Lantheus Holdings, Inc. (LNTH): Business Model Canvas [Dec-2025 Updated]

You're looking to get a clear picture of Lantheus Holdings, Inc.'s business now, especially after those significant 2025 acquisitions, and mapping out their strategy is key to understanding the next phase. This is a radiopharmaceutical powerhouse focused on precision diagnostics, driven by products like PYLARIFY, which pulled in $\mathbf{\$240.6 \text{ million}}$ in Q3 2025 alone, all while aiming for a $\mathbf{\$1.49 \text{ billion}}$ to $\mathbf{\$1.51 \text{ billion}}$ revenue run this year. To see how they connect their proprietary manufacturing, R&D pipeline, and specialized customer base-from oncologists to cardiologists-dive into the nine-block canvas we've laid out right here.

Lantheus Holdings, Inc. (LNTH) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Lantheus Holdings, Inc. relies on to get its specialized radiopharmaceuticals from the lab to the patient, so let's break down the key players and the associated financial scale as of late 2025.

GE HealthCare for PYLARIFY development and commercialization in Japan

Lantheus Holdings, Inc. inked an exclusive licensing deal with GE HealthCare in September 2025 to handle the development, manufacturing, and commercialization of piflufolastat F18 (PYLARIFY in the U.S.) in Japan. This is a big move for international reach, leveraging GE HealthCare's network, especially after their March 2025 acquisition of Nihon Medi-Physics Co., Ltd. (NMP) in Japan. GE HealthCare is set to pay Lantheus Holdings, Inc. an upfront license fee, plus development milestones and tiered royalties based on future Japanese product sales. To give you a sense of PYLARIFY's current importance, it accounted for about two-thirds of Lantheus Holdings, Inc.'s revenue in the first six months of 2025, generating $508 million out of total revenue of $750 million for that period. For the third quarter of 2025 alone, PYLARIFY sales were $240.6 million.

Contract Development and Manufacturing Organization (CDMO) partners for radiopharmaceuticals

Lantheus Holdings, Inc. has aggressively moved to internalize and secure manufacturing capacity through major acquisitions, effectively turning former third-party reliance into owned assets. This strategy mitigates supply risks, which is critical in radiopharma due to short shelf lives. The acquisition of Evergreen Theragnostics, which closed early in the second quarter of 2025, brought in a revenue-generating contracting business and scalable radioligand therapy (RLT) manufacturing infrastructure. The deal involved an upfront payment of $250 million, with potential milestone payments reaching up to $752.5 million.

Also, the acquisition of Life Molecular Imaging, which closed in July 2025, further bolstered manufacturing and pipeline assets. At September 30, 2025, the cash impact of these two major deals was clear: cash and cash equivalents stood at $382.0 million, down from $912.8 million at December 31, 2024, after payments of $276.4 million for Evergreen and $355.2 million for Life Molecular Imaging.

Here's a quick look at the financial commitment to securing these manufacturing capabilities:

Strategic partnerships with large hospital systems and imaging networks

Lantheus Holdings, Inc. views these relationships as essential for driving continued growth and differentiating PYLARIFY, especially following the loss of transitional pass-through payment status (TPT Status). The company's commercial products are used across a variety of clinical settings by nuclear medicine physicians, oncologists, radiologists, and others. Continued success depends on providing dependable, national access through these long-term strategic partnerships, which help support the value of the PSMA PET franchise.

The company categorizes its activities into Precision Diagnostics, Radiopharmaceutical Oncology, and Strategic Partnerships and Other Revenue. For the third quarter of 2025, Strategic Partnerships and Other Revenue contributed $13,705 thousand (or $13.7 million).

Academic and research institutions for pipeline development (e.g., MK-6240)

Collaborations with academic and research institutions are key for advancing the pipeline, particularly in neurology. MK-6240, the investigational tau imaging agent acquired in 2023, is currently being used in nearly 100 active clinical trials. The FDA accepted the New Drug Application (NDA) for MK-6240 in October 2025, with a Prescription Drug User Fee Act (PDUFA) target action date set for August 13, 2026. This agent complements the beta amyloid agent NAV-4694, which is in Phase 3 development and is actively utilized in both academic and industry-led investigational therapeutic trials for Alzheimer's disease.

