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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number 001-36569

     LANTHEUS HOLDINGS, INC.

    

     (Exact name of registrant as specified in its charter)

    


Delaware	35-2318913
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

201 Burlington Road, South Building	01730
Bedford, MA
(Address of principal executive offices)	(Zip Code)


(978)	671-8001
(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	LNTH	The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act) Yes ☐ No ☑

The registrant had 67,994,149 shares of common stock, $0.01 par value, outstanding as of August 1, 2025.

Table of Contents

LANTHEUS HOLDINGS, INC.

TABLE OF CONTENTS


	Page
PART I. FINANCIAL INFORMATION	1
Item 1. Financial Statements	1
Condensed Consolidated Balance Sheets	1
Condensed Consolidated Statements of Operations	2
Condensed Consolidated Statements of Comprehensive Income	3
Condensed Consolidated Statements of Changes in Stockholders’ Equity	4
Condensed Consolidated Statements of Cash Flows	5
Notes to Condensed Consolidated Financial Statements	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3. Quantitative and Qualitative Disclosures About Market Risk	40
Item 4. Controls and Procedures	40
PART II. OTHER INFORMATION	41
Item 1. Legal Proceedings	41
Item 1A. Risk Factors	41
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 3. Defaults Upon Senior Securities	46
Item 4. Mine Safety Disclosures	46
Item 5. Other Information	46
Item 6. Exhibits	47
SIGNATURES	48

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Lantheus Holdings, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except par value)


	June 30,			December 31,
	2025			2024
Assets
Current assets:
Cash and cash equivalents	$	695,572		$	912,814
Accounts receivable, net		336,579			321,258
Inventory, net		62,157			68,025
Other current assets		34,093			24,536
Assets held for sale		73,415			—
Total current assets		1,201,816			1,326,633
Investment in equity securities		45,068			39,489
Property, plant and equipment, net		157,726			176,798
Intangibles, net		359,946			161,761
Goodwill		176,869			61,189
Deferred tax assets, net		138,262			170,233
Other long-term assets		36,390			44,237
Total assets	$	2,116,077		$	1,980,340
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt and other borrowings	$	796		$	974
Accounts payable		40,891			34,560
Accrued expenses and other liabilities		208,600			204,992
Liabilities held for sale		29,845			—
Total current liabilities		280,132			240,526
Asset retirement obligations		136			23,344
Long-term debt and other borrowings, net of current portion		566,847			565,279
Other long-term liabilities		102,179			63,180
Total liabilities		949,294			892,329
Commitments and contingencies (Note 17)
Stockholders' equity:
Preferred stock ($0.01 par value, 25,000 shares authorized; no shares issued and outstanding)		—			—
Common stock ($0.01 par value; 250,000 shares authorized; 71,702 shares and 70,905 shares issued and outstanding at June 30, 2025, and December 31, 2024, respectively)		717			709
Additional paid-in capital		844,903			817,972
Treasury stock at cost; 3,715 shares and 2,455 shares at June 30, 2025 and December 31, 2024, respectively		(275,000	)		(175,000	)
Retained earnings		597,645			445,945
Accumulated other comprehensive loss		(1,482	)		(1,615	)
Total stockholders’ equity		1,166,783			1,088,011
Total liabilities and stockholders’ equity	$	2,116,077		$	1,980,340

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Lantheus Holdings, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except per share data)


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Revenues	$	378,045		$	394,091		$	750,809		$	764,066
Cost of goods sold		137,034			138,317			272,098			266,446
Gross profit		241,011			255,774			478,711			497,620
Operating expenses
Sales and marketing		41,041			45,035			83,544			90,581
General and administrative		66,515			47,409			123,331			95,304
Research and development		45,489			60,601			81,803			108,625
Total operating expenses		153,045			153,045			288,678			294,510
Gain on sale of assets		—			—			—			6,254
Operating income		87,966			102,729			190,033			209,364
Interest expense		4,917			4,862			9,721			9,721
Investment in equity securities - unrealized (gain) loss		(14,573	)		22,537			289			(38,167	)
Other income		(6,895	)		(9,044	)		(21,023	)		(17,832	)
Income before income taxes		104,517			84,374			201,046			255,642
Income tax expense		25,762			22,301			49,346			62,503
Net income	$	78,755		$	62,073		$	151,700		$	193,139
Net income per common share:
Basic	$	1.15		$	0.89		$	2.21		$	2.80
Diluted	$	1.12		$	0.88		$	2.14		$	2.74
Weighted average common shares outstanding:
Basic		68,516			69,356			68,591			69,056
Diluted		70,312			70,601			70,896			70,364

