Here are 1-2 brief analogies to describe Lantheus (LNTH):

• Like a specialized, standalone version of Novartis's radiopharmaceutical business, focused on developing radioactive compounds for both advanced medical imaging and targeted cancer therapies.

• Exact Sciences (known for Cologuard), but focused on creating advanced injectable imaging agents that light up cancers for precise diagnosis, particularly prostate cancer.

• PYLARIFY®: An advanced PET imaging agent used for detecting and staging prostate cancer.
• DEFINITY®: An ultrasound enhancing agent that improves visualization of the left ventricular endocardial border in echocardiograms.
• TECHNETIUM 99M Generators: Devices that produce Technetium 99m, a widely used radioisotope for various diagnostic nuclear medicine procedures.
• AZEDRA®: A targeted radiotherapeutic agent for specific rare neuroendocrine tumors.
• XENON-133: A diagnostic radioactive gas primarily used for lung ventilation imaging studies.

Lantheus (symbol: LNTH) primarily sells its products to other companies rather than directly to individuals.

According to its most recent annual report (10-K), Lantheus states that no single customer accounted for more than 10% of its consolidated net revenue in 2023, 2022, or 2021. This indicates a diversified customer base and means that there are no individually "major customer companies" that are required to be disclosed by name in its public filings as exceeding a significant percentage of total revenue.

Therefore, instead of specific named companies that represent a dominant share of revenue, Lantheus's major customers can be described by the following categories of organizations that purchase and utilize its radiopharmaceutical products:

• Hospitals and Health Systems: These are primary institutional customers where Lantheus's diagnostic imaging agents and targeted radiotherapeutics are administered to patients.
• Diagnostic Imaging Centers and Clinics: Specialized outpatient facilities focused on medical imaging, including PET (Positron Emission Tomography) scans, which utilize Lantheus products like PYLARIFY.
• Pharmaceutical Wholesalers and Distributors: These companies serve as intermediaries, purchasing products directly from Lantheus and then distributing them to the aforementioned hospitals, health systems, and imaging centers. Major players in this sector include Cencora (formerly AmerisourceBergen) (Symbol: COR), Cardinal Health (Symbol: CAH), and McKesson Corporation (Symbol: MCK). While these are key direct corporate customers in the supply chain, as noted, no single one represents a "major customer" in terms of exceeding 10% of Lantheus's total revenue.

Jubilant Pharmova Limited (NSE: JUBLPHARMA)

NRG

Australian Nuclear Science and Technology Organisation (ANSTO)

ITM Isotope Technologies Munich SE

Mary Anne Heino, Executive Chairperson and Interim Chief Executive Officer

Mary Anne Heino has served as Executive Chairperson of Lantheus since November 7, 2025, and will lead the company as interim CEO following the retirement of Brian Markison at the end of 2025. She previously held the role of CEO of Lantheus from August 2015 to March 2024, and was also President during part of that period. During her tenure as CEO, she led the acquisition of Progenics and spearheaded the development and commercialization of a leading PSMA-targeted PET imaging agent for prostate cancer. She joined Lantheus in April 2013 as Chief Commercial Officer and was promoted to Chief Operating Officer in March 2015. Prior to Lantheus, Ms. Heino held senior commercial and strategic leadership roles at Angelini Labopharm LLC and Labopharm USA (2007-2012), and Centocor, Inc., a Johnson & Johnson company (2000-2007). She began her professional career in sales and marketing at Janssen Pharmaceutica, another Johnson & Johnson company.

Robert J. Marshall Jr., Chief Financial Officer and Treasurer

Robert J. Marshall Jr. serves as the Chief Financial Officer and Treasurer of Lantheus. He has also served as Chief Financial Officer and Treasurer of Lantheus Medical Imaging.

Daniel Niedzwiecki, Chief Administrative Officer, General Counsel & Corporate Secretary

Daniel Niedzwiecki serves as Chief Administrative Officer, General Counsel, and Corporate Secretary at Lantheus. He was appointed Chief Administrative Officer in March 2023, General Counsel in April 2021, and Corporate Secretary in April 2019.

Amanda Morgan, Chief Commercial Officer

Amanda Morgan serves as the Chief Commercial Officer for Lantheus, a role she returned to after a leave of absence, reporting directly to Mary Anne Heino.

