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Lantheus Fourth Quarter & Full Year 2025 Results FEBRUARY 26, 2026 © 2026 Lantheus. All rights reserved.
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Agenda © 2026 Lantheus. All rights reserved. SPEAKERS Mary Anne Heino Executive Board Chair & CEO Bob Marshall CFO and Treasurer Highlights and Business Update Commercial Update Financial Update Closing Remarks Q&A Amanda Morgan Chief Commercial Officer 2 Mark Kinarney Vice President, Investor Relations
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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," “anticipated,” “believes,” “building,” “commit,” “continue,” “could,” “creating,” “driving,” “ensure,” “evolving,” “expect,” “guidance,” "intend", “launch,” “maintain,” “may,” “on track,” “pipeline,” “plan,” “position,” “potential,” “predict,” “should,” “target,” “will,” “would” and other similar terms. Such forward-looking statements include our guidance for the fiscal year 2026, our plans to ensure launch readiness for new products, advance a focused late- stage pipeline, and allocate capital thoughtfully, 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, penetration and reimbursement for our established commercial products, particularly PYLARIFY, DEFINITY and Neuraceq, in a competitive environment, and our ability to clinically and commercially differentiate our products;(ii) our ability to obtain U.S. Food and Drug Administration (“FDA”) approval for our new formulation of our F-18 prostate-specific membrane antigen (“PSMA”) positron emission tomography (“PET”) imaging agent, to complete the technology transfer across our PET manufacturing facilities (“PMF”) network for such new formulation, to obtain FDA approval for each PET manufacturing facility to manufacture the new formulation, to obtain adequate coding, coverage and payment, including transitional pass-through payment status (“TPT Status”), for such new formulation and to have customers adopt such new formulation; (iii) the availability of raw materials, key components, equipment, manufacturing timeslots, either used in the production of our products and product candidates, or by customers of our products and product candidates, including, but not limited to PET scanners for PYLARIFY, Neuraceq, MK-6240, LNTH-2501 and NAV-4694; (iv) our ability to have third parties manufacture our products and product candidates and our ability to manufacture DEFINITY in our in-house manufacturing facility, in amounts and at the times needed; (v) our ability to satisfy our obligations under our existing clinical development partnerships using Neuraceq, MK-6240 or NAV-4694 as a research tool and under the license agreements through which we have rights to those assets, and to further develop and commercialize MK-6240 and NAV-4694 as approved products; (vi) our ability to continue to successfully integrate acquisitions, including of Life Molecular Imaging Limited (“Life Molecular”) and Evergreen Theragnostics, Inc. (“Evergreen”), which could be impacted by 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; (vii) our ability to obtain FDA approval for LNTH-2501, our investigational kit for the preparation of Gallium-68 edotreotide injection, which has been studied for use in conjunction with a PET scan to stage and localize neuroendocrine tumors in adult and pediatric patients, and approval for PNT2003, and to be successful in the patent litigation associated with PNT2003; (viii) the cost, efforts and timing for clinical development, manufacturing, 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, including those investigational assets for which FDA approval is anticipated this year; (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; (x) the effect that changes to management, including the recent turnover in our leadership and senior management team, could have on our business; and (xi) 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 © 2026 Lantheus. All rights reserved. 3
