Lantheus (LNTH) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $377.3 million, up 1.2% year-over-year, with strong performance from Neuraceq®, DEFINITY, and CDMO services, offset by lower PYLARIFY pricing and SPECT business divestiture.

• GAAP net income rose 62.3% to $118.4 million, reflecting a $59.3 million gain on the SPECT business sale and improved equity investment performance.

• FDA approved PYLARIFY TruVu and tentatively approved PNT2003, with launches planned for late 2026; PDUFA date for LNTH-2501 extended to June 29, 2026.

• Strategic focus shifted to PET radiodiagnostics, with divestiture of SPECT business and ongoing evaluation of radiotherapeutic assets.

• CEO search is progressing, with leadership team maintaining execution focus.

Financial highlights

• Revenue was $377.3 million, up 1.2% year-over-year; adjusted for SPECT divestiture, revenue grew 8.6%.

• Oncology (PYLARIFY) revenue was $240.9 million (down 6.5%), Neurology (Neuraceq®) $35.4 million, Cardiology (DEFINITY) $84.6 million (up 6.8%).

• Gross margin was 61.2% (down from 63.8% in Q1 2025); operating income fell 20.3% to $81.3 million.

• Adjusted net income was $95.8 million (25.4% of revenue), down 12.5% year-over-year; adjusted EPS was $1.46, down 4.6%.

• Free cash flow was $121.9 million, up from $98.8 million; cash and equivalents at quarter-end were $498.6 million.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $1.4–$1.45 billion; adjusted EPS expected in the $5.00–$5.25 range.

• Guidance reflects prudence due to early-year timing, competitive dynamics, and CEO transition.

• Growth acceleration anticipated in 2027, driven by PYLARIFY TruVu and pipeline launches.

• Focus remains on PSMA PET leadership, Alzheimer's imaging expansion, and pipeline advancement.

• Continued investment in PET radiodiagnostics and integration of recent acquisitions to drive growth.