Start here if you're new
what it is
Lantheus makes scans and cancer-targeting drugs that help doctors find disease, track it, and sometimes treat it.
how it gets paid
Last year Lantheus made $1.5B in revenue. Precision Diagnostics was the main engine at $0.93B, or 62% of sales.
why it's growing
Revenue grew 0.5% last year. The 61.8% gross margin matters most because margin is what separates a real product franchise from a commodity supplier.
what just happened
Revenue hit $1.1B, up 196% vs. prior year, while EPS jumped to $2.60.
At a glance
B+ balance sheet — decent shape, but not bulletproof
20/100 earnings predictability — expect surprises
12.2x trailing p/e — the market's not buying it — or you found a deal
21.5% return on capital — every dollar works hard here
xvary composite: 47/100 — below average
What they do
Lantheus makes scans and cancer-targeting drugs that help doctors find disease, track it, and sometimes treat it.
This business wins because hospitals do not casually swap out imaging agents once workflows are built. Switching costs (changing systems) → operational hassle → you keep buying from the vendor that already works. Lantheus turned that stickiness into a 20.2% operating margin and 21.5% return on capital, which is well above what most healthcare suppliers manage.
How they make money
$1.5B
annual revenue · their business grew +0.5% last year
Precision Diagnostics
$0.93B
3.0%
Radiopharmaceutical Oncology
$0.26B
+12.0%
Strategic Partnerships & Other
$0.18B
+9.0%
Legacy SPECT and imaging agents
$0.13B
6.0%
The products that matter
lead diagnostic franchise
PYLARIFY
center of the $1.5B story
this is the product investors talk about first because the company did $1.5B in revenue last year and grew 36%. when one franchise dominates the conversation, it also dominates the scrutiny.
core debate
legacy diagnostics base
diagnostic imaging portfolio
supports 34.0% margin
the broader diagnostics business matters because it helps support a 34.0% operating margin and gives Lantheus infrastructure to sell through. this page does not break out the revenue mix. that's a data gap worth respecting.
base business
next growth layer
radiotherapeutics platform
$2B revenue est
the street expects revenue to reach $2B in FY2026, up from $1.5B. to get there, the company needs the story to broaden beyond one star asset.
future test
Key numbers
12.2x
trailing p/e
P/E (price-to-earnings) → what investors pay for each dollar of profit → you are paying a low multiple for a business with a 20.2% operating margin.
20.2%
operating margin
Operating margin → profit after running the business → Lantheus keeps about $0.20 from each revenue dollar before interest and taxes.
21.5%
return on capital
Return on capital → profit earned on money invested in the business → this says management has been turning assets into earnings well.
$568M
long-term debt
Debt is 11% of capital, which is manageable against a $4B market cap and a B+ balance sheet grade.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 10 / 100
- long-term debt $568M (11% of capital)
- net profit margin 24.3% — keeps 24 cents of every dollar in revenue
- return on equity 30% — $0.30 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in LNTH 3 years ago → it's now worth $12,140.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Revenue hit $1.1B, up 196% vs. prior year, while EPS jumped to $2.60.
Gross margin reached 61.8%, which tells you the business still has pricing power even as competition has picked up. Consensus shows a $1.67 vs $1.18 beat on a different adjusted basis, so the exact EPS lens varies, but the direction was still strong.
$1.1B
revenue
$2.60
eps
61.8%
gross margin
the number that mattered
The 61.8% gross margin matters most because margin is what separates a real product franchise from a commodity supplier.
-
lantheus has undergone a leadership change.effective december 31, brian markison has stepped down after fewer than two full years as ceo, handing back the reins on an interim basis to chairperson mary anne heino, who previously served in the role from 2015 to 2024.
-
the board has initiated a comprehensive search process to aid in identifying a permanent ceo.
-
in order to support an orderly transition, mr.
-
markison has agreed to serve as a strategic advisor through march 31st.separately, president paul blanchfield has departed lantheus, having accepted another role elsewhere.
-
third-quarter results proved disappointing.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk here is PYLARIFY concentration. When one franchise carries the narrative, any slowdown starts to hit the stock before it fully hits the income statement.
med
PYLARIFY concentration
This page does not break out product mix, but the narrative already does. Investors are mostly paying attention to PYLARIFY. If that franchise loses momentum, the rest of the portfolio has to work harder just to keep the multiple from shrinking.
With the stock at 12.2x trailing earnings, you are not paying for perfection. You are still exposed to one product doing too much of the emotional work.
med
procedure volume softness
Diagnostic imaging and radiotherapeutics are tied to real-world procedure flow. If scan volumes or treatment activity cools, a business with 34.0% operating margin can feel that quickly.
High-margin businesses look great on the way up. They can also show downside faster when throughput slows.
med
the low multiple may be a message
A 36% growth company trading at 12.2x earnings can be mispriced. It can also be the market telling you current profits are not trusted. The 20/100 earnings predictability score does not exactly calm that argument.
If revenue falls short of the $2B FY2026 estimate while margins slip from 34.0%, the stock can get hit by weaker earnings and a lower multiple at the same time.
A business doing $1.5B in revenue with a 24.5% net margin has real earning power. The risk is that the market only fully believes it as long as the lead franchise keeps delivering.
source: institutional data · regulatory filings · risk analysis
Pay attention to
trend
revenue path to $2B
The cleanest test on the page is simple: can Lantheus move from $1.5B last year toward the $2B FY2026 estimate without losing margin quality.
calendar
next earnings update
Use the next update to separate real business momentum from narrative momentum. Last full review: updated feb 6, 2026.
risk
PYLARIFY dependence
If management keeps spending most of its time defending one product's trajectory, that tells you the market's concentration worry is still the right worry.
metric
earnings predictability
20/100 is low. If that number stays weak while institutions keep selling, you should assume the discount exists for a reason.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts think the stock can lag from here.
risk profile
average
stability score 3 — fairly middle-of-the-road business risk, even if the stock itself is not especially calm.
chart momentum
below average
technical score 4 — price action is not doing the bull case any favors right now.
earnings predictability
20 / 100
earnings predictability is low. In plain English: expect surprises, and assume the market will react hard to them.
source: institutional data
Institutional activity
institutions have been net selling for 2 consecutive quarters — 172 buyers vs. 310 sellers in 3q2025. total institutional holdings: 72.1M shares. net selling for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$49
$139
$68
current price
$94
target midpoint · +39% from current · 3-5yr high: $135 (+100% · 19% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive