Lantheus Holdings, Inc. (LNTH): BCG Matrix [Dec-2025 Updated]

You're digging into Lantheus Holdings, Inc.'s late 2025 portfolio health, and the picture is one of calculated transformation: using the massive cash engine of the 80% market-share dominant DEFINITY to power the growth of the Star product, Pylarify, which hit $240.6 million in Q3 sales. We're seeing a clear break from the past, shedding legacy SPECT assets, all to aggressively fund the high-potential Question Marks like the Alzheimer's diagnostic MK-6240 awaiting a August 13, 2026 decision. Here's the quick math on where Lantheus Holdings, Inc. stands right now across the four BCG quadrants, showing exactly what's driving capital and what's consuming it.

Background of Lantheus Holdings, Inc. (LNTH)

You're looking at Lantheus Holdings, Inc. (LNTH) as of late 2025, a company that positions itself as a leader in radiopharmaceuticals, focusing on its 'Find, Fight and Follow' approach to disease management. Honestly, the third quarter of 2025 showed a company in the middle of a significant strategic pivot, balancing core product performance with major acquisitions.

For the third quarter ended September 30, 2025, Lantheus Holdings, Inc. reported worldwide revenue of $384.0 million, which was a slight uptick of 1.4% compared to the same period in 2024. Management updated the full-year 2025 revenue guidance to a midpoint of $1.5 billion following these results. Still, profitability metrics were under pressure; adjusted fully diluted earnings per share (non-GAAP) came in at $1.27, representing a 25.3% year-over-year decrease.

Let's look at the key product lines from that Q3 report. PYLARIFY, their main PSMA PET imaging agent for prostate cancer, generated sales of $240.6 million, but that was actually a decline of 7.4% from the prior year. This suggests some competitive headwinds in that segment. On the other hand, DEFINITY, their ultrasound enhancing agent, showed better momentum, with sales reaching $81.8 million, growing by 6.3%.

The company's strategic moves in 2025 were substantial. Lantheus Holdings, Inc. closed on the acquisition of Life Molecular Imaging in July, which immediately expanded its commercial portfolio and capabilities across the radiopharmaceutical value chain. They also completed the acquisition of Evergreen Theragnostics earlier in the year. To fund this growth and refocus, they announced plans to divest their SPECT business. The Board also showed confidence by authorizing a new stock repurchase program of up to $400 million.

Financially, they maintained a solid liquidity position. Net cash provided by operating activities for Q3 2025 was $105.3 million, resulting in free cash flow of $94.7 million. At the end of September 2025, the cash and cash equivalents balance stood at $382.0 million. This financial flexibility is important as they navigate a leadership transition, with the CEO planning to retire by year-end and the Board actively searching for a successor.

Looking ahead, the pipeline remains a focus for future growth. Lantheus Holdings, Inc. announced they received PDUFA dates for a new formulation of their PSMA PET imaging agent, plus for MK-6240, an F 18 tau-targeted PET imaging agent, and LNTH-2501, a diagnostic kit for SSTR+ neuroendocrine tumors. That's definitely a lot of balls in the air for 2026.

Lantheus Holdings, Inc. (LNTH) - BCG Matrix: Stars

You're analyzing the core growth engine for Lantheus Holdings, Inc. (LNTH) right now, and that engine is clearly Pylarify (Piflufolastat F 18). This product fits the Star quadrant perfectly: it commands a leading market share in a market that is still expanding rapidly, but it requires significant investment to maintain that lead and capture future growth.

Pylarify (Piflufolastat F 18) is the market-leading PSMA PET imaging agent. It is the product driving the current high-growth narrative for Lantheus Holdings, Inc. To be fair, while it's the leader, you see the cash burn associated with maintaining that leadership, which is typical for a Star; you're spending to keep the market share against emerging competition.

Here's a quick look at the recent performance that solidifies its Star status:

The context for this product is the broader prostate cancer imaging market. Lantheus Holdings, Inc. is dominating this space, which is projected to exceed $3.5 billion by 2030. This long-term market expansion potential is what keeps Pylarify firmly in the Star category, justifying continued investment in promotion and placement.

However, you need to watch the near-term growth trajectory. The high-growth phase is definitely moderating. Management guidance for 2025 suggests PYLARIFY is expected to grow in the low to mid-single digits on a net basis for the full year. This slowing growth rate, relative to its past performance, is the signal that the market is maturing, and the product is moving closer to the Cash Cow stage, provided it sustains its success.

