Q2 2024 Summary
Published Jan 4, 2025, 1:15 AM UTCInitial Price$61.96April 1, 2024
Final Price$80.00July 1, 2024
Price Change$18.04
% Change+29.12%
- PYLARIFY, Lantheus's leading PSMA PET imaging agent, maintains a stable market share in the mid-60% range, has been used in over 400,000 scans since launch, and is expected to grow in the mid-20% range this year, predominantly driven by volume. Despite competition from three other commercial competitors, PYLARIFY continues to expand in a market where only 30% of prostate cancer scans use PSMA PET imaging, highlighting significant growth potential as the total addressable market is expected to grow from over $2 billion in 2024 to over $3 billion by 2029. ,
- Lantheus is well-positioned in the rapidly expanding Alzheimer's diagnostics market with two next-generation agents, MK-6240 and NAV-4694, which demonstrate higher sensitivity and specificity. MK-6240 is involved in over 90 trials, and following a recent pre-NDA meeting with the FDA, the company plans to submit an NDA in 2025. The Alzheimer's field has a total addressable market in excess of $1 billion, and recent therapeutic innovations suggest the market is poised for significant growth. , ,
- The company is leveraging its existing manufacturing and commercial infrastructure to bring new products to market, including PNT2002, enhancing their pipeline and future growth potential. With relationships across 58 PET manufacturing facilities and access to approximately 2,000 PET CT sites and over 300 radiopharmaceutical therapeutic sites, Lantheus is well-positioned to commercialize new agents efficiently. They are encouraged by the SPLASH trial results for PNT2002, having met the primary endpoint and expecting additional data this quarter. ,
- Delay in MK-6240 NDA submission to 2025 may impact the company's pipeline progression and future revenue growth. Lantheus anticipates submitting the NDA for MK-6240 in 2025, which was unexpected by analysts.
- Competitive pressures in the PSMA PET imaging market could affect PYLARIFY's market share and growth prospects. The company acknowledges the presence of three other commercial competitors, with market share remaining relatively stable in the mid-60% range. ,
- Lowered adjusted EPS guidance due to increased R&D expenses and dilution from convertible debt. The company adjusted its fully diluted adjusted EPS guidance to a range of $6.60 to $6.70, down from the prior guidance of $7.00 to $7.20.