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Lantheus Holdings, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(in thousands)


	Three Months Ended June 30,					Six Months Ended June 30,
	2025		2024			2025		2024
Net income	$	78,755	$	62,073		$	151,700	$	193,139
Other comprehensive income (loss):
Foreign currency translation		276		(32	)		133		(173	)
Comprehensive income	$	79,031	$	62,041		$	151,833	$	192,966

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Lantheus Holdings, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(Unaudited)

(in thousands)


	Six Months Ended June 30, 2025
																	Accumulated
												Additional					Other			Total
	Common Stock						Treasury Stock					Paid-In			Retained		Comprehensive			Stockholders'
	Shares			Amount			Shares		Amount			Capital			Earnings		Income (Loss)			Equity
Balance at January 1, 2025		70,905		$	709			2,455	$	(175,000	)	$	817,972		$	445,945	$	(1,615	)	$	1,088,011
Net income		—			—			—		—			—			72,945		—			72,945
Other comprehensive loss		—			—			—		—			—			—		(143	)		(143	)
Stock option exercises and employee stock plan purchases		107			1			—		—			5,868			—		—			5,869
Vesting of restricted stock units		845			8			—		—			(8	)		—		—			—
Shares withheld to cover taxes		(250	)		(2	)		—		—			(23,684	)		—		—			(23,686	)
Stock-based compensation		—			—			—		—			21,198			—		—			21,198
Balance at March 31, 2025		71,607		$	716			2,455	$	(175,000	)	$	821,346		$	518,890	$	(1,758	)	$	1,164,194
Net income		—			—			—		—			—			78,755		—			78,755
Other comprehensive income		—			—			—		—			—			—		276			276
Stock option exercises and employee stock plan purchases		56			1			—		—			2,444			—		—			2,445
Vesting of restricted stock units		48			—			—		—			—			—		—			—
Shares withheld to cover taxes		(9	)		—			—		—			(963	)		—		—			(963	)
Repurchase of common stock, including excise tax		—			—			1,260		(100,000	)		(245	)		—		—			(100,245	)
Stock-based compensation		—			—			—		—			22,321			—		—			22,321
Balance at June 30, 2025		71,702		$	717			3,715	$	(275,000	)	$	844,903		$	597,645	$	(1,482	)	$	1,166,783


	Six Months Ended June 30, 2024
																	Accumulated
												Additional					Other			Total
	Common Stock						Treasury Stock					Paid-In			Retained		Comprehensive			Stockholders'
	Shares			Amount			Shares		Amount			Capital			Earnings		Loss			Equity
Balance at January 1, 2024		69,863		$	699			1,339	$	(75,000	)	$	757,727		$	133,503	$	(1,037	)	$	815,892
Net income		—			—			—		—			—			131,066		—			131,066
Other comprehensive loss		—			—			—		—			—			—		(141	)		(141	)
Stock option exercises and employee stock plan purchases		86			1			—		—			2,756			—		—			2,757
Vesting of restricted stock units		988			9			—		—			(9	)		—		—			—
Shares withheld to cover taxes		(302	)		(3	)		—		—			(19,415	)		—		—			(19,418	)
Stock-based compensation		—			—			—		—			15,384			—		—			15,384
Balance at March 31, 2024		70,635		$	706			1,339	$	(75,000	)	$	756,443		$	264,569	$	(1,178	)	$	945,540
Net income		—			—			—		—			—			62,073		—			62,073
Other comprehensive loss		—			—			—		—			—			—		(32	)		(32	)
Stock option exercises and employee stock plan purchases		68			1			—		—			1,548			—		—			1,549
Vesting of restricted stock units		58			1			—		—			(1	)		—		—			—
Shares withheld to cover taxes		(11	)		—			—		—			(924	)		—		—			(924	)
Stock-based compensation		—			—			—		—			18,479			—		—			18,479
Balance at June 30, 2024		70,750		$	708			1,339	$	(75,000	)	$	775,545		$	326,642	$	(1,210	)	$	1,026,685

