Lantheus (LNTH) Q4 2024 earnings summary

Executive summary

• Achieved record FY2024 revenue of $1.534 billion, up 18.3% year-over-year, driven by PYLARIFY and DEFINITY sales, serving over seven million patients and reinforcing leadership in radiopharmaceuticals.

• PYLARIFY surpassed $1.06 billion in annual sales (+24.3% YoY), becoming the first blockbuster radiodiagnostic and maintaining PSMA PET market leadership.

• DEFINITY net sales reached $317.8 million (+13.6% YoY), remaining the top ultrasound-enhancing agent with double-digit growth in its 24th year.

• Announced acquisitions of Life Molecular Imaging and Evergreen Theranostics to expand Alzheimer's and oncology portfolios, expected to close in H2 2025.

• CMS's new payment rule for radiopharmaceuticals supports long-term innovation and access.

Financial highlights

• Q4 2024 revenue: $391.1 million, up 10.5% YoY; full-year revenue: $1.534 billion, up 18.3%.

• PYLARIFY Q4 sales: $266 million, up 15.7% YoY; full-year: $1.06 billion, up 24.3%.

• DEFINITY Q4 sales: $86.2 million, up 17.9% YoY; full-year: $317.8 million, up 13.6%.

• Gross profit margin: 68% for Q4 and 68.3% for the year.

• Free cash flow: $141.4 million in Q4; $493.1 million for the year.

Outlook and guidance

• FY2025 net revenue guidance: $1.545–$1.61 billion; adjusted EPS: $7.00–$7.20; free cash flow: $550–$600 million.

• Pylarify and Definity expected to grow low to mid-single digits in 2025; gross margin to remain at ~68%.

• R&D investment to increase by 100–150 bps as % of revenue; sales/marketing and G&A flat to down.

• Focus on commercial portfolio growth, advancing clinical assets, and expanding pipeline and manufacturing capabilities.