (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue, Major Customer [Line Items]
Revenues	$ 1,541,609	$ 1,533,910	$ 1,296,429
United States
Revenue, Major Customer [Line Items]
Revenues	1,458,881	1,484,687	1,262,146
Rest of world
Revenue, Major Customer [Line Items]
Revenues	$ 82,728	$ 49,223	$ 34,283
Revenue from Contract with Customer \| Product
Revenue, Major Customer [Line Items]
% of Revenue	100.00%	100.00%	100.00%
Revenue from Contract with Customer \| Product \| United States
Revenue, Major Customer [Line Items]
% of Revenue	94.60%	96.80%	97.40%
Revenue from Contract with Customer \| Product \| Rest of world
Revenue, Major Customer [Line Items]
% of Revenue	5.40%	3.20%	2.60%

- Definition

+ References + Details

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Schedule of Income Taxes Paid (Net of Refunds) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Tax Paid, by Individual Jurisdiction [Line Items]

U.S. federal

$ 47,000

U.S. state and local

^[1]

18,889

Foreign

3,148

Income taxes paid (net of refunds)

$ 69,037

$ 153,815

$ 151,579

[1]	Includes $3.5 million of California payments.

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Noncash impairment	$ 1,541,609	$ 1,533,910	$ 1,296,429
Cost of goods sold	599,657	545,619	586,886
Gross profit	941,952	988,291	709,543
Operating expenses
Sales and marketing	178,691	177,940	141,736
General and administrative	275,121	193,689	125,458
Research and development	177,308	168,098	77,707
Total operating expenses	631,120	539,727	344,901
Gain on sale of assets	0	8,415	0
Operating income	310,832	456,979	364,642
Interest expense	19,749	19,669	20,019
Investment in equity securities - unrealized loss	8,617	43,564	0
Other income, net	(31,326)	(37,231)	(66,320)
Income before income taxes	313,792	430,977	410,943
Income tax expense	80,233	118,535	84,282
Net income	$ 233,559	$ 312,442	$ 326,661
Net income per common share:
Basic (in dollars per share)	$ 3.46	$ 4.52	$ 4.79
Diluted (in dollars per share)	$ 3.41	$ 4.36	$ 4.65
Weighted average common shares outstanding:
Basic (in shares)	67,489	69,199	68,266
Diluted (in shares)	68,443	71,651	70,239

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

3. 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,
(in thousands)	2025		2024		2023
Major Products/Service Lines
Product revenue, net(1)	$	1,507,573	$	1,524,782	$	1,263,068
License and royalty revenues		34,036		9,128		33,361
Total revenues	$	1,541,609	$	1,533,910	$	1,296,429

(1)

The Company classifies its revenues into three product categories: Radiopharmaceutical Oncology, Precision Diagnostics, and Strategic Partnerships and Other Revenue. Radiopharmaceutical Oncology includes PYLARIFY and historically included AZEDRA. In the first quarter of 2024, the Company discontinued the production of AZEDRA. Precision Diagnostics includes DEFINITY, Neuraceq, TechneLite and other diagnostic imaging products. Strategic Partnerships and Other Revenue primarily includes revenue derived from partnerships with pharmaceutical companies and academic institutions that use the Company’s commercial or investigational products in clinical trials as research tools, royalties and other milestone payments received from the Company’s strategic partners that have commercialized products pursuant to license arrangements with the Company, as well as contract development and manufacturing organization (“CDMO”) revenue generated by Evergreen.

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


	Year Ended December 31,
(in thousands)	2025		2024		2023
PYLARIFY	$	989,116	$	1,057,834	$	851,303
Other radiopharmaceutical oncology		—		384		3,130
Total radiopharmaceutical oncology		989,116		1,058,218		854,433
DEFINITY		330,248		317,792		279,768
Neuraceq		51,447		—		—
TechneLite		86,803		95,487		87,370
Other precision diagnostics		24,616		24,231		22,980
Total precision diagnostics		493,114		437,510		390,118
Strategic partnerships and other revenue		59,379		38,182		51,878
Total revenues	$	1,541,609	$	1,533,910	$	1,296,429

The following table presents the Company’s revenue by geographic region determined by location of customer or other party for the periods presented:


	Year Ended December 31,
(in thousands)	2025		% of Revenue			2024		% of Revenue			2023		% of Revenue
United States	$	1,458,881		94.6	%	$	1,484,687		96.8	%	$	1,262,146		97.4	%
Rest of world		82,728		5.4	%		49,223		3.2	%		34,283		2.6	%
Total revenues		1,541,609		100.0	%		1,533,910		100.0	%		1,296,429		100.0	%

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 its 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 subsequent to shipment and recognizes revenues for each distinct product when 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 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

Estimates for rebates represent the Company’s estimated obligations under contractual arrangements with third parties. Rebate accruals are recorded in the same period the related revenue is recognized, resulting in a reduction of revenue and the establishment of a liability which is included in accrued expenses and other current liabilities in the Company’s consolidated balance sheets. These rebates result from performance-based offers that are primarily based on attaining contractually specified sales volumes and growth, Medicaid rebate programs for the Company’s products, administrative fees of group purchasing organizations and certain distributor-related commissions. The calculation of the accrual for these rebates is based on an estimate of the third-party’s expected purchases and the resulting applicable contractual rebate to be earned over a contractual period.

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
Balance at January 1, 2023	$	13,399
Provision related to current period revenues		31,855
Payments or credits made during the period		(29,184	)
Balance at December 31, 2023		16,070
Provision related to current period revenues		63,504
Payments or credits made during the period		(54,326	)
Balance at December 31, 2024		25,248
Provision related to current period revenues		167,628
Payments or credits made during the period		(126,428	)
Balance at December 31, 2025	$	66,448

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, 2025, 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).

