---
title: "Lantheus Q2 2026 Earnings: Revenue Rises Despite Lower PYLARIFY Sales"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/295104331.md"
description: "Lantheus reported Q2 2026 revenue of $388.2 million, up 2.7% year-over-year, driven by Neuraceq and DEFINITY growth offsetting lower PYLARIFY sales. GAAP diluted EPS fell to $1.11, while adjusted operating income declined 6.9%. The company suspended its full-year guidance due to the pending Curium acquisition, which values Lantheus at approximately $8 billion with potential contingent value rights."
datetime: "2026-08-06T12:04:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/295104331.md)
  - [en](https://longbridge.com/en/news/295104331.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/295104331.md)
---

# Lantheus Q2 2026 Earnings: Revenue Rises Despite Lower PYLARIFY Sales

Lantheus (NASDAQ: LNTH) reported Q2 2026 worldwide revenue of $388.2 million, up 2.7% year over year, while GAAP diluted EPS edged down to $1.11 from $1.12. Neuraceq, DEFINITY and strategic partnerships offset lower PYLARIFY sales and the absence of SPECT revenue, but adjusted operating income and adjusted EPS declined. The pending Curium transaction is now central to the outlook because Lantheus suspended its previous full-year 2026 guidance.

## Core Earnings Data

For the three months ended June 30, revenue increased by $10.1 million, while gross profit rose by only $0.8 million. GAAP net income declined 4.7% to $75.0 million, and adjusted net income fell 5.1% to $104.9 million.

Reported and adjusted operating results moved in opposite directions. GAAP operating income increased 13.9%, but adjusted operating income declined 6.9% and its margin contracted by 3.8 percentage points.

Metric

Q2 2026

Q2 2025

Year-over-year change

Worldwide revenue

$388.2 million

$378.0 million

+2.7%

Gross profit / margin

$241.9 million / approximately 62.3%

$241.0 million / approximately 63.8%

+0.4%; margin down approximately 1.5 points

GAAP operating income / margin

$100.2 million / approximately 25.8%

$88.0 million / approximately 23.3%

+13.9%; margin up approximately 2.5 points

Adjusted operating income / margin

$142.0 million / 36.6%

$152.6 million / 40.4%

\-6.9%; margin down 3.8 points

GAAP net income

$75.0 million

$78.8 million

\-4.7%

GAAP diluted EPS

$1.11

$1.12

\-0.9%

Adjusted diluted EPS

$1.55

$1.57

\-1.3%

Free cash flow

$89.9 million

$79.1 million

Approximately +13.6%

Adjusted figures are non-GAAP measures and exclude items including stock compensation, acquired-intangible amortization, contingent consideration adjustments and acquisition-related costs.

## Business and Segment Performance

Lantheus’ revenue mix changed significantly from the prior-year quarter. Neuraceq provided $39.6 million of revenue against no contribution in Q2 2025, while DEFINITY and strategic partnerships also grew; these gains offset declines in PYLARIFY and SPECT.

Business or product

Q2 2026 revenue

Q2 2025 revenue

Year-over-year change

PYLARIFY

$240.4 million

$250.6 million

\-4.1%

Neuraceq

$39.6 million

$0

New contribution

DEFINITY

$88.3 million

$83.9 million

+5.2%

Strategic partnerships and other

$19.9 million

$11.6 million

+71.9%

SPECT

$0

$31.9 million

\-100.0%

Total revenue

$388.2 million

$378.0 million

+2.7%

Neuraceq, DEFINITY and strategic partnerships generated approximately $52.3 million of incremental revenue. That was partly offset by approximately $42.2 million of combined declines from PYLARIFY and SPECT. PYLARIFY nevertheless remained the largest product, accounting for about 62% of quarterly revenue.

## GAAP Operating Profit Rose While Adjusted Margins and Net Income Fell

Cost of goods sold increased 6.8%, faster than the 2.7% revenue increase, leaving gross profit nearly unchanged and reducing gross margin by approximately 1.5 percentage points. Adjusted net income margin also declined to 27.0% from 29.3%.

Within reported operating expenses, sales and marketing expense rose to $82.8 million from $41.0 million. However, general and administrative expense declined to $20.6 million from $66.5 million, while research and development expense fell to $38.2 million from $45.5 million. Total operating expenses therefore decreased to $141.6 million from $153.0 million, supporting the increase in GAAP operating income.

The adjusted result moved in the opposite direction because of the changing size and mix of excluded items, including a $31.4 million contingent consideration fair-value adjustment removed from adjusted results. Below the operating line, investments in equity securities swung from a $14.6 million unrealized gain in Q2 2025 to a $9.5 million unrealized loss, helping explain why GAAP net income declined despite higher reported operating income.

## Cash Flow and Balance Sheet

Quarterly operating cash flow increased to $92.2 million from $87.1 million. Free cash flow rose faster, reaching $89.9 million, partly because capital expenditures declined to $2.3 million from $8.0 million.

Cash and cash equivalents stood at $593.3 million on June 30, up from $359.1 million at the end of 2025. Lantheus reported $570.4 million of long-term debt and other borrowings, plus a $0.7 million current portion, and had access to as much as $750.0 million under its revolving credit line.

## Curium Transaction Becomes the Central Near-Term Event

On August 3, Lantheus entered into a definitive agreement under which Curium US Holdings LLC will acquire all outstanding Lantheus shares for $102.50 per share in cash at closing. Shareholders would also receive non-transferable contingent value rights providing up to $12.00 per share in additional cash payments, bringing potential total consideration to $114.50 per share and the transaction value to as much as approximately $8.0 billion.

The additional CVR payments depend on specified commercial milestones for Lantheus products through 2030, so the full potential consideration is conditional. Lantheus’ board unanimously approved the agreement. Because of the pending transaction, the company suspended its previously issued full-year 2026 financial guidance and did not hold a quarterly conference call.

## Risks Investors Need to Monitor

-   **PYLARIFY concentration:** PYLARIFY represented about 62% of Q2 revenue and declined 4.1%. Continued weakness in the company’s largest product could pressure overall growth.
-   **Margin pressure:** Cost of goods sold grew faster than revenue, while adjusted operating margin fell from 40.4% to 36.6%. Further cost or product-mix pressure could limit profit growth even if revenue increases.
-   **Merger execution and conditional consideration:** Completion of the Curium transaction remains subject to closing conditions, while the additional $12.00 per share under the CVRs depends on commercial milestones through 2030. Suspended guidance also reduces visibility into Lantheus’ standalone 2026 outlook.
-   **PYLARIFY TruVu rollout:** Lantheus must complete technology transfers, obtain FDA approval for individual PET manufacturing facilities, secure coding and reimbursement, and drive customer adoption.
-   **Pipeline and regulatory developments:** LNTH-2501 received a Complete Response Letter on June 26, 2026, tied to unresolved facility inspection conditions. PNT2003 still requires final FDA approval and faces an appeal related to the favorable district court patent ruling.

## Summary

Lantheus generated modest Q2 revenue growth as Neuraceq, DEFINITY and partnerships offset lower PYLARIFY sales and the disappearance of SPECT revenue. GAAP operating income improved, but weaker adjusted margins and an unfavorable swing in unrealized investment results kept net income and EPS slightly below the prior-year quarter. Cash generation increased, while the Curium transaction, its closing conditions and the milestone-based CVRs now shape the principal issues to monitor.

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