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Lantheus Investor Presentation BUILDING ON OUR FOUNDATION TO POWER THE FUTURE OF RADIOPHARMACEUTICALS NASDAQ: LNTH © 2025 Lantheus. All rights reserved. 2025 Truist Securities MedTech Conference June 17, 2025
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Cautionary Statement Regarding Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by their use of terms such as “advance,” "aim," “believes,” “building,” “continue,” “could,” “creating,” “driving,” “evolving,” “expect,” “guidance,” "intend", “maintain,” “may,” “on track,” “plan,” “position,” “potential,” “predict,” “should,” “target,” “will,” “would” and other similar terms. Such forward-looking statements include our guidance for the fiscal year 2025, our plans to expand our portfolio of late-stage assets and high potential early-stage candidates, our acquisition of Evergreen Theragnostics Inc. (“Evergreen”) and potential acquisition of Life Molecular Imaging Ltd. (“Life Molecular”), expectations relating to adding a commercial team in the Alzheimer’s space from the Life Molecular acquisition, and our plans to divest our SPECT business to SHINE Technologies, LLC (“SHINE”), and are based upon current plans, estimates and expectations that are subject to risks and uncertainties that could cause actual results to materially differ from those described in the forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Readers are cautioned not to place undue reliance on the forward- looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Risks and uncertainties that could cause our actual results to materially differ from those described in the forward-looking statements include: (i) continued market expansion and penetration for our established commercial products, particularly PYLARIFY and DEFINITY, in a competitive environment and our ability to clinically and commercially differentiate our products; (ii) our ability to have third parties manufacture our products and our ability to manufacture DEFINITY in our in-house manufacturing facility, in amounts and at the times needed; (iii) the availability of raw materials, key components, and equipment, either used in the production of our products and product candidates, or in the use by healthcare professionals of our products and product candidates, including, but not limited to positron emission tomography (“PET”) scanners for PYLARIFY, MK-6240 and NAV-4694; (iv) our ability to satisfy our obligations under our existing clinical development partnerships using MK-6240 or NAV-4694 as a research tool and under the license agreements through which we have rights to MK-6240 and NAV-4694, and to further develop and commercialize MK-6240 and NAV-4694 as approved products, including the timing for any potential regulatory submissions for these investigational assets; (v) our ability to successfully integrate acquisitions, including of Life Molecular, subject to completion of our acquisition thereof, and Evergreen, including the potential for unforeseen expenses related to integration activities, the accuracy of our financial models, the potential for unforeseen liabilities within those businesses, the ability to integrate disparate information technology systems, retain key talent and create a merged corporate culture that successfully realizes the full potential of the combined organization; (vi) our ability to complete the transaction with SHINE on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary regulatory approvals and satisfaction of other closing conditions to consummate the transaction, unforeseen expenses related to the divestiture, and failure to realize the expected benefits of the transaction; (vii) our ability to obtain U.S. Food and Drug Administration (“FDA”) approval for LNTH-2501, our investigational kit for the preparation of Gallium-68 DOTATOC, which may be used in conjunction with a PET scan to stage and localize gastroenteropancreatic neuroendocrine tumors in adults and children, and approval for PNT2003, and to be successful in the patent litigation associated with PNT2003; (viii) the cost, efforts and timing for clinical development, regulatory approval, adequate coding, coverage and payment and successful commercialization of our product candidates and new clinical applications and territories for our products, in each case, that we or our strategic partners may undertake; (ix) our ability to identify opportunities to collaborate with strategic partners and to acquire or in-license additional diagnostic and therapeutic product opportunities in oncology, neurology and other strategic areas and continue to grow and advance our pipeline of products; and (x) the risk and uncertainties discussed in our filings with the Securities and Exchange Commission (including those described in the Risk Factors section in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q). All trademarks, logos and service marks used in this presentation are the property of their respective owners. Non-GAAP Financial Measures The Company uses non-GAAP financial measures, such as adjusted net income and its line components; adjusted net income per share - fully diluted; adjusted operating income and free cash flow. The Company’s management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company’s operations, period over period. However, these measures may exclude items that may be highly variable, difficult to predict and of a size that could have a substantial impact on the Company’s reported results of operations for a particular period. Management uses these and other non-GAAP measures internally for evaluation of the performance of the business, including the evaluation of results relative to employee performance compensation targets. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. Safe Harbor Statements 2© 2025 Lantheus. All rights reserved.
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© 2025 Lantheus. All rights reserved. 3 FIND. FIGHT. FOLLOW. ® Lantheus is the leading radiopharmaceutical-focused company and is committed to enabling clinicians to Find, Fight and Follow disease to deliver better patient outcomes.
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Building on our Foundation to Power the Future of Radiopharmaceuticals 1. Subject to submission to and/or receipt of FDA approval; 2. The acquisition is subject to the approval by the South African Reserve Bank, which is anticipated 2Q 2025; 3. Cash, cash equivalents and restricted cash at the end of the period was $940.2 M; 4. See slides 46 and 47 for a reconciliation of GAAP to non-GAAP financials. © 2025 Lantheus. All rights reserved. 4 MARKET-LEADING COMMERCIAL PORTFOLIO POSITIONED FOR SUCCESS IN HIGH GROWTH MARKETS 1 ROBUST BALANCE SHEET AND CASH GENERATION $938.5M Cash on Hand3 as of March 31, 2025 $98.8M Free Cash Flow4 in Q1’25 Recent Transactions Enhance Capabilities Across the Value Chain and Sharpen Focus ACQUISITION Closed: APR 2025 ACQUISITION Close by: 2Q 20252 STRENGTHEN our radiodiagnostic and therapeutic capabilities EXPAND our commercial portfolio and pipeline ENHANCE long-term growth potential PSMA PET AD PET NET PET GEP-NET Tx
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Market-Leading Commercial Portfolio © 2025 Lantheus. All rights reserved. 5
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66 1. Internal analyses and data on file. 6 First Radiodiagnostic to Achieve BLOCKBUSTER STATUS 0 200 400 600 800 1000 1200 2021 2022 2023 2024 PYLARIFY Sales Year-over-Year Utilized PSMA PET Imaging Agent 1 $43M $527M $851M $1.058B $257.7M 1Q 2025 Net Sales Well-positioned to maintain market leadership
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Please see Indications and Important Safety Information for PYLARIFY and read accompanying full Prescribing Information available at PYLARIFY.com Reference: 1. Data on file, Lantheus. © 2025 Lantheus. All rights reserved. • Extensive manufacturing network with multiple radiopharmacies serving imaging centers in 48 states, the District of Columbia, and Puerto Rico1 • Available from over 60 manufacturing facilities nationally • Actively expanding PYLARIFY’s multi-partner manufacturing network to meet the growing needs of the PSMA PET market • Dedicated PYLARIFY Customer Experience team for quick resolution of issues from order through delivery Manufacturing sites As of May 2025 PYLARIFY is the only PSMA imaging agent that is widely available through an extensive, multi-partner 18F distributor supply network, ensuring convenient and reliable supply 7 NOTE: Markers represent epicenter of PMF site market range/coverage PR
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U.S. PSMA PET Imaging Market Potential of $3.5B+ by 2030 1. Market research interviews, survey, and analysis, Wenzel 2021 Prostate, Nezolosky 2018 J. Clin. Oncol., Agrawal 2020 JAMA. 2. Scher HI, Solo K, Valant J, Todd MB, Mehra M. 2015. Prevalence of Prostate Cancer Clinical States and Mortality in the United States: Estimates Using a Dynamic Progression Model. PloS one 10: e0139440. Based on: CDC.gov, SEER Database, NCCN.org and Axiom Primary and Secondary Market Research and Analysis, validated by Bohm Epidemiology 2020. 3. Expanded RLT indication from 3L only to 1L, 2L & mHSPC (metastatic Hormone Sensitive Prostate Cancer). 4. Addressable market based on current management estimates, internal data, and current WAC / 340B pricing and include assumptions as to key growth drivers described above. ~525K ANNUAL SCANS $2.5B+ MARKET POTENTIAL4 ~750K ANNUAL SCANS $3.5B+ MARKET POTENTIAL4 INITIAL STAGING FOR SUSPECTED METASTASES1 PSMA-TARGETED RADIOLIGAND THERAPY3 SUSPECTED RECURRENCE2 ~350K ~145K ~30K 2025 ~200K ~375K ~175K 2030 Factors Influencing Market Expansion: Expansion of Radiotherapeutics into earlier lines of treatment (i.e., from 3L mCRPC to include 2L, 1L and mHSPC populations) Increasing clinical utility of PSMA PET imaging in BCR population (increased number of scans per patient) Expansion of Initial Staging population to include patients with an Intermediate Favorable risk profile Overall increase in epidemiological population, 2-3% per year Annual Market and Scan Potential © 2025 Lantheus. All rights reserved. 8
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1Q 2025 $79.2M 1Q 2025 Net Sales +3.5% Growth 1Q 2025 Year-over-Year #1 Utilized Ultrasound Enhancing Agent1 DEFINITY remains the #1 utilized ultrasound enhancing agent2 1. DRG Real World Data (RWD) report; 2. Internal analyses and data on file. 99 © 2025 Lantheus. All rights reserved.