The market opportunity here is substantial; the U.S. Alzheimer's Disease radiodiagnostic market is estimated to reach over 400,000 scans and $1.5 billion by 2030 if MK-6240 is approved. Separately, Lantheus Holdings, Inc. has an agreement with Radiopharm Theranostics, under which it paid $2.0 million in 2025 for preclinical assets transfer and development. Lantheus Holdings, Inc. has offices in Massachusetts, New Jersey, Canada, Germany, Sweden, Switzerland, and the United Kingdom to support these research and development efforts.

• MK-6240 development is supported by data from two pivotal Phase 3 clinical trials.
• NAV-4694 is in Phase 3 development, supporting therapeutic trials.
• Lantheus Holdings, Inc. has been providing radiopharmaceutical solutions for nearly 70 years.

Finance: draft 13-week cash view by Friday.

Lantheus Holdings, Inc. (LNTH) - Canvas Business Model: Key Activities

You're looking at the core engine driving Lantheus Holdings, Inc. right now, late in 2025. The key activities revolve around the specialized, high-stakes world of radiopharmaceuticals, which demands precision in manufacturing, aggressive commercial push, and continuous pipeline building through R&D and strategic buys.

Manufacturing and distribution of short-lived radiopharmaceuticals (e.g., PYLARIFY)

This is the lifeblood of the operation-producing and getting time-sensitive diagnostic agents to the clinic. The complexity here is managing the short half-lives of these isotopes while scaling up. For the third quarter of 2025, the performance of the flagship product, PYLARIFY, showed some headwinds but also underlying volume strength.

• PYLARIFY sales for the three months ended September 30, 2025, were $240.6 million.
• This represented a year-over-year decline of 7.4%.
• The decline was driven by an estimated 10.7% price decline, which was partially offset by a 3.3% increase in volumes.
• Lantheus Holdings, Inc. is preparing to launch a new F-18 PSMA PET formulation, which uses an improved manufacturing process to increase batch size by approximately 50%.

The distribution activity also includes core products like DEFINITY, which continues to show solid growth, and the newly integrated Neuraceq.

Research and development (R&D) for oncology and neurology theranostics

R&D is a major focus, especially post-acquisition, aimed at expanding the theranostic (therapy + diagnostic) portfolio. You can see the increased investment clearly in the expense line item.

• Research and development expenses for the third quarter of 2025 were $48.0 million.
• This represents a significant increase, up 99% from $24.1 million reported in the third quarter of 2024.
• Key pipeline advancement includes the FDA acceptance of the NDA for MK-6240, the next-generation tau imaging agent, with a planned submission in the third quarter of 2025.

Commercial execution and marketing for core products like DEFINITY

Commercial execution involves supporting the sales force and driving adoption for existing agents while integrating new ones. Marketing spend reflects this effort, particularly with new product introductions.

Sales and marketing expenses in the third quarter of 2025 were $48.8 million, marking a 12% increase from the prior year. This increase is tied to costs associated with the sales of NeuraCeq and general employee-related costs flowing from the recent acquisitions. Honestly, supporting a growing portfolio requires a bigger commercial footprint, so you'd expect this line to stay elevated.

Integration of acquired businesses (Evergreen, Life Molecular Imaging)

Lantheus Holdings, Inc. has been busy executing a strategy to become a fully integrated radiopharmaceutical company by acquiring manufacturing and development capabilities. This activity generates significant, non-recurring costs.

• The acquisition of Evergreen Theragnostics had an upfront cash payment of $250 million.
• The acquisition of Life Molecular Imaging (LMI) triggered an upfront payment triggering an outlay of approximately $309 million net of cash acquired in the third quarter.
• Non-recurring expenses specifically tied to closing and integrating both Evergreen and LMI totaled $34.8 million in the third quarter of 2025.
• General and administrative expenses more than doubled, rising 102% to $81.9 million in Q3 2025, largely attributable to the integration of Life Molecular and Evergreen.

Finance: draft 13-week cash view by Friday.

Lantheus Holdings, Inc. (LNTH) - Canvas Business Model: Key Resources

You're looking at the hard assets and proprietary knowledge Lantheus Holdings, Inc. (LNTH) relies on to drive its business in late 2025. These aren't just line items; they are the foundation of their market position in radiopharmaceuticals.

