Target
$106.60 → $106.47
Current stock research snapshot · 7/8/26 49 days old
LNTHLantheus
Investment conviction●●○○○2 of 5 · current snapshot
Research target$106.47Current stock price target
Investment thesis statusINTACTLast reviewed 7/8/26
Market cap$7.15BSnapshot value · 7/8/26
Research history
See all LNTH changes ↗What changed
Target
$106.63 → $106.60
Radiopharma manufacturing + diagnostics + theranostics. Rising sub-node in Manufacture. Public read on radiopharma CDMO capacity. Diagnostic imaging recurring revenue.
Radiopharma theranostics adoption (Pluvicto, Lutathera); diagnostic imaging volume growth; radiopharma CDMO capacity expansion; new isotope production.
Radiopharma regulatory/reimbursement pathway still developing; single-product concentration risk; manufacturing complexity (short half-life logistics); competitive entry from large CDMOs.
Bullish — FDA approval of TAUKLARIFY tau PET agent for Alzheimer's Aug 14; new 13F positions. [X search Aug 2026]
Snapshot · 7/8/26🟢 Lean-Bull · 13F 17+/6-×0.5 · short↓0.15
Snapshot · 7/8/26Timestamped research update
Deep research update
430 words · Updated Aug 8, 2026 · 2 sources
Research in development: this latest 430-word update is published for context while it is expanded toward the 1,000-word editorial standard.
Lantheus makes radiopharmaceutical diagnostics and adjacent imaging products, with PYLARIFY (PSMA PET), Neuraceq (amyloid PET), DEFINITY (ultrasound contrast), and a small radiopharma development / partnership pipeline. As of Aug. 6, 2026, the standalone equity thesis is now dominated by the announced Curium merger rather than by organic execution alone.
Q2 2026 revenue was $388.2M (+2.7% YoY), with PYLARIFY at $240.4M, Neuraceq at $39.6M, and DEFINITY at $88.3M. Using SEC companyfacts / the 10-Q, Q2 gross margin was ~62.3% and operating margin ~25.8%; cash and cash equivalents were $593.3M at June 30, 2026.
The core moat remains the regulated PET manufacturing-and-distribution network: PMF site approvals, a time-sensitive short-half-life supply chain, HCPCS / coverage / payment workflow, and scanner-slot availability. That bottleneck still exists, but the public-equity thesis is now capped by the announced acquisition.
- Aug. 6, 2026 EX-99.1: worldwide revenue was $388.2M; GAAP EPS $1.11; adjusted EPS $1.55; operating cash flow $92.2M; free cash flow $89.9M.
- Aug. 6, 2026 EX-99.1: PYLARIFY sales were $240.4M (-4.1% YoY), or ~61.9% of Q2 revenue; Neuraceq was $39.6M; DEFINITY was $88.3M (+5.2% YoY).
- Aug. 6, 2026 EX-99.1: Lantheus agreed to merge with Curium for $102.50 cash per share plus up to $12.00 in CVRs, for total consideration up to $114.50 per share and an implied transaction value of up to ~$8.0B.
- The 10-Q / earnings release reiterate that PYLARIFY TruVu depends on technology transfer across PMFs, FDA approval at each site, adequate coverage/payment, timely HCPCS coding, and customer adoption, while raw materials, key components, equipment, manufacturing time slots, and PET scanners remain explicit constraints.
The moat is still throughput, approval, and scheduling discipline in a regulated radiopharma supply chain. The product cannot simply be stocked like a conventional drug; it has to arrive in the right place at the right time, which makes PMF network quality and scanner access the real bottleneck, not just the molecule.
- The independent thesis is now subordinated to deal completion; regulatory, antitrust, financing, or timing issues could alter the realized value.
- PYLARIFY remained down 4.1% YoY in Q2 2026, so any continued erosion would pressure the CVR economics and reduce confidence that TruVu can reaccelerate growth.
- If TruVu conversion or PMF approvals slip, the operational moat looks more brittle than durable.
- What are the exact CVR milestones and what probability-adjusted value should be assigned to them?
- Can TruVu conversion and PMF approvals offset PYLARIFY erosion before the merger closes?
- Will Curium accelerate or delay Neuraceq and PNT2003 commercialization after closing?
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Primary and supporting material
Sources
2 sources preserved from the latest qualified research update.