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As the #1 Utilized UEA, DEFINITY is the Clear Standard for Patients Who Present With a Suboptimal Echocardiogram SICU, surgical intensive care unit; UEA, ultrasound enhancing agents. 1. Data on file, Lantheus. 2. DEFINITY. Prescribing Information. Lantheus. 3. Kurt M, Shaikh KA, Peterson L, et al. Impact of contrast echocardiography on evaluation of ventricular function and clinical management in a large prospective cohort. J Am Coll Cardiol. 2009;53(9):802-810. doi:10.1016/j.jacc.2009.01.005. 4. Results from a prospective study of the impact of UEAs on cardiac diagnoses in 632 patients with technically difficult echocardiograms. UNENHANCED DEFINITY to adequate echos 3 CONVERTED 90% DEFINITY improved cardiac diagnosis and streamlined patient management1-3 of suboptimal echos 33% of patients avoided additional diagnostic procedures3,4 36% of patients experienced a significant change in medical management, procedures, or both3,4 >50% of SICU patients avoided additional diagnostic procedures3,4 © 2025 Lantheus. All rights reserved. 10
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Significant Opportunity Remains in the Suboptimal Echo Market 1. U.S. market; Internal Lantheus estimate. 2. AMR, Echocardiography Monthly Monitor and Real World Data; Kurt M et al. Journal of the American College of Cardiology, March 2009; Senior R et al., The European Society of Cardiology, 2006. ©2020 Millennium Research Group, Inc. All rights reserved. Reproduction, distribution, transmission or publication is prohibited. Reprinted with permission. 3. 20%-30% of echocardiograms result in sub-optimal images. Sources: i. Kurt M et al. Impact of contrast echocardiography on evaluation of ventricular function and clinical management in a large prospective cohort. Journal of the American College of Cardiology, Vol 53, No 9, March 2009, 802-810; ii. Platts DG and Fraser JF. Contrast echocardiography in critical care: echoes of the future? A review of the role of microsphere contrast echocardiography. Critical Care and Resuscitation, Vol 12, No 1, March 2011, 44-55; iii. Senior R et al. Clinical benefits of contrast-enhanced echocardiography during rest and stress examinations. The European Society of Cardiology 6, Suppl. 2, 2005, S6-S13. 4. Internal Lantheus estimate. U.S. Echo Market # of Annual Scans 27M-32M Echoes performed in the U.S. annually2 20%-30% or 5M-10M are considered suboptimal 3 U.S. UEA Market ($M) $600M+ U.S. TAM4 U.S. total addressable market Current U.S. UEA Market Size U.S. DEFINITY Sales DEFINITY #1 utilized UEA in the U.S. ~$350M4 Existing Market (FY 2024) U.S. Ultrasound Enhancing Agent TAM is $600M+1 © 2025 Lantheus. All rights reserved. 11
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Advancing Our Innovative Pipeline © 2025 Lantheus. All rights reserved. 12
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Innovation that Makes an Impact Expanding Pipeline of Radiopharmaceuticals* *Pipeline includes assets from Life Molecular Imaging. These assets are not currently owned or controlled by Lantheus. The acquisition is subject to the approval by the South African Reserve Bank, which is anticipated 2Q 2025. 1. Also known as 68Ga-RM2 2. Also known as 177Lu-RM2. 3. Collaboration with POINT Biopharma Global Inc. 13 Pre-Clinical Phase I Phase II Phase III Reg. FilingCandidate Target Isotope Indication/Disease Area Neuro-Endocrine Tumors PNT20033 SSTR2 177Lu GEP-NETs LNTH-2501/EVG001 SSTR2 68Ga NETs Other Solid Tumors LNTH-1363S FAP 64Cu Tumor/Fibrosis assessment LNTH-2403 LRRC15 Undisc. Osteosarcoma LNTH-2404 TROP2 Undisc. Solid Tumors Neurology / Other MK-6240 (florquinitau) Tau 18F Alzheimer’s Disease NAV-4694 (flutafuranol) ß amyloid 18F Alzheimer’s Disease DED MAO-B 18F Neuroimaging Florbetaben ß amyloid 18F Cardiac Amyloid Imaging PI-2620 Tau 18F AD, PSP, CBD GP-1 GPIIB-IIIA 18F Thromboembolism LNTH-24011 GRPR 68Ga Metastatic Prostate CancerProstate Cancer LNTH-24022 GRPR 177Lu Metastatic Prostate Cancer LNTH-2503/EVG321 CCK2R 177Lu/68Ga SCLC LNTH-2505/EVG311 Undisc. 177Lu/68Ga Glioblastoma LNTH-2507/EVG332 Undisc. 177Lu/68Ga Pancreatic Ductal Adenocarcinoma LNTH-2509/EVG341 Undisc. 177Lu/68Ga Lobular Breast Cancer Lantheus Diagnostic Therapeutic LMI* Diagnostic Theranostic © 2025 Lantheus. All rights reserved.
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Alzheimer’s Disease Is a Public Health Crisis “ 1. Sheppard O, Coleman M. Alzheimer’s Disease: Etiology, Neuropathology and Pathogenesis. In: Huang X, editor. Alzheimer’s Disease: Drug Discovery [Internet]. Brisbane (AU): Exon Publications; 2020 Dec 18. Chapter 1. Available from: https://www.ncbi.nlm.nih.gov/books/NBK566126/ doi: 10.36255/exonpublications.alzheimersdisease.2020.ch1; 2. Estimation of the global prevalence of dementia in 2019 and forecasted prevalence in 2050; an analysis for the Global Burden of Disease Study 2019”, by Emma Nichols et al., Lancet, 2022; 3. https://www.alz.org/alzheimers-dementia/facts-figures © 2025 Lantheus. All rights reserved. Alzheimer’s disease is defined by pathological deposits of Amyloid plaque 1 Tau tangles 1 1 2 AND HALLMARK PATHOLOGICAL FEATURES OF ALZHEIMER'S DISEASE Amyloid-β plaques 1 Tau tangles 2 >50 MILLION PEOPLE LIVING WITH DEMENTIA GLOBAL DEMENTIA PREVALENCE2 DEMENTIA PREVALENCE, 2019-50 FORECAST, % INCREASE2 1 in 9 PEOPLE AGE 65 OR OLDER has Alzheimer’s Disease3 1 in 12 will be affected by Alzheimer's Disease—either by having it or caring for someone who does3 14 Alois Alzheimer, Auguste Deter (1906)
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The Expanding Role of Radiodiagnostics in Alzheimer’s Disease © 2025 Lantheus. All rights reserved. Advancing the Diagnosis of Alzheimer’s Disease: Detection, Staging, and Monitoring 1. Addressable market based on current management estimates, internal data, and current WAC / 340B pricing.; 2. Jack CR, et al. Revised criteria for diagnosis and staging of Alzheimer's disease: Alzheimer's Association Workgroup. Alzheimer's Dement. 2024; 20: 5143–5169; 3. Rabinovici GD, et.al. Updated appropriate use criteria for amyloid and tau PET: A report from the Alzheimer's Association and Society for Nuclear Medicine and Molecular Imaging Workgroup. Alzheimers Dement. 2025 Jan;21(1):e14338. Epub 2025 Jan 8.; 4. Vermeiren MR, et.al. Survey among experts on the future role of tau-PET in clinical practice and trials. Alzheimers Dement. (Amst). 2024 Nov 22;16(4):e70033. 90% of ~300 dementia experts surveyed project Tau PET to add value to clinical practice 4 Alzheimer’s Disease PET Imaging Annual Market & Scan Potential ~$1.5B1 ~50K ~300K ~80K 2030 SCREENING STAGING MONITORING recently updated their guidelines2,3 to expand the appropriate use for both β Amyloid and Tau PET imaging 15
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MK-6240: Potential Second-Generation Tau PET Imaging Agent With More Specific and Less Off-Target Binding © 2025 Lantheus. All rights reserved. 1. 18F-flortaucipir(18F-FTP)and18F-MK-6240SUVRimages from 6 subjects representing the range of taupathology observed in our cohort. From left to right:subjectshowingnoevidence of taupathology (NC7); cognitively normal subject showing early Braak stage pathology (NC4); a typical AD subject with taupathology in MTL and evidence of focal uptake in Braak V(AD1); and 3AD subjects showing progression of increasingly severe taupathology culminating in widespread neocortical involvement in AD4.18F-flortaucipirand18F-MK-6240 are shown on common scale (SUVR, 0.5–4.0). 18F-FTP images are repeated (row3) on compressed scale (SUVR,0.5–2.75) so that subtle differences may be more appreciated. AWOC5 abnormal without complaint; GBL5 global; MMSE5 mini-mental state examination. Gogola et al., 2022; 2. Kreisl et al., 2018; 3. Tabeshmehr, P., & Eftekharpour, E., 2023. HIGH-LEVEL TIMELINES DIFFERENTIATING FEATURES ANTICIPATED1 INDICATION ISOTOPE IND-ENABLING PHASE 1 PHASE 2 PHASE 3 NOTES Alzheimer’s Disease 18F NDA filing expected in 3Q 2025 Compared to Tauvid, 18F-MK-6240 had an approximately 2-fold greater dynamic range in PET signal due to its higher affinity to tau EVIDENCE FOR TARGET VALIDATION2,3 DIFFERENTIATED VALUE PROPOSITION ANTICIPATED2,3 Tau is a protein that helps stabilize the internal skeleton of neurons; in Alzheimer’s disease (AD) specifically, a build up of an irregular form of tau causes this internal skeleton to disassemble Neurofibrillary tau is a pathological hallmark of AD and the extent of deposition in brain correlates with clinical severity In human AD brains, tau is three to four-fold more hyperphosphorylated than the normal adult brain tau MK-6240 binding is elevated in AD patients, and simplified measures such as standardized uptake value ratio (SUVR) correlate with results from kinetic modeling Aid in diagnosing and staging as well as monitoring treatment progress and making informed decisions regarding the continuation or discontinuation of therapy High affinity and selectivity for AD/MCI vs non-AD 16