Core Products

The commercial portfolio is anchored by established agents and a newly integrated Alzheimer's diagnostic. Sales figures for the third quarter ended September 30, 2025, show the current performance:

Lantheus Holdings, Inc. recorded worldwide revenue of $384.0 million for the third quarter of 2025. The core product performance for that quarter was:

The decline in PYLARIFY sales was attributed to an estimated 10.7% price decline, which was partially offset by a 3.3% increase in volumes. Neuraceq revenues were recognized for the first time in the third quarter of 2025, following the acquisition of Life Molecular Imaging.

Proprietary Network of PET Manufacturing Facilities (PMFs)

While the exact number of PMFs isn't specified in the latest reports, the operational strength is evidenced by the efforts to enhance production efficiency and supply resilience for its lead product. Lantheus Holdings, Inc. is preparing to launch a new F-18 PSMA PET formulation that uses an improved manufacturing process designed to increase batch size by approximately 50%. This enhancement aims to serve significantly more patients.

Intellectual Property (IP) Portfolio for PSMA and Tau Imaging Agents

The value of the IP portfolio is demonstrated by the progression of late-stage assets through the regulatory process. Lantheus Holdings, Inc. has several key agents in the pipeline:

• The new formulation of its F-18 PSMA PET imaging agent has a PDUFA target action date set for March 6, 2026.
• MK-6240, its F 18 tau-targeted positron emission tomography (PET) imaging agent, has met its primary endpoints in two pivotal clinical studies, with an expected PDUFA date of August 13, 2026.
• LNTH-2501, its Ga 68 PET diagnostic imaging kit targeting SSTR+ neuroendocrine tumors (NETs), has a PDUFA date set for March 29, 2026.

The company also acquired Neuraceq, a globally approved beta-amyloid targeted radiodiagnostic for Alzheimer's disease, as part of the Life Molecular Imaging transaction.

Financial Position

Liquidity remains a key resource supporting ongoing operations, acquisitions, and shareholder returns. As of September 30, 2025, Lantheus Holdings, Inc. reported cash and cash equivalents of $382.0 million. This figure reflects significant cash usage for strategic transactions, including payments of $276.4 million for the Evergreen Theragnostics acquisition and $355.2 million for the Life Molecular Imaging acquisition, along with a $100 million payment for common stock repurchase during the third quarter. Furthermore, the company maintains access to up to $750.0 million from a revolving line of credit. Free cash flow for the third quarter of 2025 was $94.7 million.

Lantheus Holdings, Inc. (LNTH) - Canvas Business Model: Value Propositions

You're looking at the core value Lantheus Holdings, Inc. (Lantheus) delivers to its customers-the clinicians and healthcare systems relying on their specialized products. Their value proposition centers on being the dedicated leader in radiopharmaceuticals, moving beyond just selling products to offering integrated solutions that help providers Find, Fight and Follow disease states.

The company's value is clearly demonstrated through its key product lines, which provide concrete, measurable benefits in diagnosis and patient management. For instance, in the first nine months of 2025, Lantheus generated significant revenue from its established agents:

Precision diagnostics to Find and Follow diseases like prostate cancer (PYLARIFY)

For prostate cancer management, Lantheus Holdings, Inc. offers PYLARIFY, which helps clinicians pinpoint disease with PSMA PET imaging. This precision is critical for staging and recurrence assessment. You see the financial commitment to this franchise; PYLARIFY sales in Q3 2025 alone were $240.6 million. To enhance this offering, Lantheus is advancing a new formulation of piflufolastat F 18 injection, which is designed to increase batch size by approximately 50%, allowing them to serve substantially more patients. The company has submitted a New Drug Application (NDA) for this new formulation, with a Prescription Drug User Fee Act (PDUFA) date set for March 6, 2026.

Integrated theranostic solutions (diagnostic and therapeutic pairs) for cancer

Lantheus Holdings, Inc. is actively building out its theranostic capabilities-the ability to both see a tumor and treat it with targeted radiation. This strategy diversifies their revenue beyond diagnostics. Through the acquisition of Evergreen Theragnostics, they gained:

• OCTEVY™, a registrational-stage PET imaging agent targeting neuroendocrine tumors.
• A portfolio of clinical and pre-clinical theranostic pairs.
• Radioligand therapy manufacturing infrastructure via Evergreen's CDMO business.

