Lantheus Holdings reported fourth‑quarter 2025 revenue of $406.8 million, a 4.0% year‑over‑year increase that exceeded the consensus estimate of $367.8 million. Adjusted earnings per share were $1.67, beating the $1.17 consensus by $0.50 or 42.9%. The company’s adjusted operating income fell to $138.9 million, a decline from the prior year, while adjusted net income was $110.7 million, down 4.1% from the previous year’s $110.7 million.
The results were driven by a 22% rise in Precision Diagnostics revenue, fueled by the launch of DEFINITY and Neuraceq, and a more than tripling of Strategic Partnerships revenue to $23.3 million. In contrast, the Radiopharmaceutical Oncology segment, dominated by PYLARIFY, declined 9.7% to $71.5 million, reflecting price erosion and intensified competition in the PSMA PET market.
Gross profit margin contracted by 289 basis points to 65.1% in Q4 2025, while operating margin fell to 19% from 29.1% a year earlier. The compression reflects higher cost of goods sold and increased R&D expenses, offsetting the revenue gains in high‑margin segments.
Full‑year 2026 revenue guidance was lowered to $1.40 billion–$1.45 billion, below the $1.508 billion consensus estimate. The company maintained an adjusted EPS outlook of $5.00–$5.25, unchanged from prior guidance. Management cited anticipated price erosion in PYLARIFY and competitive pressures as reasons for the revenue cut, while expressing confidence in sustaining profitability through cost discipline and strategic investments.
The market reacted with a 2.4% decline in pre‑market trading, driven primarily by the lower revenue guidance and the projected 8–10% decline in PYLARIFY sales for 2026. Investors focused on the headwinds in the core oncology product while noting the company’s continued growth in precision diagnostics and strategic partnerships.
"In 2025 we accomplished the important goal of maintaining market leadership with PYLARIFY. In addition, we expanded both our commercial portfolio of radiopharmaceuticals with Neuraceq as well as our pipeline through the acquisitions of Life Molecular Imaging and Evergreen Theragnostics," said CEO Mary Anne Heino. "In 2026, we are aligning our strategic focus on PET radiodiagnostics, with clear priorities around execution and investment. With up to four FDA approvals this year, we will ensure fit‑for‑purpose launch readiness for our new products, selectively advance late‑stage pipeline assets and allocate capital thoughtfully to support sustainable growth and a compelling long‑term outlook."
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