Full Year Revenue

FY 2025

$1.55 billion to $1.585 billion "

$1.475 billion to $1.510 billion "

lowered

Adjusted EPS

FY 2025

$6.60 to $6.70 "

$5.50 to $5.70 "

lowered

Polarify Revenue

FY 2025

no prior guidance [N/A]

$940 million to $965 million "

no prior guidance

NeuroSeq Revenue

FY 2025

no prior guidance [N/A]

$40 million to $45 million "

no prior guidance

PSMA PET Product Transition and Performance

Focus was on sustaining and growing PYLARIFY with discussions on market leadership, pricing dynamics, and performance (Q1 " " " " , Q3 " " " , Q4 " " ).

Emphasis shifted to a new PSMA PET formulation that will replace legacy products, improve production efficiency and margins (Q2 " " " " " " ).

Shifted focus from promoting the legacy product’s performance to leveraging a new formulation that enhances efficiency and market share.

Pricing Pressures and Strategic Pricing

Addressed in all previous periods with discussions on low single‐digit net price declines, MUC transitions and strategic contract impacts (Q1 " " " , Q3 " " " , Q4 " " " ).

Q2 highlighted intensified competitive discounting with aggressive price cuts by rivals driving further net price compression and margin erosion (Q2 " " " " ).

Consistent concern but with increased emphasis on aggressive competitor discounting and proactive renegotiation in Q2.

Strategic Partnerships and Contract Management

Consistently discussed the role of long‐term, high‐volume relationships and stabilizing revenue through strategic contracts (Q1 " " " " " , Q3 " " " " , Q4 " " ).

Q2 continued to stress the value of strategic partnerships with added focus on renegotiating contracts and occasionally walking away from unfavorable terms (Q2 " " " " ).

Recurring emphasis with a slight shift toward more proactive renegotiations amid competitive pricing pressures.

Acquisitions and Pipeline Expansion

Past periods highlighted acquisitions and pipeline growth for diagnostics and theranostics, with mentions of Evergreen and LMI, OCTEVY, NeuroSeq, etc. (Q1 " " " , Q3 " " , Q4 " " ).

Q2 detailed the integration of Evergreen and LMI as well as expansion into advanced diagnostics and theranostics, underscoring new revenue drivers (Q2 " " " " " ).

Growing focus on acquisitions and pipeline expansion as a key driver for long‐term diversification and growth.

Regulatory and Reimbursement Uncertainties

Earlier calls focused on FDA submissions for Alzheimer’s diagnostics, PNT2002 trial challenges, and potential CMS ASP shifts (Q1 " " " , Q3 " " " " , Q4 " ).

Q2 emphasized the FDA’s acceptance of an NDA for the new PSMA formulation, the three-year TPT reimbursement dynamic and anticipated CMS pricing shifts (Q2 " " " " " ).

Shift in focus from broader regulatory issues to detailed planning around TPT and new product approval, reducing some legacy uncertainties.

Competitive Landscape Dynamics

Consistently discussed competitive pressures from aggressive discounting, disruption in smaller accounts, and pricing challenges (Q1 " " " " " , Q3 " " " , Q4 " " ).

Q2 further underscored intense competitor discounting and mentioned rivals’ efforts at product re‑engineering to improve their market position (Q2 " " " " ).

Persistent competitive pressure with intensified emphasis on discounting and rival product re‑engineering in Q2.

Manufacturing Efficiency and Supply Chain Management

Not mentioned in Q1, Q3, or Q4 earnings calls.

Q2 introduced the new formulation’s enhanced batch yield, improved production efficiency, and a proactive supply chain activation to support growth (Q2 " " " ).

Emerging topic in Q2, reflecting a new emphasis on operational improvements to address past supply constraints.

Alzheimer's and Neuro Diagnostics Market Opportunity

Earlier periods stressed the potential for Alzheimer's diagnostics through agents like MK‑6240, NAV‑4694, NeuroSeq along with market size projections (Q1 " " " " , Q3 " " " , Q4 " " " ).

Q2 continued to stress significant market opportunity with advanced assets like MK‑6240 and NeuroSeq, and detailed acquisition benefits supporting long‑term growth (Q2 " " " ).

Consistent emphasis with deeper detail in Q2 about market potential and the integration of new digital capabilities for neuro diagnostics.

Legacy Focus Areas No Longer Emphasized

Q1 discussed divestiture of the non‑core spec business to streamline operations and boost margins (Q1 " " " " " ).

Q2 briefly mentioned the sale impact in context of growth trajectory, but such legacy topics were not a primary focus (Q2 " " ).

Decreasing emphasis – earlier discussions on divestiture have largely faded, signaling a clear strategic shift toward growth areas.