Lantheus Holdings, Inc. · NASDAQ:LNTH
Lantheus — Q3 2023 Earnings Presentation
31 slides from Lantheus's earnings presentation, Nov 2, 2023
Slide 1: Third Quarter 2023 Results
Third Quarter 2023 Results November 2, 2023 © 2023 Lantheus. All rights reserved. 1
Slide 2: Presenters and agenda
Mary Anne Heino Paul Blanchfield Bob Marshall Mark Kinarney CEO President CFO and Treasurer Vice President, Investor Relations Highlights & Business Update Operational Update Financial Update Closing Remarks Q&A © 2023 Lantheus. All rights reserved. 2
Slide 3: Safe Harbor Statements
Safe Harbor Statements Cautionary Statement Regarding Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are subject to risks and uncertainties and are made pursuant to the safe har
Slide 4: Agenda
Highlights & Business Update Operational Update Agenda Financial Update Closing Remarks Q&A © 2023 Lantheus. All rights reserved. 4
Slide 5: Lantheus, the Leading Radiopharmaceutical-Focused Company
Lantheus, the Leading Radiopharmaceutical-Focused Company CONTINUED STRONG PERFORMANCE1 ADVANCED KEY PIPELINE ASSETS • Total revenue: $319.9M (+33.7% YoY) • PNT2002 Phase 3 SPLASH trial topline data • Adjusted EPS: $1.47 expected in 4Q 2023 • Fast Track designation granted for MK-6240 PYLARIFY, clea
Slide 6: Agenda
Highlights & Business Update Operational Update Agenda Financial Update Closing Remarks Q&A © 2023 Lantheus. All rights reserved. 6
Slide 7: PYLARIFY 3Q 2023 Net Sales $215.4M
$215.4M 3Q 2023 Net Sales >250,000 PSMA PET scans +49.9% growth with PYLARIFY Year-Over-Year since launch1 Demand Increased in 3Q, Driven by Higher Volume from Existing Accounts Weekly Dose Volume PYLARIFY delivers a best-in-class patient & customer experience with sustainable 3Q-22 3Q-23 competitiv
Slide 8: Maintaining PYLARIFY's position as the #1 ordered PSMA PET imaging agent
Clinical Value Commercial Value DIAGNOSTIC UTILIZATION PERFORMANCE2 PYLARIFY is the #1 ordered PSMA Demonstrates accurate PET imaging agent in the U.S. detection rate without high PYLARIFY is a proven diagnostic, false positive rate backed by real-world experience, including in over 250,000 scans ac
Slide 9: U.S. PSMA PET Imaging Market Potential to Expand from ~$1.6B Today to $3B+ by 2028
U.S. PSMA PET Imaging Market Potential to Expand from ~$1.6B Today to $3B+ by 2028 Annual Market and Scan Potential Factors Influencing Market Expansion: ~$3B+ ~600K+ Expansion of Radioligand Therapy MARKET POTENTIAL4 ANNUAL SCANS into earlier lines of treatment (i.e., from 3L to include 2L, 1L and
Slide 10: DEFINITY 3Q 2023 Net Sales $67.3M
Drivers of $67.3M Success 3Q 2023 Net Sales • Clinical Differentiation • Largest Dedicated Sales Team1 +10.9% Growth • Supporting Data & Publications Year-Over-Year • Procedure Volumes The Clear Market Leader in the U.S. Ultrasound Enhancing Agent market2 1. Power Capital Consulting; 2. DRG Real Wor
Slide 11: Progressing Our Radiopharmaceutical Pipeline: PNT2002
Progressing Our Radiopharmaceutical Pipeline: PNT2002 Collaboration with Fast Track Establishing POINT Biopharma Designation Expanded Clinical / regulatory granted by the FDA Access Program manufacturing, (EAP) commercial workstreams PNT2002 Phase 3 SPLASH Trial Topline Data Expected in 4Q 2023 Phas
Slide 12: Progressing Our Radiopharmaceutical Pipeline: MK-6240
Progressing Our Radiopharmaceutical Pipeline: MK-6240 Tau imaging has potential to play an important role in: Novel, clinical-stage, • patient staging second generation PET imaging agent for • patient selection Alzheimer’s disease • patient monitoring MK-6240 • surrogate endpoint for future treatmen
Slide 13: Agenda
Highlights & Business Update Operational Update Agenda Financial Update Closing Remarks Q&A © 2023 Lantheus. All rights reserved. 13
Slide 14: Continued Strong Financial Performance in 3Q 2023
