Lantheus’ third quarter was marked by a negative market reaction, as investors responded to lower operating margins and significant leadership changes despite revenue exceeding Wall Street’s expectations. Management pointed to pricing stabilization in the prostate cancer imaging franchise and continued growth in its DEFINITY ultrasound agent as key drivers. CEO Brian Markison highlighted, “Pricing stabilization across our accounts that began early in the third quarter has continued,” attributing the performance to disciplined commercial execution and ongoing customer education. However, higher operating expenses—including integration costs from recent acquisitions—pressured profitability.
Is now the time to buy LNTH? Find out in our full research report (it’s free for active Edge members).
Lantheus (LNTH) Q3 CY2025 Highlights:
- Revenue: $384 million vs analyst estimates of $365 million (1.4% year-on-year growth, 5.2% beat)
- Adjusted EPS: $1.27 vs analyst estimates of $1.27 (in line)
- Adjusted EBITDA: $125 million vs analyst estimates of $113.7 million (32.5% margin, 9.9% beat)
- The company slightly lifted its revenue guidance for the full year to $1.5 billion at the midpoint from $1.49 billion
- Management reiterated its full-year Adjusted EPS guidance of $5.58 at the midpoint
- Operating Margin: 11.4%, down from 35.3% in the same quarter last year
- Market Capitalization: $3.61 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Lantheus’s Q3 Earnings Call
- Roanna Clarissa Ruiz (Leerink Partners) asked about strategies driving higher-end guidance for PYLARIFY and Neuraceq. CEO Brian Markison cited stabilization in the PSMA market and expanded Neuraceq availability as key factors.
- Richard Newitter (Truist) inquired about potential major resets and visibility into 2026. Markison declined to provide specifics but noted account base stabilization and continued volume growth for PYLARIFY.
- Matthew Taylor (Jefferies) asked about the timing and rationale for management changes. Markison described his retirement as a personal decision and emphasized a seamless transition with interim CEO Mary Anne Heino.
- Yuan Zhi (B. Riley) questioned the competitive impact of cyclotron-produced agents like Gozellix. Markison reported minimal market share loss and consistent growth among smaller accounts.
- Pete Lucas for Larry Solow (CJS Securities) sought details on competitive positioning in Alzheimer’s imaging, particularly for MK-6240. Markison highlighted clinical differentiation and the evolving importance of tau imaging in disease management.
Catalysts in Upcoming Quarters
Looking ahead, the StockStory team will be watching (1) the pace of adoption and reimbursement for the new F-18 PSMA PET formulation and Alzheimer’s imaging agents, (2) the stability of PYLARIFY pricing and volume in a competitive market, and (3) the successful integration of recent acquisitions and management transitions. Progress on regulatory milestones and margin stabilization will be additional key signposts for tracking execution.
Lantheus currently trades at $54.28, down from $57.23 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free for active Edge members).
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