Monitor the execution of the strategic pivot to PET radiodiagnostics and the divestiture of radiotherapeutic assets. The significant decline in operating income and the guidance for lower 2026 revenue despite continued investment in the pipeline suggest near-term profitability challenges. The market will likely focus on whether the company can stabilize PYLARIFY sales and successfully launch new products to offset the revenue decline.
Price Chart
Executive Summary
Lantheus reported Q4 2025 revenue of $406.8 million (up 4.0% YoY) and full-year 2025 revenue of $1.54 billion, with adjusted EPS of $1.67 (Q4) and $6.08 (FY). The company announced a strategic shift to focus on innovative radiodiagnostics while pursuing value-maximizing alternatives for radiotherapeutic assets, and provided 2026 guidance of $1.4-$1.45 billion in revenue and $5.00-$5.25 adjusted EPS. Despite repurchasing $100 million in shares, the stock faces headwinds from declining PYLARIFY sales (-9.7% YoY) and a significant 32.2% drop in operating income.
Key Financial Metrics
Key Facts
- Q4 2025 revenue: $406.8 million (+4.0% YoY), Full-year 2025 revenue: $1.54 billion (+0.5% YoY)
- Q4 2025 adjusted EPS: $1.67 (+4.7% YoY), Full-year 2025 adjusted EPS: $6.08
- Operating income declined 32.2% YoY to $77.2 million in Q4
- Sales of flagship product PYLARIFY declined 9.7% YoY to $240.2 million in Q4
- Company announced strategic pivot to focus on PET radiodiagnostics and divest legacy SPECT business
- Provided 2026 guidance: $1.4-$1.45 billion revenue and $5.00-$5.25 adjusted EPS
- Repurchased $100 million of common stock in Q4
Financial Impact
Revenue growth of $15.7 million in Q4 and $7.7 million for full-year 2025, but with a significant $36.7 million decline in operating income. The company is guiding for a 7.7%-11.0% decline in revenue for 2026.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| PYLARIFY | $240.2M | -9.7% |
| DEFINITY | $85.3M | -1.0% |
| Neuraceq | $31.0M | +100.0% |
Risk Factors
- Declining sales of flagship product PYLARIFY (-9.7% YoY)
- Significant 32.2% YoY decline in operating income
- Guidance for 2026 revenue ($1.4-$1.45B) represents a 7.7%-11.0% decline from 2025
- Execution risk in the strategic pivot and divestiture of radiotherapeutic assets
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-073439 |
| Document: lnth-20260226.htm | 0001193125-26-073439 |
| Document: 0001193125-26-073439-index-headers.html | 0001193125-26-073439 |
| Document: 0001193125-26-073439-index.html | 0001193125-26-073439 |
| Document: 0001193125-26-073439.txt | 0001193125-26-073439 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 8-K | $100.10 $99.80 | ▼ −0.30% | ▲ +0.22% | $100.11 (+0.01%) |
Oct 2, 2026 24d ago | DEFA14A | $100.19 $99.95 | ▼ −0.24% | ▼ −0.79% | $100.11 (−0.07%) |
Oct 2, 2026 24d ago | 8-K | $100.19 $99.95 | ▼ −0.24% | ▼ −0.79% | $100.11 (−0.07%) |
Sep 16, 2026 5w ago | DEFA14A | $100.80 $100.55 | ▼ −0.25% | ▼ −0.38% | $100.11 (−0.68%) |
Aug 26, 2026 8w ago | PREM14A | $100.82 $100.47 | ▼ −0.35% | ▼ −1.00% | $100.11 (−0.70%) |
Aug 14, 2026 10w ago | Press Release | $100.95 $100.91 | ▼ −0.04% | ▲ +0.43% | $100.11 (−0.83%) |
Aug 6, 2026 11w ago | 8-K | $101.07 $100.95 | ▼ −0.12% | ▼ −0.73% | $100.11 (−0.94%) |
Aug 3, 2026 12w ago | 8-K / DEFA14A | $101.11 $101.50 | ▲ +0.39% | ▲ +0.59% | $100.11 (−0.98%) |
Aug 3, 2026 12w ago | DEFA14A / 8-K | $101.19 $101.11 | ▼ −0.08% | ▼ −1.88% | $100.11 (−1.06%) |
Aug 3, 2026 12w ago | Press Release | $101.19 $101.11 | ▼ −0.08% | ▼ −1.88% | $100.11 (−1.06%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers