8-K
false000152103600015210362026-11-052026-11-05

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 05, 2026

 

 

LANTHEUS HOLDINGS, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-36569

35-2318913

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

201 Burlington Road

South Building

 

Bedford, Massachusetts

 

01730

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (978) 671-8001

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common stock, par value $0.01 per share

 

LNTH

 

The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 


Item 2.02 Results of Operations and Financial Condition.

On November 5, 2026, Lantheus Holdings, Inc. (the “Company”) announced via press release its financial results as of and for the three and nine months ended September 30, 2026. A copy of that press release is being furnished as Exhibit 99.1 and is hereby incorporated by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Description

99.1*

Press release of Lantheus Holdings, Inc. dated November 5, 2026, entitled “Lantheus Reports Third Quarter 2026 Financial Results”

 

 

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Exhibits 99.1 attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LANTHEUS HOLDINGS, INC.

By:

/s/ Daniel M. Niedzwiecki

Name:

Daniel M. Niedzwiecki

Title:

Chief Administrative Officer and General Counsel

Date: November 5, 2026

 


EX-99.1

 

Exhibit 99.1

https://cdn.kscope.io/c8a2af49031ecb3cc11696e47c6875a4-img66337839_0.jpg

 

 

Lantheus Reports Third Quarter 2026 Financial Results

 

•
Worldwide revenue of $389.9 million in the third quarter of 2026
•
GAAP fully diluted earnings per share of $0.33, compared to $0.41 in the third quarter of 2025
•
Adjusted fully diluted earnings per share of $1.68, compared to $1.27 in the third quarter of 2025
•
FDA approves TAUKLARIFY™ (florquinitau F-18 injection); an F-18-labeled tau PET imaging agent for the evaluation of adults with cognitive impairment being assessed for Alzheimer’s disease
•
FDA grants final approval for BRAVNETSA™ (lutetium Lu 177 dotatate); the only radiopharmaceutical the FDA has determined to be bioequivalent and therapeutically equivalent to LUTATHERA® for the treatment of adults with somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors (GEP-NETs)
•
Announced on August 3, 2026 that the Company has entered into a definitive agreement to merge with Curium under which Curium US Holdings LLC will acquire all outstanding shares of the Company in an all-cash transaction that represents a total transaction value of up to approximately $8.0 billion

BEDFORD, Mass., November 5, 2026 (GLOBE NEWSWIRE) -- Lantheus Holdings, Inc. (Lantheus or the Company) (NASDAQ: LNTH), the leading radiopharmaceutical-focused company committed to enabling clinicians to Find, Fight and Follow disease to deliver better patient outcomes, today reported financial results for its third quarter ended September 30, 2026.

In addition, and as previously announced, Lantheus entered into a definitive agreement on August 3, 2026 to merge with Curium under which Curium US Holdings LLC will acquire all outstanding shares of Lantheus for $102.50 per share in cash at closing, plus non-transferable Contingent Value Rights (“CVRs”) providing for up to $12.00 per share in potential additional cash payments, subject to achievement of specified commercial milestones for Lantheus’ products through 2030. The transaction represents a total per share consideration of up to $114.50 and a total transaction value of up to approximately $8.0 billion. Together, Curium and Lantheus are positioned to create a radiopharmaceutical company spanning diagnostics and therapeutics, with the infrastructure and capabilities to serve patients in more than 70 countries. The Board of Directors of Lantheus has unanimously approved the transaction. Additional information regarding the transaction is available in the Company’s Current Report on Form 8-K filed with the SEC on August 4, 2026.

In connection with the pending transaction, Lantheus is suspending its previously issued full year 2026 financial guidance and will not be hosting a conference call in connection with its third quarter 2026 results.