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Lantheus Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	Six Months Ended June 30,
	2025			2024
Cash flows from operating activities:
Net income	$	151,700		$	193,139
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation, amortization and accretion		26,857			30,264
Adjustment to the fair value of asset retirement obligation		(4,727	)		—
Amortization of debt-related costs		2,230			2,145
Inventory adjustments		936			1,925
Stock-based compensation		43,519			33,863
Gain on disposal of assets		—			(6,254	)
Unrealized loss (gain) on investment in equity securities		289			(38,167	)
Charges incurred pursuant to acquired in-process research and development		5,413			66,000
Deferred taxes		(5,577	)		(7,629	)
Long-term income tax payable and other long-term liabilities		(3	)		1,588
Other		3,263			4,682
Changes in operating assets and liabilities, excluding impact of acquisitions:
Accounts receivable		(28,651	)		(88,028	)
Inventory		(5,410	)		(7,975	)
Other current and noncurrent assets		(1,916	)		2,813
Accounts payable		9,365			6,873
Accrued expenses and other current and noncurrent liabilities		(2,619	)		16,719
Net cash provided by operating activities		194,669			211,958
Cash flows from investing activities:
Capital expenditures		(16,679	)		(19,448	)
Acquisition of in-process research and development		(5,413	)		—
Proceeds from sale of assets		—			8,000
Acquisition of assets, net		—			(33,911	)
Acquisition of Evergreen, net of cash acquired		(269,098	)		—
Purchases of investment in equity securities		(5,000	)		(78,256	)
Acquisition of exclusive license option		—			(28,000	)
Net cash used in investing activities		(296,190	)		(151,615	)
Cash flows from financing activities:
Payments of long-term debt and other borrowings		(465	)		(628	)
Proceeds from stock option exercises		6,331			2,483
Proceeds from employee stock purchase plan		1,983			1,823
Payments for minimum statutory tax withholding related to net share settlement of equity awards		(24,481	)		(20,424	)
Repurchase of common stock		(100,000	)		—
Net cash used in financing activities		(116,632	)		(16,746	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		929			(213	)
Net (decrease) increase in cash, cash equivalents and restricted cash		(217,224	)		43,384
Cash, cash equivalents and restricted cash, beginning of period		914,486			715,285
Cash, cash equivalents and restricted cash, end of period	$	697,262		$	758,669

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Lantheus Holdings, Inc.

Condensed Consolidated Statements of Cash Flows (Continued)

(Unaudited)

(in thousands)


	Six Months Ended June 30,
	2025		2024
Reconciliation to amounts within the condensed consolidated balance sheets
Cash and cash equivalents	$	695,572	$	757,018
Restricted cash included in other long-term assets		1,690		1,651
Cash, cash equivalents and restricted cash at end of period	$	697,262	$	758,669


	Six Months Ended June 30,
	2025		2024
Schedule of non-cash investing and financing activities
Additions of property, plant and equipment included in liabilities	$	6,834	$	7,937
Contingent consideration liabilities related to the acquisition of Evergreen	$	43,042	$	—
Lease liability settled through transfer of lease	$	—	$	376
Modification of lease agreement	$	5,789	$	—
Right-of-use asset obtained in exchange for finance lease obligation	$	150	$	—
Excise tax payable on net common stock repurchases	$	245	$	—
Acquisition of in-process research and development included in liabilities	$	—	$	37,000

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Lantheus Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note Regarding Company References and Trademarks