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Medial Temporal Lobe (MTL) Functional Anatomy: The Gateway to Memory1 AD=Alzheimer’s disease; mamm=mammillary body rostral h. / caudal h. = rostral / caudal hippocampus © 2025 Lantheus. All rights reserved. 17 The MTL includes: • Hippocampus • Para-hippocampal cortex • Peri- & ento-rhinal cortex • Amygdala Brain Area Functions Process objects’ location & speed Perform objects’ recognition Orchestrate emotional reactions to objects The MTL is critical in forming auto- biographical episodic memories (a type of memory) • Initially, AD patients have auto-biographical episodic memory problems due to MTL damage • The first area to accrue TAU in AD is the ento- rhinal cortex • As AD progresses, larger parts of MTL are involved • Finally, TAU extends beyond the MTL causing more severe cognitive decline Diverse “flows” of info Converge in the hippocampus Internal (medial) view of the brain, illustrating the MTL (right hemisphere) TOP BOTTOM FRONT BACK ventral areas peri – ento – rhinal medio- frontal areas dorsal areas 1. Memory Part 2: The Role of the Medial Temporal Lobe F.D. Raslau, I.T. Mark, A.P. Klein, J.L. Ulmer, V. Mathews and L.P. Mark American Journal of Neuroradiology May 2015, 36 (5) 846-849; DOI: https://doi.org/10.3174/ajnr.A4169
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MK-6240: Widespread Use as a Diagnostic Research Tool © 2025 Lantheus. All rights reserved. Protein Specificity Treatment Modality # of Studies Totals Tau Small Molecule 1 9Antibody 6 ASO 2 β Amyloid Small Molecule 1 8Antibody 5 AAV or siRNA 2 Other Biomarker/Obs 1 3 Antibody 2 Phase 1 Janssen REGISTRY ALZ0001 Novartis CNIO752B12201 Voyager Phase 3 AgeneBio Biogen EMARK Roche Eisai(AHEAD) Eisai/Clarity AD MK-6240 STUDY BREAKDOWN Pharmaceutical companies in partnership 15 Research institutions in collaboration 39 Academia/Research Institution that has more than one clinical trials 109 Studies 45% 40% 15% Other Β Amyloid Tau Completed/Not Active Phase 1/2 Eisai E2814 Lexeo LX1001-02 Phase 2 Alector/AL002-02 & LTE AbbVie M22-721 Biogen/CELIA BMS/CN008-0003 Janssen/Tau Active GSK Progress-AD 219867 Janssen/ALZ2002 Acumen Merck 18
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Case 1 Flortaucipir PET RO-948 PETPI-2620 PET MK-6240 PET SUVR0 3 The HEAD Study: MK-6240 Had Higher Uptake Multicenter Longitudinal Head-to-head Comparison of Tau-PET Tracers1 © 2025 Lantheus. All rights reserved. 1. Lussier FZ. et al. Longitudinal multicenter head-to-head harmonization of tau-PET tracers: an overview of the HEAD study. Human Amyloid Imaging Conference, 2025; 2. Gogola A, et al. Journal of Nuclear Medicine January 2022, 63 (1) 108-116; DOI: https://doi.org/10.2967/jnumed.120.254961 FIGURE 2: REPRESENTATIVE CASES WITH 4 HEAD-TO-HEAD TAU-PETFIGURE 1: ENROLLMENT AND MEASURE COLLECTION IN HEAD Group Distribution of Enrolled Participants Active Enrollment Initial TP Completion Active Study Enrollment by Site Young CU MCI Dementia Young CU MCI Dementia Measure Collection Status in Enrolled Participants 660 630 (95%) 627 (95%) 606 (92%) 603 (91%) 600 (91%) 584 (88%) 120 (18%) 115 (17%) • Female • 53 y.o. • White • CI Aβ+ • tau-PET acquired within 76 days MK-6240 is more sensitive and has higher uptake due to its larger dynamic range 2 Case 2 Case 2 Flortaucipir PET RO-948 PETPI-2620 PET MK-6240 PET SUVR0 8 Female, 53 y.o., White, CI Aβ+, tau-PET acquired within 76 days Female, 70 y.o., White, CU Aβ+, tau-PET acquired within 28 days Enrollment Clinical Assessment MRI MK-6240 PET Blood Draw Amyloid PET Flortaucipir PET RO948 PET PI-2620 PET 19
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NAV-4694 is a potential best-in-class 18F-radiolabeled ß amyloid investigational PET imaging agent for AD diagnosis and patient selection for therapy 18F-NAV-4694 - flutaforanol PRODUCT DESCRIPTION NAV-4694 (flutafuranol): ß Amyloid © 2025 Lantheus. All rights reserved. 1. Data on file; 2. Rowe et all., 2016; 3. Ma et al., 2022; 4. Krishnadas et al., 2021 Highest conformance to the gold standard, Pittsburgh Compound B, among 18F β-amyloid imaging agents Detected lower levels of cortical β-amyloid in earlier stages of AD, via lower non-specific white matter binding, improved dynamic range, and improved signal-to-noise ratio vs. first generation tracers HIGH-LEVEL TIMELINES INDICATION ISOTOPE IND-ENABLING PHASE 1 PHASE 2 PHASE 3 NOTES Alzheimer’s Disease 18F NDA filing expected in 2026 DIFFERENTIATING FEATURES ANTICIPATED1,2,4 EVIDENCE FOR TARGET VALIDATION1,3 ß amyloid is an extensively researched protein and is commonly assumed to be a central biological feature of AD, making it a promising target for treatment It is strongly believed that the accumulation of toxic ß amyloid in the central nervous system is the main cause of AD DIFFERENTIATED VALUE PROPOSITION ANTICIPATED Synergetic offering with MK-6240 as the AD-modifying therapeutic market expands Recent approvals of disease-modifying therapies requiring β-amyloid for patient selection and the removal of CMS' restriction on reimbursement are expected to significantly increase demand Offers the potential for earlier diagnosis of AD, increasing the ability to identify patients earlier for therapy 18 20
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NAV-4694 (flutafuranol): ß Amyloid Performance characteristics © 2025 Lantheus. All rights reserved. 1. Rowe CC, et al. J Nucl Med. 2016;57(8):1233-1237; 2. Krishnadas et al. Seminars in Nuclear Medicine, Volume 51, Issue 3, 2021,Pages 241-252; 3. Klunk WE, Koeppe RA, Price JC, et al. The Centiloid Project: standardizing quantitative amyloid plaque estimation by PET. Alzheimers Dement. Jan 2015;11(1):1-15 e1-4. doi:10.1016/j.jalz.2014.07.00; 4. Navitsky M, Joshi AD, Kennedy I, et al. Standardization of amyloid quantitation with florbetapir standardized uptake value ratios to the Centiloid scale. Alzheimers Dement. Dec 2018;14(12):1565-1571. doi:10.1016/j.jalz.2018.06.1353; 5. Battle MR, Pillay LC, Lowe VJ, et al. Centiloid scaling for quantification of brain amyloid with [(18)F]flutemetamol using multiple processing methods. EJNMMI Res. Dec 5 2018;8(1):107. doi:10.1186/s13550-018-0456- SUPERIOR GREY MATTER/ WHITE MATTER SIGNAL RATIO AND DYNAMIC RANGE4 HIGHEST CONFORMANCE TO THE GOLD STANDARD1,3 Pittsburgh Compound B (C11 PIB) is the index compound for centiloid scaling, the tool used to enable comparison of β amyloid imaging across tracers The centiloid scale anchors at 0 to normal expression of β amyloid at the low end and extends to characterize high amyloid burden at 100 NAV-4694 demonstrated the greatest conformance to C11 PIB among F18 ß amyloid imaging agents with the least variance across the spectrum of patients from young controls to extensive disease NAV-4694 showed notably lower variance compared to Amyvid, Vizamyl and Neuraceq (table 1) NAV-4694 closely aligns to C11 PIB across the scale TABLE 1 CENTILOID CONVERSION EQUATIONS FOR COMMONLY-USED F18 ß AMYLOID TRACERS2 Gray Matter/White Matter Signal Ratio Flutafuranol Amyvid Vizamyl Neuraceq SUVR Ratio (GM/WM) A Dynamic Range Flutafuranol Amyvid Vizamyl Neuraceq Dynamic Range relative to PIB B Due to these properties, NAV-4694 generates high contrast images that are easy to interpret by visual read and the ability to detect low levels of β-amyloid pathology with high accuracy 21
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WM GM > contrast GM to WM Low Off-target Binding NAV-4694 (Flutafuranol): Potential Easy Visual Reading in Clinical Practice because of Low Off-target Binding © 2025 Lantheus. All rights reserved. 1. Images courtesy of Dr. Tharick Pascoal, used with permission. SUBJECTS 1 1 2 3 4 5 6 Negative Positive Negative Negative Positive Positive 22
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Potential Advantages of NAV-4694 (Flutafuranol) Second generation imaging agent © 2025 Lantheus. All rights reserved. 1. Not based on head-to-head comparisons in all instances; patient populations and baseline characteristics may differ between studies from which data is driven. Potential advantages are derived from published data based on anticipated advantages for our investigational tracer NAV-4694. NAV-4694 (Flutafuranol) may be most suitable to clinical visual readings Sens Spec GM/WM Visual Read F18 PiB Gold Standard Florbetapir First Generation Florbetaben First Generation Flutemetamol First Generation Flutafuranol Second Generation 23
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Blood-based & PET biomarkers are companions not competitors 1. 70-yr-old female, amyloid+, asymptomatic; 2. 53-yr-old female, amyloid+, symptomatic; 3. Paczynski MM, Day GS. Alzheimer Disease Biomarkers in Clinical Practice: A Blood-Based Diagnostic Revolution. Journal of Primary Care & Community Health. 2022;13. doi:10.1177/21501319221141178 24 low TAU high TAU MK-6240 PET Blood-based & PET Biomarkers Considerations: Blood-based & PET biomarkers are companions not competitors THIS IS BECAUSE: Blood-based biomarkers & PET evaluate different disease aspects & diverse pathology phases Measure SOLUBLE protein fragments – soluble protein fragments tend to appear earlier in the disease course Cannot assess spatial distribution of pathology Blood-based3 Assesses INSOLUBLE protein aggregates – insoluble protein aggregates represent later pathological changes Can localize insoluble aggregates − this allows pathology-symptoms mapping PET3 © 2025 Lantheus. All rights reserved. symptomatic2 asymptomatic1 Images provide by Pascoal et al, HEAD study; All colorful brain pics represent quantitative analyses.