Summary Financial Results

 

 

Three Months Ended
September 30,

 

(in millions, except per share data - unaudited)

 

2026

 

 

2025

 

 

% Change

 

Worldwide revenue

 

$

389.9

 

 

$

384.0

 

 

 

1.5

%

GAAP net income

 

$

22.4

 

 

$

27.8

 

 

 

(19.4

%)

GAAP fully diluted earnings per share

 

$

0.33

 

 

$

0.41

 

 

 

(19.5

%)

Adjusted net income (non-GAAP)

 

$

115.1

 

 

$

85.7

 

 

 

34.3

%

Adjusted fully diluted earnings per share (non-GAAP)

 

$

1.68

 

 

$

1.27

 

 

 

32.3

%

Third Quarter 2026

•
Worldwide revenue increased 1.5% to $389.9 million compared to the same period in 2025.
•
Sales of PYLARIFY were $238.9 million, a decrease of 0.7%.

Page 1 of 11


 

•
Sales of Neuraceq were $45.6 million, an increase of 123.0%.
•
Sales of DEFINITY were $85.7 million, an increase of 4.8%.
•
Operating income decreased 26.2% to $32.2 million. Adjusted operating income (non-GAAP) increased 28.1% to $153.2 million.
•
Fully diluted earnings per share decreased 19.5% to $0.33, compared to fully diluted earnings per share of $0.41 in the prior year period. Adjusted fully diluted earnings per share (non-GAAP) increased 32.3% to $1.68, compared to $1.27 in the prior year period.
•
Net cash provided by operating activities and free cash flow were $102.0 million and $99.9 million, respectively.

Balance Sheet

•
At September 30, 2026, the Company's cash and cash equivalents were $683.6 million, compared to $359.1 million at December 31, 2025.
•
The Company currently has access to up to $750.0 million from a revolving line of credit.

Recent Business Highlights

•
Received CMS Transitional Pass-Through payment status and a permanent HCPCS code, each effective October 1, 2026, for PYLARIFY® TruVu™ (piflufolastat F18), supporting the Company’s previously announced phased geographic commercial launch.
•
Received FDA approval for TAUKLARIFY (florquinitau F-18 injection), an F-18-labeled tau PET imaging agent for the evaluation of adults with cognitive impairment being assessed for Alzheimer’s disease. The Company intends to continue supporting Alzheimer’s disease therapeutic programs through its Pharma Solutions business while assessing the appropriate path toward broader commercial availability.
•
Received final FDA approval for BRAVNETSA (lutetium Lu 177 dotatate), the only radiopharmaceutical the FDA has determined to be bioequivalent and therapeutically equivalent to LUTATHERA® for the treatment of adults with somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors; the Company is preparing for a thoughtful commercial launch to support reliable supply and broad patient access.
•
Dosed the first patient in the SPARROW study, a Phase 2/3 registrational trial evaluating LNTH-2401, the Company’s investigational GRPR-targeted PET imaging agent for prostate cancer; the Phase 3 portion is expected to enroll approximately 400 participants and evaluate diagnostic performance, safety and tolerability.

About Lantheus

Lantheus is the leading radiopharmaceutical-focused company, delivering life-changing science to enable clinicians to Find, Fight and Follow disease to deliver better patient outcomes. Headquartered in Massachusetts with offices in New Jersey, Canada, Germany, Switzerland, Sweden and the United Kingdom, Lantheus has been providing radiopharmaceutical solutions for 70 years. For more information, visit www.lantheus.com.

Internet Posting of Information

The Company routinely posts information that may be important to investors in the “Investors” section of its website at www.lantheus.com. The Company encourages investors and potential investors to consult its website regularly for important information about the Company.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as adjusted net income and its line components; adjusted fully diluted net income per share; adjusted operating income, and free cash flow. The Company’s management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company’s operations, period over period. However, these measures may exclude items that may be highly variable, difficult to predict and of a size that could have a substantial impact on the Company’s reported results of operations for a particular period. Management uses these and other non-GAAP measures internally for evaluation of the performance of the business, including the evaluation of results relative to employee performance compensation targets. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.