Unless the context otherwise requires, references to the “Company,” “our Company,” “Lantheus,” “we,” “us” and “our” refer to Lantheus Holdings, Inc. and its direct and indirect wholly-owned subsidiaries; references to “Lantheus Holdings” refer to Lantheus Holdings, Inc. and not to any of its subsidiaries; references to “Lantheus Medical” refer to Lantheus Medical Imaging, Inc., the wholly-owned subsidiary of Lantheus Holdings; references to “Aphelion,” “Lantheus Alpha” and “Meilleur” refer to Aphelion LLC, Lantheus Alpha Therapy, LLC and Meilleur Technologies, Inc., respectively, each a wholly-owned subsidiary of Lantheus Holdings; references to “Cerveau,” “Lantheus Real Estate,” “Progenics,” and “Evergreen,” refer to Cerveau Technologies, Inc.; Lantheus MI Real Estate, LLC; Progenics Pharmaceuticals, Inc. and Evergreen Theragnostics, Inc., respectively, each a wholly-owned subsidiary of Lantheus Medical, and references to “EXINI” refer to EXINI Diagnostics AB, a wholly-owned subsidiary of Progenics.

Solely for convenience, the Company refers to trademarks, service marks and trade names in this Quarterly Report on Form 10-Q (“Form 10-Q”) without the TM, SM and ® symbols. Those references are not intended to indicate, in any way, that the Company will not assert, to the fullest extent permitted under applicable law, its rights to its trademarks, service marks and trade names. Each trademark, trade name or service mark of any other company appearing in this Form 10-Q, is, to the Company’s knowledge, owned by that other company.

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Lantheus and have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement have been included. The preparation of the Company’s condensed consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenue and expenses, and related disclosures. The results of operations for the three and six months ended June 30, 2025 and 2024 are not necessarily indicative of the results that may be expected for any future period.

The condensed consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated financial statements at that date but does not include all the information and notes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of the Company’s most recent Annual Report on Form 10-K (“Form 10-K”) for the year ended December 31, 2024 filed with the Securities Exchange Commission (“SEC”) on February 26, 2025.

2. Summary of Significant Accounting Policies

Assets Held for Sale

The Company classifies an asset as held for sale when management, having the authority to approve the action, commits to a plan to sell the asset, the sale is probable within one year and the asset is available for immediate sale in its present condition. The Company also considers whether an active program to locate a buyer has been initiated, whether the asset is marketed actively for sale at a price that is reasonable in relation to its current fair value and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company initially measures an asset that is classified as held for sale at the lower of its (i) carrying amount or (ii) fair value less costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized until the date of sale. The Company assesses the fair value of an asset less costs to sell each reporting period that the asset remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying amount of the asset, as long as the new carrying amount does not exceed the carrying amount of the asset at the time it was initially classified as held for sale. Assets are not depreciated or amortized while they are classified as held for sale.

Investments

Equity investments with readily determinable fair values for which the Company does not have significant influence over the investee are measured at fair value on a recurring basis. Equity investments without readily determinable fair values for which the Company does not have significant influence over the investee are measured at cost with adjustments for observable changes in price or impairments (referred to as the measurement alternative). For equity investments for which the Company does not have significant influence over the investee, changes in the value of unsold equity investments are recorded in investment in equity securities – unrealized loss (gain). Equity investments for which the Company has significant influence over the investee are measured using the equity method unless the Company elects to apply the fair value option to account for the investment.

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Lantheus Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Recent Accounting Pronouncements

The Company has considered all new accounting standards issued by the Financial Accounting Standards Board (“FASB”). The Company has not yet adopted the following standards:

In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-04, “Debt - Debt with Conversion and Other Options (Subtopic 470-20),” which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion rather than as extinguishment of debt. The requirements of ASU 2024-04 are effective for the annual periods beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted. For the Company, the requirements under ASU 2024-04 will be effective for its Form 10-Q for the first quarter of 2026. The Company is currently in the process of evaluating the effects of this pronouncement on its consolidated financial results and related disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40),” and in January 2025, the FASB issued ASU 2025-01, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date.” ASU 2024-03 requires additional income statement disclosures, including the disaggregation of specific categories of expenses underlying the line items presented on the income statement. Additionally, ASU 2024-03 requires enhanced disclosure of selling expenses. As clarified by ASU 2025-01, the requirements of the guidance are effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. For the Company, annual reporting requirements under ASU 2024-03 will be effective for its Form 10-K for the year ending December 31, 2027 and interim reporting requirements will be effective beginning in the first quarter of 2028. Early adoption is permitted and the amendments should be applied on a prospective basis, however retrospective application is permitted. The Company is currently in the process of evaluating the impact of this pronouncement on its related disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires enhanced income tax disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact of this pronouncement on its related disclosures.

