LNTH - Earnings call transcript Q1 2024

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Operator

Good morning. Welcome to the Lantheus First Quarter 2024 Conference Call. This call is being recorded. [Operator Instructions] I will now turn the call over to Mark Kinarney, Vice President of Investor Relations. Mark?

Mark Kinarney

you. Thank welcome and today's to morning, call. Good today our President; me are CFO. Brian Blanchfield, Paul CEO; our and Markison, With Bob our Marshall,

website. It We Form morning, with the include call to the release, will and Exchange furnished our for uncertainties. Discussions non-GAAP financial included are will variety now in our begin is open Commission measures. first Investors and our during to section The measures then filings. financial under certain Reconciliation are which of prepared was may our a CEO, these our risks measures call from during my reporting in section also of the most GAAP issued over could of we presentation include in to our SEC the results the comparable filings remarks and refer detailed risks made the comments Q&A. This slide Securities call these this a uncertainties, website is X-K, a directly press discussion statements. today's release of pleasure also call for lantheus.com. Any differ the XXXX and Brian. quarter these which results. to to detailed at Actual of statements forward-looking Please turn SEC call Investors and materially due to our

Brian Markison

leadership global to numerous the immunology to as therapeutic a and have here most years exceptional first and successfully as with I company. The start excellence the strategy I'm outstanding radiopharmaceutical remain and career CEO commercial have team and committed used call we sales to to the be markets. the vision, rep to Board that were I earnings impact this and of categories, major and began to and this XXXX, expand made my Chair more lives Board member of deep strategic Having I than oncology including as execution a focused once of our Thank Lantheus patients industry, served proud our underscores the strong the have marks Mark, X.X our and since and radiopharmaceutical my of of in am efforts This necessary operational XX to delivered pharmaceutical you, delighted morning. as XXXX recently across Throughout I'm families good understanding career, pipeline. partnering and to products the enhance experience. incredible led of a particularly Lantheus, more leading their quarter. million again my innovation, advance and lead performance in investments than team. I the

our As company we future, speak value sustained the of better radiopharmaceutical outcomes be therapeutics, then financial will enhanced and focused business innovation Paul look development commercial to M&A diagnostics through leading back realize expertise to and over turn stakeholders. our value the to we this, operational now call and discuss existing while To Lantheus attractive to the portfolio, maximize will in existing patient expand come and to continue an pipeline. by AI that, through excellence and delivering I'll our profile. With about I'll and and portfolio. sustain our pipeline the

Paul Blanchfield

imaging up by PYLARIFY an successful excited utilization at customer PSMA I'm driven generated of PSMA was market sites. from PET another sales Brian. share increasing Growth details over year. quarter. $XXX of on and with prior PYLARIFY to net you, the million, expanding Thank PET existing XX%

clear the XXXX, and continue remains making imaging $X PYLARIFY We continues of first-ever for and on is PYLARIFY billion grow for sales over leader. PYLARIFY market delivering patients, to ensuring agent in blockbuster a focus PET available net to

of PET salesforce's overall diverse enables utilized in all launched partnerships, to our these PSMA and imaging drive to our the to a new market PET on sailing. partner, efforts. This education brand the community. We campaign, continued departments the Washington, PSMA available helped we agent. Last and convenient and reliability, PET as leadership. Behind leader market expansion, market. the and imaging strategic is urologists new campaign proposition our relentless sustain excellence, as centers PYLARIFY market We benefits and Be through including contiguous clinical well as leadership states our ensuring freestanding and network, PET agent we focus grow Rico PSMA D.C. as recently educate PYLARIFY differentiating reliable Curium, to our Clear, the to only on continue all imaging of and medicine is PSMA the and through nuclear oncologists, Puerto which our as year, with referring as imaging these us efforts clear highlights the supply. marketing that PYLARIFY are PYLARIFY and we operational well combined through growth see well and with commercial impact As value of #X prostate large Let's XX growing beginning a F XX salesforce expanded supplying market to in distributor of patients widely is cancer Europe serve as our

support continue multiple PYLARIFY. enabling We the quarter, growing patient also sites to expand earlier activated while demand improve both existing dose for access which at delivery with our of the in PMS, and times network

of Payment, of multifaceted approximately are to affects the mitigating implement potential that Pass-Through We XX% of PYLARIFY to potential or continue TPT for revenue, at important It's of a we the to Transitional medicate the only strategy to committed impact our end XXXX. expiration and TPT, hospitals. the note impact of expiry actively

rather a is addition, issue. issue, TPT In not specific a PYLARIFY but class

X imaging XX% each faced PET other. currently that TPT PSMA within products of months the the fact, expiry all of market, prostate cancer approximately represent In

strategic to call, PYLARIFY partnerships our agent have been entering PET to they last with to long-term PSMA As into mentioned we their we as of access on continue choice. customers ensure have

fiercely remains the for and market committed PYLARIFY clear ensuring is We are available to patients leader.