Page 2 of 11


 

Safe Harbor for Forward-Looking and Cautionary Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their use of terms such as “advance,” “believe,” “continue,” “could,” “driving,” “expect,” “guidance,” “maintain,” “may,” “on track,” “plan,” “potential,” “predict,” “progress,” “should,” “target,” “will,” “would” and other similar terms, or by express or implied discussions regarding the pending merger with Curium (the “Merger”). Such forward-looking statements include our plans to successfully execute on the commercialization of marketed products, ensure launch readiness for new products, advance a focused late-stage pipeline, and allocate capital thoughtfully, and our focus mainly on our radiodiagnostic business and pursuing value-maximizing alternatives for our radiotherapeutic assets, and are based upon current plans, estimates and expectations that are subject to risks and uncertainties that could cause actual results to materially differ from those described in the forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Risks and uncertainties that could cause our actual results to materially differ from those described in the forward-looking statements include: (i) continued market expansion, penetration and reimbursement for our established commercial products, particularly PYLARIFY, DEFINITY and Neuraceq, in a competitive environment and our ability to clinically and commercially differentiate our products; (ii) our ability to complete the technology transfer across our positron emission tomography (“PET”) manufacturing facilities (“PMF”) network for PYLARIFY TruVu, the new formulation of our F-18 prostate-specific membrane antigen (“PSMA”) PET imaging agent approved by the U.S. Food and Drug Administration (“FDA”) on March 6, 2026, to obtain FDA approval for each PMF to manufacture PYLARIFY TruVu, to maintain adequate coverage and payment for PYLARIFY TruVu, including the transitional pass-through payment status (“TPT Status”) granted by the Centers for Medicare & Medicaid Services, as announced on September 30, 2026, to have payers add Healthcare Common Procedure Coding System (“HCPCS”) code for PYLARIFY TruVu effective October 1, 2026 to their systems on a timely basis and to have customers adopt PYLARIFY TruVu; (iii) the availability of raw materials, key components, equipment, manufacturing time slots, either used in the production of our products and product candidates, or by customers of our products and product candidates, including, but not limited to PET scanners for PYLARIFY, PYLARIFY TruVu, Neuraceq, TAUKLARIFY, LNTH-2501 and NAV-4694; (iv) our ability to have third parties manufacture our products and product candidates and our ability to manufacture DEFINITY in our in-house manufacturing facility, in amounts and at the times needed; (v) our ability to satisfy our obligations under our existing clinical development partnerships using Neuraceq, MK-6240 or NAV-4694 and other assets as a research tool and under the license agreements through which we have rights to those assets, to support TAUKLARIFY (florquinitau F-18 injection), also referred to as MK-6240, which was approved by the FDA on August 14, 2026, including through our Pharma Solutions business, and to determine an appropriate path and timing toward its broader commercial availability, and to further develop and commercialize NAV-4694 as an approved product; (vi) our ability to continue to successfully integrate acquisitions, including of Lantheus Biosciences, which could be impacted by unforeseen expenses related to integration activities, the potential for unforeseen liabilities within that business, the ability to integrate disparate information technology systems, retain key talent and create a merged corporate culture that successfully realizes the full potential of the combined organization; (vii) our ability to obtain FDA approval for LNTH-2501, our investigational kit for the preparation of Gallium-68 edotreotide injection, which has been studied for use in conjunction with a PET scan to stage and localize neuroendocrine tumors in adult and pediatric patients, including satisfactorily resolving certain unresolved third-party facility inspection-related conditions identified in the Complete Response Letter issued by the FDA on June 26, 2026 and obtaining approval of a resubmitted new drug application, and to successfully commercialize LNTH-2501, if approved; (viii) the timing, execution and success of our planned commercialization of BRAVNETSA (lutetium Lu 177 dotatate), previously known as PNT2003, which received final FDA approval on September 22, 2026, including in light of competing lutetium Lu 177 dotatate products, our ability to successfully defend the favorable U.S. District Court ruling invalidating all patents asserted in the related Hatch-Waxman litigation, which is currently on appeal before the U.S. Court of Appeals for the Federal Circuit, and our dependence on POINT Biopharma Global Inc. to manufacture and supply BRAVNETSA; (ix) the cost, efforts and timing for clinical development, manufacturing, regulatory approval, adequate coding, coverage and payment and successful commercialization of our newly approved products, product candidates and new clinical applications and territories for our products, in each case, that we or our strategic partners may undertake, including the SPARROW Phase 2/3 registrational trial of LNTH-2401, and the risk of further impairment of our in-process research and development assets; (x) the timing, execution, and success of our strategic program to simplify and streamline our operations so we can focus mainly on our radiodiagnostic business and pursue value-maximizing alternatives for our radiotherapeutic assets; (xi) our ability to identify opportunities to collaborate with strategic partners and to acquire or in-license additional product opportunities in oncology, neurology and other strategic areas and continue to grow and advance our pipeline of products, subject to the restrictions on the conduct of our business under the Agreement and Plan of Merger, dated as of August 3, 2026 (the “Merger Agreement”), by and among us, Curium US Holdings LLC (the “Parent”), and Coco Merger Sub Inc.; (xii) the timing and outcome of the actions filed against us by alleged stockholders, and of demands or litigation relating to the transactions contemplated by the Merger Agreement; (xiii) the effect that changes to management could have on our business; (xiv) our ability and the ability of the Parent to