3. Revenue from Contracts with Customers

The following table summarizes revenue by source as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Major Products /Service Lines
Product revenue, net(1)	$	374,547	$	392,756	$	741,465	$	762,069
License and royalty revenues		3,498		1,335		9,344		1,997
Total revenues	$	378,045	$	394,091	$	750,809	$	764,066

(1)

The Company’s product revenue includes PYLARIFY and DEFINITY among other products. This category represents the delivery of physical goods. The Company applies the same revenue recognition policies and judgments for all its principal products.

The Company classifies its revenues into three product categories: Radiopharmaceutical Oncology, Precision Diagnostics, and Strategic Partnerships and Other Revenue. Radiopharmaceutical Oncology consists of PYLARIFY and historically included AZEDRA. In the first quarter of 2024, the Company discontinued the production of AZEDRA. Precision Diagnostics includes DEFINITY, TechneLite and other diagnostic imaging products. Strategic Partnerships and Other Revenue primarily includes revenue derived from partnerships with pharmaceutical companies and academic institutions that use the Company’s investigational products, such as MK-6240 and NAV-4694, in clinical trials as research tools, royalties and other milestone payments received from the Company’s strategic partners that have commercialized products pursuant to license arrangements with the Company, as well as contract development and manufacturing organization (“CDMO”) revenue generated by Evergreen.

Revenue by product category on a net basis is as follows:

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Lantheus Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
PYLARIFY	$	250,642	$	273,255	$	508,296	$	532,125
Other radiopharmaceutical oncology		—		—		—		384
Total radiopharmaceutical oncology		250,642		273,255		508,296		532,509
DEFINITY		83,939		78,100		163,150		154,664
TechneLite		24,982		28,186		44,693		49,900
Other precision diagnostics		6,892		5,825		12,333		11,757
Total precision diagnostics		115,813		112,111		220,176		216,321
Strategic partnerships and other revenue		11,590		8,725		22,337		15,236
Total revenues	$	378,045	$	394,091	$	750,809	$	764,066

The Company is required to allocate a portion of its revenue received from commercial contracts to future reporting periods to the extent the Company had performance obligations that extended beyond one year. However, the Company’s performance obligations are typically part of contracts that have an original expected duration of one year or less. Therefore, since the Company elected the practical expedient under Accounting Standards Codification (“ASC”) 606-10-50-14, it does not disclose information regarding remaining performance obligations which are part of contracts that have an original expected duration of one year or less.

4. Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability of fair value measurements, financial instruments are categorized based on a hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:

•

Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

•

Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•

Level 3 — Unobservable inputs that reflect the Company’s estimates about the assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data.

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis consist of money market funds, deferred compensation plan liabilities, contingent consideration liabilities and equity investments.

The Company invests excess cash from its operating cash accounts in overnight investments and reflects these amounts in cash and cash equivalents in the condensed consolidated balance sheets at fair value using quoted prices in active markets for identical assets.

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Lantheus Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The tables below present information about the Company’s assets and liabilities measured at fair value on a recurring basis:


			June 30, 2025
	Total Fair
(in thousands)	Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	533,320	$	533,320	$	—	$	—
Investment securities		44,235		44,235		—		—
Total assets	$	577,555	$	577,555	$	—	$	—
Liabilities:
Deferred compensation plan liabilities	$	777	$	777	$	—	$	—
Contingent consideration liabilities		43,042		—		—		43,042
Total liabilities	$	43,819	$	777	$	—	$	43,042

			December 31, 2024
	Total Fair
(in thousands)	Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	682,209	$	682,209	$	—	$	—
Investment securities		39,489		39,489		—		—
Total assets	$	721,698	$	721,698	$	—	$	—

Nonqualified Deferred Compensation Plan

The Company maintains the Lantheus Nonqualified Deferred Compensation Plan (the “LDCP”) for the benefit of certain key, highly-compensated employees and non-employee directors. The assets of the LDCP are currently invested in corporate-owned life insurance ("COLI") at June 30, 2025. There were no assets or liabilities balances in the LDCP at December 31, 2024. The liabilities of the LDCP are presented in other long-term liabilities in the Company’s condensed consolidated balance sheets. See Note 18, “Benefit Plans” for more information on the LDCP.