They are also advancing internal candidates, such as LNTH-2402, a novel radiotherapeutic targeting the GRPR receptor for metastatic prostate cancer, currently in the Preclinical stage. This focus on paired diagnostic and therapeutic agents is a key part of their long-term value creation.

Ultrasound enhancing agent (DEFINITY) for improved cardiology imaging

For cardiology, DEFINITY provides enhanced ultrasound imaging, which is a steady revenue contributor. In Q2 2025, DEFINITY sales reached $83.9 million. This product is expected to continue delivering value, with forward-looking estimates suggesting a potential sales target of $600 million by 2032, supported by an estimated 80% market share in ultrasound imaging. You can see the consistent contribution, with Q3 2025 sales at $81.8 million.

The overall financial health supports these value-driving activities; for example, Lantheus reported free cash flow of $94.7 million in the third quarter of 2025. Finance: draft 13-week cash view by Friday.

Lantheus Holdings, Inc. (LNTH) - Canvas Business Model: Customer Relationships

You're looking at how Lantheus Holdings, Inc. maintains its footing in the competitive radiopharmaceutical space, which really boils down to how tightly they hold onto their clinical customers. For a business dealing in time-sensitive, specialized medical products, the relationship isn't just about a sale; it's about reliable partnership.

Dedicated sales and support for nuclear medicine departments

Lantheus Holdings, Inc. positions itself as the partner of choice for nuclear medicine departments and free-standing imaging centers. They believe their product, PYLARIFY, is supported by the largest dedicated field-based commercial team in the PSMA PET imaging agent space. Sales and marketing expenses are heavily weighted toward the salaries and related costs for this field sales, marketing, and customer service personnel. Following competitive pressures, the company announced it is prioritizing PYLARIFY commercial execution with focus and discipline, which directly impacts how this dedicated team interacts with existing customers.

The value derived from these relationships is evident in the revenue generated from their core products, which is the direct result of this commercial effort:

Strategic partnership agreements with major accounts for volume stability

To ensure revenue visibility, Lantheus Holdings, Inc. has secured multi-year contracts with major institutions and freestanding imaging centers. These long-term relationships are key to navigating market fluctuations. While the company has entered into agreements that contain certain percentage volume purchase requirements, as of December 31, 2024, there were no minimum purchase commitments or payments under those specific agreements. Still, the existence of these contracts is meant to smooth out demand.

Educational programs reinforcing clinical differentiation of products

Lantheus Holdings, Inc. actively works to reinforce the clinical differentiation of products like PYLARIFY, especially as competition increases. This reinforcement is supported by educational initiatives aimed at clinicians. The company announced positive data for its next-generation tau imaging agent, MK-6240, which met primary endpoints in two pivotal clinical studies, and the plan was to submit an NDA in the third quarter of 2025. This pipeline advancement supports future educational efforts around clinical superiority.

• Reinforcing PYLARIFY's clinical differentiation.
• Advancing pipeline assets like MK-6240.
• Expanding portfolio with Neuraceq® for Alzheimer's disease.

High-touch service model for time-sensitive radiopharmaceutical delivery

The nature of radiopharmaceuticals demands a service model that prioritizes dependability. Lantheus Holdings, Inc. is focused on maintaining a best-in-class customer experience, which is critical for dependable, national access to PYLARIFY. A major step to enhance this service dependability was the announcement of an accepted NDA for a new formulation of piflufolastat F 18 PSMA PET imaging agent, which is expected to increase batch size by approximately 50%. This increase in production capacity is intended to allow Lantheus Holdings, Inc. to serve significantly more patients while maintaining high standards.

Finance: draft 13-week cash view by Friday.

Lantheus Holdings, Inc. (LNTH) - Canvas Business Model: Channels

You're looking at how Lantheus Holdings, Inc. gets its specialized radiopharmaceuticals and diagnostic agents into the hands of clinicians as of late 2025. The channels are a mix of direct engagement and strategic partnerships, all underpinned by complex logistics for time-sensitive products.

