Lantheus Holdings, Inc.
Lantheus Holdings, Inc. develops and commercializes diagnostic imaging agents used in nuclear medicine, with a portfolio centered on PET radiodiagnostics, ultrasound contrast agents, and selected legacy SPECT products. The company’s business is built around products that help clinicians detect and characterize disease, especially in oncology, cardiology, and neurology, and it also earns royalties and milestone payments from licensed products.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenuePET imaging agents used to detect and stage disease, including prostate cancer and amyloid imaging.
Microbubble-based agents used to improve echocardiography image quality and cardiac assessment.
Legacy single-photon imaging products used in nuclear medicine procedures and hospital workflows.
Economics from licensed assets such as Flyrcado, including milestone and royalty payments.
Manufacturing services and related radiopharmaceutical production capabilities for third parties.
Products
Reported · share of revenue- PYLARIFY64.2 %
- Definity21.4 %
- Techne Lite5.6 %
- Strategic Partnerships and Other3.9 %
- Neuraceq3.3 %
- Other Precision Diagnostics1.6 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Lantheus sells primarily to hospitals, imaging centers, nuclear medicine departments, and physician practices that perform diagnostic scans. Its products are bought by clinicians and healthcare systems because they improve visualization, support diagnosis, and help guide treatment decisions in oncology, cardiology, and neurology.
Buy imaging agents for routine and specialized diagnostic workflows across nuclear medicine and echocardiography.
Purchase PET and ultrasound contrast products to support high-throughput diagnostic scans.
Use DEFINITY to improve endocardial border definition and diagnostic confidence in echocardiograms.
Use PYLARIFY to detect PSMA-positive prostate cancer lesions and support treatment planning.
Use Neuraceq for amyloid PET imaging when evaluating patients for Alzheimer’s disease.
Strategy
Lantheus is narrowing its portfolio toward higher-growth radiopharmaceuticals and PET diagnostics after selling its SPECT business in 2026. Management is also investing in lifecycle management, clinical development, and partnerships to extend the commercial life of core assets while building the next wave of imaging products.
The SPECT sale simplifies the business and concentrates resources on higher-growth imaging categories.
PYLARIFY is a major revenue driver and faces reimbursement, manufacturing, and competition risks.
Licensing can extend reach without full internal commercialization costs.
New products are needed to offset exclusivity expiry and sustain growth.
Geography
Q1/2026Lantheus is headquartered in Massachusetts and operates with offices in New Jersey, Canada, Germany, Switzerland, Sweden, and the United Kingdom. The company’s business is global in distribution and regulatory reach, but the disclosed reports emphasize a U.S.-centered operating base with international commercial and support locations rather than a country revenue split.
Share of the revenue the company reports by geography.
Risks
The company depends heavily on a small number of imaging products, especially PYLARIFY, so reimbursement changes, competitive launches, or loss of exclusivity could materially affect revenue. Manufacturing reliability, supply chain continuity, and regulatory compliance are also critical because these products require specialized production and distribution infrastructure.
- PYLARIFY commercial concentrationImpact: HighLikelihood: High
A substantial share of revenue depends on one product and its reimbursement/access profile.
Exposure: PYLARIFY
- Competition and loss of exclusivityImpact: HighLikelihood: High
Competitors already market or are developing alternative PET agents and ultrasound products.
Exposure - Regulatory and reimbursement changesImpact: HighLikelihood: High
Coverage, coding, and payment decisions directly affect adoption and net sales.
Exposure: U.S. healthcare reimbursement
- Manufacturing and supply chain disruptionImpact: HighLikelihood: Medium
Radiopharmaceutical production is time-sensitive and depends on specialized facilities and inputs.
Exposure - Cybersecurity and AI operational riskImpact: MediumLikelihood: Low
Digital systems support research, manufacturing, and commercialization, creating attack and error exposure.
Exposure: Enterprise IT and operational systems
Accounting
Judgemental itemsNet sales depend on estimates for rebates, Medicaid programs, GPO fees, and distributor commissions.
Impact: Can materially change reported revenue and receivables
Life Molecular and Evergreen acquisitions introduce fair value estimates, intangibles, and post-combination expense.
Impact: Affects goodwill, amortization, and operating expenses
Diagnostic procedure timing can soften in summer and year-end holiday periods.
Impact: Quarterly comparability and working capital swings
The North Billerica site requires decommissioning assurance via a surety bond.
Impact: Relevant to contingent obligations and facility-related estimates
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Last updated: 24/09/2026