ensure diagnostics, create equity separate or patients for for payment diagnostics, in including FIND PYLARIFY for to patients clinical access additional innovative PYLARIFY's market to guidelines. seeking are further intermediate with medical to support while continue populations, risk CMS, radiopharmaceutical Act Medicare PYLARIFY. including work Medicaid we for also exploring and grow advocating We the utility to Centers radiopharmaceutical To patient growth, of health and the long-term to Services, the inform the favorable

change to in risk. enrolling presence begun the study PSMA PYLARIFY of have intended MIRROR in how staged additional the initially determine PET And absence patients imaging We detect lesions or whether designed favorable management. imaging as prostate with cancer can importantly, can their intermediate patients

business, with the life including cycle clinical portfolio, how its value assess of to to entire microbubble our strong PYLARIFY, said, to net support of expand continue also support excellence of its as in education we clinical first have more approximately options DEFINITY the to patient investigator-sponsored commercial information of our success maintained experience maintain sales customer momentum and the maximize continue we we'll efforts. $XX million, and use, up to as continue share of quarter and drivers potential We our previously the with proposition, research DEFINITY's And be of PYLARIFY. operational XX% access appropriate. In clinical to year-over-year. and by utility value decades additional supported

utility back indication including Brian, to pipeline. broad insights FDA pediatric provide drug is patients During approved in proven will across now quarter, application who now expanded some suboptimal patient will the use DEFINITY's product's the The echos. into a with new populations the for testament call our pediatrics. I to supplemental our the turn

Brian Markison

business or and existing XXXX, have have acquired of SPLASH, MK-XXXX. pipeline, the these radioligand significantly RLT the and reduction number was study, Within the growth, Phase efforts. PNTXXXX of endpoint assets future Paul. on we in-depth death. to of a with reported Thank you, statistically cancer. lives that in or our radiopharmaceutical M&A at including therapy the we significant development III patients is market treatment investigational registrational potential of December our PNTXXXX, patients and our our its XX% Each PSMA-targeted progression licensed of for In knowledge prostate impact a castration-resistant radiographic achieved the risk metastatic opportunities primary of that for our with focused PNTXXXX based the

events as first reached we analysis. of more overall we were have shared, the results at As previously survival XX% interim awaiting protocol-specified are only target mature

We will candidate their XXXX, and neuroendocrine positive in resolution of the launch Lutetium-XXX this is the should tumors. and making for product health FDA when first the tumors, of providers If would which third option in of models under the matured neuroendocrine survival patients the care the occur protocol-specified radio it market additional for an growing XX% DOTATATE. PNTXXXX events, sizable of equivalent data currently analyze to year. PNTXXXX, approved and it a has review. PNTXXXX quarter a be could litigation, of Hatch-Waxman the is for treatment overall our to already indicate treatment pending and This

tau with which proprietary adoption expertise inform provides tangles, isotope option forward trials off-target for more a the see to for year, escalation regulatory of trial one sharing based of potential elect radiopharmaceutical clinical our paired neuroendocrine and in future high X value more asset as pipeline for which prospective prospective limited chelator. for when license in of product National to Phase of has exclusively for monitoring from Alzheimer's XX-based over and later for quarter, products. therapies cohorts which Alzheimer's MK-XXXX, RLT with therapy, marker binding candidate look tracer a trials. progress to I/IIa tau, therapeutic and Tau for cognition, on shown partnership progression Clinical as established us codevelop and Prospective under prognostic for potential path with dose our past also years of success can Aging to in guidelines. MK-XXXX VMT-alpha-NET within development the of as Therapeutics, lead-based the levels announced treatment help of alpha results has Alzheimer's this alpha and and detection clinical PET year. Earlier for tau The this with the certain in affinity Institute especially and in its the led to changes these to draft F cancer. prostate best-in-class expects this Lead-XXX We disease F is XX-based continue monitoring the with the MK-XXXX, and expand offers ability accumulated tumors. recognized of we their the the for X detection brain ongoing promising specifically Lead-XXX preliminary inside the We we third an may guidelines we PET X disease to Perspective research further the the of on as the evidence Association our use earlier agent leverages our the staging of diagnostics be which well has

