Lantheus reported modest revenue growth in the third quarter, with higher adjusted earnings but lower GAAP profit. The radiopharmaceutical company also highlighted new FDA approvals and reimbursement progress for its products.
Lantheus remains set to be acquired by Curium in an all-cash transaction announced in August. While that deal is pending, the company has suspended its 2026 financial guidance.
Third-quarter results
- Worldwide revenue rose 1.5% to $389.9 million from $384.0 million a year earlier.
- Product sales were mixed:
- PYLARIFY sales fell 0.7% to $238.9 million.
- Neuraceq sales increased 123.0% to $45.6 million.
- DEFINITY sales increased 4.8% to $85.7 million.
- GAAP net income declined 19.4% to $22.4 million, and diluted earnings per share fell to $0.33 from $0.41.
- On an adjusted, non-GAAP basis, net income rose 34.3% to $115.1 million and diluted earnings per share increased 32.3% to $1.68, from $1.27.
- Operating income fell 26.2% to $32.2 million, while adjusted operating income increased 28.1% to $153.2 million.
- Operating cash flow was $102.0 million and free cash flow was $99.9 million.
- Cash and cash equivalents totaled $683.6 million at September 30, up from $359.1 million at the end of 2025. Lantheus also had access to as much as $750 million under a revolving credit line.
Acquisition and outlook
- Curium US Holdings has agreed to acquire all outstanding Lantheus shares for $102.50 per share in cash at closing, plus non-transferable contingent value rights, or CVRs.
- The CVRs could provide up to another $12 per share if specified commercial milestones for Lantheus products are achieved through 2030. That makes the maximum stated consideration $114.50 per share, and the transaction value could reach approximately $8.0 billion.
- Lantheus’s board unanimously approved the transaction. If completed, Curium would take ownership of Lantheus.
- Lantheus suspended its previously issued full-year 2026 guidance while the transaction is pending. It also will not hold a conference call for the quarterly results.
Product and commercial developments
- The FDA approved TAUKLARIFY, a tau PET imaging agent for evaluating adults with cognitive impairment who are being assessed for Alzheimer’s disease. Lantheus said it will continue supporting Alzheimer’s treatment programs through its Pharma Solutions business while it assesses the appropriate path toward broader commercial availability.
- The FDA granted final approval to BRAVNETSA, a lutetium Lu 177 dotatate product for adults with somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors. The FDA determined it to be bioequivalent and therapeutically equivalent to LUTATHERA. Lantheus is preparing a commercial launch focused on reliable supply and patient access.
- PYLARIFY TruVu received transitional pass-through payment status from CMS and a permanent billing code, both effective October 1, 2026. The designations support Lantheus’s previously announced phased geographic launch.
- Lantheus said the first patient had been dosed in the SPARROW Phase 2/3 registrational study; the results announcement provided no further study details in the material presented here.
The quarter showed a sharp difference between GAAP and adjusted earnings: GAAP earnings declined while adjusted earnings rose. Separately, the pending acquisition means the company has withdrawn its annual outlook, and the transaction’s additional per-share value depends on the specified product milestones being met.