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25 OCTEVY(LNTH-2501): Neuroendocrine Tumor (NET) Targeted Radiodiagnostic U.S. NET RADIODIAGNOSTIC MARKET ANNUAL MARKET POTENTIAL3 ~60K Patients ~$300M MARKET POTENTIAL ~$200M MARKET POTENTIAL ~50K Patients Monitoring Diagnosis ~44K ~17K 2030 ~38K ~14K 2025 Potential radiodiagnositc agent for use with positron emission tomography (PET) for localization of somatostatin receptor positive (SSTR+) NETs in adult and pediatric patients. Registrational-stage PET radiodiagnostic1 Could deliver a theranostic-like pair with radioequivalent candidate PNT20032 POTENTIAL LAUNCH IN 20261 © 2025 Lantheus. All rights reserved. 1. Subject to FDA approval. 2. Subject to FDA approval and positive resolution of an ongoing Hatch -Waxman litigation. 3. Factors Influencing Market Potential: Overall increase in epi population, expanding guidelines, and increased utilization of RLT with in relevant patient populations. Source: Komodo claims data analysis.
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Metastatic 1L GEP-NETs PNT2003: Somatostatin Receptor (SSTR)–Targeted Radiotherapeutic 1. Based on the most recent update to the FDA’s online paragraph IV database listings. 2. Subject to FDA approval and positive resolution of an ongoing Hatch-Waxman litigation. 3. Factors Influencing Market Potential: Overall increase in epi population, expanding guidelines, and increased utilization of RLT within relevant patient populations. 4. Pheochromocytoma (Pheo) and Paraganglioma (Para) Potential therapeutic agent for the treatment of SSTR-positive gastroenteropancreatic neuroendocrine tumors (GEP-NETs), including foregut, midgut and hindgut neuroendocrine tumors in adults FDA accepted Abbreviated New Drug Application (ANDA) – first to file1 Anticipated to be a radioequivalent to LUTATHERA ® (Lutetium Lu 177 Dotatate) Potential launch in 20262 Lung-NETsMetastatic 2L+ GEP-NETs Pheo/Para4 U.S. GEP-NET Radiotherapeutic Market Annual Market Potential3 4,600 ~24K Patients ~$6.5B MARKET POTENTIAL ~$1.1B MARKET POTENTIAL ~5K Patients ~5K 2025 6,000 ~12K ~3K ~3K 2030 © 2025 Lantheus. All rights reserved. 26
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LNTH-2401/2402: Gastrin-Releasing Peptide Receptor (GRPR) Theranostic Pair 1. Data on file; 2. Cornelio et al., 2007; Percentages include % positive binding and immunohistochemistry (IHC) scores; 3. Rinne, S.S., Abouzayed, A., Gagnon, K. et al. 66Ga-PET-imaging of GRPR-expression in prostate cancer: production and characterization of [66Ga]Ga-NOTA-PEG2-RM26. Sci Rep 11, 3631 (2021); 4. Ananias, Hildo JK, et al. "Expression of the gastrin‐releasing peptide receptor, the prostate stem cell antigen and the prostate‐specific membrane antigen in lymph node and bone metastases of prostate cancer." The Prostate 69.10 (2009): 1101-1108; 5. Baun et al. 2024, Seminars in Nuclear Medicine Volume 54, Issue 2, March 2024, Pages 256-269; 6. Verhoeven et al., PMC10502172. PRODUCT DESCRIPTION & MECHANISM OF ACTION EVIDENCE FOR TARGET VALIDATION2,3,4,6 GRPR / BBN expression characterized as ranging from 63% - 100% in primary prostate cancer, but minimally expressed in normal tissue; patients may express PSMA and GRPR heterogeneously SUMMARY OF GRPR EXPRESSION IN CANCER HIGH-LEVEL TIMELINE 68Ga / 177Lu-LNTH-2401 LNTH-2401 / LNTH-2402 RM2 is an investigational gastrin- releasing peptide receptor (GRPR) targeted-peptide 17% 33% 35% 38% 50% 56% 73% 76% 77% 88% 100% 0% 25% 50% 75% 100% Pancreatic SCLC Renal Uterine Gastric Breast Neuroblastoma Colon Ovarian Prostate Head & Neck % Positive GRPR Expression2 INDICATION ISOTOPE IND-ENABLING PHASE 1 PHASE 2 NOTES mCRPC 68Ga 177Lu IND filing expected 4Q 2025; Phase 1 initiation planned 2026 LNTH-2401 LNTH-2402 Complementary to portfolio and offers potential commercial synergies Unlike PSMA-targeted RLT, where the kidneys are the limiting organ, the pancreas takes more absorption but can tolerate higher radiation doses High density expression in a broad range of other cancers2 DIFFERENTIATED VALUE PROPOSITION ANTICIPATED Potential to target Prostate Cancer patients whose tumor(s) do not express PSMA or are ineligible for PSMA-targeted RLT ~15% - 25% of mCRPC patients have low to no PSMA expression N N N N O H N - OOC COO - - OOC N D-Phe-Gln-Trp-Ala- O 68Ga3+ -Val-Gly-His-Sta-Leu-NH2 N N N N O H N - OOC COO - - OOC N D-Phe-Gln-Trp-Ala- O 68Ga3+ -Val-Gly-His-Sta-Leu-NH2 177Lu3+ © 2025 Lantheus. All rights reserved. 27
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© 2025 Lantheus. All rights reserved. 28 PSMA & GRPR: Clinically Relevant Targets Across Various Tumor Types, but are Expressed at Different Frequencies PSMA vs. GRPR Expression Across Normal & Cancerous Tissues1 GRPR EXPRESSION IN CANCER2,3 17% 33% 35% 38% 50% 56% 73% 76% 77% 88% 100% 0% 25% 50% 75% 100% Pancreatic SCLC Renal Uterine Gastric Breast Neuroblastoma Colon Ovarian Prostate Head & Neck % Positive GRPR Expression • Despite high uptake in GRPR-expressing pancreas tissues demonstrated in studies, it is not suggested to be a dose-limiting organ for GRPR-targeting therapies, likely as a result of rapid washout from the pancreas • This poses a potential safety advantage of GRPR- targeting RLT over PSMA-targeting RLT, where xerostomia, due to high PSMA expression on salivary glands, is a commonly reported adverse event • Between PSMA and GRPR, there is expression across both normal and cancerous tissues; however, GRPR expression is more common across a larger number of tumor types compared to PSMA • GRPR and PSMA are best validated within prostate cancer, but may have clinical relevance in numerous other tumor types • Outside of prostate cancer, GRPR demonstrates high-density expression in a broad range of other cancers (e.g. breast, lung, colon, glioma, GIST, and ovarian), offering broader tumor-targeting potential and disease relevance compared to PSMA Key Considerations 1. Human Protein Atlas; 2. Cornelio et al., 2007; Percentages include % positive binding and immunohistochemistry (IHC) scores; 3. Canaccord Genuity Equity Research
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LNTH-2401 Showing Heterogeneity of Expression of GRPR and PSMA Example of Imaging in BCR Prostate Cancer © 2025 Lantheus. All rights reserved.. 29 68Ga-RM2 (LNTH-2401) 18F-DCFPyL Courtesy Pr A. Iagaru, Stanford U. 76-year-old man previously treated with radical prostatectomy, followed by salvage RT+ADT, presenting with BCR prostate cancer (PSA 4.2 ng/mL and PSA velocity 5.8 ng/mL/year) MIP of 68Ga-RM2 (A) and 18F-DCFPyL (D), axial PET of 68Ga-RM2 (E, G) and 18F- DCFPyL (H, J), fused axial PET/MRI of 68Ga- RM2 (B, F) and fused axial 18F-DCFPyL PET/CT (C, I) Red arrows ( ) mark a lesion in the T7 vertebra with more intense uptake on 68Ga-RM2 then on 18F-DCFPyL PET Blue arrows ( ) mark a lesion in the glenoid process of the right scapula on 68Ga-RM2, but not on 18F-DCFPyL PET
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LNTH-2403: Potential First-in-Class Therapy for a Range of Solid Tumor Types Expressing LRRC15 © 2025 Lantheus. All rights reserved. TPM, transcripts per million; IHC, immunohistochemistry. Source: Human Protein Atlas. 1. Storey et al., 2024. HIGH-LEVEL TIMELINE EVIDENCE FOR TARGET VALIDATION1 LRRC15 is highly expressed on cancer-associated fibroblasts (CAFs) within the tumor stroma of a wide range of malignancies, and on cancer cells from a subset of mesenchymal tumors with low expression in normal tissues Expression of LRRC15 is associated with TGF beta driven aggressive malignant disease Studies carried out in various tumor models with LRRC15+ cancer cells and LRRC15+ CAFs have demonstrated that DUNP19 selectively accumulated in LRRC15+ cells after systemic injection and co-localizes with LRRC15 INDICATION IND-ENABLING NOTE Osteosarcoma IND filing expected 4Q 2025 A basket study is currently being planned in additional indications, including 3 different types of cancer. LNTH-2403 EXPRESSION IN HEALTHY & MALIGNANT TISSUES 0 5 10 15 20 25 Pancreatic Lung-squamous Lung-adeno Head&Neck Breast LRRC15 TPM Tumor Normal DIFFERENTIATED VALUE PROPOSITION ANTICIPATED DUNP19 has unique “dual action,” targeting ability, targeting both tumor cells and the surrounding environment (stroma) LRRC15 is widely expressed across a range of tumors, opening a pan-tumor opportunity for treatment of various cancers 177Lu-LNTH-2403 DUNP19 is an investigational Leucin Rich Repeat Containing 15 (LRRC15)-targeted, fully humanized, mAb LNTH-2403 is DUNP19 conjugated to radioisotope 177-Lutetium via a DOTA chelator PRODUCT DESCRIPTION & MECHANISM OF ACTION Received Orphan Drug and Rare Pediatric Disease Designations from U.S. FDA for the treatment of osteosarcoma 30