candidates. an development growing develop, portfolio portfolio a their the and we a have and we and fully commercialize multiple took manufacture position because product capabilities commercial we summary, company Finally, have believe to platform. In in in equity integrated market-leading

we strong future, business the to capabilities will utilize look areas M&A execute financially sheet, a we and to access our expertise. our align flow pipeline we to and enhance and opportunities As that capital that believe with balance best cash attractive in our radiopharmaceutical development

of financial Finally, continue capacity we company. I have and something and I'm our the well ensuring radiopharmaceutical now capabilities leading over discipline our to we existing long-term significant we more have sustain financial plan future. to drivers. Lantheus hallmark offers and and continue even the The strengthen and incredibly has will invest turn Bob. has long-term will maximize current radiopharmaceutical been profile, about the business to continue. Naturally, potential This of excited be and us investing call focused while and near proud accomplished in value growth the our field to position to sufficient to Lantheus in a portfolio to

Robert Marshall

you, otherwise prior on quarter focusing the financials, year results of everyone. first with adjusted to morning, unless I noted. provide the highlights Brian, good and XXXX Thank quarter will comparisons

TechneLite quarter, first Turning $XXX.X include million increase line revenue $XXX was attributable trends of Highlights sales revenue $XX.X the XX.X% up year. Precision PYLARIFY $XX.X DEFINITY year-over-year and along noted higher for with to continued sales X% X.X%. of million, over an of Consolidated and net up seasonal XX%. oncology now million, contributed in strength to the up of million, sales XX.X% diagnostic $XXX.X of we've million details. million, in the of Radiopharmaceutical of the with with quarter XX.X% at was higher. revenue the last $XXX.X

higher point XX.X% margin year. Gross repeated due XX.X%, XX the the Lastly, $X.X an streamlined higher The XX.X% strategic sale basis and to partnership prior down with not increase RELISTOR PMF profit noted material increase net manufacturing royalty contracted but year expenses spending than mid revenue the footprint, an a was to part prior headwind and and is $X.X approximate year levels. volumes XXX product additional of network were royalties comparable, mix other revenue points with by of basis million, along million largely offset first attributable for in basis previously the despite at this line due to points rate investments. Operating RELISTOR-related led quarter of having previously by robust of guided costs and favorable in last year. XX PYLARIFY was DEFINITY, overhead

million by debt. a of smooth million million existing intangible the expense is noted million our with Of and million and expenses amount, interest reflects part Other with associated related and $XX.X net the is support As expense amortization, on and respectively. $XX.X taxes. continuity X.X%. income of X, expense quarter, which remainder with Total our R&D operating a in investments and to relating million earlier a system line year, during this IP integration made health external this to investment, the acquired Notably, business. Operating before or January transition result stock incentive plans and our expenses. quarter of unrealized on $XX acquisition, and of that of gain we increases the prospective at efficiency expense gain nonrecurring $XXX.X to adjustments an for quarter equity with $X.X several income, to in of growth increase of tied noncash went transactional profit in we with ERP supplemented other million $X.X the successfully and along were was transactions initiatives. new ensure $XX.X offset to income interest

and an an income was adjusted resulting XX.X%. on $XXX.X for diluted reported fully basis, of $XXX.X million Our earnings for first were the was first the basis, quarter net The $X.XX adjusted and increase rate an XX.X%. $X.XX million share increase tax per GAAP an of on effective quarter XX.X%.

cash to turning Now flow.

