Lantheus Holdings, Inc. LNTH

Lantheus is a strong cash generator with two entrenched franchises and a credible plan to diversify, but its core PSMA economics are currently set by policy and competition more than by unique IP. The moat rests on regulatory barriers, clinical familiarity, and supply reliability—durable but not unassailable—while ROIIC and ROIC point to attractive reinvestment when the company can price rationally (Key compounder indicators; Key financial metrics (trailing 12 months)). Management has been decisive on capital allocation—buybacks, focused M&A, and a SPECT exit—while keeping a conservative balance sheet (Q2‑2025 10‑Q; Cash flow statements (annual)). Valuation work suggests a wide range of outcomes: a base‑case equity value near $84 per diluted share, a bear case near $42 if PSMA pricing remains impaired, and a bull case near $154 if the PSMA reset and neurology/CDMO scale succeed (Valuation; Company profile). In our view, the long‑term attractiveness depends on executing the 2026 PSMA reformulation and TPT plan and proving neurology PET can become a second engine of compounding.