Page 3 of 11


 

complete the transactions contemplated by the Merger Agreement, including the parties’ ability to satisfy the remaining closing conditions in the agreement, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (which was extended on October 21, 2026 by the Federal Trade Commission), and the receipt of other required antitrust and foreign direct investment approvals; (xv) statements about the expected time frame for completing the proposed Merger; (xvi) our and the Parent’s beliefs and expectations and statements about the benefits sought to be achieved by the proposed Merger; (xvii) the potential effects of the proposed Merger on us and the Parent, including on our relationships with customers, suppliers and employees, and the costs we have incurred and will incur in connection with the proposed Merger whether or not it is completed; (xviii) the possibility of any termination of the Merger Agreement, including in circumstances that would require us to pay a termination fee; (xix) whether any payments will be made under the contingent value rights to be issued in the proposed Merger; and (xx) the risks and uncertainties discussed in our filings with the Securities and Exchange Commission (including those described in the Risk Factors section in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q). 

 

 

- Tables Follow -

Page 4 of 11


 

Lantheus Holdings, Inc.

Consolidated Statements of Operations

(in thousands, except per share data – unaudited)

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenues

 

$

389,913

 

 

$

384,014

 

 

$

1,155,426

 

 

$

1,134,823

 

Cost of goods sold

 

 

146,501

 

 

 

161,648

 

 

 

439,237

 

 

 

433,746

 

Gross profit

 

 

243,412

 

 

 

222,366

 

 

 

716,189

 

 

 

701,077

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

48,059

 

 

 

48,828

 

 

 

183,548

 

 

 

132,372

 

General and administrative

 

 

70,383

 

 

 

81,898

 

 

 

148,549

 

 

 

205,229

 

Research and development

 

 

92,764

 

 

 

48,025

 

 

 

170,345

 

 

 

129,828

 

Total operating expenses

 

 

211,206

 

 

 

178,751

 

 

 

502,442

 

 

 

467,429

 

Operating income

 

 

32,206

 

 

 

43,615

 

 

 

213,747

 

 

 

233,648

 

Interest expense

 

 

4,940

 

 

 

4,950

 

 

 

14,719

 

 

 

14,671

 

Net loss (gain) on investment in equity securities

 

 

12,164

 

 

 

(1,160

)

 

 

6,795

 

 

 

(871

)

Loss (gain) on sale of business, net of transaction costs

 

 

83

 

 

 

—

 

 

 

(59,444

)

 

 

—

 

Other income, net

 

 

(6,758

)

 

 

(2,556

)

 

 

(20,330

)

 

 

(23,579

)

Income before income taxes

 

 

21,777

 

 

 

42,381

 

 

 