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Agenda © 2026 Lantheus. All rights reserved. SPEAKERS Mary Anne Heino Executive Board Chair & CEO Bob Marshall CFO and Treasurer Highlights and Business Update Commercial Update Financial Update Closing Remarks Q&A Amanda Morgan Chief Commercial Officer 4 Mark Kinarney Vice President, Investor Relations
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DROVE SIGNIFICANT PROGRESS TO DIVERSITY REVENUE & BROADEN PIPELINE Lantheus, the Leading Radiopharmaceutical-focused Company © 2026 Lantheus. All rights reserved. 5 Market-leading PSMA PET imaging agent Market-leading ultrasound enhancing agent with 25 years of consistent performance ~7M Patient lives impacted in 2025 1 Second-largest & fastest growing amyloid PET agent in AD with strong growth trajectory PROVEN COMMERCIAL STRENGTH $989.1M 2025 Revenue $330.2M 2025 Revenue $51.4M 2025 Revenue 1. Data on file DIVERSIFIED GROWTH DRIVERS STRENGTHENED PROSTATE CANCER PORTFOLIO EXECUTED ROBUST PIPELINE EXPANSION Added attractive radiodiagnostics and radiotherapeutics Decisive actions positioned Lantheus to strengthen PET radiodiagnostics leadership and build solid foundation for sustainable revenue growth Defended leading PSMA PET position Maintained PYLARIFY market leadership ENHANCED RADIOPHARMACEUTICAL FOCUS Divested legacy SPECT business Executed two acquisitions to diversify and accelerate near-term radiodiagnostic portfolio revenue Growth expected to exceed overall market growth in 2026 1 Potential product of choice in well-established NETs PET imaging market, if approved 2 Progressed LNTH-2401 development Phase 3 ready radiodiagnostic with potential to complement PSMA PET imaging Advanced PYLARIFY lifecycle management New formulation PDUFA
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2026: Position Lantheus for Next Phase of Leadership and Growth 6© 2026 Lantheus. All rights reserved. Capitalize on Potential FDA Approvals Optimize Portfolio and Maintain Capital Discipline Rigorous Focus on Commercial Execution Advancing strategic priorities to position Lantheus for its next phase of growth with focus on radiodiagnostics 2026 PRIORITIES 1 2 3 Advancing key assets to approval with long-term growth opportunities: • New formulation of PSMA PET imaging agent for prostate cancer • OCTEVY, PET imaging agent for neuroendocrine tumors • PNT2003, radioequivalent to Lutathera • MK-6240: next-gen Tau PET imaging agent for Alzheimer’s disease • Disciplined portfolio management with focus on radiodiagnostics, pursuing alternatives for therapeutic assets to maximize value • R&D investment prioritizing late-stage PET radiodiagnostic pipeline • Efficiently leverage existing infrastructure • SUSTAIN PYLARIFY volume growth • PREPARE market for new PSMA PET formulation launch • DRIVE NEURACEQ momentum • LEVERAGE focus on Nuclear Medicine to position Lantheus portfolio of products
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Expanding Pipeline of Radiopharmaceuticals †Piflufolastat F 18 was approved by the US FDA in May 2021 for PET of PSMA-positive lesions in men with prostate cancer with suspected metastasis who are candidates for initial definitive therapy or with suspected recurrence based on elevated serum PSA level.1. Pending FDA approval. 2. Also known as 68Ga-RM2. 3. Also known as 177Lu-RM2. 4. Collaboration with POINT Biopharma Global Inc. © 2026 Lantheus. All rights reserved. 7 Diagnostic Therapeutic Therapeutic Neuro-Endocrine Tumors Other Solid Tumors Prostate Cancer LNTH-24023 GRPR 177Lu Metastatic Prostate Cancer LNTH-2403 LRRC15 177Lu Osteosarcoma LNTH-2404 TROP2 Undisc. Solid Tumors PNT20034 SSTR2 177Lu GEP-NETs LNTH-2503 CCK2R 177Lu SCLC LNTH-2505 Undisc. 177Lu Glioblastoma LNTH-2507 Undisc. 177Lu Pancreatic Ductal Adenocarcinoma LNTH-2509 Undisc. 