Update shared on 04 Dec 2025
Analysts have trimmed their price target on Lantheus Holdings, citing mounting Pylarify pricing pressures, competitive share loss risks, and higher near term operating expenses. Together, these factors temper visibility on the company’s organic growth outlook, even as the target remains clustered around the mid $70s to low $80s range.
Analyst Commentary
Recent Street research paints a mixed picture for Lantheus, with valuation expectations resetting lower while longer term growth drivers remain intact but less visible. Price targets have generally migrated into the high $70s to low $80s range, aligning with more tempered assumptions for Pylarify and higher operating expenses.
Bullish Takeaways
- Bullish analysts continue to see upside from Lantheus's core radiopharmaceutical franchise, arguing that even with near term pricing and share pressures, the current valuation already discounts a more conservative growth trajectory.
- There is cautious optimism that a new Pylarify formulation and potential pass through status in the second half of 2026 could reaccelerate growth from 2027 onward, supporting renewed multiple expansion if execution improves.
- Some forecasts still assume that management can stabilize market share and clarify long term growth drivers over the next 6 to 12 months, which could act as a catalyst for a rerating from current depressed levels.
- Despite target cuts, several models continue to embed double digit earnings growth beyond the near term reset period, reflecting confidence that the company can navigate pricing headwinds and optimize its portfolio.
Bearish Takeaways
- Bearish analysts are increasingly focused on Pylarify's competitive risks, warning that further market share loss and potential overtaking by rival agents ahead of the next generation launch could pressure revenue and margins.
- Lowered Pylarify pricing assumptions for 2025 to 2026, combined with higher operating expense forecasts, have driven meaningful reductions to earnings estimates and justified lower price targets.
- Some see modest downside risk to consensus sales over the intermediate term, arguing that a share price recovery now hinges on management delivering clearer visibility into sustainable organic growth, which remains uncertain.
- One major global bank highlights that the stock's risk reward profile has shifted to more balanced territory, reflecting reduced confidence in near term execution and a less predictable contribution from recent bolt on acquisitions.
What's in the News
- CEO Brian Markison will retire effective December 31, 2025, with former CEO Mary Anne Heino returning as interim chief executive while the board conducts a broader search for a permanent successor (Executive Changes).
- The company has modestly raised its 2025 revenue outlook to a range of $1.49 billion to $1.51 billion, up from prior guidance of $1.475 billion to $1.51 billion (Corporate Guidance).
- Two securities class action lawsuits have been filed in the Southern District of New York, alleging that Lantheus misrepresented Pylarify’s growth prospects and underestimated pricing and reimbursement risks (Lawsuits & Legal Issues).
- Lantheus has advanced its pipeline with FDA review milestones. These include a March 29, 2026 PDUFA date for LNTH-2501 in SSTR positive neuroendocrine tumors and an August 13, 2026 PDUFA date for tau PET tracer MK-6240 in Alzheimer’s disease (Product-Related Announcements).
- The company has continued to return capital to shareholders, completing multiple tranches of its share repurchase programs totaling several million shares and nearly $300 million in aggregate consideration (Buyback Tranche Updates).
Valuation Changes
- Fair Value Estimate: Unchanged at approximately $80.93 per share, indicating no revision to the intrinsic value assessment.
- Discount Rate: Fallen slightly from about 8.18 percent to roughly 8.06 percent. This reflects a modestly lower perceived risk profile or cost of capital.
- Revenue Growth: Effectively unchanged at around 7.09 percent, suggesting stable expectations for top line expansion.
- Net Profit Margin: Essentially flat at approximately 25.29 percent, indicating no material change to long term profitability assumptions.
- Future P/E: Edged down modestly from about 13.0x to approximately 12.9x, implying a slightly lower valuation multiple applied to forward earnings.
Disclaimer
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