prior operating Capital $XXX,XXX totaled flow quarter. QX flow, million, expenditures, XX.X%. $XX.X Free last $XXX.X $XXX lower year million of million, year. operating cash First cash the which totaled we less flow increase an million, capital $X.X over expenditures as cash quarter than was define

net During Somerset in a the quarter, obtain well company $XX.X $XX million as invested options of sale million alongside the and our rights to facility. the Therapeutics as Prospective certain

cash net of stands cash, Taken at $XXX.X million. now together, cash and restricted equivalents,

and to are access million have We our liquidity $XXX our with revolver position. undrawn comfortable strong bank

at to our now first full as second quarter. updated year for Turning guidance the the the look XXXX well as

brand was for full view year expectation of We signals the growth XXXX full the dynamics. We leadership, And on forecast it at call, DEFINITY prior year to we awareness amidst as range top in clear market the year's and that are the grow and the follow increasing single PYLARIFY full performance. grow in digits last seasonal year now competitive mid-teens high our for PYLARIFY as last see mid-XX% remain products market noted expansion, patterns in the over seen Other our confident sequential can on also levels. of for remain should XXXX. We results.

billion $X.XXX from excluding to the of range increase the result. estimate $X.XX billion $X.XX to to to of estimate revenue billion, a billion, XX% approximately together, an be XXXX, prior $X.X of XX% from we over full in Taken XXXX year RELISTOR up

range share fully in expect and be of $X.XX $X.XX. up the diluted $X to We adjusted prior of per from earnings to $X.XX, a estimate

to the million net adjusted be in to range $X.XX. With to of For should over $XXX me turn of per second $X.XX back diluted let earnings $XXX fully the in million, call quarter, a be the should share revenue Brian. range that,

Brian Markison

In quarter Thank of the is first testament our the summary, dedication Lantheus employees. you. performance to a outstanding

value by future company to PET prioritizing been potential team's proven reach of has maintaining X with which to serve are and of while invest 'XX, ample and than performance. CEO implementing patients. Having supported strategy we radiopharmaceutical status. Throughout leverage will continue including keep products, as about both and our creating number at ever our first approximately the capital the the positioning, long-term before Lantheus. a our near- the for in expansion innovative over ago, With develop blockbuster PYLARIFY, market-leading we're robust the months drive be to taking excellence solutions advancement our and positioned more to strategic am health potential identify, excited professionals and We growth, harness care actively imaging to I years pipeline operational to agent to

We for leadership. we unrivaled heritage thank on our tremendous better organization your fight have questions. to want disease build commitment that, the Operator, their follow are and take and ready ongoing everyone our radiopharmaceutical a now with to to patient proceed. to opportunity Lantheus please I outcomes. And in deliver unwavering find, to purpose to

Operator

Petrone [Operator Group. Instructions] line Financial first Our Mizuho from the question Anthony of comes from

Anthony Petrone

and And strong the the X-month PYLARIFY, CEO XXXX. on with again, perspective for to [indiscernible] out on the of start Maybe welcome Brian, a quarter gate congratulations taking role. from Congrats in well expectations a plus looking Bob, the of beyond so March, XXXX. for here in but out much also XQ, the on mentioned our you XX% base higher year guidance and remainder here,

indications? on in going. bit little So and starts on more populations? off-label core to also Is that utilization seeing cancer earlier of follow-up you utilization Are mostly Or a maybe questions. therapy usage couple the risk I'll a the bit of seeing as indications you're metastatic have underlying some little a high a dynamics get just marketplace. driver? And in the in then And actually

Brian Markison

I and customer is within expand. it brand of existing and are the congrats. accounts. short is, I'll seeing for think it's on over off PYLARIFY the it This Brian. most the kick use thanks our Paul. then And Yes. answer And the turn we But locations importantly, to

are I more referring bandwagon. physicians getting So think on the

look do at that? you MIRROR base we PYLARIFY, the people the there. study. But like clinical use much add out to seeing much Paul, to And trial for of want lot earlier a are settings to really is knowledge team that's commercial are through also Our that beginning expanding

Paul Blanchfield

the then factors. a look and quarter, of PYLARIFY we say can If by guidance, drivers driven in the Anthony. thanks, more on Bob would and overall at it's first bit little Brian, Thanks, X touch I

and patient the The expansion the has growth utilization for first BCR anticipated of than to overall beginning research increasing for which The PSMA market. patients in existing market addressable selection continued monitoring, scan and at we an initially suggests current prescribers really year. as as been stronger than the is market the of particularly anticipated we well is among larger leading a PET,

customers, price driver existing see at see seeing alluded PYLARIFY. We which network, the call partnerships where about this our the PMF the of had validates the did increasing the of including and marketing a a are increase we continue new XX did year. Would growth brand campaign, up That is times, biggest [indiscernible] and our a to, is -- beginning of our days increase lesser now far price what lastly, including to we take really Brian Brian then initiatives, reiterate of strategic salesforce existing in to XXXX think available X% at preference price we but the this well customers As impact, support really enhancement the in the around PYLARIFY that label. as we sites, utilization mentioned [indiscernible] at new year. continued our expansion, sites. And take beginning prescribers our as the with

