Lantheus Holdings Inc at JonesTrading Technology and Innovation Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Justin Walsh - JonesTrading Institutional Services, LLC - Analyst : Great. So we'll just jump right in here with an easy question for John. So obviously, Lantheus has demonstrated the clinical and commercial viability of branded F18 imaging agents with Pylarify. But the company also has gallium-68 and copper-64 agents in your pipeline. So can you just comment on the relative advantages of agents based on each of these isotopes? And assuming that the images generated by these are comparable, and you can correct me if I'm wrong on that point, how important are the differences in availability, production capacity, path life, and chemistry?

Question: Justin Walsh - JonesTrading Institutional Services, LLC - Analyst : Great, thanks for that. Very, very informative. So Sumit, your first question, TAG1 is looking to become a supplier of lead-212 generators. So how does the current landscape look with respect to lead-212 supply, and where do you see the opportunity for TAG1?

Question: Justin Walsh - JonesTrading Institutional Services, LLC - Analyst : Got it. Now on to you, Riccardo. So despite out-licensing some assets, Radiopharm has maintained a broad pipeline, especially considering the size of the company. So what do you look for when evaluating a potential radiopharmaceutical asset and determining which to prioritize for clinical development? Are there major similarities or differences when thinking about imaging versus therapeutic opportunities as well? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 09, 2025 / 4:00PM, LNTH.OQ - Lantheus Holdings Inc at JonesTrading Technology and Innovation Conference

Question: Justin Walsh - JonesTrading Institutional Services, LLC - Analyst : I think your second point on the imaging opportunity is quite interesting, particularly in the context of Pylarify, given that so much of the value of Pylarify is outside of Pluvicto in and of itself. It's the prognostic capability, which is why I think PSMA has been such a great proof of commercial viability for both imaging and therapeutic, because you have these this sort of great setup for that. So maybe jumping here into our second specific question for you, John. So related to therapeutic isotope selection, how do you think about the interplay between scientific rationale, current isotope availability, projected isotope availability, and clinical evidence? So for context here, I understand that Lantheus's current therapeutic pipeline is dominated by lutetium-177, unsurprisingly. But the company has exposure to lead-212 via partnerships with Perspective Therapeutics. And I'm sure that you're actively evaluating other therapeutic isotopes of interest. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 09, 2025 / 4:00PM, LNTH.OQ - Lantheus Holdings Inc at JonesTrading Technology and Innovation Conference

Question: Justin Walsh - JonesTrading Institutional Services, LLC - Analyst : Great. And I think this is a great tie-in to the next question for you, Sumit, which is, what preclinical or clinical evidence really has you excited about the potential of lead-212 targeted alpha therapy? Because obviously, you have, I think, high expectations that it will be favorable and see continued uptake and use.

Question: Justin Walsh - JonesTrading Institutional Services, LLC - Analyst : Great. Now last one focused on you, Riccardo. So I'm wondering if you could tell us a little bit about RAD-402 and how terbium-161 could be differentiated from lutetium-177. And then assuming that we end up having favorable clinical data there, how much effort would it take to scale up production and supply of terbium-161?

Question: Justin Walsh - JonesTrading Institutional Services, LLC - Analyst : Got it. And that's the perfect tie-in for my first question for the panels broadly, which is, how has the radioisotope supply chain evolved over the last few years? And are there isotopes that are available in sufficient quantities for preclinical or clinical investigations now that weren't available previously? And how does this look in different geographies? Obviously, Australia is a big hub there and tons of work done in Europe and the US and Canada but love to just hear some of your thoughts on this topic.

Question: Justin Walsh - JonesTrading Institutional Services, LLC - Analyst : Yes, I'm curious if you -- because Japan has made heavy investments in astatine-211, I think largely because of geographic considerations and not wanting to have to import therapeutics. I'm just curious, just thoughts on if it seems like -- I guess the thinking would likely be that if the clinical data is compelling enough there, then we'll get more investments in other markets. Just curious if there's other maybe either related testing to 11 or other sort of little geographic considerations that might have an impact. I mean, Australia in particular, I'm sure you have to deal with the geographical considerations quite a bit.

Question: Justin Walsh - JonesTrading Institutional Services, LLC - Analyst : Got it. So maybe -- and I think we've sort of been talking on this subject in some respects, but I'm curious to see your thoughts on the -- how you see the supply evolving over the next one, five, or 10 years, and where you see the bottlenecks emerging. And I mean, we've mentioned some of this, but it's -- reactor uptime is going to matter, the cyclotron distribution, accelerator beam capacity, the feedstock to actually make the isotope. And of course, this will all be informed by the emerging clinical data. But where do you guys see some of the bigger pain points and how things are going to play out?

Question: Justin Walsh - JonesTrading Institutional Services, LLC - Analyst : Got it. We tend to focus on the risk of not having enough isotope. I'm curious if there are any thoughts on -- if there could be a risk that there's an overinvestment in a given isotope and then that could reflect negatively on the space. And maybe just if we think about like let's say that there are safety concerns with actinium-225 and then investors have put in so much money to build that capacity and they feel burdened by that. Do you think that's a legitimate concern or not? We're really still focused on we need to get enough isotope.

Question: Justin Walsh - JonesTrading Institutional Services, LLC - Analyst : Yes, that's interesting. And I'm curious. So I hadn't thought as much about the targeting vector costs, which is considerable. Is there, I guess, concern or a potential impact for either the cost of the feedstock or the isotope itself? I mean, therapeutics themselves tend to have premium pricing, but of course you still have to get it through development and get there. And then when we're talking about some reasonably large scales at some point, it could be pricey. So I'm just curious how -- and obviously, we're all sort of waiting to hear what exactly will be impacted and in what ways but wondering sort of the balance of the risks on the cost side for that.

Question: Justin Walsh - JonesTrading Institutional Services, LLC - Analyst : Got it. So we only have a couple of minutes left, but I'm just curious if you could speak a little bit to whether or not you think that we're going to start seeing some fault lines emerging in terms of the capacity of the healthcare system. Because we have a very large amount of imaging already done, but there's increased interest in the neuroscience space. And if some of these large pan-cancer targets prove effective, as we hope, then we're going to start seeing a large demand. So just curious how you're seeing things shaping up if you think that the building of theranostic centers or if hospitals will have enough space for these patients, just how you think about that.