CDMO Revenue

The Company generates a small amount of CDMO revenue providing contract development and manufacturing services to emerging and mid‑sized radiopharmaceutical companies developing alpha‑ and beta‑emitting diagnostic and therapeutic products across early‑ to late‑stage clinical development, with the ability to support commercial supply. The Company prices these contracts based on the scope and complexity of services, including the number of batches or doses, laboratory and personnel requirements, contract duration, isotope utilized, and prevailing market conditions.

The Company assesses each agreement involving CDMO services to determine if there are multiple performance obligations, and allocates revenue to each performance obligation based on its stand-alone selling price relative to the stand-alone selling prices of other performance obligations within the contract. CDMO contracts generally have defined terms, generally one to two years; however, the timing of satisfaction of performance obligations is typically contingent on customer clinical trial progress and development timelines. The Company recognizes revenue when it satisfies each performance obligation, which is generally when services are completed and quality-approved products are shipped and title transfers to the customer.

Contract Assets and Liabilities

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 following table provides a roll forward of deferred revenue:


(in thousands)	Deferred Revenue
Balance at January 1, 2024	$	1,489
Revenue recognized in relation to the beginning of the year contract liability balance		(634	)
Revenue deferred		592
Balance at December 31, 2024		1,447
Revenue recognized in relation to the beginning of the year contract liability balance		(3,144	)
Revenue deferred		8,681
Balance at December 31, 2025	$	6,984

The Company did not record any revenue related to performance obligations satisfied (or partially satisfied) in previous periods during the years ended December 31, 2025 and 2024.

The Company is required to allocate a portion of its revenue received from commercial contracts to future reporting periods to the extent the Company had performance obligations that extended beyond one year. However, the Company’s performance obligations are typically part of contracts that have an original expected duration of one year or less. Therefore, since the Company elected the practical expedient under ASC 606-10-50-14, it does not disclose information regarding performance obligations which are part of contracts that have an original expected duration of one year or less.

- 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 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventory - Schedule of Inventory, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 25,927	$ 29,080
Work in process	16,335	15,870
Finished goods	22,412	23,075
Total inventory, net	$ 64,674	$ 68,025

Assets and Liabilities Held for Sale - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Impairment charge	$ 0	$ 0	$ 138,050,000

Description of Business

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

1. Description of Business

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’s commercial products are used by cardiologists, internal medicine physicians, neurologists, 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 imaging centers and government facilities. The Company sells its products outside the United States through a combination of direct distribution in Canada, third-party distribution relationships in Europe, Canada, Australia, Asia-Pacific, Central America and South America and by licensing exclusive rights to develop and commercialize certain products outside the United States.

Sales of PYLARIFY are generated in the United States 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 DEFINITY are generated in the United States through an internal DEFINITY sales team. Sales of Neuraceq are generated in the United States through an internal Neuraceq sales team and in European markets through third-party distributors. 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 United States 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 is headquartered in Massachusetts, with offices in New Jersey, Canada, Germany, Switzerland, Sweden and the United Kingdom.

Stockholders' Equity and Stock-Based Compensation - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, beginning balance (in shares)	1,216,746
Options granted (in shares)	566,899
Options exercised (in shares)	(171,101)	(209,657)	(214,619)
Options cancelled and forfeited (in shares)	(196,516)
Options outstanding, ending balance (in shares)	1,416,028	1,216,746
Vested and expected to vest (in shares)	1,378,843
Exercisable (in shares)	622,283
Weighted-Average Exercise Price
Options outstanding, beginning balance (in dollars per share)	$ 60.92
Options granted (in dollars per share)	86.14
Options exercised (in dollars per share)	48.74
Options cancelled and forfeited (in dollars per share)	83.34
Options outstanding, ending balance (in dollars per share)	69.37	$ 60.92
Vested and expected to vest (in dollars per share)	69.07
Exercisable (in dollars per share)	$ 57.29
Weighted-Average Remaining Contractual Term (Years)
Vested and expected to vest (in years)	7 years 6 months
Exercisable, weighted average remaining contractual term (in years)	5 years 10 months 24 days
Vested and expected to vest, aggregate intrinsic value	$ 10,759,578
Exercisable, aggregate intrinsic value	$ 8,863,264

Intangibles, Net and Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles, Net and Goodwill

10. Intangibles, Net and Goodwill

Goodwill

The following table represents the change in the carrying value of goodwill from January 1 to December 31, 2025:


(in thousands)	Amount
Balance at January 1, 2025	$	61,189
Acquisition of Evergreen		116,221
Acquisition of Life Molecular		63,186
Reclassification to assets held for sale(1)		(1,734	)
Foreign currency translation adjustments		655
Balance at December 31, 2025	$	239,517

(1)

Intangibles, Net

Intangibles, net, consisted of the following:


	December 31, 2025
(in thousands)	Useful Lives (in years)	Amortization Method	Gross		Accumulated Amortization			Net
Amortizable:
Trademarks	25	Straight-line	$	13,540	$	(12,509	)	$	1,031
Customer relationships	5	Accelerated		102,958		(90,834	)		12,124
Currently marketed products	9 - 10.5	Straight-line		492,800		(83,013	)		409,787
Licenses	13 - 16	Straight-line		22,233		(14,167	)		8,066
Developed technology	7 - 9	Straight-line		55,982		(13,211	)		42,771
Total amortizable intangibles				687,513		(213,734	)		473,779
Non-amortizable:
In-process research and development	Indefinite			249,000		—			249,000
Total intangibles, net			$	936,513	$	(213,734	)	$	722,779


	December 31, 2024
(in thousands)	Useful Lives (in years)	Amortization Method	Gross		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 products	9 -15	Straight-line		132,800		(53,033	)		79,767
Licenses	11 - 16	Straight-line		22,233		(13,203	)		9,030
Developed technology	7 - 9	Straight-line		55,982		(5,290	)		50,692
Total intangibles, net			$	382,297	$	(220,536	)	$	161,761