177Lu Lobular Breast Cancer Prostate Cancer LNTH-24012 GRPR 68Ga Metastatic Prostate Cancer Piflufolastat F 18†,1 (new formulation) PSMA 18F Prostate Cancer Other Solid Tumors Neurology/Other MK-6240 (florquinitau) Tau 18F Alzheimer’s Disease NAV-4694 (flutafuranol) ß amyloid 18F Alzheimer’s Disease LNTH-2511/DED MAO-B 18F Neuroinflammation LNTH-2515/florbetaben Amyloid 18F Cardiac AL Amyloidosis LNTH-2620/PI-2620 Tau 18F AD, PSP, CBD LNTH-2513/GP-1 GPIIb-IIIa 18F Thromboembolism Neuro-Endocrine Tumors LNTH-2501/EVG001 SSTR2 68Ga NETs Diagnostic Phase 1 Phase 2 Phase 3Candidate Target Isotope Indication/Disease Area Reg. FilingPre-Clinical LNTH-1363S FAP 64Cu Tumor/Fibrosis assessment LNTH-2503 CCK2R 68Ga SCLC LNTH-2505 Undisc. 68Ga Glioblastoma LNTH-2507 Undisc. 68Ga Pancreatic Ductal Adenocarcinoma LNTH-2509 Undisc. 68Ga Lobular Breast Cancer
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Agenda © 2026 Lantheus. All rights reserved. SPEAKERS Mary Anne Heino Executive Board Chair & CEO Bob Marshall CFO and Treasurer Highlights and Business Update Commercial Update Financial Update Closing Remarks Q&A Amanda Morgan Chief Commercial Officer 8 Mark Kinarney Vice President, Investor Relations
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© 2026 Lantheus. All rights reserved.1. Internal analyses and data on file. Utilized PSMA PET Imaging Agent1 FY 2025 4Q 2025 $989.1M FY 2025 Net Sales -6.5% Growth FY 2025 Year-over-Year $240.2M 4Q 2025 Net Sales -9.7% Growth 4Q 2025 Year-over-Year >760,000 PYLARIFY scans performed since launch1 9
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© 2026 Lantheus. All rights reserved. A Core Growth Driver Within Our PET Diagnostic Platform EXPAND product availability Position within the Lantheus portfolio offered to Nuclear Medicine INCREASE utilization driven by FDA- approved amyloid-targeting therapies and expanded use of early diagnostic imaging INTEGRATION of into portfolio 10 NEURACEQ contributed $31.0 million in 4Q 2025 Second largest amyloid PET agent1 E X I T E D 2 0 2 5 As the fastest growing amyloid PET agent1 1# 2# 1. Internal analyses and data on file. FOCUS FOR 2026:
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1. DRG Real World Data (RWD) report; 2. Internal analyses and data on file. © 2026 Lantheus. All rights reserved. 1 1 11 FY 2025 4Q 2025 $330.2M FY 2025 Net Sales +3.9% Growth FY 2025 Year-over-Year $85.3M 4Q 2025 Net Sales -1.0% Growth 4Q 2025 Year-over-Year >3.9M echocardiography exams used in 20252 #1 Utilized Ultrasound Enhancing Agent1
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Promising Pipeline of Registrational-Stage Assets © 2026 Lantheus. All rights reserved. 12 REINFORCE OUR STRATEGY MAINTAIN and EXPAND our leadership in innovative PET radiodiagnostics AND drive sustainable, mid and long- term growth NEW PSMA PET Formulation PDUFA: March 6, 2026 • Same diagnostic properties of PYLARIFY with similar safety and efficacy profile • Manufacturing efficiencies that will immediately improve availability • Ensure coding, TPT status, and broad payer coverage are in place prior to launch MK-6240 | Tau-Targeted PET PDUFA: August 13, 2026 • Already an important revenue generating opportunity within Biomarker Solutions • Benchmark imaging agent for treatment eligibility in 17 global, pharma-sponsored therapeutic programs OCTEVY | Ga-Based NET PET PDUFA: March 29, 2026 • Support clinical decision-making in patients with neuroendocrine tumors • Potential to be the only NET targeted PET radiodiagnostic with Transitional Pass Through reimbursement PNT2003 | Radioequivalent therapeutic to Lutathera • Awaiting FDA approval and anticipate court ruling mid-year on our Hatch-Waxman litigation • Portfolio-aligned addition to Lantheus’ commercial offering for Nuclear Medicine customers