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Healthy pancreas Sarcomas Lung adenocarcinoma + squamous cell Breast LRRC15 and FAP Expression in Healthy and Malignant Tissues 31 LRRC15 is similar to FAP (Fibroblast Activation Protein) in its mesenchymal cell origin and its expression on the surface of fibroblasts, however, unlike FAP expression in any inflammation process, LRRC15 is more specific to aggressive cancer1 1. In silico transcriptomics database from http://ist.medisapiens.com/ © 2025 Lantheus. All rights reserved.
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LNTH-1363S – Targeting Fibroblast Activation Protein (FAP) Potential to replace 18F-FDG particularly in brain, liver, gastro-intestinal cancers © 2025 Lantheus. All rights reserved. 1. Data on file; 2. Kratochwill C. Et al. J Nucl Med. 2019; 60:801–805. DIFFERENTIATED VALUE PROPOSITION1 HIGH-LEVEL TIMELINE PET FAP imaging holds the potential to replace 18F-FDG, particularly where this latter has limitations (e.g. brain, liver, gastro-intestinal cancers, etc.). No fasting required By targeting CAFs and extracellular fibrosis which may represent up to 90% of tumor mass, FAP imaging may detect smaller tumors compared to FDG that identifies the metabolic activity of cancer cells only LNTH-1363S expressed across a range of tumors, opening a pan-tumor opportunity for the diagnostic and treatment monitoring of various cancers Manufacturing/distribution advantage of 64Cu over 68Ga PRODUCT DESCRIPTION & MECHANISM OF ACTION EVIDENCE FOR TARGET VALIDATION1 • In cancer, Fibroblast Activation Protein (FAP) is: – Present in the tumor microenvironment (TME), is a selective marker for cancer-associated fibroblasts (CAFs), the dominant stroma cells in the TME. – Highly expressed and has been detected in both primary and metastatic tissues, independently of grade or tumor stage • Outside cancer, fibroblasts expressing FAP, play a central role in remodeling and fibrosis. Persistent activation of these fibroblasts leads to organ fibrosis in conditions like pulmonary fibrosis, cardiac fibrosis, and liver cirrhosis INTENSITY OF FAP EXPRESSION IN CANCER2 • LNTH-1363S is a novel FAP-targeted Trillium compound, a small molecule scaffold comprised of a FAP binding domain, an albumin-binding domain for PK modulation and a chelator to contain a radionuclide • LNTH-1363S can be labeled with Cu-64, Ga-68 or F-18 radioisotopes for PET imaging use LNTH-1363S INDICATION ISOTOPE IND-ENABLING PHASE 1 PHASE 2/3 NOTES Solid Tumors 64Cu 64Cu-LNTH1363S Phase I/II initiated in 4Q 20242468Ga/18F LNTH-1363S LNTH-1363S Oncology: development for imaging of sarcomas and gastro-intestinal cancers, and as diagnostic for osteosarcoma Pulmonary & liver fibrosis, non-alcoholic steato-hepatitis (NASH): development as diagnostic through pharma collaborations 32
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Financial Overview © 2025 Lantheus. All rights reserved. 33
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34 Continued Strong Financial Performance1 1. See slides 46 and 47 for a reconciliation of GAAP to non-GAAP financials; certain amounts may be subject to rounding. 2. Guidance provided on May 7, 2025. On a forward-looking basis, the Company does not provide GAAP income per common share guidance or net cash provided by operating activities guidance or a reconciliation of GAAP income per common sha re to adjusted fully diluted EPS or net cash provided by operating activities to free cash flow because the Company is unable to predict with reasonable certainty business development and acquisition- related expenses, purchase accounting fair value adjustments and any one -time, non-recurring charges, or the net effect of non-cash items. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. As a resul t, it is the Company’s view that a quantitative reconciliation of adjusted fully diluted EPS and free cash flow on a forward-looking basis is not available without unreasonable effort.3. FY 2025 guidance assumes fully diluted, weighted avg. shar es outstanding of approximately 71.5M YTD, and depreciation and amortization of ~$56M. 4. Cash, cash equivalents and restricted cash at the end of the period was $940.2 M. As of March 31, 2025 $938.5M Cash on Hand4 $750M Available Revolving Credit $339 $425 $935 $1,296 $1,534 2020 2021 2022 2023 2024 Annual Revenue ($ Millions) $0.47 $0.49 $4.22 $6.23 $6.76 2020 2021 2022 2023 2024 Annual Adj. EPS $4 $42 $263 $259 $493 2020 2021 2022 2023 2024 Annual Free Cash Flow ($ Millions) The Updated Interim Corporate Financial Guidance2 for the Full Year 2025 is as follows (updated May 7, 2025): Narrows FY Revenue and Adjusts EPS for Evergreen Acquisition FY 2025 Prior Revenue $1.545B – $1.610B Current Revenue $1.550B – $1.585B Prior Adjusted Fully Diluted EPS $7.00 – $7.20 Current Adjusted Fully Diluted EPS 3 $6.60 – $6.70
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Setting the Stage for Sustained, Double-Digit Revenue Growth *The acquisition is subject to the approval by the South African Reserve Bank, which is anticipated 2Q 2025. Key Drivers 2026-2027 Anticipated Product Launches 1 2 3 Pipeline LNTH-1363S Cu64 FAP-targeted radiodiagnostic LNTH-2401 RM2, GRPR-targeted radiodiagnostic LNTH-2402 RM2, GRPR-targeted radiotherapeutic LNTH-2403 LRRC15-targeted radiotherapeutic LNTH-2404 TROP2-targeted radiotherapeutic MK-6240 F18 tau-targeted PET radiodiagnostic NAV-4694 F18 β amyloid-targeted PET radiodiagnostic LNTH-2501 G68 NET PET radiodiagnostic PNT2003 SSTR+ GEP-NET radioequivalent therapeutic * © 2025 Lantheus. All rights reserved. 35 KEY 2025 MILESTONES PROSTATE CANCER • Non-Prostate PYLARIFY Study Initiated (2Q 2025) • MIRROR Study Enrollment Completion (4Q 2025) • LNTH-2402 (RM2) IND Submission (4Q 2025) NETs • PNT2003 Tentative ANDA Approval (2025) • LNTH-2501 Approval (2026) OTHER SOLID TUMORS • LNTH-1363S First Patient Dosed (2025) • LNTH-2403 (LRRC15) IND Submission (4Q 2025) ALZHEIMER'S DISEASE • MK-6240 NDA Submission (3Q 2025) • NAV-4694 NDA Submission (2026) EVERGREEN THERAGNOSTIC Acquisition CLOSED LIFE MOLECULAR IMAGING CLOSE* 2Q 2025
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Deliver on Long-term Growth and Sustainable Value Creation Industry Leadership Strengthen position as a radiopharmaceutical leader with enhanced end-to-end expertise and capabilities • Ability to scale production of radiopharmaceuticals • Positioned to accelerate development and lifecycle management through end-to-end supply chain Portfolio Diversification/ New Growth Drivers Further diversify our diagnostic and therapeutic portfolio with high-potential, complementary assets • Upon close of LMI acquisition, growth profile expanded with Neuraceq, globally-approved PET imaging agent for AD • Efficient advancement of catalyst-rich pipeline driven by R&D expertise Sharpened Strategic Focus Augment our resources in innovative radiopharmaceuticals • Long-term and diversified revenue generation enables capital flexibility to invest in pipeline assets • Drive scientific and commercial excellence across oncology, neurology and cardiology Driven by a Purpose to Improve Patient Outcomes Powering the Future of Radiopharmaceuticals © 2025 Lantheus. All rights reserved. 36
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© 2025 Lantheus. All rights reserved. 37 FIND. FIGHT. FOLLOW. ® Lantheus is the leading radiopharmaceutical-focused company and is committed to enabling clinicians to Find, Fight and Follow disease to deliver better patient outcomes.