Perspective Therapeutics Inc. Equity Securities

At June 30, 2025, the Company held 11,677,339 shares of Perspective common stock (“Perspective Shares”). The Company accounts for its investment in Perspective Shares as an equity investment with a readily determinable fair value, as the securities are publicly traded on the New York Stock Exchange (“NYSE”). The fair value of the Perspective Shares is based on its closing price on the NYSE at the end of the fiscal period and is classified within Level 1 of the fair value hierarchy because the equity securities are valued using quoted market prices. The fair value of the Perspective Shares as of June 30, 2025 was approximately $40.2 million based on a closing market price of $3.44 per share on June 30, 2025, resulting in an unrealized gain of $15.3 million and $2.9 million for the three and six months ended June 30, 2025. See Note 19, “Acquisitions” for further discussion of the Perspective transaction.

Radiopharm Theranostics Limited Equity Securities

The Company held 149,625,180 shares of Radiopharm common stock (“Radiopharm Shares”) as of December 31, 2024. In January 2025, the Company purchased via private placement, an additional 133,333,333 Radiopharm Shares for $5.0 million. At June 30, 2025, the Company held 282,958,513 Radiopharm Shares. The Company accounts for its investment in Radiopharm Shares as an equity investment with a readily determinable fair value, as the securities are publicly traded on the Australian Stock Exchange (“ASX”). The fair value of the Radiopharm Shares is based on the closing price on the ASX at the end of the fiscal period and is classified within Level 1 of the fair value hierarchy because the equity securities are valued using quoted market prices. The fair value of the Radiopharm Shares as of June 30, 2025 was approximately $4.1 million based on the converted closing market price of approximately $0.01 per share on June 30, 2025, resulting in an unrealized loss on equity securities of $0.8 million and $3.3 million for the three and six months ended June 30, 2025. See Note 19, “Acquisitions” for further discussion of the Radiopharm transaction.

Contingent Consideration

Progenics

The Company assumed contingent consideration liabilities related to a previous acquisition completed by Progenics in 2013 (“2013 Acquisition”). These contingent consideration liabilities include potential payments of up to $70.0 million if the Company attains certain net

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Lantheus Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

sales targets primarily for AZEDRA and 1095 (also known as 131 I-MIP-1095) and a $5.0 million 1095 commercialization milestone. Additionally, there is a potential payment of up to $10.0 million for a commercialization milestone related to a prostate cancer product candidate the Company refers to as “1404” that was out-licensed to ROTOP Pharmaka GmbH. The Company’s total potential payments related to the 2013 Acquisition are approximately $85.0 million. The Company considers the contingent consideration liabilities relating to the 2013 Acquisition each a Level 3 instrument (one with significant unobservable inputs) in the fair value hierarchy. The estimated fair value of these was determined based on probability adjusted discounted cash flows and Monte Carlo simulation models that included significant estimates and assumptions pertaining to commercialization events and sales targets. The most significant unobservable inputs with respect to 1095 and 1404 are the probabilities of achieving regulatory approval of those development projects and subsequent commercial success.

Significant changes in any of the probabilities of success, the probabilities as to the periods in which sales targets and milestones will be achieved, discount rates or underlying revenue forecasts would result in a higher fair value measurement. The Company records the contingent consideration liabilities at fair value with changes in estimated fair values recorded in general and administrative expenses in the condensed consolidated statements of operations. The Company can give no assurance that the actual amounts paid, if any, in connection with the contingent consideration liabilities, will be consistent with any recurring fair value estimate of such contingent consideration liabilities. The Company estimated that the probability of successfully meeting the sales targets and commercialization milestones described above was zero. As a result of this assessment, the Company determined the value of the contingent consideration liabilities to be $0 at June 30, 2025 and December 31, 2024.