The Company recorded amortization expense for its intangible assets of $47.1 million, $43.8 million and $46.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

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 19, “Acquisitions” 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
2026	$	66,891
2027		61,380
2028		58,074
2029		57,930
2030		49,041
2031 and thereafter		180,463
Total	$	473,779

Revenue from Contracts with Customers - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Deferred Revenue [Abstract]
Beginning Balance	$ 1,447	$ 1,489
Revenue recognized in relation to the beginning of the year contract liability balance	(3,144)	(634)
Revenue deferred	8,681	592
Ending Balance	$ 6,984	$ 1,447

Subsequent Events - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Proceeds from sale of SPECT business		$ 0	$ 17,767	$ 97,839
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from sale of SPECT business	$ 155,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

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)	2025			2024		2023
Domestic	$	320,265		$	429,899	$	410,326
Foreign		(6,473	)		1,078		617
Income before income taxes	$	313,792		$	430,977	$	410,943

Schedule of Income Tax Expense

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


	Year Ended December 31,
(in thousands)	2025			2024			2023
Current
Federal	$	40,613		$	114,645		$	110,108
State		17,058			33,919			29,806
Foreign		967			—			—
		58,638			148,564			139,914
Deferred
Federal		21,686			(26,960	)		(45,252	)
State		1,781			(3,657	)		(10,739	)
Foreign		(1,872	)		588			359
		21,595			(30,029	)		(55,632	)
Income tax expense	$	80,233		$	118,535		$	84,282

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 is as follows:


	Year Ended December 31, 2025
(in thousands, except percent data)	Amount			Percent
U.S. federal statutory tax rate	$	65,896			21.0	%
State and local income taxes, net of Federal benefit(1)		16,201			5.2	%
Foreign tax effects		271			0.1	%
Effect of cross-border tax laws		(874	)		(0.3	%)
Tax credits
Research and development tax credits		(5,446	)		(1.7	%)
Changes in valuation allowances		1,832			0.6	%
Nontaxable or nondeductible items		3,899			1.2	%
Changes in unrecognized tax benefits		(1,324	)		(0.4	%)
Other adjustments		(222	)		(0.1	%)
Total tax provision and effective tax rate	$	80,233			25.6	%

(1)

State and local taxes in California, Florida, Illinois, New York, New York City and Pennsylvania made up the majority (greater than 50 percent) of the tax effect in this category.


	Year Ended December 31,
(in thousands)	2024			2023
U.S. statutory rate	$	90,506		$	86,298
Permanent items		(413	)		1,042
Sale of RELISTOR licensed intangible asset		—			(10,817	)
Section 162(m)		407			307
Uncertain tax positions		2,466			(5,045	)
Tax credits		(5,247	)		(2,118	)
State and local taxes		21,724			18,726
Impact on deferred taxes of change in tax rate		(970	)		(330	)
Changes in fair value of contingent assets and liabilities		(567	)		(1,948	)
Foreign tax rate differential		66			128
Valuation allowance		12,123			(4	)
Stock compensation		(206	)		(3,941	)
Change in indemnification deferred tax asset		(28	)		1,240
Other		(1,326	)		744
Income tax expense	$	118,535		$	84,282

Schedule of Income Taxes Paid (Net of Refunds)

Income taxes paid (net of refunds) are as follows:


(in thousands)	Year Ended December 31, 2025
U.S. federal	$	47,000
U.S. state and local(1)		18,889
Foreign		3,148
Income taxes paid (net of refunds)	$	69,037

(1)

Includes $3.5 million of California payments.

Schedule of Components of Deferred Incomes Tax Assets (Liabilities)

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


	December 31,
(in thousands)	2025			2024
Deferred Tax Assets
Federal benefit of state taxes payable	$	521		$	867
Reserves, accruals and other		36,166			30,382
Capitalized research and development		6,194			29,799
Stock compensation		18,363			13,876
Unrealized loss on investments		12,794			10,707
Intangible assets		—			33,771
Net operating loss carryforwards		85,929			71,502
Lease liability		13,730			14,100
Deferred tax assets		173,697			205,004
Deferred Tax Liabilities
Right-of-use asset		(7,919	)		(9,241	)
Depreciation		(13,617	)		(9,881	)
Intangible assets		(78,517	)		—
Deferred tax liabilities		(100,053	)		(19,122	)
Less: valuation allowance		(18,694	)		(15,649	)
	$	54,950		$	170,233
Recorded in the accompanying consolidated balance sheet as:
Noncurrent deferred tax assets, net	$	54,950		$	170,233

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the Company’s changes in uncertain tax positions for 2025, 2024 and 2023 is as follows:


	Year Ended December 31,
(in thousands)	2025			2024			2023
Balance at January 1	$	7,620		$	4,099		$	1,480
Additions related to current year tax positions		7,465			948			3,749
Additions related to prior year tax positions		22,441			2,694			—
Reductions related to prior year tax positions		(351	)		(3	)		(688	)
Settlements		(1,041	)		(118	)		(442	)
Lapse of statute of limitations		(637	)		—			—
Balance at December 31	$	35,497		$	7,620		$	4,099

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

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

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.

Restricted Cash

Concentration of Risks and Limited Suppliers

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


	Year Ended December 31,
	2025			2024			2023
PYLARIFY		64.2	%		69.0	%		65.7	%
DEFINITY		21.4	%		20.7	%		21.6	%

Inventory, Net

Property, Plant and Equipment, net

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

Assets Held for Sale

Business Combinations

Goodwill

Intangible and Long-Lived Assets

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.

Contingencies

Convertible Notes

Investments

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

Leases

Recent Accounting Pronouncements

The Company has considered all new accounting standards issued by the Financial Accounting Standards Board (“FASB”).

