Lantheus Holdings, Inc.

lantheus.com

What Do They Do?

Sells PET imaging agents for cancer and other diagnostic imaging products to hospitals, independent imaging centers and government facilities.

How Do They Make Money?

Hospitals, diagnostic facilities and radiopharmacies buy physical imaging products; Lantheus invoices when products are delivered, and payment is typically due 30 to 60 days later. It also receives upfront fees, royalties and milestone payments from partners licensing products.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Product revenue, net Sold outright	98% FY2022: 95%	Sold outright
License and royalty revenues Licensed	2.2% FY2022: 5.1%	Licensed
Total radiopharmaceutical oncology Sold outright	64% FY2022: 57%	Sold outright
Total precision diagnostics Sold outright	32% FY2022: 38%	Sold outright
Strategic partnerships and other revenue	3.9% FY2022: 5.0%

Who Are Their Customers?

Outside the United States, products reach buyers through direct and third-party distribution, while some product rights are licensed to partners.

Do Revenues Turn Into Profits?

Yes. It kept 15 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

20% of revenue

▼ −32% vs FY2024 ($457M, 30%)

Net income, FY2025

15% of revenue

▼ −25% vs FY2024 ($312.4M, 20%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +3%; vs $378M in Q2 FY2025
Net income: ▼ −5%; vs $78.8M in Q2 FY2025

Product revenue, net share of revenue vs 99.1% in Q2 FY2025

Aug 6, 2026 Agreed to merge with Curium and suspended 2026 financial guidance Curium would acquire all Lantheus shares for cash, with additional cash payments tied to commercial milestones.

Growing. Revenue grew 3.6x in 4 years, from $425.2M in FY2021 to $1.5B in FY2025, about 38% a year.

SPECT products sold The older report listed TechneLite, NEUROLITE, Xenon and CARDIOLITE; the latest says those products were included in the sale of its SPECT business.

AZEDRA production ended The older report listed AZEDRA as a cancer treatment; the latest report says production has been discontinued.

Revenue over time

Product revenue, net License and royalty revenues Total radiopharmaceutical oncology Total precision diagnostics Strategic partnerships and other revenue

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Telix Pharmaceuticals, Blue Earth Diagnostics, Bracco, Novartis, GE Healthcare, Lilly, ITM Radiopharma, Curium, RayzeBio, and Bristol Myers Squibb

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