Evergreen Theragnostics, Inc.

Pursuant to the terms of the Agreement and Plan of Merger (the "Evergreen Merger Agreement") with Evergreen and Shareholder Representative Services LLC governing the Company's acquisition of Evergreen in April 2025 (see Note 19, "Acquisitions"), the Company is required to make certain remaining payments of up to $727.5 million in cash upon the achievement of specified milestones in connection with the development and commercialization of certain milestone products, as defined in the Evergreen Merger Agreement, and Octevy (also referred to as LNTH-2501), a registrational-stage positron emission tomography ("PET") diagnostic imaging agent targeting neuroendocrine tumors. The Company records these possible payments as contingent consideration liabilities that are classified within Level 3 of the fair value hierarchy. The Company estimated the fair value of the contingent consideration liabilities associated with the sales milestones using a Monte Carlo simulation in a risk-neutral framework, whereby the achievement of the future revenue associated with the sales milestones was simulated using a geometric Brownian motion model. The Company estimated the fair value of the contingent consideration liability associated with the development and commercialization milestones using a probability-weighted discounted cash flow (“DCF”) approach.

Significant changes in any of the probabilities of success, the probabilities as to the periods in which sales targets and milestones will be achieved, discount rates or underlying revenue forecasts would result in a higher or lower fair value measurement. The Company records the contingent consideration liabilities at fair value with changes in estimated fair values recorded in general and administrative expenses in the condensed consolidated statements of operations. The Company can give no assurance that the actual amounts paid, if any, in connection with the contingent consideration liabilities, will be consistent with any recurring fair value estimate of such contingent consideration liabilities. As a result of this assessment, the Company determined the value of the contingent consideration liabilities to be $43.0 million at June 30, 2025.

The recurring Level 3 fair value measurements of the Company's contingent consideration liabilities include the following significant unobservable inputs (in thousands, except percent data):

          
         Fair Value at

         Contingent Consideration Liability

         June 30,
2025

         Valuation Technique

         Unobservable Inputs

         Range

         Weighted Average

Development and commercialization milestones

39,888

Discounted cash flow

Payment discount rate

7.8% - 12.1%

7.9%

          
         Probability of payment

         0% - 100%

         23.4%

          
         Range of expected payment dates

         2026 - 2037

         N/A

Sales milestone

3,154

Scenario analysis

Revenue volatility

37.5%

37.5%

          
         Revenue discount rate

         9.1% - 9.4%

         N/A

          
         Payment discount rate

         7.9% - 9.2%

         N/A

Total contingent consideration liabilities

43,042

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Lantheus Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

5. Income Taxes

The Company calculates income taxes at the end of each reporting period based on the estimated effective tax rate for the full year, adjusted for any discrete events which are recorded in the period they occur. Cumulative adjustments to the tax provision are recorded in the reporting period in which a change in the estimated annual effective tax rate is determined. The Company’s income tax expense and effective tax rate are presented below:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2025			2024			2025			2024
Income tax expense	$	25,762		$	22,301		$	49,346		$	62,503
Effective tax rate		24.6	%		26.4	%		24.5	%		24.4	%

The decrease in the effective income tax rate for the three months ended June 30, 2025 is primarily due to the change in the valuation allowance related to the fluctuation in value of the Company's investment in equity securities balance, partially offset by the increase in non-deductible stock compensation. There was no material change in the effective tax rate for the six months ended June 30, 2025, when compared to the same period of 2024.

6. Inventory

Inventory, net of related reserves, consisted of the following:


	June 30,		December 31,
(in thousands)	2025		2024
Raw materials	$	26,446	$	29,080
Work in process		13,663		15,870
Finished goods		22,048		23,075
Total inventory, net(1)	$	62,157	$	68,025

(1)

As of June 30, 2025, amounts totaling $3.4 million, $1.8 million and $5.2 million were reclassified to assets held for sale, from raw materials, work in process and finished goods, respectively, as a result of the pending sale of the Company’s single-photon emission computerized tomography (“SPECT”) business. See Note 8, “Assets and Liabilities Held for Sale” for more information.