Accounting Pronouncements Adopted During the Period

Accounting Pronouncements Not Yet Adopted

Inventory - Schedule of Inventory, Net (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory [Line Items]
Raw materials	$ 25,927	$ 29,080
Work in process	16,335	15,870
Finished goods	22,412	$ 23,075
Assets Held for Sale
Inventory [Line Items]
Raw materials	4,000
Work in process	3,500
Finished goods	$ 4,200

Revenue from Contracts with Customers - Schedule of Amount of and Change in Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	$ 25,248	$ 16,070	$ 13,399
Provision related to current period revenues	167,628	63,504	31,855
Payments or credits made during the period	(126,428)	(54,326)	(29,184)
Ending Balance	$ 66,448	$ 25,248	$ 16,070

Assets and Liabilities Held for Sale - Schedule of Carrying Amounts of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets:
Accounts receivable, net	$ 14,261
Inventory	11,641
Other current assets	2,991
Property, plant and equipment, net	49,244
Intangible assets, net	871
Goodwill	1,734
Total assets held-for-sale	80,742	$ 0
Liabilities:
Accounts payable	3,039
Accrued expenses and other liabilities	1,976
Asset retirement obligation	17,453
Total liabilities held-for-sale	$ 22,468	$ 0

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Condensed Consolidated Statements of Cash Flows - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities:

Net income

$ 233,559,000

$ 312,442,000

$ 326,661,000

Adjustments to reconcile net income to net cash flows from operating activities:

Depreciation, amortization and accretion

70,098,000

64,624,000

60,043,000

Impairment of long-lived assets

138,050,000

Adjustment to the fair value of asset retirement obligation

(4,727,000)

Amortization of debt-related costs

4,457,000

4,296,000

4,300,000

Change in fair value of contingent assets and liabilities

1,379,000

(2,699,000)

(9,275,000)

Inventory adjustments

2,202,000

(904,000)

7,914,000

Stock-based compensation

85,563,000

76,393,000

50,507,000

Gain on disposal of assets

(8,415,000)

Gain on sale of RELISTOR licensed intangible asset

^[1]

(5,000,000)

(51,789,000)

Unrealized loss on investment in equity securities

8,617,000

43,564,000

Charges incurred pursuant to acquired in-process research and development

11,212,000

66,000,000

Deferred taxes

21,595,000

(30,029,000)

(55,632,000)

Long-term indemnification receivable

3,929,000

Long-term income tax payable and other long-term liabilities

246,000

5,236,000

(3,103,000)

Other, net

5,174,000

12,194,000

4,855,000

Changes in operating assets and liabilities, excluding impact of acquisitions:

Accounts receivable

(17,888,000)

(37,685,000)

(68,637,000)

Inventory

(9,366,000)

(2,670,000)

(36,220,000)

Other current and noncurrent assets

(5,406,000)

4,440,000

(2,418,000)

Accounts payable

(2,492,000)

(8,804,000)

17,189,000

Accrued expenses and other current and long-term liabilities

(9,082,000)

46,767,000

(81,114,000)

Net cash provided by operating activities

390,141,000

544,750,000

305,260,000

Cash flows from investing activities:

Capital expenditures

(36,089,000)

(51,625,000)

(46,555,000)

Acquisition of in-process research and development

(5,413,000)

Proceeds from sale of assets

17,767,000

97,839,000

Acquisition of assets, net

(80,911,000)

(45,345,000)

Purchases of investment in equity securities

(10,000,000)

(83,246,000)

Acquisition of exclusive license option

(28,000,000)

Net cash (used in) provided by investing activities

(627,168,000)

(226,015,000)

5,939,000

Cash flows from financing activities:

Payments of long-term debt and other borrowings

(1,110,000)

(318,000)

(717,000)

Deferred financing costs

(2,331,000)

Proceeds from stock option exercises

7,154,000

3,278,000

3,816,000

Contingent value rights settlement

(3,700,000)

Proceeds from employee stock purchase plan

3,727,000

3,450,000

1,933,000

Payments for minimum statutory tax withholding related to net share settlement of equity awards

(26,338,000)

(22,615,000)

(14,394,000)

Repurchase of common stock

(300,017,000)

(100,000,000)

Net cash used in financing activities

(316,584,000)

(118,536,000)

(13,062,000)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(49,000)

(998,000)

(93,000)

Net (decrease) increase in cash, cash equivalents and restricted cash

(553,660,000)

199,201,000

298,044,000

Cash, cash equivalents and restricted cash, beginning of period

914,486,000

715,285,000

417,241,000

Cash, cash equivalents and restricted cash, end of period

360,826,000

914,486,000

715,285,000

Reconciliation to amounts within the consolidated balance sheets

Cash and cash equivalents

359,121,000

912,814,000

713,656,000

Restricted cash included in other long-term assets

1,705,000

1,672,000

1,629,000

Cash, cash equivalents and restricted cash at end of period

360,826,000

914,486,000

715,285,000

Supplemental disclosure of cash flow information

Interest

15,094,000

15,387,000

Income taxes , net of refunds of $28, $2,688 and $25, respectively

69,037,000

153,815,000

151,579,000

Schedule of non-cash investing and financing activities

Additions of property, plant and equipment included in liabilities

3,445,000

5,058,000

6,978,000

In-process research and development included in liabilities

5,799,000

Contingent consideration liabilities related to acquisitions

96,842,000

Lease liability settled through transfer of lease

762,000

Modification of lease agreement

5,789,000

Right-of-use asset obtained in exchange for operating lease liabilities

2,770,000

63,000

29,396,000

Right-of-use asset obtained in exchange for finance lease obligation

711,000

514,000

1,581,000

Excise tax payable on net common stock repurchases

2,421,000

251,000

Evergreen Theragnostics

Cash flows from investing activities:

Acquisition, net of cash acquired

(268,933,000)

Life Molecular Imaging Ltd

Cash flows from investing activities:

Acquisition, net of cash acquired

$ (306,733,000)

$ 0

[1]	$5.0 million recognized in December 2025 related to the achievement of a 2025 net sales milestone for RELISTOR as a part of the purchase price consideration outlined in the 2023 Healthcare Royalty Management LLC Royalty Interest agreement.

