Lantheus Holdings Inc Q4 2024 Earnings Call Transcript

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

Question: Roanna Ruiz - Leerink Partners - Analyst : I was curious, could you give us a status update on the MIRROR study that you mentioned briefly? And talk a bit about more it's implications on PYLARIFY. And I was curious if the timing is still on track or a little bit delayed versus what you thought before.

Question: Anthony Petrone - Mizuho Financial Group - Analyst : And congrats on just a strong year overall, getting PYLARIFY to $1 billion in the recent transactions. Maybe just to stick on the US PSMA PET dynamics. So maybe one, just a little bit on the competitive dynamics with the new reimbursement change that's effective January 1. I know you mentioned most of your customers are now contracted, but just anything you're seeing competitively of market shifts as this new reimbursement code has come in? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 26, 2025 / 1:00PM, LNTH.OQ - Q4 2024 Lantheus Holdings Inc Earnings Call And then secondly, the competitors out there looking at basically a reengineered reformulated version, if you will, of their PSMA PET agent. Just expectations on that on whether or not that's baked into the guide. And what you think that does for the competitive landscape. And congrats on a strong year all around.

Question: Richard Newitter - Truist Securities - Analyst : Just maybe on PYLARIFY, any color you can provide on the cadence and pacing of the PYLARIFY growth within that low single digit to mid-single digit. And specifically, in the first half of the year, should we expect PYLARIFY to grow in all quarters, including the first quarter?

Question: Paul Choi - Goldman Sachs - Analyst : My question is on Flyrcado. And just as you're thinking about the partnership with your partnership there, can you maybe just update us on what are the inputs that are involved in the decision process of potentially going forward with the co-promote here and just kind of what has been the sort of rate-limiting step from Lantheus perspective.

Question: Matt Taylor - Jefferies - Analyst : I wanted to go back to, I think it was Paul, before was talking about the potential for CMS to go to an ASP-based methodology and all the folks now reporting that. Can you talk about the potential for that to happen this year versus next year? And if that does happen for PYLARIFY, how do you think that changes your growth potential for PYLARIFY in '26 or '27 if it changes? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 26, 2025 / 1:00PM, LNTH.OQ - Q4 2024 Lantheus Holdings Inc Earnings Call

Question: Yuan Zhi - B. Riley Securities Inc - Analyst : Although PYLARIFY will be paid in separate payments after this pass-through expired in January, the reimbursement price is lower than competitors. I heard some customers are raising from PYLARIFY through MUCs or possibly in 4Q before the CMS policy update. I'm curious to hear how these ratio and dynamics have played out recently.

Question: Larry Solow - CJS Securities - Analyst : I guess I just wanted to just follow up on Richard's question just on the cadence of the year. I guess, we can infer that the impact of price, obviously, is waning in the back half. So my question is kind of what does that mean as we look out to '26? Should we actually expect -- given the to '26. But long term, this should sound like it's a 1-year reset. Should we expect kind of price to at least not be a headwind as we look out into '26? And the second part of that question is just, I don't know if you can give us a little more concrete numbers here, but it felt like the price impact in the back half of this year or Q4 was pretty muted. So I assume there will be some impact, right, going forward, at least in the front half of the year.

Question: Justin Walsh - JonesTrading Institutional Services - Analyst : You noted Neuroseq is expected to expand your international footprint. Do you have broader ex US commercial plans for your pipeline assets? And to what degree do you anticipate remaining US focused in the long term? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 26, 2025 / 1:00PM, LNTH.OQ - Q4 2024 Lantheus Holdings Inc Earnings Call

Question: Andy Hsieh - William Blair - Analyst : I'm curious if you can comment on your strategy in building the data set that highlights the competitive differentiation for MK-6240 and NAV-4694, as you get ready for the regulatory submissions of these two assets.

Question: John Vandermosten - Zacks Small-Cap Research - Analyst : As you mentioned before you acquired two assets from Radiopharm Theranostics and that was the 2403 and 2404. First question is, what's the -- are those completely under your control right now? And then the second part is you have a significant investment in them as well. And they have a pretty large portfolio and a presence in Australia. Does anything else look attractive at that company for you? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 26, 2025 / 1:00PM, LNTH.OQ - Q4 2024 Lantheus Holdings Inc Earnings Call

Question: Kemp Dolliver - Brookline Capital Markets - Analyst : I want to ask about PNT2002 in the context of the PSMAfore final hazard ratio coming out of 0.91, I know we're still waiting for your final HR data, but it strikes me that with that as the competitive bar that 2002's prospects may look pretty appealing now.

Question: Richard Newitter - Truist Securities - Analyst : I just -- I wanted to ask the low single-digit to mid-single-digit PYLARIFY growth guide. Can you just talk to what your underlying market growth assumption is, or what the trend will look like in '25 to get there?

Question: Richard Newitter - Truist Securities - Analyst : Can you say that again?

Question: Richard Newitter - Truist Securities - Analyst : This year?

Question: David Turkaly - Citizens JMP Securities - Analyst : I apologize, I have been bouncing around a little bit. But I thought I heard a comment early on that sustained double-digit growth could begin again in 2026. And I was just wondering, is that based on sort of the current core like PYLARIFY and DEFINITY, or are there some assets in the pipeline there that you're comfortable with that will be contributing by that? And if so, could you maybe point to which ones would deliver that kind of a profile.