The majority of the value of the inventory relates to non-radioactive products. With respect to the Company’s products that are radiopharmaceuticals, due to the limited shelf life of such products, they are generally not held as finished goods.

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Lantheus Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

7. Property, Plant and Equipment, Net

Property, plant and equipment, net, consisted of the following:


	June 30,			December 31,
(in thousands)	2025			2024
Land	$	3,020		$	9,480
Buildings		50,114			85,523
Machinery, equipment and fixtures		86,509			114,357
Computer software		52,375			48,702
Construction in progress		31,164			27,498
Total gross property, plant and equipment		223,182			285,560
Less - accumulated depreciation and amortization		(65,456	)		(108,762	)
Total property, plant and equipment, net	$	157,726		$	176,798

(1)

As of June 30, 2025, amounts totaling $6.5 million in land, $46.2 million in buildings, $37.9 million in machinery, equipment and fixtures, $0.4 million in computer software, $5.7 million in construction in progress and $53.2 million in accumulated depreciation and amortization were reclassified to assets held for sale as a result of the pending sale of the Company’s SPECT business. See Note 8, “Assets and Liabilities Held for Sale” for more information.

Depreciation and amortization expense related to property, plant and equipment, net, was $5.1 million and $4.6 million for the three months ended June 30, 2025 and 2024, respectively, and $10.6 million and $10.0 million for the six months ended June 30, 2025 and 2024, respectively.

On January 8, 2024, the Company entered into an agreement with Perspective to transfer the sublease for the property at 110 Clyde Rd, Somerset, New Jersey (the “Somerset Facility”) and sell the associated assets at the Somerset Facility for $8.0 million. The transfer of the sublease and completion of the asset sale occurred on March 1, 2024. The sale of assets resulted in a derecognition to the right-of-use asset of $0.4 million, the lease liability of $0.4 million and remaining property, plant and equipment of $0.8 million. The Company also incurred commission expense of $1.0 million related to the transaction. The Company recorded a gain of $6.3 million for the six months ended June 30, 2024 within operating income.

See Note 19, “Acquisitions” for further discussion of the Perspective transaction.

8. Assets and Liabilities Held for Sale

SPECT Business

On May 1, 2025, the Company entered into a definitive agreement to sell its single-photon emission computerized tomography (“SPECT”) business to SHINE Technologies, LLC ("SHINE"), a wholly-owned subsidiary of Illuminated Holdings, Inc. Under the terms of the agreement, SHINE will acquire the assets and liabilities associated with the Company’s SPECT business, including its diagnostics agents (TechneLite, NEUROLITE, Xenon Xe-133 Gas, and Cardiolite) and the portion of the North Billerica, Massachusetts campus that manufactures the Company’s SPECT products and SPECT-related Canadian operations. The transaction is subject to customary closing conditions and is expected to be completed around the end of the calendar year.

As of June 30, 2025, assets and liabilities associated with the Company’s SPECT business have been presented in the Company’s condensed consolidated balance sheets as assets and liabilities held for sale as it was determined that these assets and liabilities met the criteria of held-for-sale under ASC 360, “Impairment or disposal of long-lived assets,” and will continue to be classified as such until the transaction is completed. The Company determined that the fair value less costs to sell exceeded the carrying value of the assets and liabilities associated with the SPECT business, and therefore no indicator of impairment was present with respect to these assets during the three and six months ended June 30, 2025. The Company does not believe the sale represents a strategic shift having a major effect on the Company's consolidated financial results and therefore does not meet the criteria for classification as discontinued operations.

Table of Contents

Lantheus Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The table below presents the carrying amounts of assets and liabilities held for sale related to the SPECT transaction:


	June 30,
(in thousands)	2025
Assets:
Accounts receivable, net	$	16,386
Inventory		10,368
Other current assets		1,842
Property, plant and equipment, net		43,451
Intangible assets, net		827
Goodwill

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging Growth Company

Lantheus Holdings, Inc. 10-Q