272,007

 

 

 

243,427

 

Income tax (benefit) expense

 

 

(594

)

 

 

14,610

 

 

 

56,190

 

 

 

63,956

 

Net income

 

$

22,371

 

 

$

27,771

 

 

$

215,817

 

 

$

179,471

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.34

 

 

$

0.41

 

 

$

3.32

 

 

$

2.63

 

Diluted

 

$

0.33

 

 

$

0.41

 

 

$

3.21

 

 

$

2.60

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

65,297

 

 

 

67,230

 

 

 

65,066

 

 

 

68,132

 

Diluted

 

 

68,413

 

 

 

67,663

 

 

 

67,137

 

 

 

69,038

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 5 of 11


 

Lantheus Holdings, Inc.

Consolidated Revenues Analysis

(in thousands, except percent data – unaudited)

 

 

Three Months Ended

 

 

Nine Months Ended

 

September 30,

 

 

September 30,

 

 

 

2026

 

 

2025

 

 

Change $

 

 

Change %

 

 

2026

 

 

2025

 

 

Change $

 

 

Change %

 

PYLARIFY

 

$

238,930

 

 

$

240,616

 

 

$

(1,686

)

 

 

(0.7

)%

 

$

720,220

 

 

$

748,912

 

 

$

(28,692

)

 

 

(3.8

)%

Total oncology

 

 

238,930

 

 

 

240,616

 

 

 

(1,686

)

 

 

(0.7

)%

 

 

720,220

 

 

 

748,912

 

 

 

(28,692

)

 

 

(3.8

)%

Neuraceq

 

 

45,577

 

 

 

20,442

 

 

 

25,135

 

 

 

123.0

%

 

 

120,632

 

 

 

20,442

 

 

 

100,190

 

 

 

490.1

%

Total neurology

 

 

45,577

 

 

 

20,442

 

 

 

25,135

 

 

 

123.0

%

 

 

120,632

 

 

 

20,442

 

 

 

100,190

 

 

 

490.1

%

DEFINITY

 

 

85,673

 

 

 

81,785

 

 

 

3,888

 

 

 

4.8

%

 

 

258,579

 

 

 

244,935

 

 

 

13,644

 

 

 

5.6

%

Total cardiology

 

 

85,673

 

 

 

81,785

 

 

 

3,888

 

 

 

4.8

%

 

 

258,579

 

 

 

244,935

 

 

 

13,644

 

 

 

5.6

%

Strategic partnerships and other

 

 

19,733

 

 

 

13,705

 

 

 

6,028

 

 

 

44.0

%

 

 

55,995

 

 

 

36,042

 

 

 

19,953

 

 

 

55.4

%

SPECT

 

 

—

 

 

 

27,466

 

 

 

(27,466

)

 

 

(100.0

)%

 

 

—

 

 

 

84,492

 

 

 

(84,492

)

 

 

(100.0

)%

Total revenues

 

$

389,913

 

 

$

384,014

 

 

$

5,899

 

 

 

1.5

%

 

$

1,155,426

 

 

$

1,134,823

 

 

$

20,603

 

 

 

1.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 6 of 11


 

Lantheus Holdings, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except per share and percent data – unaudited)

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net income

 

$

22,371

 

 

$

27,771

 

 

$

215,817

 

 

$

179,471

 

Stock and incentive plan compensation

 

 

21,876

 

 

 

24,501

 

 

 

57,925

 

 

 

68,020

 

Amortization of acquired intangible assets

 

 

16,723

 

 

 

14,639

 

 

 

50,169

 

 

 

30,626

 

Impairment of intangible assets

 

 

31,000

 

 

 

—

 

 

 

31,000

 

 

 

—

 

Contingent consideration fair value adjustments

 

 

3,169

 

 

 

982

 

 

 

(28,586

)

 

 

982

 

Non-recurring fees

 

 

7

 

 

 

—

 

 

 

9,292

 

 

 

2,633

 

Loss (gain) on sale of business, net of transaction costs

 