Jean-Claude Provost, Chief Medical Officer

Jean-Claude Provost serves as the Chief Medical Officer at Lantheus.

The key risks to Lantheus's business are primarily centered around its reliance on its flagship product, increasing market competition, and challenges related to recent strategic acquisitions.

1. Product Concentration and Intensifying Competition for PYLARIFY: Lantheus's financial health is heavily dependent on PYLARIFY, its prostate cancer imaging agent, which is the main revenue driver. Sales of PYLARIFY have shown signs of slowing due to intensifying price competition in the PSMA PET imaging market. For instance, PYLARIFY sales dropped by 7.4% in Q3 2025, indicating significant market pressure. Analysts have lowered their price targets on Lantheus due to "Pylarify pricing pressures" and "competitive share loss risks". The entry of generic competitors post-2026 could further exacerbate competition, impacting market share and revenue. There is also an ongoing class action lawsuit alleging that Lantheus misled investors by not fully disclosing the pricing risks for PYLARIFY, which reportedly led to erosion of its market position.
2. Acquisition Integration and Pipeline Development Challenges: Lantheus has undertaken strategic acquisitions, such as Evergreen Theragnostics and Life Molecular Imaging (which includes the Alzheimer's diagnostic Neuraceq®), to diversify its revenue streams. However, integrating these new businesses and their associated costs is expected to strain resources and management focus in the short term. Such acquisitions inherently carry operational and financial risks, including the potential for reduced financial resources, the incurrence of substantial debt, and difficulties in effectively combining operations and retaining key personnel. While these diversification efforts are crucial, they are projected to yield only low-single-digit earnings per share accretion in the near term, with integration and potential dilution risks remaining.
3. Leadership Transition: The impending retirement of Lantheus's CEO at the end of 2025 introduces an element of uncertainty. This leadership change comes at a critical juncture for the company, as it navigates competitive pressures and seeks to integrate new acquisitions for future growth.

Emergence of next-generation alpha-emitting radioligand therapies (RLTs) for prostate cancer.

Lantheus (symbol: LNTH) has several key products and services with identifiable addressable markets:

• PYLARIFY (piflufolastat F 18): This is a PET radiotracer used for imaging prostate-specific membrane antigen (PSMA)-positive lesions in men with prostate cancer.
  • The U.S. addressable market for PYLARIFY is estimated at $1.6 billion.
  • The total addressable market for PSMA PET imaging agents for prostate cancer in the U.S. is projected to be over $2.5 billion in 2025, increasing from over $2 billion in 2024, and could surpass $3.5 billion by the end of the decade.
  • The global PSMA PET Imaging Market reached US$1.5 billion in 2022 and is expected to reach US$2 billion by 2030.
  • The U.S. prostate cancer nuclear medicine diagnostics market size was estimated at USD 75.06 million in 2022 and is expected to reach USD 153.97 million by 2030.
  • The current market potential for PSMA PET imaging agents in the U.S. for 2024 could be about 445,000 scans, with a total addressable market potentially exceeding 700,000 annual scans by 2029.
• DEFINITY (Perflutren Lipid Microsphere) Injectable Suspension: This is an ultrasound enhancing agent primarily used in echocardiography procedures.
  • Lantheus holds over 80% of the U.S. market share for ultrasound enhancing agents in echocardiography procedures as of the end of 2023.
  • The global contrast-enhanced ultrasound market is projected to reach USD 2.1 billion by 2028, growing from USD 1.6 billion in 2023.
• TechneLite (Technetium Tc 99m Generator): This product provides Technetium (Tc99m), a radioactive isotope essential for preparing various nuclear imaging agents.
  • Technetium-99m (Tc-99m) is used in over 40 million diagnostic procedures annually globally.
  • The global radiopharmaceuticals market, which includes TechneLite, was valued at US$ 6.8 billion in 2024 and is expected to reach US$ 13.4 billion by 2033.
  • The U.S. radiopharmaceuticals market was valued at USD 2.21 billion in 2024 and is estimated to reach USD 2.36 billion by 2033.
• Alzheimer's Disease Diagnostics (including Neuraceq, MK-6240, and NAV-4694): These products are PET imaging agents for detecting beta-amyloid plaques and tau pathology in patients evaluated for Alzheimer's disease.
  • Lantheus anticipates a total addressable market size for Alzheimer's disease diagnostics of $1.5 billion globally in 2030 and $2.5 billion globally by mid-2030.
  • The U.S. Alzheimer's disease radiodiagnostic market is considered to have significant growth potential.
• PNT2003: This is a therapeutic candidate for neuroendocrine tumors.
  • The addressable U.S. market for PNT2003 is approximately $1 billion and is expected to expand to over $5 billion by 2029.
  • The total addressable market for somatostatin NET PET diagnostics is estimated at $200 million or 50,000 patients per year.
• AZEDRA (iobenguane I-131): This radiopharmaceutical was used for the treatment of pheochromocytoma and paraganglioma. Lantheus announced its discontinuation in August 2023 due to insufficient uptake and high manufacturing costs.

