Lantheus Holdings, Inc. - 10-Q Summary (Q2 2026)
Business Context and Reporting Period
This report covers the quarterly period ended June 30, 2026. Lantheus Holdings, Inc. is a radiopharmaceutical-focused company. Following the sale of its SPECT business on January 1, 2026, the Company now classifies revenues into four categories: Oncology, Neurology, Cardiology, and Strategic Partnerships and Other Revenue. The Company operates as a single business segment.
Key Financial Metrics
| Metric | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 |
|---|---|---|---|---|
| Revenues | $388.2M | $378.0M | $765.5M | $750.8M |
| Gross Profit | $241.9M | $241.0M | $472.8M | $478.7M |
| Operating Income | $100.2M | $88.0M | $181.5M | $190.0M |
| Net Income | $75.0M | $78.8M | $193.4M | $151.7M |
| Diluted EPS | $1.11 | $1.12 | $2.91 | $2.14 |
| Cash & Equivalents | $593.3M (as of June 30, 2026) | |||
| Long-Term Debt | $570.4M (net of current portion) |
Material Changes vs. Prior Period
- Revenue Growth: Q2 2026 revenue increased 2.7% year-over-year, driven by the inclusion of Neuraceq (acquired July 2025) and increased volume in PYLARIFY and DEFINITY. This offset the loss of SPECT business revenue and a decrease in PYLARIFY net sales price.
- Operating Expenses: Sales and marketing expenses surged 101.8% in Q2 2026, primarily due to a $30.0 million charge for the repurchase of the DEFINITY license in China. Conversely, General and Administrative expenses dropped 69.0%, largely due to a $31.8 million favorable adjustment in the fair value of contingent consideration liabilities.
- One-Time Gains: The six-month period included a $59.5 million gain on the sale of the SPECT business. This non-recurring item significantly impacted YTD operating income compared to the prior year.
- Equity Investments: The Company recorded an unrealized loss of $9.5M in Q2 2026 on equity securities (Perspective and Radiopharm), compared to a gain of $14.6M in the prior year period.
Guidance, Outlook, and Risks
- Pending Merger: On August 3, 2026, the Company entered into an agreement to be acquired by Curium US Holdings LLC for $102.50 per share in cash plus a contingent value right (CVR) for up to $12.00 per share. Closing is expected in the first half of 2027.
- Regulatory Updates:
- LNTH-2501: Received a Complete Response Letter (CRL) from the FDA in June 2026 due to unresolved third-party facility manufacturing conditions. Approval is pending resolution of these issues.
- PYLARIFY TruVu: FDA approved this new formulation in March 2026. CMS granted an HCPCS code effective October 1, 2026. Commercial launch is expected in Q4 2026.
- PNT2003: Received tentative FDA approval. Launch timing depends on the resolution of ongoing patent litigation (ADACAP appeal).
- Strategic Shift: The Company is pursuing a strategy to simplify operations, focusing on radiodiagnostics and exploring value-maximizing alternatives for radiotherapeutic assets.
- Liquidity: The Company maintains a $750M revolving credit facility with no outstanding borrowings as of June 30, 2026. Cash and cash equivalents stand at $593.3M.
Investor Verification Checklist
- Merger Completion: Verify the status of regulatory approvals and shareholder votes required to close the Curium US Holdings LLC acquisition.
- LNTH-2501 Resolution: Monitor the timeline for resolving the FDA manufacturing facility conditions to determine the path to approval.
- PYLARIFY TruVu Adoption: Track the transition of manufacturing partners and payer adoption rates for the new formulation post-October 2026.
- Contingent Consideration: Review future fair value adjustments related to the Evergreen and Lantheus Biosciences acquisitions, which significantly impacted G&A expenses.
- Legal Proceedings: Follow the appeal of the ADACAP patent infringement ruling regarding PNT2003, as this impacts the launch timeline.