 

83

 

 

 

—

 

 

 

(59,444

)

 

 

—

 

Strategic collaboration and license costs

 

 

(121

)

 

 

860

 

 

 

116

 

 

 

16,273

 

Net loss (gain) on investment in equity securities

 

 

12,164

 

 

 

(1,116

)

 

 

6,795

 

 

 

(785

)

Acquisition, integration and divestiture-related items

 

 

46,941

 

 

 

34,973

 

 

 

50,044

 

 

 

62,645

 

Other

 

 

(514

)

 

 

(16

)

 

 

32,617

 

 

 

(3,170

)

Income tax effect of non-GAAP adjustments(a)

 

 

(38,625

)

 

 

(16,888

)

 

 

(49,924

)

 

 

(50,890

)

Adjusted net income

 

$

115,074

 

 

$

85,706

 

 

$

315,821

 

 

$

305,805

 

Adjusted net income, as a percentage of revenues

 

 

29.5

%

 

 

22.3

%

 

 

27.3

%

 

 

26.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net income per share - diluted

 

$

0.33

 

 

$

0.41

 

 

$

3.21

 

 

$

2.60

 

Stock and incentive plan compensation

 

 

0.32

 

 

 

0.36

 

 

 

0.86

 

 

 

0.99

 

Amortization of acquired intangible assets

 

 

0.24

 

 

 

0.22

 

 

 

0.75

 

 

 

0.44

 

Impairment of intangible assets

 

 

0.45

 

 

 

—

 

 

 

0.46

 

 

 

—

 

Contingent consideration fair value adjustments

 

 

0.05

 

 

 

0.01

 

 

 

(0.43

)

 

 

0.01

 

Non-recurring fees

 

 

0.00

 

 

 

—

 

 

 

0.14

 

 

 

0.04

 

Loss (gain) on sale of business, net of transaction costs

 

 

0.00

 

 

 

—

 

 

 

(0.89

)

 

 

—

 

Strategic collaboration and license costs

 

 

(0.00

)

 

 

0.01

 

 

 

0.00

 

 

 

0.24

 

Net loss (gain) on investment in equity securities

 

 

0.18

 

 

 

(0.02

)

 

 

0.10

 

 

 

(0.01

)

Acquisition, integration and divestiture-related items

 

 

0.69

 

 

 

0.52

 

 

 

0.75

 

 

 

0.91

 

Other

 

 

(0.01

)

 

 

(0.00

)

 

 

0.49

 

 

 

(0.04

)

Income tax effect of non-GAAP adjustments(a)

 

 

(0.56

)

 

 

(0.25

)

 

 

(0.74

)

 

 

(0.74

)

Adjusted net income per share - diluted(b)

 

$

1.68

 

 

$

1.27

 

 

$

4.70

 

 

$

4.43

 

Weighted-average common shares outstanding - diluted

 

 

68,413

 

 

 

67,663

 

 

 

67,137

 

 

 

69,038

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)
Represents the estimated income tax effect of the adjustments between GAAP net income and adjusted net income (non-GAAP).
(b)
Amounts may not add due to rounding.

Page 7 of 11


 

Lantheus Holdings, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures (Continued)

(in thousands, except per share and percent data – unaudited)

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Operating income

 

$

32,206

 

 

$

43,615

 

 

$

213,747

 

 

$

233,648

 

Stock and incentive plan compensation

 

 

21,876

 

 

 

24,501

 

 

 

57,925

 

 

 

68,020

 

Amortization of acquired intangible assets

 

 

16,723

 

 

 

14,639

 

 

 

50,169

 

 

 

30,626

 

Impairment of intangible assets

 

 

31,000

 

 

 

—

 

 

 

31,000

 

 

 

—

 

Contingent consideration fair value adjustments

 

 

3,169

 

 

 

982

 

 

 

(28,586

)

 

 

982

 

Non-recurring fees

 

 

7

 

 

 

—

 

 

 

9,292

 

 

 

2,633

 

