Lantheus Holdings, Inc. reported significant financial growth in its latest 10-Q filing for the three and nine months ended September 30, 2024. The company achieved revenues of $378.7 million for the third quarter, an 18.4% increase from $319.9 million in the same period of 2023. For the nine months, revenues rose to $1.14 billion, up 21.3% from $942.4 million year-over-year. This growth was primarily driven by increased sales of its flagship product, PYLARIFY, which generated $259.8 million in the third quarter, a 20.6% increase from $215.4 million in 2023.
Gross profit for the third quarter was $242.1 million, reflecting a 21.1% increase from $200.0 million in the prior year. For the nine-month period, gross profit surged to $739.7 million, a 54.2% increase compared to $479.7 million in 2023. The increase in gross profit was attributed to higher sales volumes of PYLARIFY and DEFINITY, alongside milestone revenue from an out-licensed asset.
Operating income for the third quarter rose to $133.7 million, up 19.0% from $112.4 million in 2023, while for the nine months, it increased by 51.0% to $343.1 million from $227.2 million. However, net income for the third quarter slightly decreased to $131.1 million from $132.0 million in the previous year, while for the nine months, it increased significantly to $324.2 million from $223.3 million.
The company’s total assets grew to $2.05 billion as of September 30, 2024, up from $1.65 billion at the end of 2023. Cash and cash equivalents also increased to $866.4 million, compared to $713.7 million at the end of 2023. Total liabilities rose to $869.9 million, with a notable increase in the current portion of long-term debt, which reached $564.7 million.
Strategically, Lantheus has been active in acquisitions, including the purchase of Meilleur for approximately $32.9 million, which includes rights to NAV-4694, an investigational PET imaging agent for Alzheimer’s disease. The company also acquired global rights to RM2 from Life Molecular Imaging for $35.0 million. Additionally, Lantheus sold its rights to the RELISTOR net sales royalty asset in August 2023, which contributed to a gain of $51.8 million.
The company continues to focus on expanding its product offerings and enhancing its market position, particularly in the oncology and neurology sectors, while managing ongoing costs related to commercialization and clinical development.
About Lantheus Holdings, Inc.
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