Lantheus Holdings (LNTH -1.24%) held its fourth-quarter and full-year 2024 earnings call on Feb. 26, 2025, highlighting achievements in its radiopharmaceutical portfolio and announcing strategic transactions.
Prostate imaging drug Pylarify has become the first radiodiagnostic blockbuster, achieving over $1 billion in sales for 2024. The addressable market continues to expand.
We estimate [the addressable market] to be $2.5-plus billion in 2025 up from $2-plus billion in 2024, while the total addressable market could exceed $3.5 billion by the end of the decade.-- Paul Blanchfield, President
For the fourth quarter, Pylarify sales were $266 million, up 15.7% year over year, with volume growth driving performance while net price increased approximately 1%.
Management announced two acquisitions expected to close in the second half of 2025: Life Molecular Imaging and Evergreen Theragnostics.
Life Molecular Imaging will support our future growth with the addition of Neuroseq, an approved radiodiagnostic for Alzheimer's disease, expand our capabilities with an Alzheimer's commercial franchise as well as an enhanced R&D and clinical development capabilities and grow our pipeline.-- Brian Markison, CEO
Evergreen Theragnostics is expected to add Octevy, a registrational stage PET radiodiagnostic that would complement Lantheus' therapeutic candidate, PNT2003. Both acquisitions are subject to customary closing conditions, with potential for multiple commercially approved products in 2026.
Definity maintained its market leadership position in ultrasound-enhancing agents during the fourth quarter.
DEFINITY continues to be the #1 utilized ultrasound-enhancing agent delivering fourth quarter net sales of $86.2 million, up 17.9% year-over-year.-- Paul Blanchfield, President
The product exceeded management's expectations in the second half of the year due to competitor supply chain challenges, leading to more market share growth for Definity.
Management outlined expectations for moderate growth in 2025:
We estimate full year net revenue to be in the range of $1.545 billion to $1.61 billion an increase of 1% to 5% over 2024. ... We expect PYLARIFY to grow low to mid-single digits on a net basis. DEFINITY with a low to mid-single-digit growth profile, will face headwinds from opportunistic sales in 2024.-- Robert Marshall, CFO
The company expects to generate $550 million to $600 million in free cash flow during 2025, providing liquidity for business development priorities and share buybacks.
Management expressed confidence in the company's strategic direction and growth potential. The focus remains on growing Pylarify and Definity while advancing the pipeline and completing the announced acquisitions.
These pending transactions will enable us to concentrate on enhancing our capabilities across the radiopharmaceutical value chain, including in Alzheimer's diagnostics and oncology therapeutics, entering new markets with significant growth potential that diversify our business.-- Brian Markison, CEO
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