is on a we PSA and and the As Lantheus those rising metastases And or risk of the on from to let noted prior basis, there for definitive all the population for commentary. see a Bob label always is broad a rewards to management, label for guidance life some I'll paying addressing as really said, the some MIRROR educate given is investment therapy guidelines continue really hardware. Maybe provide future-looking breadth about physicians to indeed, incredibly the study we've cycle of the of broad. PYLARIFY

Robert Marshall

expansion, remarks, you market as we quarter, confirm I as Anthony, mean I that I to I that what signals expand would evaluate assumptions. I heard leadership. dismiss awareness I of think sort Paul said and -- of in is that much -- tell brand is my our more each we and or in reevaluate see really his we And guess market prepared that. clear or detail well, can't on

make we And of learned historic so to data, and world. this from our that perspective, adjustments view from we the

that, have for we that year. can we more $X deliver than on sales So in confidence PYLARIFY based the billion

Operator

Our next line of Ruiz question the Leerink. from comes Roanna from

Roanna Clarissa Ruiz

already mentioned that's Is raise? strategic the PYLARIFY. to Another going was curious bit. if one that just little since you year? your I traction. price net are be curious driving through And partnerships gaining a sustained I your if guidance for was

Robert Marshall

that one. take I'll So

guess, is large So strategic Europe a just is a I while launch there from market. -- getting partnership, The underway. getting

the perspective, market contribution really here U.S. efforts that and on is our So guide from in minimis predicated de the and U.S. the is in that the

a the that of using partnerships number, PYL, contribution In strategic the other scheme significant again, in within if not terms studies. grand you of -- clinical Again, on is will, that things.

Paul Blanchfield

on strategic we just with partnerships think to -- the customers key the the our through I U.S. in piece other think is

broader grow customers. and still I drivers. But but continues As did and those that really to in market remarks, to haven't position say, remains That's naturally overall in overall, strategic #X continued PSMA the market forward. going traction see part note, leader strategic began the partnerships that solidifying been We are imaging XXXX. into key ensuring to our the agent we of PYLARIFY PET would partnerships growth as continue we around one the enter of with we the XXXX,

one which it with that and drives that very partnerships, continues the value with to PYLARIFY pleased grow are think commercial currently. multiple TPT we feel and we some our comfortable market of the piece, clinical is its competitive and progress XX% position, strategic ensure Xy to but noting overall, of its of the I impacts approved strategies proposition

that's whether to products outpatient Medicare with the such, impact are so the work and financial any specifically differentiated we payer able customer And fee-for-service. Each not mix, of exposure. otherwise, really potential have hospital their of our site as including clinical of their and attributes, care mitigate these to commercial And base are them deeply understand or them interchangeable. we mix,

at more we Given questions, elaborate the competitive be this further nature they'll want of sure but to I'm the point. don't business,

Operator

of line Securities. comes Newitter Richard the from from Our next Truist question

Richard Newitter

pass-through? looks -- the great status I threshold But you of PYLARIFY yet, sense question what or contracting I to as can blockbuster has the just what us -- off, a the on market percentage imagine can only maybe that quarter. not the any Roanna asked, to if just on start give like. dealt your would of of follow-up. contract that sort Do to negotiations in pass-through or you as the you think any get goal with, impacted to by time you be are percentage? market that some then relative have one where I And by can transitional expires? And sense kind under today Congrats transitional that

Mark Kinarney

Yes.

we Paul looks So strategic have but strong let And of this sense quite at call been Richard, all some very PYLARIFY. blockbuster for works like a the billion year. in are what the going said, for agreements customers a I'm well has our But our future elaborate, multiyear to duration. in $X been, the for I'll They've preparation underway time, this and while. I like for with

So out ahead. Paul, I'll help with you go that one.