Stockholders' Equity and Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) Employee $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Jul. 31, 2025 USD ($)	Nov. 30, 2024 USD ($)
Share Repurchase Program [Line Items]
Share based compensation, shares authorized (in shares) \| shares	14,930,277
Contractual term	10 years
Vesting period	3 years
Options exercised (in shares) \| shares	171,101	209,657	214,619
Aggregate intrinsic value	$ 7,100	$ 12,100	$ 12,900
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 49.19	$ 39.26	$ 43.18
Unrecognized compensation expense	$ 24,100
Weighted-average remaining period for recognition of unrecognized compensation costs	2 years
Granted (in dollars per share) \| $ / shares	$ 84.92
Restructuring and Related Cost, Number of Positions Eliminated \| Employee	75
Incremental cost		$ 2,700
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag	true
Restructuring charges	$ 12,100
Repurchase of common stock	$ 302,187	$ 100,251
2023 ESPP \| Lantheus Holdings, Inc
Share Repurchase Program [Line Items]
Shares available for grants \| shares	500,000
Eligible employees contribution percentage	15.00%
Purchase price percentage	85.00%
Share issued \| shares	62,243	67,920	34,345
RSU
Share Repurchase Program [Line Items]
Vesting period	3 years
Weighted-average remaining period for recognition of unrecognized compensation costs	2 years
Unrecognized compensation expense	$ 65,100
Granted (in dollars per share) \| $ / shares	$ 84.92	$ 70.56	$ 74.38
Intrinsic value of vested shares	$ 43,500	$ 42,500	$ 18,300
Total Stockholder Return Restricted Stock Awards
Share Repurchase Program [Line Items]
Weighted-average remaining period for recognition of unrecognized compensation costs	1 year 9 months 18 days
Unrecognized compensation expense	$ 26,900
Granted (in dollars per share) \| $ / shares	$ 163.5	$ 105.87	$ 127.75
Intrinsic value of vested shares	$ 36,200	$ 33,600	$ 8,200
Performance awards, measurement period	3 years	3 years	3 years
Total Stockholder Return Restricted Stock Awards \| Minimum
Share Repurchase Program [Line Items]
Vesting percentages attainable during period	0.00%
Total Stockholder Return Restricted Stock Awards \| Maximum
Share Repurchase Program [Line Items]
Vesting percentages attainable during period	200.00%
Two Thousand Twenty Four Share Purchase Program
Share Repurchase Program [Line Items]
Stock repurchase program, authorized amount					$ 250,000
Repurchase of common stock (in shares) \| shares	1,300,000
Repurchase of common stock	$ 100,000
Repurchases of stock, price per share (in dollars per share) \| $ / shares	$ 79.37
Two Thousand Twenty Five Share Purchase Program
Share Repurchase Program [Line Items]
Stock repurchase program, authorized amount				$ 400,000
Repurchase of common stock (in shares) \| shares	3,500,000
Repurchase of common stock	$ 200,000
Repurchases of stock, price per share (in dollars per share) \| $ / shares	$ 56.72
Common stock remain available for repurchase	$ 200,000

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2022		68,851
Beginning balance (in shares) at Dec. 31, 2022			1,339
Beginning 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)	(578)					(578)
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 units (in shares)		962
Vesting of restricted stock units		$ 10		(10)
Shares withheld to cover taxes (in shares)		(195)
Shares withheld to cover taxes	(14,394)	$ (2)		(14,392)
Stock-based compensation	50,507			50,507
Ending balance (in shares) at Dec. 31, 2023		69,863
Ending balance (in shares) at Dec. 31, 2023			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)	222					222
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 units (in shares)		1,118
Vesting of restricted stock units		$ 11		(11)
Shares withheld to cover taxes (in shares)		(333)
Shares withheld to cover taxes	(22,615)	$ (3)		(22,612)
Repurchase of common stock, including excise tax (in shares)			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	68,450,000	70,905
Ending balance (in shares) at Dec. 31, 2024	2,455,000		2,455
Ending balance at Dec. 31, 2024	$ 1,088,011	$ 709	$ (175,000)	817,972	445,945	(1,615)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	233,559				233,559
Other comprehensive income (loss)	308					308
Stock option exercises and employee stock plan purchases (in shares)		220
Stock option exercises and employee stock plan purchases	10,881	$ 2		10,879
Vesting of restricted stock units (in shares)		991
Vesting of restricted stock units		$ 10		(10)
Shares withheld to cover taxes (in shares)		(289)
Shares withheld to cover taxes	(26,338)	$ (3)		(26,335)
Repurchase of common stock, including excise tax (in shares)			4,786
Repurchase of common stock, including excise tax	(302,187)		$ (302,438)	251
Stock-based compensation	$ 85,563			85,563
Ending balance (in shares) at Dec. 31, 2025	64,586,000	71,827
Ending balance (in shares) at Dec. 31, 2025	7,241,000		7,241
Ending balance at Dec. 31, 2025	$ 1,089,797	$ 718	$ (477,438)	$ 888,320	$ 679,504	$ (1,307)