Strategic collaboration and license costs

 

 

32

 

 

 

860

 

 

 

269

 

 

 

16,273

 

Acquisition, integration and divestiture-related items

 

 

46,175

 

 

 

34,973

 

 

 

55,404

 

 

 

62,645

 

Other

 

 

2,011

 

 

 

(16

)

 

 

35,142

 

 

 

1,557

 

Adjusted operating income

 

$

153,199

 

 

$

119,554

 

 

$

424,362

 

 

$

416,384

 

Adjusted operating income, as a percentage of revenues

 

 

39.3

%

 

 

31.1

%

 

 

36.7

%

 

 

36.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 8 of 11


 

Lantheus Holdings, Inc.

Reconciliation of Free Cash Flow

(in thousands – unaudited)

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net cash provided by operating activities

 

$

101,974

 

 

$

105,294

 

 

$

319,304

 

 

$

299,963

 

Capital expenditures

 

 

(2,046

)

 

 

(10,622

)

 

 

(7,607

)

 

 

(27,301

)

Free cash flow

 

$

99,928

 

 

$

94,672

 

 

$

311,697

 

 

$

272,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash (used in) provided by investing activities

 

$

(11,135

)

 

$

(319,468

)

 

$

12,828

 

 

$

(615,658

)

Net cash used in financing activities

 

$

(460

)

 

$

(99,166

)

 

$

(7,578

)

 

$

(215,798

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 9 of 11


 

Lantheus Holdings, Inc.

Condensed Consolidated Balance Sheets

(in thousands – unaudited)

 

 

September 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

683,610

 

 

$

359,121

 

Accounts receivable, net

 

 

345,684

 

 

 

358,640

 

Inventory, net

 

 

64,212

 

 

 

64,674

 

Income tax receivable

 

 

—

 

 

 

15,387

 

Other current assets

 

 

30,204

 

 

 

21,400

 

Assets held for sale

 

 

—

 

 

 

80,742

 

Total current assets

 

 

1,123,710

 

 

 

899,964

 

Investment in equity securities

 

 

98,427

 

 

 

42,213

 

Long-term notes receivable

 

 

25,297

 

 

 

—

 

Property, plant and equipment, net

 

 

149,627

 

 

 

163,686

 

Intangibles, net

 

 

641,612

 

 

 

722,779

 

Goodwill

 

 

238,626

 

 

 

239,517

 

Deferred tax assets, net

 

 

121,135

 

 

 

109,196

 

Other long-term assets

 

 

57,699

 

 

 

50,044

 

Total assets

 

$

2,456,133

 

 

$

2,227,399

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current portion of long-term debt and other borrowings

 

$

605

 

 

$

738

 

Accounts payable

 

 

47,700

 

 

 

42,906

 

Accrued expenses and other current liabilities

 

 

297,662

 

 

 

267,307

 

Liabilities held for sale

 

 

—

 

 

 

22,468

 

Total current liabilities

 

 

345,967

 

 

 

333,419

 

Asset retirement obligations

 

 

257

 

 

 

138

 

Long-term debt and other borrowings, net of current portion

 

 

571,136

 

 

 

568,678

 

Long-term deferred tax liabilities

 

 

41,136

 

 

 

54,246

 

Long-term contingent consideration liabilities, net of current portion

 

 

51,657

 

 

 

73,255

 

Other long-term liabilities

 

 

90,268

 

 

 

107,866

 

Total liabilities

 

 

1,100,421

 

 

 

1,137,602

 

Total stockholders’ equity

 

 

1,355,712

 

 

 

1,089,797

 

Total liabilities and stockholders’ equity

 

$

2,456,133

 

 

$

2,227,399

 

 

 

 

 

 

 

 

 

Page 10 of 11


 

 

Contacts:

Mark Kinarney

Vice President, Investor Relations

978-671-8842

ir@lantheus.com

 

Melissa Downs

Executive Director, External Communications

646-975-2533

media@lantheus.com

Page 11 of 11