At a glance
Lantheus Holdings Inc is worth $6.53B, about 29 times its fiscal 2025 earnings. Revenue grew 0.5% to $1.54B in fiscal 2025, with 15.2% kept as profit; over 5 years it has grown 35.3% a year. It pays no dividend; it spent $475.0M buying back its shares over FY2021–FY2025. The stock returned +74.6% over the past year with dividends reinvested and +34.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 45.4% in the 2020 crash (S&P 500: 33.7%) and 24.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 6 months after the lows.
The business in plain English
Lantheus Holdings makes radiopharmaceuticals, drugs containing a small amount of radioactive material that shows up on medical scans. Its imaging agents help doctors detect and monitor cancer, heart conditions and Alzheimer's disease, and it has radioactive cancer treatments in development. In the US, its customers are mainly hospitals, independent imaging centers and government facilities. Outside the US, it reaches customers through its own distribution, outside distributors and licensing deals.
Lantheus groups its products into three categories. Radiopharmaceutical Oncology centers on PYLARIFY, an agent used in PET scans (imaging that tracks a radioactive tracer through the body) to locate prostate cancer. The company calls its revenue contribution substantial. Precision Diagnostics includes DEFINITY, which sharpens heart ultrasound images and which Lantheus says is the most used agent of its kind. It also includes Neuraceq, an Alzheimer's scan agent that came with the July 2025 purchase of Life Molecular Imaging. Strategic Partnerships and Other Revenue covers services for drug developers, licensing income and contract manufacturing at Evergreen Theragnostics, acquired in April 2025.
Revenue was $1.54 billion in 2025, up just 0.5% from 2024. From 2020 to 2025 it grew about 35% a year on average. On January 1, 2026, Lantheus completed the sale of its SPECT business, another type of nuclear imaging, to SHINE Technologies for up to $155.0 million, so it could focus on PET and ultrasound agents.
Price history
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LNTH +74.6% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $388.2M, up 2.7% from a year earlier, and net income was $75.0M (-4.7%).
- For fiscal 2025, revenue was $1.54B (+0.5% year over year; +35.3% a year from FY2020 to FY2025) with a 15.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +35.3% good |
|---|---|
| Operating margin | 20.2% good |
| Free cash flow margin | 23% good |
| Return on equity (FY2025) | 21.4% good |
| Return on assets (FY2025) | 10.5% good |
| Net cash (cash minus debt) | $22.2M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $339.4M | $-13.5M | $16.4M |
| FY2021 | $425.2M | $-71.3M | $53.9M |
| FY2022 | $935.1M | $28.1M | $21.8M |
| FY2023 | $1.30B | $326.7M | $259.9M |
| FY2024 | $1.53B | $312.4M | $493.1M |
| FY2025 | $1.54B | $233.6M | $354.1M |
Valuation snapshot
| Market value | $6.53B |
|---|---|
| P/E ratio | 29.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Lantheus Holdings’s market value went from $307.2M at the end of 2016 to $6.53B on Oct 28, 2026, about 21.3 times as much; since the end of 2025 it is up 48%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.53B | +48.1% |
| 2025 | $4.41B | -29.0% |
| 2024 | $6.22B | +46.5% |
| 2023 | $4.25B | +21.1% |
| 2022 | $3.51B | +79.4% |
| 2021 | $1.96B | +116.8% |
| 2020 | $902.1M | +12.1% |
| 2019 | $805.0M | +33.7% |
| 2018 | $602.0M | -21.5% |
| 2017 | $767.0M | +149.6% |
| 2016 | $307.2M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LNTH price data to Oct 28, 2026 | +50.4% | +74.6% | +14.4% | +34.3% | +28.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +50.4% |
| 2025 | -25.6% |
| 2024 | +44.3% |
| 2023 | +21.7% |
| 2022 | +76.4% |
| 2021 | +114.2% |
| 2020 | -34.2% |
| 2019 | +31.1% |
| 2018 | -23.5% |
| 2017 | +137.8% |
| 2016 | +154.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.1% over that stretch · deepest drop along the way 45.4%, back to its old high 10.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 132.2% over that stretch · deepest drop along the way 24.4%, back to its old high 6.2 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (21 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Farallon Capital Management, L.L.C. | 8.6% | Jun 30, 2026 |
| Farallon Capital Partners, L.P. | 8.2% | Dec 31, 2025 |
| JANUS HENDERSON GROUP PLC | 7.4% | Mar 31, 2026 |
| FMR LLC | 6.5% | Sep 30, 2025 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| Vanguard Portfolio Management | 4.88% | Sep 30, 2026 |
| Morgan Stanley | 2.5% | Dec 31, 2025 |
ETFs with the most weight in LNTH
| GRPM Invesco S&P MidCap 400 GARP ETF | 3.65% |
| MEDI Harbor Health Care ETF | 3.07% |
| PTH Invesco Dorsey Wright Healthcare Momentum ETF | 2.97% |
| XHE SPDR S&P Health Care Equipment ETF | 1.82% |
| JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 1.68% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 1.63% |
| FSGS First Trust SMID Growth Strength ETF | 1.25% |
| ROE Astoria US Equal Weight Quality Kings ETF | 1.09% |
What could go wrong
- Generic threat to PYLARIFY. PYLARIFY, the company's prostate cancer imaging agent, contributes substantial revenue. The annual report warned that its new-drug regulatory exclusivity was due to expire in May 2026, which may invite generic competitors.