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation [Line Items]
Deferred tax asset, valuation allowance	$ 18,694,000	$ 15,649,000
Total liabilities for uncertain tax positions including interest and penalties	37,600,000	9,400,000
Uncertain tax positions	35,497,000	7,620,000	$ 4,099,000	$ 1,480,000
Interest accruals	2,100,000	1,800,000
Penalty accruals	0	0
Tax provision benefit/expense	(1,324,000)
Unrecognized tax benefits which would impact the effective tax rate	32,000,000
Domestic Tax Jurisdiction
Effective Income Tax Rate Reconciliation [Line Items]
Net operating loss carryovers	281,400,000
Operating loss carryforwards expire	108,200,000
Operating loss carried forward	173,200,000
Foreign Tax Jurisdiction
Effective Income Tax Rate Reconciliation [Line Items]
Net operating loss carryovers	76,300,000
Operating loss carryforwards expire	3,900,000
Operating loss carried forward	72,400,000
State and Local Jurisdiction
Effective Income Tax Rate Reconciliation [Line Items]
Net operating loss carryovers	9,200,000
Tax credits	3,400,000
Liabilities Current
Effective Income Tax Rate Reconciliation [Line Items]
Total liabilities for uncertain tax positions including interest and penalties		1,400,000
Other Noncurrent Liabilities
Effective Income Tax Rate Reconciliation [Line Items]
Total liabilities for uncertain tax positions including interest and penalties	29,600,000	7,300,000
Deferred Income Tax Assets, Net
Effective Income Tax Rate Reconciliation [Line Items]
Total liabilities for uncertain tax positions including interest and penalties	$ 8,000,000	$ 700,000

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
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)	71,827,000	70,905,000
Common stock, shares outstanding (in shares)	64,586,000	68,450,000
Treasury stock, shares (in shares)	7,241,000	2,455,000

Net Income Per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Common Share

16. Net Income Per Common Share

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


	Year Ended December 31,
(in thousands, except per share amounts)	2025		2024		2023
Net income	$	233,559	$	312,442	$	326,661

Basic weighted-average common shares outstanding		67,489		69,199		68,266
Effect of dilutive stock options		175		277		346
Effect of dilutive restricted stock		779		1,433		1,428
Effect of convertible notes		—		742		199
Diluted weighted-average common shares outstanding		68,443		71,651		70,239
Net income per common share:
Basic	$	3.46	$	4.52	$	4.79
Diluted	$	3.41	$	4.36	$	4.65

Antidilutive securities excluded from diluted net income per common share		1,552		891		421

Impact of the Convertible Notes

The Company considers shares issuable upon conversion of the Notes 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 considers the Notes to be 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 stock price at the time such dividend is declared, the holders of the Notes will receive cash on an if-converted basis. While this feature is considered to be a participating right, basic income attributable to common shareholders is only impacted if the Company’s earnings per share exceeds the current share price, regardless of whether such dividend is declared. During the years ended December 31, 2025, 2024, and 2023, no such dividend was declared, and the Company’s earnings per share did not exceed its share price. The Company is required to settle the principal amount of the Notes in cash upon conversion, and convertibility of the Notes is dependent upon the Company’s share price. Therefore, the Company used the if-converted method for calculating the dilutive effect of the conversion option on diluted net income per share. 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 and Other Borrowings, Net of Current Portion” to these consolidated financial statements for further discussion on the Notes.

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

14. Leases

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 (the “Existing Premises Lease”), and on May 4, 2023, the Company modified 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. On October 7, 2024, the Company executed a second amendment to the Existing Premises Lease for additional space resulting in one additional operating lease, and as of December 31, 2025, this additional operating lease has not yet commenced. On February 14, 2025, the Company executed a third amendment to the Existing Premises Lease which included finalizing the conversion of the rent schedule from gross to triple net, resulting in a reduction of the Existing Premises Lease ROU asset and lease liability by $5.8 million. 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.

Operating and finance lease assets and liabilities are as follows:


(in thousands)	Classification	December 31, 2025		December 31, 2024
Assets
Operating	Other long-term assets	$	30,975	$	36,083
Finance	Property, plant and equipment, net		1,260		1,564
Total leased assets		$	32,235	$	37,647
Liabilities
Current
Operating	Accrued expenses and other current liabilities	$	3,804	$	1,867
Finance	Current portion of long-term debt and other borrowings		738		974
Noncurrent
Operating	Other long-term liabilities		50,016		53,185
Finance	Long-term debt and other borrowings, net of current portion		511		671
Total leased liabilities		$	55,069	$	56,697

The components of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Operating lease expense	$	6,138	$	6,391	$	4,627
Finance lease expense
Amortization of ROU assets		1,103		962		795
Interest on lease liabilities		85		96		81
Total lease expense	$	7,326	$	7,449	$	5,503

Other information related to leases is as follows:


	December 31, 2025			December 31, 2024
Weighted-average remaining lease term (years):
Operating leases		11.2			13.1
Finance leases		1.8			1.9
Weighted-average discount rate:
Operating leases		7.5	%		7.5	%
Finance leases		5.5	%		6.0	%


	Year Ended December 31,
(in thousands)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,289	$	4,540
Operating cash flows from finance leases	$	85	$	96
Financing cash flows from finance leases	$	1,106	$	318

Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:


(in thousands)	Operating Leases		Finance Leases
2026	$	7,163	$	782
2027		8,565		424
2028		7,986		100
2029		7,205		—
2030		6,544		—
Thereafter		48,686		—
Total future minimum lease payments		86,149		1,306
Less: interest		32,330		57
Total	$	53,819	$	1,249

Inventory

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventory, Net

6. Inventory, Net

Inventory, net, consisted of the following:


	December 31,		December 31,
(in thousands)	2025		2024
Raw materials	$	25,927	$	29,080
Work in process		16,335		15,870
Finished goods		22,412		23,075
Total inventory, net(1)	$	64,674	$	68,025

(1)

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.