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Appendix © 2025 Lantheus. All rights reserved. 38
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Lantheus © 2025 Lantheus. All rights reserved. Corporate and Financial Overview 39
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Radiopharmaceutical Leader Ready to Strengthen Capabilities at Forefront of Innovation and Patient Care Powered by our industry expertise, growing pipeline, and proven manufacturing and commercial platform, we are launching Lantheus’ next phase of growth Pioneer with history spanning nearly 70 years of leadership in radiopharmaceuticals to positioning Lantheus to champion the future of this increasingly Important scientific field Advanced R&D engine positioned to generate steady pipeline of diagnostics and therapeutics that provide meaningful clinical outcomes Proven success of flagship diagnostic agents with PYLARIFY – the #1 utilized PSMA PET imaging agent that reached blockbuster status in 2024 with $1B+ in sales and DEFINITY – #1 ultrasound enhancing agent used in U.S. for 20+ years Purpose-built market- leading operations, including advanced research, clinical and commercial manufacturing capabilities, position Lantheus as the premier, one-stop-shop to address the complex demands of radiopharmaceutical discovery, development and production Geographically diverse with multi-channel PMF network, supporting sustained supply, reliability and treatment logistics for real-time delivery, and strong international infrastructure, commercial footprint able to enable growth in attractive global markets Subject to closing of recently announced transactions © 2025 Lantheus. All rights reserved. 40
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Lantheus’ Journey has Driven Growth and Success Nearly 70 Years © 2025 Lantheus. All rights reserved. FDA APPROVAL & CLEARANCE CORPORATE GROWTH 2020 Lantheus Holdings closes merger with Progenics Pharmaceuticals 2015 IPO on Nasdaq 2008 BMS sells BMS Medical Imaging to Avista Capital Partners, Lantheus Medical Imaging launched 2001 Bristol Myers Squibb Co. purchases DuPont Pharmaceuticals 1998 DuPont buys Merck’s interest, becomes DuPont Pharmaceuticals 1991 DuPont forms venture with Merck called DuPont Merck 1981 DuPont purchases NEN 1956 Founded 2023 Acquires Cerveau Technologies – including MK-6240, novel PET imaging agent for Alzheimer’s Disease 2022 In-licenses PNT2002 and PNT2003 – two late-stage radiotherapeutic product candidates 2025 Acquires Evergreen Theragnostics Announces plans to acquire Life Molecular Imaging Announces sale of SPECT Business 2024 Expands pipeline with three strategic transactions 1976 FDA Approval 1990 FDA Approval 2001 FDA Approval 1974 FDA Approval 1994 FDA Approval FDA Clearance 2021 FDA Approval 2024 FDA Approval Strategic investments in 2023 EMA Approval Out licensed to Curium Out licensed to GE Healthcare 41
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Recent Business Development Enhance Capabilities Across Radiopharmaceutical Value Chain and Unlock Value © 2025 Lantheus. All rights reserved. 42 1. 1. Subject to customary closing conditions; 2. Data on file STATUS STRATEGIC BENEFITS FINANCIAL BENEFITS • Closed in April of 2025 Added scalable manufacturing platform to support development, clinical trials & commercialization efforts, accelerating development, LCM and expand IP portfolio Enhanced growth profile with OCTEVY, registrational-stage PET diagnostic agent with potential as a complementary theranostic pair with PNT2003 Augmented proven early-stage development capabilities to create novel radiotherapeutics & efficiently advance combined pipeline Expanded oncology radiopharmaceutical pipeline with multiple clinical and pre-clinical theragnostic pairs Expected to: • Drive near-term revenue with addition of OCTEVY, enhancing Lantheus’ presence in NETs and CDMO operations • Be accretive to Lantheus’ Adjusted Earnings Per Shares (EPS) within 18 months post close • Accelerate & derisk critical pathways by internalizing scalable manufacturing infrastructure that would otherwise have to be outsourced Solidifies Capabilities as a Fully Integrated Radiopharmaceutical Company Accelerates Innovation for Patients in the Growing Alzheimer’s Disease Radiodiagnostic Market Optimizes Operating Model and Increases Focus on Growing Commercial Portfolio and Pipeline • Anticipated to close in the 2Q 20251 Establishes commercial franchise and accelerates entry into sizeable Alzheimer’s Disease/Dementia radiodiagnostic market2 Expands growth profile with NEURACEQ®, a globally approved F-18 PET imaging agent for Alzheimer’s Disease diagnostics Enhances R&D and clinical infrastructure and capabilities to accelerate advancement of combined portfolio Strengthens innovative radiodiagnostic pipeline with complementary clinical assets Expected to: • Drive an increase in consolidated, organic annual revenue growth by approximately 200 to 300 basis points over the next three years • Be accretive to Lantheus’ Adjusted EPS within 12 months post close • Support Lantheus’ near-term sales growth with the addition of NEURACEQ, while also expanding international footprint • Anticipated to close by YE 20251 • Sale of single photon emission computed tomography (SPECT) business to SHINE Technologies, LLC Divestiture aligns with Lantheus' strategy to position itself as the leading radiopharmaceutical company, and streamline its portfolio with a focus on higher-margin, growth-oriented segments including PET imaging, theranostic pairs, radiotherapeutics and microbubbles Secures compelling premium value while maintaining a stake in SHINE, aligning interests through earn-outs and equity participation Ensures priority access to suite of first-in-class, domestically produced isotopes, including Lu-177 with potential to rapidly expand access to new, strategic isotopes • Proceeds expected to further strengthen financial flexibility and strong cash position, as well as unlock consolidated revenue growth and gross margin expansion • Lantheus expects to redeploy resources to support the integration of Evergreen Theragnostics and Life Molecular Imaging acquisitions and advance pipeline of innovative assets ACQUISITION ACQUISITION DIVESTMENT
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Management Team Led by Proven Pharmaceutical Industry Veterans © 2025 Lantheus. All rights reserved. 43 Previous Experience Jean-Claude Provost, MD Chief Science Officer Jamie Spaeth Chief People Officer Daniel Niedzwiecki Chief Administrative Officer Amanda Morgan Chief Commercial Officer Bob Marshall CFO and Treasurer Paul Blanchfield President Brian Markison CEO Driven by a purpose to improve patient outcomes, Lantheus' experienced leadership team brings decades of expertise in advancing innovative radiopharmaceuticals and driving scientific and commercial excellence in everything we do
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Strategy Guided by Experienced, Engaged Board of Directors © 2025 Lantheus. All rights reserved. 44 Mary Anne Heino Chairperson of the Board Brian Markison Director Dr. Gérard Ber Director Julie Eastland Director Samuel Leno Director Minnie Baylor-Henry Director Julie McHugh Lead Independent Director Heinz Mäusli Director Gary J. Pruden Director James H. Thrall Director Dr. Phuong Khanh (P.K.) Morrow Director Board of seasoned leaders with extensive expertise across healthcare, finance, and business management, supporting Lantheus’ ability to shape the future in delivering innovative diagnostic and therapeutic solutions
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Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except per share and percent data – unaudited) © 2025 Lantheus. All rights reserved. (a) The income tax effect of the adjustments between GAAP net income and adjusted net income (non-GAAP) takes into account the tax treatment and related tax rate that apply to each adjustment in the applicable tax jurisdiction. 45
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Reconciliation of Free Cash Flow (in thousands – unaudited) © 2025 Lantheus. All rights reserved. 46
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PYLARIFY © 2025 Lantheus. All rights reserved. Supplemental Information Appendix 47
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PYLARIFY Offers Clear Clinical Value to Patients and Healthcare Providers © 2025 Lantheus. All rights reserved. *Change in intended prostate cancer treatment plan was a secondary endpoint in CONDOR. Future studies ll be necessary to demonstrate whether PYLARIFY® PET/CT- directed changed in intended patient management lead to improved outcomes for patients with prostate cancer.1 1. Data on file, Lantheus. 2. PYLARIFY® [package insert]. North Billerica, MA: Progenics Pharmaceuticals, Inc., a Lantheus company. 3. Morris MJ, Rowe SP, Gorin MA, et al. Diagnostic performance of 18F-DCFPyL-PET/CT in men with biochemically recurrent prostate cancer: results from the CONDOR phase III, multicenter study. Clin Cancer Res. 2021 July 01;27(13):3674-3682. doi:10.1158/1078-0432.CCR-20-4573. PYLARIFY’s change in intended patient management is based on 99% of enrolled patients in our CONDOR study In PYLARIFY’s Phase 3 pivotal study, nearly two out of three patients in the study with BCR who received PYLARIFY after negative or uninformative conventionalimaging had a change in intended prostate cancer treatment Note: It is not known if changes in intended patient management lead to improved outcomes for patients 99% Study Design CONDOR was a multicenter, phase 3 trial of 208 patients with suspected recurrent or metastatic prostate cancer with negative or equivocal results using standard imaging. The primary endpoint was CLR; the key secondary endpoint was the percentage of patients with a change in intended PC treatment plan. CLR is a measure of positive predictive value enhanced with precise anatomic location of the site of disease. CLR is based on anatomic lesion matching, or co-localization, of lesions identified by PYLARIFY® (piflufolastat F 18) injection and lesions identified by the standard of truth.3* Change in Intended Patient Management1-3 Courtesy (with permission) from Gary Ulaner, MD, PhD, FACNM, Hoag Family Cancer Institute 48