Paul Blanchfield

I Thanks, congrats. the and Rich, appreciate

responding Roanna. really intersection concentrated of we've shared mix, of at care affects outpatient is impacts about in It revenues. I alluded this to the the payer and intersection, space. it when in So and the and hospital Medicare XX% that of PYLARIFY setting hospital site That past, And look fee-for-service. only to you in the as is the really

term, began of into since understood entering we've so the mentioned, receipt long strategic PYLARIFY year. partnerships launch this and last Brian we And of as the

we market DEFINITY, of market. But pleased with interaction as significant look many years, progress, which overlap customers. has relationships. is in see which XX our for with with growth really are a think we high-touch have and bring long-term We been There I our on the we we the continued

to and sensitivity. amount so that impact, And their the the understand of exposure to we're interactions customers their with understand having our

nature it confident the to of expiry potential of business. with to with We leadership share this able in to make pleased any position, pass-through that at even But the are competitive the to there. continue not continue given be specifics we progress wrap about say, end we obviously being PYLARIFY amidst going where progress. We're the of year. We're to up suffice the incredibly

Operator

comes Solow question the Securities. of Larry next from CJS Our line from

Lawrence Solow

on PYLARIFY year sticking terms Congratulations welcome a the the into I you and you, any with of transitional switch pass-through of actual right? you even start modest Some the do part it's impact, a maybe sales cadence kind in of these just ahead preparing on on of some Brian theme as the some during year do comments formal as to the to impact just But centers but year, for we you well. of -- Can latter pass-through. from the that cadence and see expiration, the patient and that. thoughts get over just sales the based of guess as some impact, hard treatment. see of just PYLARIFY

Robert Marshall

quarterly will. But is Paul lowest QX improvement than from there. highest see trends than beyond than terms I'll to see to plus, QX the sort you QX sort Larry, seasonal you we've expectation. in the of of of really QX sort if the would pick think cadence, of the that sort up in the sales if sort cadence that, seen referring sort do sequential of of let to So, of I keep expect splits, the we of sequential over last year where I'll take we it highest

Paul Blanchfield

Yes. Thanks, Larry.

we when mentioned, impacts we vacations. see to need Bob at as look continue month, think are natural to I on seasonal center there physicians the -- staff and summer go imaging do

So that. of we do some expect

growth increase beginning Bob's be see see mid-XX% the larger company We're stick of would sequential vast a in volume first going price year. PYLARIFY the at year, now. the to and driver. took But we with partnerships that of the overall think range the more little expand, But for to with this I X% net we that being bit contribution overall a will as impact. Naturally, guided quarter, price further commentary I somewhat on minor volume of a otherwise, those the the components. strategic majority

Operator

line of Zhi Riley. from comes from the Yuan next Our question B.

Yuan Zhi

request? heard quarter. capacity of to building your demand on you another New or I'm is the customers' it Midwest. availability accommodate and We based on partners forecast expanding great are there your Congrats in the PYLARIFY curious, just and actual the York

Paul Blanchfield

Yuan. Thanks,

did California, it out quarter yes, quarter. did XX times. in in the we This about some it network the and the in We expand Florida. is many additional right So in now active -- really New X we York, cases, in is door PMFs, really first have is add and our the PMF cases, capacity. around In Ohio

earlier of of in times to we an PSMA product be while the substantial, multiple XXX XX increasing half-life day. as to well are overall in approved imaging agent that minutes, make go serve day the still growth to And market PET the imaging the PSMA seeing F been demand. later as has to the PET has able continue that of the Given demand longest day we need in

And time of growth from product sites slots our drive be where seeing F can for a building the activated majority F network, in of necessarily we around out and We right doses the expand margins. existing at But role agents And to made size we growth capacity existing into given time new b, we is to those our some of the have elsewhere. on it in million be shorter slot. There's able the redundancy to with new really PSMA at isotope, is and and we XX want XX than X that approximately the that. other with of market tap a continue naturally sites; FDG a to bringing new physicians half-life doing sites. the rather fuel to fantastic are that generator capacity that. sure we're can make is so PMF some it specifically cannibalizing

Operator

next Our JonesTrading. Walsh from of from comes Justin the line question

Justin Walsh

over the development see It's pipeline your prospective deal continue been time? with to do developing pipeline to great see your Where here. expand you

Mark Kinarney

developing on it be highly see in X our PET we to selective fronts. leadership think and imaging. going maintain I We're Well,

And very I with Prospective the radioligand that's partnership, space already the we're obviously, clear. think therapy, Point in partnerships.

So out spending are we in front. that a and M&A going in to definitively and lot therapy radioligand more the on BD pipeline be time building

Operator

question Blair. next the William Our Shay from from Andy line of comes

Unknown Analyst

great on Congratulations a quarter.