Continued Strong Financial Performance in 3Q 2023 Total Revenue Adjusted EPS1 +48.0% +33.7% +$80.7M +$0.48 $319.9M $1.47 $239.3M $0.99 3Q 2022 3Q 2023 3Q 2022 3Q 2023 Cash and Cash Equivalents as of September 30, 2023: $614.1M 1. See slide 27 for a reconciliation of GAAP to non-GAAP financials; cert
Slide 15: 3Q 2023 Revenue Highlights
3Q 2023 Revenue Highlights Total Revenue: $319.9M, +33.7% YoY USD in millions, YoY Quarterly Growth KEY DRIVERS $7.3 (+30.7%) PYLARIFY • Further adoption as well as increased customer utilization $23.3 (+5.3%) • Continued positive trends in patient office visits, and $67.3 DEFINITY increased custome
Slide 16: Significantly Expanded Adjusted Net Income Margin While Investing in the Business
Significantly Expanded Adjusted Net Income Margin1 While Investing in the Business 3Q 2023 Adjusted Net Income Margin: 32.2%, 269 bps Favorable YoY USD Millions KEY DRIVERS Adjusted Operating Profit Adjusted Net Income Favorable volume and product mix led by PYLARIFY and DEFINITY, offset by sale of
Slide 17: Growing Capital Resources Provide Financial Flexibility
Growing Capital Resources Provide Financial Flexibility1 USD Millions Cash Flow Summary Free Cash Flow2 Resources Three Months Ending September 30 (3Q 2023) $14.6 2022 20233 INCREASE Cash provided by operations $93.6 $116.7 $102.1 $614.1 $87.5 CASH ON HAND3 Cash used in (provided by) ($6.1) $83.2 in
Slide 18: Updated FY 2023 Financial Guidance
Updated FY 2023 Financial Guidance1 The Company guidance for the full year 2023 is as follows: Prior Revenue $1.245B - $1.27B FY Current Revenue $1.255B - $1.27B 2023 Prior Adjusted Fully Diluted EPS2 $5.60 - $5.70 Current Adjusted Fully Diluted EPS2 $5.80- $5.85 Guidance Issued November 2, 2023 1.
Slide 19: Agenda
Highlights & Business Update Operational Update Agenda Financial Update Closing Remarks Q&A © 2023 Lantheus. All rights reserved. 19
Slide 20: 3Q 2023 Key Takeaways
Lantheus, the Leading Radiopharmaceutical-Focused Company 3Q 2023 Key Takeaways Continued PYLARIFY, Focused Strong #1 ordered PSMA PET on advancement and Performance imaging agent1 expansion of with Revenue up radiopharmaceutical +33.7% +49.9% pipeline YEAR-OVER-YEAR YEAR-OVER-YEAR Advancing our pur
Slide 21: Agenda
Highlights & Business Update Operational Update Agenda Financial Update Closing Remarks Q&A © 2023 Lantheus. All rights reserved. 21
Slide 22: Appendix
Appendix © 2023 Lantheus. All rights reserved. 22
Slide 23: Condensed Consolidated Statement of Operations – 3Q 2023
Condensed Consolidated Statement of Operations – 3Q 2023 © 2023 Lantheus. All rights reserved. 23
Slide 24: As Adjusted Condensed Consolidated Statement of Operations – 3Q 2023
As Adjusted Condensed Consolidated Statement of Operations – 3Q 2023 © 2023 Lantheus. All rights reserved. 24
Slide 25: Condensed Consolidated Statement of Operations – FY 3Q 2023
Condensed Consolidated Statement of Operations – FY 3Q 2023 © 2023 Lantheus. All rights reserved. 25
Slide 26: As Adjusted Condensed Consolidated Statement of Operations – FY 3Q 2023
As Adjusted Condensed Consolidated Statement of Operations – FY 3Q 2023 © 2023 Lantheus. All rights reserved. 26
Slide 27: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except per share data – unaudited) © 2023 Lantheus. All rights reserved. 27
Slide 28: Consolidated Statement of Operations
Consolidated Statement of Operations (in thousands, except per share data – unaudited) © 2023 Lantheus. All rights reserved. 28
Slide 29: Consolidated Segment Revenues Analysis
Consolidated Segment Revenues Analysis (in thousands – unaudited) © 2023 Lantheus. All rights reserved. 29
Slide 30: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow (in thousands – unaudited) © 2023 Lantheus. All rights reserved. 30
Slide 31: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet (in thousands – unaudited) © 2023 Lantheus. All rights reserved. 31