Other Assets

12 Months Ended

Dec. 31, 2025

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

Other Assets

15. Other Assets

Other assets are comprised of the following:


	December 31,
(in thousands)	2025		2024
Prepaid expenses	$	20,750	$	15,406
Other current assets		650		953
Total other current assets	$	21,400	$	16,359

ROU asset (Note 14)	$	30,975	$	36,083
Other long-term assets		19,069		8,154
Total other long-term assets	$	50,044	$	44,237

Stockholders' Equity and Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested beginning balance (in shares)	1,271,850
Granted (in shares)	824,105
Vested (in shares)	(622,533)
Forfeited (in shares)	(232,485)
Nonvested ending balance (in shares)	1,240,937	1,271,850
Weighted-Average Grant Date Fair Value Per Share
Nonvested beginning balance (in dollars per share)	$ 69.81
Granted (in dollars per share)	84.92
Vested (in dollars per share)	69.92
Forfeited (in dollars per share)	78.89
Nonvested, ending balance (in dollars per share)	$ 78.7	$ 69.81
Total Stockholder Return Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested beginning balance (in shares)	684,684
Granted (in shares)	394,732
Vested (in shares)	(368,714)
Forfeited (in shares)	(151,302)
Nonvested ending balance (in shares)	559,400	684,684
Weighted-Average Grant Date Fair Value Per Share
Nonvested beginning balance (in dollars per share)	$ 109.38
Granted (in dollars per share)	163.5	$ 105.87	$ 127.75
Vested (in dollars per share)	98.11
Forfeited (in dollars per share)	135.47
Nonvested, ending balance (in dollars per share)	$ 128.13	$ 109.38

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 233,559	$ 312,442	$ 326,661
Other comprehensive income (loss):
Foreign currency translation	308	(578)	222
Comprehensive income	$ 233,867	$ 311,864	$ 326,883

- 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

+ Details

Property, Plant and Equipment, Net - Schedule of Property, Plant, and Equipment, Net (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Assets held for sale	$ 80,742	$ 0
SPECT Business
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization reclassified to assets held for sale	49,600
Land \| SPECT Business
Property, Plant and Equipment [Line Items]
Assets held for sale	6,500
Buildings \| SPECT Business
Property, Plant and Equipment [Line Items]
Assets held for sale	48,100
Machinery, equipment and fixtures \| SPECT Business
Property, Plant and Equipment [Line Items]
Assets held for sale	37,500
Computer software \| SPECT Business
Property, Plant and Equipment [Line Items]
Assets held for sale	500
Construction in progress \| SPECT Business
Property, Plant and Equipment [Line Items]
Assets held for sale	$ 6,200

Intangibles, Net and Goodwill - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Amortizable, Gross	$ 687,513	$ 382,297
Amortizable, Accumulated Amortization	(213,734)	(220,536)
Amortizable, Net	473,779	161,761
Total intangibles, net, Gross	936,513
Total intangibles, net	722,779	161,761
In-process research and development
Finite-Lived Intangible Assets [Line Items]
Non-amortizable, Gross	249,000
Non-amortizable, Net	$ 249,000
Trademarks
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	25 years
Amortizable, Gross	$ 13,540	13,540
Amortizable, Accumulated Amortization	(12,509)	(12,363)
Amortizable, Net	$ 1,031	$ 1,177
Trademarks \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)		15 years
Trademarks \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)		25 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	5 years
Amortizable, Gross	$ 102,958	$ 157,742
Amortizable, Accumulated Amortization	(90,834)	(136,647)
Amortizable, Net	12,124	$ 21,095
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)		15 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)		25 years
Currently marketed products
Finite-Lived Intangible Assets [Line Items]
Amortizable, Gross	492,800	$ 132,800
Amortizable, Accumulated Amortization	(83,013)	(53,033)
Amortizable, Net	$ 409,787	$ 79,767
Currently marketed products \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	9 years	9 years
Currently marketed products \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	10 years 6 months	15 years
Licenses
Finite-Lived Intangible Assets [Line Items]
Amortizable, Gross	$ 22,233	$ 22,233
Amortizable, Accumulated Amortization	(14,167)	(13,203)
Amortizable, Net	$ 8,066	$ 9,030
Licenses \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	13 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]
Amortizable, Gross	$ 55,982	$ 55,982
Amortizable, Accumulated Amortization	(13,211)	(5,290)
Amortizable, Net	$ 42,771	$ 50,692
Developed technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	7 years	7 years
Developed technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Lives (in years)	9 years	9 years

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

21. Subsequent Events

Sale of SPECT Business

On January 1, 2026, the Company completed the sale of its SPECT business to SHINE, a wholly-owned subsidiary of Illuminated Holdings, Inc. The Company is entitled to receive total consideration of up to $155.0 million, consisting of cash, a convertible installment note, a term note and contingent earnout payments. Under the terms of the definitive agreement, SHINE acquired the assets and liabilities associated with the SPECT business, including its approved products (TechneLite, NEUROLITE, Xenon Xe-133 Gas, and Cardiolite), the portion of the North Billerica, Massachusetts campus that manufactured the SPECT products and the SPECT-related Canadian operations. The Company expects to recognize a gain on sale of its SPECT

business in the first quarter of 2026. See Note 8, “Assets and Liabilities Held for Sale” for more information on the sale of the Company’s SPECT business.

Strategic Program

On February 19, 2026, the Board approved a strategic program to simplify and streamline the Company’s operations so it can focus mainly on its radiodiagnostic business and pursue value-maximizing alternatives for its radiotherapeutic assets. As a result of the program, the Company expects to incur charges in 2026. The Company is unable to quantify the amount of such charges at this time.