So a question for you, Brian.

and developments acquired important cancer. prostate hours, getting Mariana the several of past by reported light in response or So Novartis, XX in saw by Clarity right? Just a complete in we XX

share perspective, could play picture the world big Just there. radiopharmaceutical really your and on maybe view from field how the Lantheus

just overall the than well. a range. ratio Novartis related to down radiopharma one as X.X quick We saw And hazard showing survival maybe to less

that into does level impact heading So update? QX confidence the your

Brian Markison

of await get Well, passage that that's will you Point last the see in estimate why survival. a and the it is reduction do around certainly with overall look, But the of we trial answer. your you to if will, encouraging clinical the comment the cards, flip first, time the

lot And as as certainly the platform, about pretty the we're the right us same I industry, it the we're things. will it, tell at So recent in us at the it a time, activity if think time. far think of what I seeing data validates will. And excited but tells the you Lantheus

are broad among Novartis the is think clearly pharma investments pack, and right? I the big commitment Their therapy fairly ahead of fairly deep, to radioligand players fairly their clear. is

but they're that look projects. And also the hoping to when at. seem going you lead up we other works and they lot we're think, what what selective I I with a pick asset in at out, and platform science big look pharma investments, think we be, I very think one of acquisitions be to

some future. have are tuned I We expertise. platform because see a and that you'll we And just stay in We the us near platform. need think activity don't from the

Operator

next from Capital from comes Our Kemp of the question Dolliver Brookline line Markets.

Brian Kemp Dolliver

growth your administration centers the the imaging and your in imaging Back to some business comments in Has PYLARIFY, of undertaken. of mix about -- initiatives you've site changed? other given

Paul Blanchfield

as kind mix centers, generally freestanding the I has the That's not appreciate and there. accounts materially. hospitals, little and speaking, hospitals, Walter that with changed then around others, mid-single-digit Reed both and government site imaging in X/X We a facilities, than centers freestanding range. stable imaging less focus about view being X/X relatively of book great question. the VA really bit business being Generally of government

overall, just growth prescriptions So demand really portion. and existing largest the those continue in to relatively we activate being sites, new increasing all prescribers. But a to is comparable sent

necessarily important. trend, a trend Medicare to of site overall kind mix become PYLARIFY but Now But overall, just not relative overall, as And we comparable do advantage Advantage see Medicare continues the to year-over-year. a national relatively more fee-for-service. that's increasing

Operator

Our the Cowen. next Tara Bancroft of line question from comes from

Unknown Analyst

of Tara. Greg is behalf on This speaking

year-over-year. grow increased cash So that have with should to continue you revenue substantial balance a

for your or us capital plans PYLARIFY for for of you marketing more So business potential can either R&D, in tell allocation terms about plans development?

Robert Marshall

a for So you're flow I'll quarter We cash This right. $XXX Bob. record Yes, free take had at is million. that.

that think So us quarter do the But of that in saw million $XX I great. was was also it prospective -- you what is deploy with the transactions.

this long of strategies. Clearly, also between that we going front. optimization. on be his Brian to evaluate our but to also continue growth focused affords to development, do we deployment number be portfolio the with business constantly important think any in dry through pipeline capital indicated on for perspective I the management ability structure sets development But it include of development But think deployment we internal the powder, remarks, for look Board busy at to to have can from and business fact And the as going to we Paul are advance the the noted as we strategically the capital to that projects opportunities to term. landscape are us internally money, solidify the So up us of and we the able add options. that what

Operator

question of Ruiz Roanna Our the line Leerink. next from comes from

Roanna Clarissa Ruiz

mentioned the marketing through experience on expanded you curious, deep So new yet are with campaign. not can that, field year? new yet? new education force drive you you PYLARIFY help call, might within the the and help noticed their customers how who to have was also I and targets doing I And educate physician what and use