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Agenda © 2026 Lantheus. All rights reserved. SPEAKERS Mary Anne Heino Executive Board Chair & CEO Bob Marshall CFO and Treasurer Highlights and Business Update Commercial Update Financial Update Closing Remarks Q&A Amanda Morgan Chief Commercial Officer 13 Mark Kinarney Vice President, Investor Relations
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4Q25 vs 4Q24 Net Revenues $406.8 Million +4.0% GAAP EPS Non-GAAP EPS $0.82 $1.67 +578.8% +4.7% 4Q 2025 Financial Results1 1. See slide 25 for a reconciliation of GAAP to non-GAAP financials; certain amounts may be subject to rounding. © 2026 Lantheus. All rights reserved. • Radiopharmaceutical Oncology: $240.2M in sales, -9.7% YoY • Precision Diagnostic: $143.2M in sales, +22.0% YoY driven by the contribution from Neuraceq during the quarter • Strategic Partnerships: $23.3 million in sales,+203.3% YoY • Non-GAAP EPS: Non-recurring expenses totaled$66.2M before taxes, including $21.7M in acquisition,integrationand divestiture related costs, $17.5M non-cash stock and incentive plans, and $16.5M related to acquired intangible amortization. Remaining amounts related to strategic collaboration costs and other non-recurring items. Focus on Driving Commercial Execution and Strengthening Position for Long-Term Value Creation, Growth and Radiopharmaceutical Leadership 14
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Strong Capital Resources Provide Financial Flexibility1 1. Certain amounts may be subject to rounding; 2. See slide 28 for a reconciliation of Free Cash Flow; 3. Cash, cash equivalents and restricted cash at the end of the period was $360.8M, after repurchasing $100M of shares during the quarter. © 2026 Lantheus. All rights reserved. 2024 2025 Cash provided by operations $157.7 $90.2 Cash used in investing ($6.6) ($11.5) Cash used in financing ($103.7) ($100.8) 4Q 2025 Cash Flow Summary USD Millions Three Months Ending December 31 4Q 2024 $ 141.4 $ 81.4 -$60.0 DECREASE AVAILABLE REVOLVING CREDIT $750.0M CASH ON HAND3 $359.1M Free Cash Flow2 Resources (4Q 2025) Repurchased $100M of Stock During the Quarter 15
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FY 2026 Corporate Financial Guidance1 1. On a forward-looking basis, the Company does not provide GAAP income per common share guidance or a reconciliation of GAAP income per common share to adjusted fully diluted EPS 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. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. As a result, it is the Company’s view that a quantitative reconciliation of adjusted fully diluted EPS on a forward-looking basis is not available without unreasonable effort. 2. FY 2026 guidance assumes fully diluted, weighted avg. shares outstanding of approximately 66M YTD, and depreciation and amortization of ~$103M. The Company guidance for the full year 2026 is as follows: FY 2026 Revenue $1.4B – $1.45B Adjusted Fully Diluted EPS2 $5.00 – $5.25 © 2026 Lantheus. All rights reserved. 16 Guidance Issued February 26, 2026
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Agenda © 2026 Lantheus. All rights reserved. SPEAKERS Mary Anne Heino Executive Board Chair & CEO Bob Marshall CFO and Treasurer Highlights and Business Update Commercial Update Financial Update Closing Remarks Q&A Amanda Morgan Chief Commercial Officer 17 Mark Kinarney Vice President, Investor Relations
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We’ve taken purposeful steps to STRENGTHEN OUR PORTFOLIO and SHARPEN OUR FOCUS on our core growth drivers 2026 Priorities: Maintain our MARKET LEADERSHIP with PYLARIFY and DEFINITY 1 Execute SEAMLESS TRANSITION to the new PSMA PET formulation beginning in 4Q 2026 2 Increase MOMENTUM FOR NEURACEQ 3 Advance our registration- stage assets through REGULATORY APPROVALS 4 Selectively develop pipeline assets toward KEY DECISION POINTS 5 Allocate capital with discipline, PRIORITIZING RADIODIAGNOSTICS 6 We Remain Deeply Committed to: INNOVATION IMPROVING patient outcomes DRIVING long-term value for all stakeholders Lantheus, the Leading Radiopharmaceutical-focused Company †Piflufolastat F 18 was approved by the US FDA in May 2021 for PET of PSMA-positive lesions in men with prostate cancer with suspected metastasis who are candidates for initial definitive therapy or with suspected recurrence based on elevated serum PSA level.1. Pending FDA approval. 