The primary channel is the direct sales force to hospitals and free-standing imaging centers. This team pushes the core diagnostic agents. For instance, in the third quarter of 2025, PYLARIFY sales, which rely heavily on this direct channel for prostate cancer imaging, totaled $240.6 million, representing a 7.4% decrease year-over-year. Conversely, the ultrasound enhancing agent DEFINITY, also moved through this direct channel, brought in $81.8 million in Q3 2025, marking a 6.3% increase. The recently acquired Neuraceq, for Alzheimer's disease imaging, contributed $20.4 million in the same quarter, indicating a new direct sales focus area.

The specialized logistics network for radiopharmaceutical distribution is critical, though specific cost or network size figures aren't public. What we do see is the focus on improving the supply side, which directly impacts channel fulfillment. Lantheus Holdings announced FDA acceptance of an NDA for a new formulation of piflufolastat F 18 PSMA PET imaging agent, which is expected to increase batch size by approximately 50%. This capacity boost is designed to enhance supply resilience and serve significantly more patients, directly supporting the distribution channel.

For exclusive licensing partners for international markets, the strategy appears to be evolving through acquisition. The July 2025 acquisition of Life Molecular Imaging immediately expanded Lantheus Holdings' international commercial footprint and infrastructure. While specific revenue from a Japan partner isn't detailed, this move signals a shift toward owning more of the international channel rather than relying solely on licensing for global reach, though license and royalty revenues were $3.498 million in Q1 2025.

The Contract Manufacturing (CDMO) services channel was strengthened by the acquisition of Evergreen Theragnostics, which included a revenue-generating CDMO business. This channel allows Lantheus Holdings to leverage its manufacturing assets for external clients, diversifying revenue streams beyond its proprietary products. The TechneLite sales, which fall under Precision Diagnostics but represent a product line with its own distribution path, were $21.1 million in Q3 2025, up 3.2%.

Here's a quick look at the revenue output tied to the primary product channels for the third quarter of 2025:

The overall worldwide revenue for the third quarter was $384.0 million, a 1.4% increase year-over-year. Finance: draft Q4 2025 cash flow projection by end of January 2026.

Lantheus Holdings, Inc. (LNTH) - Canvas Business Model: Customer Segments

You're looking at the customer base for Lantheus Holdings, Inc. as of late 2025, right after some significant acquisitions. This company is clearly segmenting its market based on the specific diagnostic need their products address.

Lantheus Holdings, Inc. explicitly states its dedication to being the partner of choice for nuclear medicine departments and free-standing imaging centers. The overall scale of the business, based on the latest reported figures, shows a worldwide revenue of $384.0 million for the third quarter ending September 30, 2025. The full-year 2025 revenue guidance, as revised in November 2025, is projected to be between $1.49 billion and $1.51 billion.

The customer segments are best understood by mapping them to the products they purchase. Here's a look at the revenue contribution from the key product lines in the third quarter of 2025:

The customer base is highly specialized, targeting physicians based on their practice area:

• Nuclear medicine departments and hospital systems.
• Free-standing diagnostic and imaging centers.
• Oncologists and Urologists, who utilize PYLARIFY for prostate-specific membrane antigen (PSMA) PET imaging.
• Cardiologists and Neurologists, who use DEFINITY for ultrasound enhancement and Neuraceq for beta-amyloid imaging in Alzheimer's disease.

For the PYLARIFY segment, the $240.6 million in Q3 2025 sales reflected a 7.4% year-over-year decline, which management attributed to pricing pressures, though volumes saw a 3.3% increase. Conversely, the segment using DEFINITY saw growth, with sales reaching $81.8 million in Q3 2025, up 6.3% from the prior year. The addition of Neuraceq, following the July 2025 acquisition of Life Molecular Imaging, contributed $20 million in revenue in Q3 2025, marking the start of revenue recognition for this neurology-focused product.

Lantheus Holdings, Inc. (LNTH) - Canvas Business Model: Cost Structure

You're looking at the major drains on Lantheus Holdings, Inc.'s cash flow as of late 2025, driven by manufacturing complexity, pipeline advancement, and recent major acquisitions. The cost structure reflects a company heavily invested in its future while managing the high fixed and variable costs of radiopharmaceutical production.

