Lantheus Holdings (LNTH) FY2025 results: revenue $1.5 billion, up 0.5% on the year
Lantheus Holdings, Inc. (LNTH) reported revenue of $1.5 billion for fiscal 2025, the year ended 31 December 2025, up 0.5% on the year before. Net income was $234 million, down 25.2%, and diluted earnings per share $3.41. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 new.
- Revenue rose 4.0% in quarter: Worldwide revenue was $406.8 million for the fourth quarter, up from $391.1 million. Full year revenue was $1.54 billion, up 0.5% from $1.53 billion.
- Adjusted EPS rose; GAAP EPS turned positive: Adjusted diluted EPS was $1.67 against $1.59, and GAAP diluted EPS was $0.82 against a loss of $0.17. Full year adjusted diluted EPS was $6.08 against $6.76.
- PYLARIFY sales fell 9.7%: PYLARIFY sales were $240.2 million in the quarter, down from $265.9 million. Full year PYLARIFY sales were $989.1 million, down 6.5%.
- Neuraceq reached $31.0 million: Neuraceq sales were $31.0 million in the quarter and $51.4 million for the year. Management described Neuraceq as the second largest commercially approved amyloid PET agent used in the U.S.
- Operating income fell 32.2%: Operating income was $77.2 million, down 32.2%. Adjusted operating income was $138.9 million, down 8.5% from $151.8 million.
From this 10-K
Lantheus makes radiopharmaceuticals and other imaging agents that help doctors find, treat and monitor disease, especially prostate cancer, heart disease and Alzheimer's disease. It groups its products into three categories: Radiopharmaceutical Oncology, Precision Diagnostics, and Strategic Partnerships and Other Revenue. It is headquartered in Massachusetts, with offices in New Jersey, Canada, Germany, Switzerland, Sweden and the United Kingdom.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 1,542 | 1,534 | 1,296 | +0.5% | |
| Cost of revenue | 600 | 546 | 587 | +9.9% | |
| Gross profit | 942 | 988 | 710 | -4.7% | |
| Gross margin | 61.1% | 64.4% | 54.7% | ||
| Research and development | 177 | 168 | 77.7 | +5.5% | |
| Operating income | 311 | 457 | 365 | -32.0% | |
| Operating margin | 20.2% | 29.8% | 28.1% | ||
| Interest expense | 19.7 | 19.7 | 20.0 | +0.4% | |
| Pre-tax income | 314 | 431 | 411 | -27.2% | |
| Income tax | 80.2 | 119 | 84.3 | -32.3% | |
| Effective tax rate | 25.6% | 27.5% | 20.5% | ||
| Net income | 234 | 312 | 327 | -25.2% | |
| Net margin | 15.2% | 20.4% | 25.2% | ||
| Diluted EPS | $3.41 | $4.36 | $4.65 | -21.8% |
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 390 | 545 | 305 | -28.4% | |
| Capital expenditure | 36.1 | 51.6 | 45.3 | -30.1% | |
| Free cash flow | 354 | 493 | 260 | -28.2% | |
| Free cash flow margin | 23.0% | 32.1% | 20.0% | ||
| Cash from investing | -627 | -226 | 5.9 | ||
| Cash from financing | -317 | -119 | -13.1 | ||
| Depreciation and amortisation | 70.1 | 64.6 | 60.0 | +8.5% | |
| Share-based compensation | 85.6 | 76.4 | 50.5 | +12.0% | |
| Buybacks | 300 | 100 | 0.0 | +200.0% | |
| Diluted shares, weighted | 68m | 72m | 70m | -4.5% | |
| Shares outstanding at period end | 65m | 71m | 70m | -8.9% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 1,090 | 1,088 | 816 | +0.2% | |
| Debt | 569 | 565 | 562 | +0.6% | |
| Operating lease liabilities | 50.0 | 53.2 | 54.5 | -6.0% | |
| Finance lease liabilities | 0.5 | 0.7 | 0.6 | -23.8% | |
| Other liabilities | 518 | 273 | 219 | +89.8% | |
| Total liabilities and equity | 2,227 | 1,980 | 1,651 | +12.5% | |
| Fixed assets | 164 | 177 | 147 | -7.4% | |
| Goodwill | 240 | 61.2 | 61.2 | +291.4% | |
| Intangible assets | 723 | 162 | 152 | +346.8% | |
| Cash and equivalents | 359 | 913 | 714 | -60.7% | |
| Receivables | 359 | 321 | 284 | +11.6% | |
| Inventory | 64.7 | 68.0 | 64.0 | -4.9% | |
| Other assets | 319 | 278 | 229 | +14.5% | |
| Total assets | 2,227 | 1,980 | 1,651 | +12.5% |
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.