Income Taxes - Schedule of Components of Deferred Incomes Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Assets
Federal benefit of state taxes payable	$ 521	$ 867
Reserves, accruals and other	36,166	30,382
Capitalized research and development	6,194	29,799
Stock compensation	18,363	13,876
Unrealized loss on investments	12,794	10,707
Intangible assets	0	33,771
Net operating loss carryforwards	85,929	71,502
Lease liability	13,730	14,100
Deferred tax assets	173,697	205,004
Deferred Tax Liabilities
Right-of-use asset	(7,919)	(9,241)
Depreciation	(13,617)	(9,881)
Intangible assets	(78,517)	0
Deferred tax liabilities	(100,053)	(19,122)
Less: valuation allowance	(18,694)	(15,649)
Net deferred tax assets	54,950	170,233
Noncurrent deferred tax assets, net	$ 54,950	$ 170,233

Summary of Significant Accounting Policies - Schedule Of Other Income, Net (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Other Income and Expenses [Abstract]
Gain recognized related to sales milestone	$ 5.0

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Billions	Feb. 20, 2020	Dec. 31, 2025
Other Commitments [Line Items]
Contingent payments		$ 4.9
Business combination, consideration transferred, equity interests issued (in shares)	26,844,877
Contingent value right	86,630,633

Income Taxes - Schedule of Reconciliation of Income Taxes at the U.S. Federal Statutory Rate to the Actual Income Taxes (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Tax Disclosure [Abstract]

U.S. federal statutory tax rate

$ 65,896

$ 90,506

$ 86,298

U.S. federal statutory tax rate, Percent

21.00%

State and local income taxes, net of Federal benefit

$ 16,201

^[1]

21,724

18,726

State and local income taxes, net of Federal benefit, Percent

^[1]

5.20%

Foreign tax effects

$ 271

128

Foreign tax effects, Percent

0.10%

Effect of cross-border tax laws

$ (874)

Effect of cross-border tax laws, Percent

(0.30%)

Tax credits

Research and development tax credits

$ (5,446)

Research and development tax credits, Percent

(1.70%)

Tax credits

(5,247)

(2,118)

Changes in valuation allowances

$ 1,832

12,123

(4)

Changes in valuation allowances, Percent

0.60%

Nontaxable or nondeductible items

$ 3,899

Nontaxable or nondeductible items, Percent

1.20%

Changes in unrecognized tax benefits

$ (1,324)

Changes in unrecognized tax benefits, Percent

(0.40%)

Other adjustments

$ (222)

(1,326)

744

Other adjustments, Percent

(0.10%)

Permanent items

(413)

1,042

Sale of RELISTOR licensed intangible asset

(10,817)

Section 162(m)

407

307

Uncertain tax positions

2,466

(5,045)

Stock compensation

(206)

(3,941)

Impact on deferred taxes of change in tax rate

(970)

(330)

Changes in fair value of contingent assets and liabilities

(567)

(1,948)

Change in indemnification deferred tax asset

(28)

1,240

Total tax provision and effective tax rate

$ 80,233

$ 118,535

$ 84,282

Total tax provision and effective tax rate, Percent

25.60%

[1]	State and local taxes in California, Florida, Illinois, New York, New York City and Pennsylvania made up the majority (greater than 50 percent) of the tax effect in this category.

Acquisitions - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 21, 2025	Apr. 01, 2025	Dec. 31, 2024
Business Combination [Line Items]
Goodwill	$ 239,517			$ 61,189
Evergreen Theragnostics
Business Combination [Line Items]
Goodwill			$ 116,221
Evergreen Theragnostics \| Discount Rate
Business Combination [Line Items]
Measurement input			11.50%
Life Molecular Imaging Ltd
Business Combination [Line Items]
Goodwill		$ 63,186
Life Molecular Imaging Ltd \| Currently marketed products
Business Combination [Line Items]
Useful Lives (in years)		10 years 6 months
Life Molecular Imaging Ltd \| Discount Rate \| In-process research and development
Business Combination [Line Items]
Measurement input		23.50%
Life Molecular Imaging Ltd \| Discount Rate \| Currently marketed products
Business Combination [Line Items]
Measurement input		23.00%

- 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.

Intangibles, Net and Goodwill - Schedule of Estimated Aggregate Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 66,891
2027	61,380
2028	58,074
2029	57,930
2030	49,041
2031 and thereafter	180,463
Amortizable, Net	$ 473,779	$ 161,761

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease expense	$ 6,138	$ 6,391	$ 4,627
Amortization of ROU assets	1,103	962	795
Interest on lease liabilities	85	96	81
Total lease expense	$ 7,326	$ 7,449	$ 5,503

Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Feb. 14, 2025	Dec. 31, 2024	Feb. 28, 2022
Lessee, Lease, Description [Line Items]
ROU asset and lease liability	$ 30,975		$ 36,083
Bedford Massachusetts [Member]
Lessee, Lease, Description [Line Items]
Renewal term				15 years 4 months
ROU asset and lease liability		$ 5,800
Leases not yet commenced		$ 17,000
Leases not yet commenced, term	13 years 3 months 18 days

Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Expense recognized by the company for matching contributions		$ 9,800	$ 5,800	$ 4,100
Percentage of salary	80.00%
Percentage of bonus	80.00%		25.00%
Percentage of board fees	100.00%
Defined contribution plan, contribution, vesting period	5 years
Assets		1,100	$ 0
Liabilities		$ 943	$ 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

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 5
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 5
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

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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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

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

+ Details

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2025

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

9. Asset Retirement Obligations

The Company considers its legal obligation to remediate its facilities upon a potential decommissioning of its radioactive-related operations as an asset retirement obligation (“ARO”). 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, 2025, the ARO is measured at the present value of the expenses estimated to be incurred in such remediation and is approximately $20.4 million.

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


(in thousands)	Amount
Balance at January 1, 2024	$	22,916
Accretion expense		428
Balance at December 31, 2024		23,344
Revision of estimated decommissioning costs		(4,727	)
Remediation costs		(1,520	)
Reclassification to liabilities held-for-sale(1)		(17,453	)
Accretion expense		494
Balance at December 31, 2025	$	138

(1)

During the year ended December 31, 2025, the Company revised certain inputs to its estimate of decommissioning costs expected to be incurred throughout the period of remediation, which reduced the estimate of remediation costs by $4.7 million. This reduction was primarily the result of changes in the technology and processes used for the remediation activities from those contemplated in the estimate previously provided in 2022, and was recorded in other income on the Company's consolidated statements of operations in the first quarter of 2025. During the year ended December 31, 2025, the Company recorded an additional reduction of $1.5 million to the ARO for remediation efforts completed during the period.

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.