- Lower Medicare payments for PYLARIFY. PYLARIFY's temporary extra Medicare payments (pass-through status) ended on December 31, 2024. Hospitals are now paid a lower rate, while some rival agents kept that status. Some customers have switched products.
- Fragile just-in-time manufacturing network. PYLARIFY's radioactive ingredient loses half its strength in 110 minutes, so a nationwide network of partner sites makes it fresh. Delays, equipment failures or doses arriving at inconvenient times can push customers to rivals.
- DEFINITY faces rivals and possible generics. DEFINITY, the company's heart ultrasound agent, competes with other agents and could face generics as patents and exclusivity expire. Side effects linked to ultrasound agents could also limit its use.
- Costly acquisitions may not pay off. Lantheus paid $276.4 million upfront for Evergreen and $352.9 million for Life Molecular, and owes more if milestones are met. If these deals or pipeline drugs disappoint, large accounting write-downs could follow.
- Leadership in transition. CEO Brian Markison retired at the end of 2025. Board chair Mary Anne Heino became CEO on January 1, 2026, until the board finds a permanent replacement. Turnover at the top can disrupt strategy.
Recent events
- Other company announcement
- Shareholder vote results
- Other company announcement
- Other company announcement
- Quarterly results released
- Major agreement signed; Executive or board change
- Investor presentation or announcement; Other company announcement
- Quarterly results released
- Change to shareholder rights; Executive or board change; Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
For income and retirement investors
Lantheus pays no dividend, and its annual report says it does not expect to pay cash dividends for the foreseeable future. Shareholders must rely on a rising share price, so the stock offers no regular income. The only way to draw cash from it is to part with shares. The company returns cash through buybacks instead. It spent $475.0 million on them from 2021 to 2025, including $300.0 million in 2025. Shares outstanding fell 3.6% between October 2021 and August 2026.
The price has swung sharply. In the 2020 COVID crash, it fell 45.4% between February 25 and March 18, 2020, and took about 10 months to recover. In the 2022 bear market, it gained 132.2% while the broad market fell, but it still dropped 24.4% between August and October 2022. Its deepest fall in the three years to October 28, 2026 was 59.5%. A single stock such as Lantheus carries more risk than a diversified fund.
Questions investors ask
How does Lantheus make money?
Lantheus makes most of its money from imaging agents that hospitals, imaging centers and government facilities use in medical scans. Key products include PYLARIFY for prostate cancer PET scans, DEFINITY for heart ultrasounds and Neuraceq for Alzheimer's scans. It also earns revenue from partnerships with drug developers, from licensing, and from contract manufacturing at Evergreen Theragnostics. Revenue was $1.54 billion in 2025. Its operating margin (operating profit as a share of revenue) was 20.2%.
Does Lantheus pay a dividend?
No. Lantheus paid no dividends from 2021 through 2025, and its annual report says it does not expect to pay cash dividends for the foreseeable future. It returned $475.0 million to shareholders through share buybacks over that period, including $300.0 million in 2025. Buybacks raise each remaining share's claim on profits, but they provide no regular income. Investors who need cash flow would have to part with shares.
What happens when PYLARIFY loses exclusivity?
Generic competitors may try to enter the market. The company's annual report said PYLARIFY's new chemical entity exclusivity, a period of FDA protection for new drugs, was due to expire in May 2026. PYLARIFY was already under pressure after its extra Medicare pass-through payments ended on December 31, 2024, while some rival prostate cancer agents kept theirs. Because PYLARIFY contributes substantial revenue, generic entry or lower pricing could weigh on results.
Is Lantheus profitable?
Yes. Lantheus earned net income of $233.6 million in 2025, a net margin of 15.2%. It generated $354.1 million of free cash flow (cash left after running the business and investing in equipment). Profit fell 25.2% from 2024, while revenue grew only 0.5%. In the quarter ended June 30, 2026, revenue rose 2.7% to $388.2 million, and net income fell 4.7% to $75.0 million. Cash and investments of $593.3 million slightly exceeded debt of $571.1 million at that date.
How has Lantheus stock performed?
It has produced large long-term gains, with deep drops along the way. As of October 28, 2026, the share price was up 74.6% over one year. It had gained an average of 34.3% a year over five years and 28.5% a year over ten years. But it fell 25.6% in 2025, and its worst peak-to-trough drop in the three years to that date was 59.5%. On that date, the stock traded at 29.4 times 2025 earnings (its price-to-earnings ratio). Past returns do not predict future results.