Lantheus (LNTH) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. Continued Growth and Market Expansion of PYLARIFY: PYLARIFY, a leading PSMA PET imaging agent for prostate cancer, achieved blockbuster status in 2024 with over $1 billion in sales and is expected to continue its growth trajectory. The addressable market for PSMA PET imaging is projected to expand significantly, reaching an estimated $2.5+ billion in 2025 and potentially exceeding $3.5 billion by the end of the decade. This growth is fueled by increasing patient volumes, the conversion from conventional imaging methods, broader adoption among healthcare providers, and strategic partnerships. Furthermore, a new formulation of PYLARIFY is expected to increase batch size by approximately 50%, allowing Lantheus to serve significantly more patients.
2. Sustained Performance and Market Leadership of DEFINITY: DEFINITY, Lantheus's high-resolution echocardiogram enhancement agent, continues to demonstrate robust performance and maintain its strong market leadership in the ultrasound-enhancing agent market. Its consistent growth is driven by ongoing market expansion and opportunistic sales, partly due to competitor supply challenges.
3. Expansion into Alzheimer's Diagnostics through Strategic Acquisitions and Pipeline: Lantheus is diversifying its portfolio by entering the Alzheimer's diagnostics market. The acquisition of Life Molecular Imaging brings Neuraceq, an approved radiodiagnostic for Alzheimer's disease, and enhances R&D capabilities in this area. Additionally, Lantheus has pipeline candidates like MK-6240 and NAV-4694, which are radio diagnostics for Alzheimer's disease, with regulatory submissions anticipated in 2025 and 2026, respectively.
4. Entry into Neuroendocrine Tumors and Radioligand Therapy Manufacturing via Acquisitions: The acquisition of Evergreen Theragnostics adds OCTEVY, a registrational-stage PET imaging agent targeting neuroendocrine tumors, which complements Lantheus's therapeutic candidate PNT2003. This acquisition also provides Lantheus with radioligand therapy manufacturing infrastructure, including a revenue-generating contract development and manufacturing organization (CDMO) business, further diversifying its revenue streams.
5. Favorable Regulatory Environment and Improved Reimbursement: A significant driver for future growth is the supportive regulatory environment, particularly the Centers for Medicare & Medicaid Services (CMS) decision to implement separate payment for diagnostic radiopharmaceuticals starting in 2025. This change is expected to improve patient access and foster innovation for products like PYLARIFY.

Share Repurchases

• In November 2024, Lantheus's board authorized a share repurchase program of up to $250 million.
• This program was subsequently replaced in August 2025 with a new authorization for up to $400 million in share repurchases, valid through December 31, 2027.
• Lantheus repurchased $100 million of its common stock in the third quarter of 2025, following approximately $100 million in repurchases during 2024.

Outbound Investments

• In July 2025, Lantheus completed the acquisition of Life Molecular Imaging for approximately $309 million (net of cash acquired), which expanded its nuclear medicine commercial portfolio.
• The company acquired Evergreen Theragnostics, Inc. for $276.4 million in April 2025, enhancing its radioligand manufacturing capabilities.
• Lantheus made a strategic investment of approximately A$7.6 million (US$5 million) in Radiopharm Theranostics in October 2025 as part of a private placement.

Capital Expenditures

• Capital expenditures were $10.6 million in the third quarter of 2025 and $8.0 million in the second quarter of 2025.
• Annual capital expenditures were approximately $35.3 million in 2024, $27.3 million in 2023, and $15.8 million in 2022.
• For the years 2021 and 2020, capital expenditures were approximately $11.2 million and $8.0 million, respectively.