High cost of goods sold (COGS) due to radiopharmaceutical manufacturing and supply chain is a defining feature. Manufacturing these specialized agents involves complex logistics, short half-lives, and specialized facilities, which keeps the COGS high relative to revenue. For the third quarter ended September 30, 2025, the reported Cost of Goods Sold was substantial.

Here's a look at the key cost components for the third quarter of 2025 (amounts in thousands):

The gross profit margin for the period reflected this pressure, coming in at approximately 57.9% based on the reported revenue of \$384,014 thousand and COGS of \$161,648 thousand. This margin is impacted by the mix of products and the inclusion of newly acquired businesses with potentially different margin profiles.

Significant R&D investment for pipeline assets (MK-6240, OCTEVY) continues to be a major cost driver. The company is pushing several key assets through late-stage development. For the third quarter of 2025, Research and Development spending totaled \$48,025 thousand. This spending supports advancing agents like:

• MK-6240, its F 18 tau-targeted positron emission tomography (PET) imaging agent, which had PDUFA dates announced.
• LNTH-2501, its Ga 68 PET diagnostic imaging kit targeting SSTR+ neuroendocrine tumors (NETs), also with a PDUFA date announced.

This investment is crucial for future revenue diversification away from the current primary drivers.

Sales, General, and Administrative (SG&A) expenses for commercialization reflect the infrastructure needed to support a growing portfolio, including the integration of new assets. The total SG&A for Q3 2025 was the sum of its two main components:

• Sales and marketing: \$48,828 thousand.
• General and administrative: \$81,898 thousand.

The General and Administrative figure saw a significant year-over-year increase, partly due to costs associated with the recent acquisitions and the associated integration efforts.

Acquisition-related costs represent a significant, non-recurring cash outlay that impacts the balance sheet and cash flow. Lantheus Holdings, Inc. closed the acquisition of Life Molecular Imaging in July 2025. The cash paid for this strategic move was a major use of funds:

• Upfront cash payment for Life Molecular Imaging: \$355.2 million (or \$355,200 thousand) was recorded as a payment by September 30, 2025.
• This was in addition to the \$276.4 million paid for the acquisition of Evergreen Theragnostics, Inc.

These large, upfront payments explain why cash and cash equivalents fell to \$382.0 million at September 30, 2025, down from \$912.8 million at December 31, 2024. Finance: draft 13-week cash view by Friday.

Lantheus Holdings, Inc. (LNTH) - Canvas Business Model: Revenue Streams

Lantheus Holdings, Inc.'s revenue streams are primarily driven by the sales of its specialized radiopharmaceutical and diagnostic imaging agents, supplemented by revenue from partnerships and other services.

The company's full-year 2025 revenue guidance has been updated to a range between $1.49 billion and $1.51 billion. This reflects the impact of recent acquisitions and the current business outlook as of late 2025.

The core revenue generation is segmented across its key product lines, with specific contributions noted from the third quarter of 2025:

• Sales of Radiopharmaceutical Oncology products, exemplified by PYLARIFY, which generated $240.6 million in Q3 2025.
• Sales of Precision Diagnostics, where DEFINITY contributed $81.8 million in Q3 2025.
• Strategic Partnerships and Other Revenue, which includes revenue from investigational product use in clinical trials, royalties, milestone payments, and potentially Contract Development and Manufacturing Organization (CDMO) services.

Here is a breakdown of the reported revenue streams for the third quarter ended September 30, 2025, which totaled $384.0 million in worldwide revenue:

You can see that the Precision Diagnostics segment is becoming more diversified, especially with the inclusion of Neuraceq revenue following the Life Molecular Imaging acquisition in July 2025. The PYLARIFY revenue, while the largest component, saw a year-over-year decrease of 7.4% in Q3 2025, driven by pricing pressure, even as U.S. volume grew 3.3%.

The Strategic Partnerships and Other Revenue stream is important for pipeline advancement, as it includes revenue from partners using investigational products like MK-6240 in clinical trials. This category also includes royalties and other milestone payments.

To summarize the key financial targets for the fiscal year:

• Full Year 2025 Revenue Guidance Range: $1.49 billion to $1.51 billion.
• Q3 2025 Total Worldwide Revenue: $384.0 million.
• PYLARIFY Q3 2025 Sales: $240.6 million.
• DEFINITY Q3 2025 Sales: $81.8 million.