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Patient Treatment Logistics Require Real-Time Delivery of Doses © 2025 Lantheus. All rights reserved. 49 F18 is produced on a cyclotron PYLARIFY is manufactured and formulated in a synthesis box Finished as a bulk vial Robust quality control and testing Drawn into patient-ready doses Patient is injected and scanned PYLARIFY patient-ready doses “out the door” 110-minute half-life advantage Easily transported any time of day within a ~3-hour radius PYLARIFY Batch Manufacturing Process Can Produce Ample Supply to Meet the Needs of this Sizeable Patient Population PYLARIFY Synthesis, Distribution and Utilization
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PYLARIFY MIRROR Study Phase 4 Study in Favorable Intermediate Risk (FIR) Prostate Cancer © 2025 Lantheus. All rights reserved. See appendix for definition of abbreviated terms. Phase 4 n = 274 Population: Newly diagnosed Favorable Intermediate Risk Prostate Cancer confirmed by standard of care Day -30 to Day 1 Screening and baseline procedures Pre-PYLARIFY Intended Clin Management questionnaire Dosing of PYLARIFY at 9mCi t=0 Whole body PET/CT PET or MRI scan t=1-2 hours AE assessment Day 1 Post- PYLARIFY Intended Clin Management questionnaire By Day 30 Subjects scheduled for R/P with PLND: • Local histology +/– • Confirmatory imaging Subjects NOT scheduled for R/P with ≥1 lesion(s) on PYLARIFY PET: • Verification of suspected lesion(s): confirmatory imaging and/or biopsy By Day 90 All subjects: • PSA monitoring • Post-PYLARIFY medical management questionnaire at 6 and 12 months • Collect standard of care imaging and/or local histopathology as clinically indicated Patient follow-up for 12 months post-PYLARIFY dosing Primary Endpoint Detection rate of intraprostatic ISUP grade ≥3 lesion(s) as confirmed by pathology; or the presence of extra-prostatic extension, seminal vesicle invasion, regional lymph node involvement, distant metastases as assessed by central readers Secondary Endpoints • Change in intended clinical management • True detection rate • Correct localization rate • Sensitivity Study Objective: Determine whether PYLARIFY PSMA PET imaging can detect the presence or absence of additional prostate cancer lesions in patients with FIR prostate cancer, as well as how it may change the patient’s intended management (NCT06074510) • Specificity • Positive Predictive Value • Negative Predictive Value • Safety 50
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Presented at ASCO GU 2025 in San Francisco, February 2025. © 2025 Lantheus. All rights reserved. 51
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Prostate Cancer Patients May Undergo Imaging Several Times During Their Disease Journey PSMA PET Imaging Current Addressable U.S. Market is ~525K Annual Scans or $2.5B+ © 2025 Lantheus. All rights reserved. 52 *Market research interviews, survey, and analysis, Wenzel 2021 Prostate, Nezolosky 2018 J. Clin. Oncol., Agrawal 2020 JAMA; Scher HI, Solo K, Valant J, Todd MB, Mehra M. 2015. Prevalence of Prostate Cancer Clinical States and Mortality in the United States: Estimates Using a Dynamic Progression Model. PloS one10: e0139440. Based on: CDC.gov, SEER Database, NCCN.org and Axiom Primary and Secondary Market Research and Analysis, validated by Bohm Epidemiology 2020; Global Data 3rd line treatment for metastatic castration-resistant prostate cancer (“mCRPC”), Lantheus primary market research informing imaging procedures performed during radioligand treatment. 1. Lantheus market research and analysis with ordering physicians, NCCN, ACS, UpToDate, SEER. Recurrent Disease (RD) 3-5 YEARS 1-10 YEARS 1-3 MONTHS Illustrative Pt. with Local OR Locoregional Disease PCa Negative PCa Positive Initial Evaluation for Prostate Biopsy Intermediate Unfavorable, High or Very High Risk Screening (PSA +/- DRE) Establish presence of metastatic disease Monitoring for disease progression Treatment for oligo- metastatic disease Treatment for metastatic disease Response evaluation without imaging Response evaluation with imaging Treatment for non- metastatic disease Definitive Treatment +/- ADT Treatment for oligo- metastatic disease Treatment for metastatic disease Response evaluation without imaging Response evaluation with imaging Treatment for non- metastatic disease Monitoring for disease progression Establish presence of metastatic disease 3L mCRPC BCR Recurrence Estimated 2-3% annual growth due to increasing incidence / prevalence4 Initial Staging Radioligand Therapy # Annual Incidence Active Surveillance (low risk) Active Treatment (medium/high risk)
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PYLARIFY Manufacturing Supported by Sizeable U.S. PMF Network – U.S. cyclotron network already supports 2+ million FDG doses on an annual basis Geographically Diverse, Multi-Channel PMF Network Provides Sustained Supply and Reliability PYLARIFY DELIVERS Best-in-Class Patient & Customer Experience Continue to expand our manufacturing capacity to ensure PSMA PET with PYLARIFY is the imaging agent of choice in prostate cancer Working with our manufacturing partners to expand delivery windows Additional PMFs provide geographic breadth, out-the-door time flexibility and added optionality to our existing network PMF partners include both commercial and academic partners Operational enhancements, such as adding additional synthesis boxes, enable us to serve customers “on-time-in-full” at a rate of 98%+ Demonstrates our operational excellence that we strive to deliver to all our customers PMF, PET manufacturing facility. 1. IMV 2022 PET Imaging Market Summary Report; 2. Data on file. 90%+ of covered lives have access to PYLARIFY2 Significant Capacity per PMF PMFs have already demonstrated the ability to produce: Some PMFs producing: 3 batches per day; 5 days per week 40+ PYLARIFY doses per batch Contracted with 100% of our targeted academic centers2 PYLARIFY CAPACITY ENHANCEMENTS Additional PMFs Additional Cyclotrons Additional Synthesis Boxes Improved Efficiency Increased Cyclotron Time © 2025 Lantheus. All rights reserved. 53
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DEFINITY © 2025 Lantheus. All rights reserved. Supplemental Information Appendix 54
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4 5 DEFINITY® is the #1 Utilized Ultrasound Enhancing Agent in the U.S.1 © 2025 Lantheus. All rights reserved. 1. Data on file, Lantheus. 2. DEFINITY® [package insert]. N. Billerica, MA: Lantheus, Inc. DEFINITY® (Perflutren Lipid Microsphere) is a diagnostic ultrasound enhancing contrast agent used to opacify the left ventricular chamber and to improves the delineation of the left ventricular endocardial border in adult and pediatric patients with suboptimal echocardiograms2 IN THE U.S. contrast-enhanced echoes are performed with DEFINITY® MORE THAN 21 million studies performed OUT OF DEFINITY® HAS BEEN INCLUDED IN MORE THAN 3200 peer-reviewed publications DEFINITY® is a trusted UEA with more than 20 years in the market 55
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DEFINITY® Reduced the Need for Additional Cardiac Imaging and Decreased the Length of a Hospital Stay1 © 2025 Lantheus. All rights reserved. 1. Kurt M, Shaikh KA, Peterson L, et al. Impact of contrast echocardiography on evaluation of ventricular function and clinical management in a large prospective cohort. J Am Coll Cardiol. 2009;53(9):802-810. DEFINITY® converted 90% of suboptimal echocardiograms to adequate studies 33% of patients avoided additional diagnostic procedures 36% of patients experienced a significant change in medical management avoiding additional, procedures or both 90% 36%33% 56
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Development Pipeline © 2025 Lantheus. All rights reserved. Supplemental Information Appendix 57
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Life Molecular Imaging* *Acquisition subject to customary closing conditions and anticipated to close in 2025. 1. Neuraceq® is commercially approved in the United States, Canada, Europe, the UK, Switzerland, China, Japan, South Korea and Taiwan. Neuraceq is supplied to Australia on a named patient basis; Chile according to local legislation and Brazil by simplified notification scheme. 58 International, commercial-stage radiopharmaceutical company, with globally-approved product (Neuraceq), commercialinfrastructure, and promising pipeline/R&D expertise A Global Brand1 A cornerstone for growth and market leadership in neuroimaging with favorable relationships with manufacturers, hospitals, imaging centers, and neurologists across key markets 2012 Spin-out from Bayer, becomes Piramal Enterprises Ltd NEURACEQ® approved (US & EU) LMI acquired by Life Healthcare June 2024: LMI out-licenses global RM2 rights to Lantheus 2014 2018 2024 Established clinical infrastructure in Europe Pipeline of radiodiagnostics Talented R&D and commercial team US AD commercial presence Advanced, complementary manufacturing processes 2025 January 2025: Lantheus announced plans to acquire LMI © 2025 Lantheus. All rights reserved.
