Lantheus provides innovative diagnostics, targeted therapies, and AI solutions that empower clinicians to find, fight, and follow diseases. Lantheus offers a wide range of products, including:
- PYLARIFY (Piflufolastat F18, PSMA PET imaging agent) for the detection of suspected, recurrent, or metastatic prostate cancer
- PYLARIFY AI (AI platform) to assist in evaluating PSMA PET images
- DEFINITY (Perflutren Lipid Microsphere, injectable suspension), an ultrasound enhancing agent for patients with suboptimal echocardiograms
- TECHNELITE (Technetium Tc99m Generator), which provides a key medical isotope used in nuclear medicine procedures
- AZEDRA (Iobenguane I 131) for the treatment of certain rare neuroendocrine tumors.
Lantheus’ revenue in 2023 was $1,296M, with Pylarify accounting for approximately 66%. In Q1 of this year, Pylarify’s sales grew by 32%, and its share of Lantheus’ total revenue has already increased to 70%. Based on current forecasts, Lantheus’ revenue is expected to grow by 17% this year, which would imply a PEG of 1.2 at a P/E ratio of approximately 20, with the share price at $115. Personally, I prefer to value Lantheus based solely on Pylarify’s figures, as there are plenty of growth drivers for its demand. Other business operations are “nice-to-haves,” so to speak. Definity is growing at an annual rate of just over 10%, and its demand is quite stable. The potential of strategic investments is also difficult to assess at this stage. If we assume that Lantheus’ entire market value is derived from Pylarify, its P/E ratio (using the same operating margin) for this year would be around 25 → 0.8 PEG. Furthermore, the company is completely net debt-free. In addition to these, there are numerous other potential growth prospects in the pipeline:
So, what exactly is this Pylarify? Pylarify is a radioactive diagnostic imaging agent administered as an intravenous injection. Pylarify is used to detect prostate-specific membrane antigen (PSMA) positive lesions in PET-CT scans for men with prostate cancer. Treatment targeted at the prostate-specific membrane antigen is a type of standard cancer treatment. It uses a unique combination of a PSMA-targeted small molecule and the radioactive tracer 18F to target and destroy PSMA, which is a protein found on the outside of prostate cancer cells. Pylarify helps detect metastases even when PSA levels are low.
With Pylarify, certain men with prostate cancer have a better chance for PSMA-targeted PET imaging (positron emission tomography), which can help healthcare providers in evaluating prostate cancer. PET imaging improves disease localization compared to conventional imaging, thereby improving therapeutic decision-making. Pylarify AI is also available for analyzing results; it is the only FDA-cleared medical device that provides standardized quantitative and accurate reporting of PSMA PET/CT images, as well as images obtained with PYLARIFY PET/CT.
Here are some recent announcements regarding acquisitions and strategic collaborations with PNT and CATX:
https://lantheusholdings.gcs-web.com/news-releases/news-release-details/lantheus-acquires-nav-4694-next-generation-ss-amyloid-pet
Here is one more interesting piece of news that caused the recent jump in the share price:
I’ve meant to create a dedicated introduction for this company for a long time (and not just after the stock has already risen 100%), but as a father of two children under the age of 2, there hasn’t been much spare time 