Paul Blanchfield

as coming the Roanna. approach be and freestanding on oncologists team as be able do congresses Namely see to physicians staging well that continuing medical vast urologists, in question, discussions. an existing to hospitals, questions. We year, noted appropriately do education and astute both is We medical through publications last really We to where benefit. But significant the our be expand at imaging and made this call significant There Very the inroads prescribers. continue to and educate we that centers would largely in of and medical to levering oncologists, did from omnichannel referring on called radiation answer and do as we've force, believe growth they get oncologists. which referring field we physicians. majority

significantly at discussing grown both the therapeutically congresses medical of the PSMA, is number look recent posters are you and If over years. that diagnostically

starts treating from to both a raise medical [indiscernible] perspective commercially, awareness sales that then And our so appropriately. And at there and raise in sites to first teams awareness. accounts, are in referring

last in new to And do the publications physicians. are having patient that and addition in the the curve, driving benefit And continue a us We we naturally is PSMA efforts, it. believe seeing the a other appropriate disproportionate growth. those investment we referring which where out take the the prescribing gains market of growth in naturally, and in We the that to and omnichannel and we to the middle leader, market appropriate we of clear in of in largest play really invested the awareness, of disproportionate impact market. overall imaging including on as are allows fulfill to then those believe we marketing demand appropriately insights really appropriately just leader generate both the appropriately our ahead within year, voice base, of marketplace, gain increasing segment. We target fruits investments made data we

Operator

Richard Securities. comes question of from Truist the Newitter next Our line from

Richard Newitter

potentially I'm and well, or yours I elaborate you what just out PET PSMA them the that insight effort? I'm you works any looks gave there. had also, kind on if wanted asked potentially a could a something for that CMS publicly of a mentioned is that Pass-Through to on. And quarter management about how us while that still cycle Transitional tuned last kind version as and restart future -- you're PYLARIFY, talking off the wondering needed? I like that of of competitor still as have is you diagnostic but replicate potentially they're And stay [indiscernible] on of do or on type there life ask, due this means just you can you could X.X clock past just in curious, indication sets.

Anthony Petrone

holding X.X Yes, Like knowledge lot you, of we about we said in questions Richard, have management needs into strategies, companies other that. life And improvements, what we what and up work. I product to of vest. wrapped their A to close and happen thanks. our approach that good are listened fairly a Pass-Through, particularly the to think to make to have good order cycle have

you there. want, sure not want if much add think we So how little you to can I'm I elaborate. But a Paul, bit

Paul Blanchfield

discussed in are there marketplace. that Thanks, Rich. We being very much out the understand the pathways

and be NDA. for to aware you believe, CMS new We there. just a are setting have context There Transitional do been eligible for paths on Pass-Through current of multiple based pathways requirements, regulatory get we them. need to

cycle the message PYLARIFY the developments point to monitors, to focused will support But executing talked I we mitigate and in that and the we and over share congressional this is impact publicly, key at our blockbuster, in internal brand mentioned, now plans awareness, customers through the imaging to PYLARIFY when you entire Brian to life on consistently team market about, it value don't asked that year, portfolio. We maintain Our to as of more including consider the appropriate. with as our look the first options actions CMS really patient sharing as that those delivering for $X well multiple expanding access key strategies, and delivering right efforts feel really think questions our ability forward some strategic we when PET on the and billion need about making this we've of for appropriate. sales education and we're do industry, so management partnerships ever supporting the and maximize overall,

Operator

Sai line of comes the Andy from question William Blair. next from Our

Unknown Analyst

question. Thanks ask for allowing to second me a

very sell-side radio focusing landscape. peptide-based signaling a antibodies BD the or strategy. clarify, like preference over analyst, risk like are survey a sensitive easy a to I as want the on the sounding various at of such comment as you you overly contracts specifically in. modalities So on just other you made

Mark Kinarney

a ability small cancer it's it's at look a at the market. of you I total think really market, look, And Well, another the to is age. coming we with if modality. just I are mean, have naturally would less of bias. RLTs target Lantheus, piece effectively overall off-target The tumors toxicity more evolving, the But but

a It's of space. emerging. valuations lot It's it's jump growing. attention pharma We're to seeing lots the big So by paying exciting. of

the proved guess truth with look, bomb can mean, receive you lines I from to could to they simple tumor less technology on go that and really it's say the point to additional I has a the the So is therapy. to can deliver smarter patient, perspective. But and you talks validated the where of continue

it's certainly but can't in. it exciting, So -- but a have I evolving, have business I I I the preference, bias it's is you a on I'm think tell based

Operator

and are conference. participating program. This the this concludes at for Ladies today's Thank you. questions no you gentlemen, in further Thank there time.

You day. and may a have wonderful disconnect,

Lantheus (LNTH) 2 May 242024 Q1 Earnings call transcript