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A Two Cut-off Approach for Blood Tests of Amyloid Pathology CSF=cerebro-spinal fluid Schindler, et al. Nat Rev Neurol 20, 426–439 (2024). © 2025 Lantheus. All rights reserved. 59 2 cut-off approach for blood biomarker tests of amyloid pathology in people with cognitive symptoms Expect 15–20% of people are classified as having intermediate results This approach leads to three categories of results: Positive, Intermediate, and Negative Interpretation of positive & negative results also depends on the clinical suspicion of Alzheimer disease PEOPLE WITH COGNITIVE SYMPTOMS BLOOD-BASED BIOMARKER TESTING PROBABILITY OF AMYLOID PET POSITIVITY 100% High Cut-off Low Cut-off 0% CONFIRMATORY PET INTERMEDIATE Should be <15-20% of people. Consider amyloid PET,CSF test or repeat of BBM in 1 year, depending on surgery NEGATIVE Rule out amyloid pathology in some people Confirm amyloid pathology in some people POSITIVE
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2024 New Criteria for Diagnosis and Staging of Alzheimer’s Disease Amyloid plaque Imaging and NAV-4694 © 2025 Lantheus. All rights reserved. 1. Olsen, L, Singh, A, Rees, D, et al.(2024). Transforming Alzheimer’s disease drug development with biomarkers and digital health technologies: The path to 2025 and beyond. Alzheimer's & Dementia. https://doi.org/10.1002/alz.13859. 2. Jack et al., 2024, A&D. Biomarker-driven framework classifies individuals in an unbiased symptom-agnostic fashion based on key AD-pathophysiological changes successfully facilitated AD drug development and approval2 • New criteria recommends that AD is defined by positivity of amyloid pathology in the brain revealed with core 1 biomarkers • Amyloid PET not only serve screening for patient selection in AD clinical trials, but also for the eligibility to receive the FDA approved AD therapeutics BIOMARKER CATEGORY CSF OR PLASMA ANALYTES IMAGIN G Core Biomarkers Core 1 A (Aβ proteinopathy) Aβ 42 Amyloid PET T1 (phosphorylated and secreted AD tau) p-tau217, p-tau181, p-tau231 Core 2 T2 (AD tau proteinopathy) MTBR-tau243, other phosphorylated tau forms (e.g., p-tau205), non- phosphorylated mid-region tau fragmentsa Tau PET Biomarkers of non-specific processes involved in AD pathophysiology N (injury, dysfunction, or degeneration of neuropil) NfL Anatomic MRI, FDG PET I (inflammation) Astrocytic activation GFAP Biomarkers of non-AD copathology V vascular brain injury Infarction on MRI or CT, WMH S α-synuclein αSyn-SAA Categorization of fluid analyte and imaging biomarkers1 INITIAL -STAGE BIOMARKERS (A) EARLY -STAGE BIOMARKERS (B) INTERMEDIATE -STAGE BIOMARKERS (C) ADVANCED- STAGE BIOMARKERS (D) PET Amyloid PET Tau PET medial temporal region Tau PET moderate neocortical uptake Tau PET high neocortical uptake A+T2− A+T2MTL+ A+T2MOD+ A+T2HIGH+ Core 1 fluid CSF Aβ42/40, p-tau181/Aβ42, t-tau/Aβ42, and accurate Core 1 plasma assays can establish that an individual is in biological stage A or higher but cannot discriminate between PET stages A–D at present. Biological staging1 60
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Lussier FZ, Povala G, Bauer‐Negrini G, et al. Longitudinal multicenter head‐to‐head harmonization of tau‐PET tracers: an overview of the HEAD study cohort. Alzheimers Dement. 2025;20(Suppl 9):e094013. Published 2025 Jan 9. doi:10.1002/alz.094013. © 2025 Lantheus. All rights reserved. 61
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Presented at the 2025 Human Amyloid meeting in Puerto Rico, January 2025. © 2025 Lantheus. All rights reserved. 62
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Expanding Role of F18-NAV-4694 (Flutafuranol F18) Usage Today1 © 2025 Lantheus. All rights reserved. AS A SCREENING TOOL to detect β-amyloid Detect the presence of Amyloid pathology • 13 studies • 259 subjects screened for amyloid as a diagnostic or study inclusion market Preclinical population • 1,400 are being screened in AHEAD study AS A BIOMARKER to detect levels of β-amyloid in longitudinal setting and after therapeutic intervention • 11 studies • 2,278 subjects (including AHEAD, ADNI) where NAV-4694 is used as a biomarker to assess amyloid reduction TOTAL NUMBERS RECEIVED NAV4694 • 6,369 Cumulative Exposures • 11 Studies where NAV-4694 is used together with MK-6240 63 1. Data on file
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LNTH-2402: Opportunity to Make an Impact in Prostate Cancer as Therapy Adapted from Figg WD et al., 2010, Drug Management of Prostate Cancer PLUVICTO is currently indicated for the treatment of adult patients with prostate-specific membrane antigen (PSMA)-positive metastatic castration-resistant prostate cancer (mCRPC) who have been treated with androgen receptor (AR) pathway inhibition and taxane-based chemotherapy. On-going developments in CRPC pre-taxane (PSMAFore study) and in mHSPC (PSMAddition study). © 2025 Lantheus. All rights reserved. Enzalutamide M1 Radium 223 (M1) PLUVICTO PSMAddition Abiraterone Sipuleucel-T Apalutamide Surgery/ Radiotherapy Watchful Waiting / Active Surveillance Docetaxel Cabazitaxel Androgen Deprivation Therapy (ADT) – Foundation of CareADT Possible space for 177Lu-RM2 in 68Ga-RM2-positive patients CASTRATION SENSITIVE CASTRATION RESISTANT DEATH Localized PC Advanced Prostate Cancer M1 MO M1 MO M1 M1 M1 M1 MO MetastasisNo Metastasis Docetaxel Time Tumor Activity/Progression 64
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Glossary of Terms © 2025 Lantheus. All rights reserved. AAV: Adeno-associated virus AD: Alzheimer’s Disease AE: adverse event ANDA: Abbreviated New Drug Application BCR: biochemical recurrence CCK2R: cholecystokinin-2 receptor CLR: correct location rate EPS: earnings per share FAP: Fibroblast activation protein FDA: Food and Drug Administration GEP-NET: Gastroenteropancreatic neuroendocrine tumors GPIB-IIIA: Glycoprotein IIb/IIIa GRPR: Gastrin-releasing peptide receptor ISUP: International Society of Urological Pathology LRRC15: Leucine-Rich Repeat- Containing Protein 15 MAO-B: Monoamine oxidase B mHSPC: metastatic hormone- sensitive prostate cancer MCI: mild cognitive impairment mCRPC: metastatic castration- resistant prostrate cancer MUC16: mucin 16 NLGN3: Neuroligin 3 NPV: negative predictive value OXTR: oxytocin receptor PC: prostate cancer PET: positron emission tomography PLND: pelvic lymph node dissection PMF: PET Manufacturing Facility PPV: positive predictive value PSMA: Prostate specific membrane antigen R/P: radical prostatectomy siRNA: Small interfering Ribonucleic acid SSTR: Somatostatin receptor SUVR: Standardized Uptake Value Ratio TAM: total addressable market TROP2: Trophoblast cell surface antigen-2 UEA: ultrasound enhancing agent 65
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Lantheus Investor Presentation BUILDING ON OUR FOUNDATION TO POWER THE FUTURE OF RADIOPHARMACEUTICALS NASDAQ: LNTH © 2025 Lantheus. All rights reserved. 2025 Truist Securities MedTech Conference June 17, 2025