2. Also known as 68Ga- RM2. 3. Also known as 177Lu-RM2. 4. Collaboration with POINT Biopharma Global Inc. © 2026 Lantheus. All rights reserved. 18 Therapeutic Neuro-Endocrine Tumors Other Solid Tumors Prostate Cancer LNTH-24023 GRPR 177Lu Metastatic Prostate Cancer LNTH-2403 LRRC15 177Lu Osteosarcoma LNTH-2404 TROP2 Undisc. Solid Tumors PNT20034 SSTR2 177Lu GEP-NETs LNTH-2503 CCK2R 177Lu SCLC LNTH-2505 Undisc. 177Lu Glioblastoma LNTH-2507 Undisc. 177Lu Pancreatic Ductal Adenocarcinoma LNTH-2509 Undisc. 177Lu Lobular Breast Cancer Prostate Cancer LNTH-24012 GRPR 68Ga Metastatic Prostate Cancer Piflufolastat F 18†,1 (new formulation) PSMA 18F Prostate Cancer Other Solid Tumors Neurology/Other MK-6240 (florquinitau) Tau 18F Alzheimer’s Disease NAV-4694 (flutafuranol) ß amyloid 18F Alzheimer’s Disease LNTH-2511/DED MAO-B 18F Neuroinflammation LNTH-2515/florbetaben Amyloid 18F Cardiac AL Amyloidosis LNTH-2620/PI-2620 Tau 18F AD, PSP, CBD LNTH-2513/GP-1 GPIIb-IIIa 18F Thromboembolism Neuro-Endocrine Tumors LNTH-2501/EVG001 SSTR2 68Ga NETs Diagnostic Phase 1 Phase 2 Phase 3Candidate Target Isotope Indication/Disease Area Reg. FilingPre-Clinical LNTH-1363S FAP 64Cu Tumor/Fibrosis assessment LNTH-2503 CCK2R 68Ga SCLC LNTH-2505 Undisc. 68Ga Glioblastoma LNTH-2507 Undisc. 68Ga Pancreatic Ductal Adenocarcinoma LNTH-2509 Undisc. 68Ga Lobular Breast Cancer Expanding Pipeline of Radiopharmaceuticals: Diagnostic Therapeutic
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Agenda © 2026 Lantheus. All rights reserved. SPEAKERS Mary Anne Heino Executive Board Chair & CEO Bob Marshall CFO and Treasurer Highlights and Business Update Commercial Update Financial Update Closing Remarks Q&A Amanda Morgan Chief Commercial Officer 19 Mark Kinarney Vice President, Investor Relations
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Appendix © 2026 Lantheus. All rights reserved. 20
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Condensed Consolidated Statement of Operations – 4Q 2025 © 2026 Lantheus. All rights reserved. 21
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As Adjusted Condensed Consolidated Statement of Operations – 4Q 2025 © 2026 Lantheus. All rights reserved. 22
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Condensed Consolidated Statement of Operations – FY 2025 © 2026 Lantheus. All rights reserved. 23
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As Adjusted Condensed Consolidated Statement of Operations – FY 2025 © 2026 Lantheus. All rights reserved. 24
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Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except per share and percent data) (a) Non-GAAP amount excludes a gain of $23 and $109 from the change in value of other assets for the three and twelve months ended December 31, 2025, respectively. (b) Represents the estimated income tax effect of the adjustments between GAAP net income and non-GAAP adjusted net income. (c) Amounts may not add due to rounding. © 2026 Lantheus. All rights reserved. 25
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Consolidated Statement of Operations (in thousands, except per share data) © 2026 Lantheus. All rights reserved. 26
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Consolidated Segment Revenues Analysis (in thousands) © 2026 Lantheus. All rights reserved. 27
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Reconciliation of Free Cash Flow (in thousands) © 2026 Lantheus. All rights reserved. 28
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Condensed Consolidated Balance Sheet (in thousands) © 2026 Lantheus. All rights reserved. 29