The current operational picture shows the investment required to keep this asset leading:

• The Q3 2025 sales of $240.6 million made it the largest revenue driver for Lantheus Holdings, Inc.
• The product is a leader in the PSMA PET imaging segment.
• The total addressable market is expected to exceed $3.5 billion by the end of the decade.
• Near-term growth for 2025 is expected to be in the low to mid-single digits.

For context on the company's overall health supporting this investment, Lantheus Holdings, Inc. recorded third quarter 2025 worldwide revenue of $384.0 million, and its cash and cash equivalents stood at $382.0 million as of September 30, 2025. Finance: draft 13-week cash view by Friday.

Lantheus Holdings, Inc. (LNTH) - BCG Matrix: Cash Cows

You're looking at the bedrock of Lantheus Holdings, Inc.'s financial stability, the product that funds the rest of the portfolio moves. That's DEFINITY (Perflutren Lipid Microsphere), the established ultrasound enhancing agent. It sits squarely in the Cash Cow quadrant because it commands a dominant market share of approximately 80% in its segment. That kind of market leadership in a mature space is what generates the consistent, high-margin cash flow you want to see.

Here's a quick look at the recent performance underpinning this status. This product is definitely a workhorse.

This consistent generation of cash is critical. It's the capital Lantheus Holdings, Inc. uses to fund its more ambitious, higher-growth areas. Think of it as the engine covering the corporate overhead and fueling the pipeline investments, like those recent acquisitions.

• Sales of DEFINITY were 6.3% higher year-over-year in Q3 2025.
• Q3 2025 net cash provided by operating activities totaled $105.3 million.
• The company deployed significant capital, paying $276.4 million and $355.2 million for the acquisitions of Evergreen Theragnostics, Inc. and Life Molecular Imaging, respectively.
• Lantheus Holdings, Inc. also repurchased $100 million of common stock in the third quarter of 2025.

The strategy here is to maintain productivity, not necessarily to pour marketing dollars into a mature market. You invest just enough into supporting infrastructure to keep the margins high and the cash flowing smoothly. That $94.7 million in free cash flow in just one quarter shows you the power of milking these gains passively, while the overall LTM FCF sits at $271 million. That cash is what allows the Board to authorize a $400 million stock repurchase program, for instance.

Lantheus Holdings, Inc. (LNTH) - BCG Matrix: Dogs

The Dogs quadrant represents business units or products characterized by low market share in low-growth markets, frequently breaking even or consuming minimal cash, making them prime candidates for divestiture to free up resources. For Lantheus Holdings, Inc., this category is clearly defined by the strategic decision to shed legacy assets and discontinue specific development programs.

Divestiture of the legacy SPECT business, expected to close by end of 2025.

Lantheus Holdings, Inc. announced on May 6, 2025, the agreement to sell its Single Photon Emission Computed Tomography (SPECT) business to Illuminated Holdings, Inc., the parent company of SHINE Technologies, LLC (SHINE). This divestiture is expected to close by the end of the year, pending customary closing conditions. The transaction includes the diagnostic agents that constitute this legacy portfolio, along with the manufacturing campus in North Billerica, Massachusetts, and related Canadian operations.

This move signals a clear recognition that the SPECT segment, despite its history, does not align with the company's future growth vectors. The company's strong financial position, with cash and cash equivalents at $938.5 million as of March 31, 2025, provided the necessary foundation to execute this strategic pivot.

Non-core assets being shed to focus resources on higher-growth PET and therapeutic radiopharmaceuticals.

The divestiture is explicitly designed to allow Lantheus Holdings, Inc. to concentrate on its innovative Positron Emission Tomography (PET) radiodiagnostics and radiotherapeutics pipeline. The focus is shifting to areas where market growth is projected to be substantial, such as the U.S. Alzheimer's radiodiagnostic market, projected to exceed $1.5 billion by 2030, and the PSMA PET addressable market, projected to exceed $3.5 billion by 2030.

The Q1 2025 results illustrate the ongoing operational focus, with PYLARIFY sales at $257.7 million and DEFINITY sales at $79.2 million, totaling $336.9 million of the $372.8 million in worldwide revenue for the quarter. By Q2 2025, worldwide revenue was $378.0 million, with PYLARIFY at $250.6 million and DEFINITY at $83.9 million. The divestiture aims to reduce drag from lower-growth areas and allocate capital toward these higher-potential segments.

