Lantheus Holdings, Inc. (LNTH) Earnings & Analysis

Latest quarter

Lantheus reported Q2 FY2026 revenue of $388.2 million, above the consensus of $368.2 million. Adjusted earnings per share were $1.55, compared with the consensus of $1.33. Revenue rose from $378.0 million a year earlier, while diluted EPS slipped to $1.11 from $1.12.

The filing attributed the revenue increase primarily to Neuraceq sales following the acquisition of Lantheus Biosciences, higher PYLARIFY and DEFINITY volumes, and sales of MK-6240 for investigational use. A lower net sales price for PYLARIFY partly offset those gains.

Lantheus reported a gross margin of 62.3%, compared with 63.8% a year earlier, and an operating margin of 25.8%, up from 23.3%. The filing said sales and marketing expenses increased partly because of a $30.0 million obligation to repurchase DEFINITY license rights in China, while general and administrative expenses fell partly because of changes in contingent consideration. Free cash flow rose to $89.9 million from $79.1 million.

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

The most recent call provided was for Q1 2026, before the reported Q2 results. On that call, CEO and Executive Chairperson Mary Ann Haino described Lantheus’s priorities as maintaining its PSMA PET position, expanding Neuraceq’s reach and preparing its clinical portfolio for regulatory milestones. She also said the company was prioritizing radio diagnostics while evaluating alternatives for its radiotherapeutic assets.

Asked about the PSMA PET market, Haino said Lantheus expected growth in the low teens for 2026. She described the figure as an estimate assembled from several sources rather than a precise measurement. CFO Bob Marshall said pricing dynamics had been relatively steady and that he continued to expect modest PYLARIFY volume growth, while watching competitors and talking with customers.

Analysts also asked how the transition from PYLARIFY to its new TruVu formulation would work. Haino said Lantheus planned a geographic, site-by-site conversion, with only one formulation available in each market at a time. She said insurance coverage, operational coding and coverage systems, and transitional pass-through payment needed to be in place before customers began ordering TruVu. She declined to discuss pricing strategy.

On Neuraceq, Haino said Lantheus was investing to expand manufacturing availability, deepen use within existing accounts and reach new customers. Chief Commercial Officer Amanda Morgan pointed to adoption of Alzheimer’s disease-modifying therapies and guidelines favoring earlier diagnostic use. Haino declined to give a specific market-share figure, saying the estimates required triangulation.

Asked about margins, Marshall said he expected them to trend toward the higher end of the company’s previously guided range. He attributed the first-quarter benefit partly to PYLARIFY and DEFINITY volumes and the SPECT divestiture, offset by PYLARIFY pricing and the inclusion of acquired operations.

Guidance

On the Q1 call, CFO Bob Marshall said Lantheus was maintaining its full-year 2026 revenue forecast. In its later filing, Lantheus said it expected PYLARIFY TruVu to become commercially available beginning in the fourth quarter of 2026, with a rolling geographic introduction.