Lantheus Holdings, Inc. reported total revenues of $1.542 billion for the year ended December 31, 2025, a slight increase of 0.5% compared to $1.534 billion in 2024. Net income for 2025 was $233.6 million, or $3.41 per diluted share, a decrease of 25.2% compared to $312.4 million, or $4.36 per diluted share, in the previous year. The company's gross profit decreased by 4.7% to $942.0 million in 2025 from $988.3 million in 2024, primarily due to a decrease in the net sales price of PYLARIFY.
The company experienced significant changes in its operating expenses. Sales and marketing expenses remained relatively stable at $178.7 million, while general and administrative expenses increased by 42.0% to $275.1 million, driven by acquisition-related costs and increased professional fees. Research and development expenses also increased by 5.5% to $177.3 million, reflecting ongoing investments in clinical development programs. These increases in operating expenses contributed to a decrease in operating income, which fell by 32.0% to $310.8 million in 2025.
Strategic developments during 2025 included the acquisition of Life Molecular Imaging Limited for $355.2 million in cash and potential earn-out payments, and Evergreen Theragnostics, Inc. for $276.4 million in cash and potential milestone payments. These acquisitions expanded Lantheus's portfolio in precision diagnostics and CDMO services. Conversely, the company divested its SPECT business to SHINE Technologies, LLC for up to $155.0 million, consisting of cash, a convertible installment note, a term note and contingent earnout payments, allowing it to focus on PET radiodiagnostics. The company also announced an exclusive licensing agreement with GE Healthcare to develop and commercialize piflufolastat F-18 in Japan.
Key operational developments included the FDA's acceptance of the New Drug Application for a new formulation of the company's PSMA PET imaging agent and the acceptance of the NDA for MK-6240, a tau-targeted PET imaging agent for Alzheimer's disease. The company also continued to advance its clinical development pipeline, with LNTH-2501 receiving a PDUFA target action date. The company repurchased approximately 3.5 million shares of its common stock for approximately $200.0 million under its share repurchase program. The company's leadership also transitioned, with Mary Anne Heino appointed as CEO following the retirement of Brian Markison.
Looking ahead, Lantheus expects to continue investing in its key product lines, particularly PYLARIFY, DEFINITY, and Neuraceq, and to advance its clinical development pipeline. The company anticipates potential competition from generic entrants for PYLARIFY following the expiration of its new chemical entity exclusivity in 2026. Lantheus will also focus on integrating its recent acquisitions and managing its capital structure, including its outstanding convertible senior notes. The company's future performance will depend on its ability to successfully commercialize its products, obtain regulatory approvals, manage its expenses, and navigate the evolving healthcare landscape.
About Lantheus Holdings, Inc.
Lantheus Holdings, Inc. is a leading provider of radiopharmaceuticals and diagnostic imaging products. Its core activities include developing, manufacturing, and marketing radiopharmaceuticals for oncology and cardiology, such as PYLARIFY and DEFINITY. The company serves healthcare providers worldwide, offering products that improve disease detection, characterization, and patient outcomes through advanced imaging and therapeutic solutions. Its business model combines product sales, strategic partnerships, and clinical development.
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