Discontinued pursuit of the PNT2002 program following confounded Phase 3 SPLASH study results.

Lantheus Holdings, Inc. confirmed in May 2025 that it would discontinue the pursuit of a New Drug Application (NDA) and cease further investment in the PNT2002 asset. This decision followed the analysis of the Phase 3 SPLASH trial data, which, while meeting its primary endpoint, presented confounding overall survival (OS) data.

Key statistical findings from the SPLASH trial that informed this Dog categorization include:

• Radiographic Progression-Free Survival (rPFS) improved to a median of 9.5 months for PNT2002 versus 6.0 months for the ARPI control arm.
• The risk reduction for radiographic progression or death was 29% (Hazard Ratio [HR] 0.71; p=0.0088).
• Interim Overall Survival (OS) data at 46% maturity showed an HR of 1.11.
• The Overall Response Rate (ORR) was 38.1% for PNT2002 compared to 12.0% for the control arm.

The financial impact of this program's status is reflected in operating expenses; Sales and marketing expenses in Q1 2025 were $42.5 million, down 7% from the prior year, partly due to the absence of launch support for PNT2002. You're seeing management cut spending on assets that don't clear the bar for near-term regulatory or commercial success; that's the right move when resources need to flow to Stars and Cash Cows.

Lantheus Holdings, Inc. (LNTH) - BCG Matrix: Question Marks

You're looking at the Question Marks quadrant, which is where Lantheus Holdings, Inc. is placing significant capital for future growth. These are the high-growth prospects that haven't yet secured a dominant market share-they consume cash now with the hope of becoming Stars later. For Lantheus Holdings, Inc., this category is heavily weighted toward pipeline assets and recently integrated products in rapidly expanding therapeutic areas.

The strategy here is clear: invest heavily to drive adoption and market penetration quickly, or risk these assets becoming Dogs. The cash burn is real, but the potential upside in these markets justifies the current expenditure.

The key Question Marks for Lantheus Holdings, Inc. as of late 2025 include:

• MK-6240, the F 18 tau-targeted PET imaging agent for Alzheimer's disease.
• LNTH-2501, a Ga 68 PET diagnostic for neuroendocrine tumors (NETs).
• Newly acquired assets from Life Molecular Imaging (LMI), including the commercial product NeuraCeq.

MK-6240 represents a major play in the Alzheimer's diagnostics space. Lantheus Holdings, Inc. announced the FDA acceptance of its New Drug Application (NDA) for this agent. The target action date set by the FDA under the Prescription Drug User Fee Act (PDUFA) is August 13, 2026. This timing is critical because the Alzheimer's diagnostics market is projected to grow to over $1.5 billion by 2030. That projection represents a major upside risk for Lantheus Holdings, Inc. if they can secure market share post-approval.

Similarly, LNTH-2501, the Ga 68 PET diagnostic kit for localizing somatostatin receptor-positive (SSTR+) neuroendocrine tumors (NETs), is awaiting a decision. The PDUFA date for LNTH-2501 is set for March 29, 2026. This product, if approved, expands the oncology diagnostic portfolio and requires investment to build out its commercial presence against established or emerging competitors in the NET imaging space.

The acquisition of Life Molecular Imaging (LMI) in 2025 immediately brought commercial assets into this high-growth category. Lantheus Holdings, Inc. paid an upfront cash amount of $350 million for LMI, with potential additional earn-out and milestone payments up to $400 million. This acquisition established a commercial Alzheimer's disease (AD) franchise with the addition of NeuraCeq (florbetaben F18 injection).

Here's a quick look at the financial commitment and immediate impact of the LMI integration:

The investment in NeuraCeq is intended to capture the growing AD market, which was estimated at about $300 million in 2024. Lantheus Holdings, Inc. reported consolidated worldwide revenue of $384.0 million for the third quarter of 2025. The cash position reflects these investments; at September 30, 2025, cash and cash equivalents stood at $382.0 million, down from $912.8 million at December 31, 2024, partly due to the LMI acquisition payment. You see the cash being deployed now to secure these future revenue streams.

The path forward for these Question Marks involves significant post-approval marketing and sales investment to quickly build market share, especially for MK-6240 and LNTH-2501, which are still awaiting regulatory clearance. NeuraCeq, already commercial, needs aggressive marketing to capitalize on the expected surge in AD diagnostic demand driven by new therapies.