Radiopharmaceutical company Lantheus Holdings (NASDAQ: LNTH) reported Q1 CY2026 results topping the market’s revenue expectations, with sales up 1.2% year on year to $377.3 million. On the other hand, the company’s full-year revenue guidance of $1.43 billion at the midpoint came in 1.8% below analysts’ estimates. Its non-GAAP profit of $1.46 per share was 18.8% above analysts’ consensus estimates.

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“Our first quarter results demonstrate disciplined execution across the business, with strong performance from PYLARIFY, Neuraceq, and DEFINITY, and continued progress against the priorities that underpin our long-term strategy,” said Mary Anne Heino, Chief Executive Officer of Lantheus.

Company Overview

Pioneering the "Find, Fight and Follow" approach to disease management, Lantheus Holdings (NASDAQGM:LNTH) develops and commercializes radiopharmaceuticals and other imaging agents that help healthcare professionals detect, diagnose, and treat diseases.

Revenue Growth

A company’s long-term sales performance is one signal of its overall quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Over the last five years, Lantheus grew its sales at an incredible 35.3% compounded annual growth rate. Its growth beat the average healthcare company and shows its offerings resonate with customers.

Long-term growth is the most important, but within healthcare, a half-decade historical view may miss new innovations or demand cycles. Lantheus’s recent performance shows its demand has slowed significantly as its annualized revenue growth of 6.4% over the last two years was well below its five-year trend.

This quarter, Lantheus reported modest year-on-year revenue growth of 1.2% but beat Wall Street’s estimates by 6.4%.

Looking ahead, sell-side analysts expect revenue to decline by 4.9% over the next 12 months, a deceleration versus the last two years. This projection is underwhelming and indicates its products and services will face some demand challenges.

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Adjusted Operating Margin

Adjusted operating margin is one of the best measures of profitability because it tells us how much money a company takes home after subtracting all core expenses, like marketing and R&D. It also removes various one-time costs to paint a better picture of normalized profits.

Lantheus has been a well-oiled machine over the last five years. It demonstrated elite profitability for a healthcare business, boasting an average adjusted operating margin of 39%.

Looking at the trend in its profitability, Lantheus’s adjusted operating margin rose by 6.8 percentage points over the last five years, as its sales growth gave it operating leverage. Zooming into its more recent performance, however, we can see the company’s margin has decreased by 11.8 percentage points on a two-year basis. If Lantheus wants to pass our bar, it must prove it can expand its profitability consistently.

In Q1, Lantheus generated an adjusted operating margin profit margin of 25.8%, down 12.9 percentage points year on year. This contraction shows it was less efficient because its expenses grew faster than its revenue.

Earnings Per Share

Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions.

Lantheus’s EPS grew at 87.2% compounded annual growth rate over the last five years, higher than its 35.3% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded.

We can take a deeper look into Lantheus’s earnings to better understand the drivers of its performance. As we mentioned earlier, Lantheus’s adjusted operating margin declined this quarter but expanded by 6.8 percentage points over the last five years. Its share count also shrank by 2.9%, and these factors together are positive signs for shareholders because improving profitability and share buybacks turbocharge EPS growth relative to revenue growth.

In Q1, Lantheus reported adjusted EPS of $1.46, down from $1.53 in the same quarter last year. Despite falling year on year, this print easily cleared analysts’ estimates. We also like to analyze expected EPS growth based on Wall Street analysts’ consensus projections, but there is insufficient data.

Key Takeaways from Lantheus’s Q1 Results

We were impressed by how significantly Lantheus blew past analysts’ revenue expectations this quarter. We were also glad its EPS outperformed Wall Street’s estimates. On the other hand, its full-year revenue guidance missed and its full-year EPS guidance fell slightly short of Wall Street’s estimates. Overall, this print was mixed but still had some key positives. The stock traded up 3.8% to $89.42 immediately following the results.

Big picture, is Lantheus a buy here and now? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).