Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Note Regarding Forward-Looking Statements

Some of the statements contained in this Quarterly Report on Form 10-Q ("Form 10-Q") are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements, including, in particular, statements about our plans, strategies, prospects and industry estimates, are subject to risks and uncertainties. These statements identify prospective information and can generally be identified by words such as "anticipated," "believes," "can," "commitment," "could," "designed," "ensuring," "estimates," "expects," "generate," "impact," "increasingly," "hopes," "intends," "launch," "likely," "long-term," "maintain," "may," "pending," "pipeline," "plans," "potential," "predict," "proposed," "remain," "seek," "should," "sustain," "target," "will," "would" and similar expressions, or by express or implied discussions regarding the pending Merger (as defined below), potential or pending acquisitions, dispositions, collaborations, development and commercialization plans described in this Form 10-Q, or regarding potential future revenues and expenses related to such acquisitions, collaborations, development and commercialization plans. Examples of forward-looking statements include statements we make relating to our outlook and expectations including, without limitation, in connection with: (i) continued market expansion, penetration and reimbursement for our established commercial products, particularly PYLARIFY, DEFINITY and Neuraceq, in a competitive environment and our ability to clinically and commercially differentiate our products; (ii) our ability to complete the technology transfer across our positron emission tomography ("PET") manufacturing facilities ("PMF") network for PYLARIFY TruVu, the new formulation of our F-18 prostate-specific membrane antigen ("PSMA") PET imaging agent approved by the U.S. Food and Drug Administration ("FDA") on March 6, 2026, to obtain FDA approval for each PMF within our network to manufacture PYLARIFY TruVu, to maintain adequate coverage and payment for PYLARIFY TruVu, including the transitional pass-through payment status ("TPT Status") granted by the Centers for Medicare & Medicaid Services, as announced on September 30, 2026, to have payers add Healthcare Common Procedure Coding System ("HCPCS") code for PYLARIFY TruVu effective October 1, 2026 to their systems on a timely basis and to have customers adopt PYLARIFY TruVu; (iii) the availability of raw materials, key components, equipment, manufacturing time slots, either used in the production of our products and product candidates, or by customers of our products and product candidates, including, but not limited to PET scanners for PYLARIFY, PYLARIFY TruVu, Neuraceq, TAUKLARIFY, LNTH-2501 and NAV-4694; (iv) our ability to have third parties manufacture our products and product candidates and our ability to manufacture DEFINITY in our in-house manufacturing facility, in amounts and at the times needed; (v) our ability to satisfy our obligations under our existing clinical development partnerships using Neuraceq, MK-6240 or NAV-4694 and other assets as a research tool and under the license agreements through which we have rights to those assets, to support TAUKLARIFY (florquinitau F-18 injection), also referred to as MK-6240, which was approved by the FDA on August 14, 2026, including through our Pharma Solutions business, and to determine an appropriate path and timing toward its broader commercial availability, and to further develop and commercialize NAV-4694 as an approved product; (vi) our ability to continue to successfully integrate acquisitions, including of Lantheus Biosciences, which could be impacted by unforeseen expenses related to integration activities, the potential for unforeseen liabilities within that business, the ability to integrate disparate information technology systems, retain key talent and create a merged corporate culture that successfully realizes the full potential of the combined organization; (vii) our ability to obtain FDA approval for LNTH-2501, our investigational kit for the preparation of Gallium-68 ("Ga-68") edotreotide injection, which has been studied for use in conjunction with a PET scan to stage and localize neuroendocrine tumors in adult and pediatric patients, including satisfactorily resolving certain unresolved third-party facility inspection-related conditions identified in the Complete Response Letter ("CRL") issued by the FDA on June 26, 2026 and obtaining approval of a resubmitted New Drug Application ("NDA"), and to successfully commercialize LNTH-2501, if approved; (viii) the timing, execution and success of our planned commercialization of BRAVNETSA (lutetium Lu 177 dotatate), previously known as PNT2003, which received final FDA approval on September 22, 2026, including in light of competing lutetium Lu 177 dotatate products, our ability to successfully defend the favorable U.S. District Court ruling invalidating all patents asserted in the related Hatch-Waxman litigation, which is currently on appeal before the U.S. Court of Appeals for the Federal Circuit, and our dependence on POINT Biopharma Global Inc. to manufacture and supply BRAVNETSA; (ix) the cost, efforts and timing for clinical development, manufacturing, regulatory approval, adequate coding, coverage and payment and successful commercialization of our newly approved products, product candidates and new clinical applications and territories for our products, in each case, that we or our strategic partners may undertake, including the SPARROW Phase 2/3 registrational trial of LNTH-2401, and the risk of further impairment of our in-process research and development ("IPR&D") assets; (x) the timing, execution, and success of our strategic program to simplify and streamline our operations so we can focus mainly on our radiodiagnostic business and pursue value-maximizing alternatives for our radiotherapeutic assets; (xi) our ability to identify opportunities to collaborate with strategic partners and to acquire or in-license additional product opportunities in oncology, neurology and other strategic areas and continue to grow and advance our pipeline of products, subject to the restrictions on the conduct of our business under the Agreement and Plan of Merger, dated as of August 3, 2026 (the "Merger Agreement"), by and among us, Curium US Holdings LLC (the "Parent"), and Coco Merger Sub Inc.; (xii) the timing and outcome of the actions filed against us by alleged stockholders, and of demands or litigation relating to the transactions contemplated by the Merger Agreement; (xiii) the effect that changes to management could have on our business; (xiv) our ability and the ability of the Parent to complete the transactions contemplated by the Merger Agreement, including the parties' ability to satisfy the remaining closing conditions in

the agreement, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"), which was extended on October 21, 2026 by the Federal Trade Commission (the "FTC"), and the receipt of other required antitrust and foreign direct investment approvals; (xv) statements about the expected time frame for completing the proposed Merger; (xvi) our and the Parent's beliefs and expectations and statements about the benefits sought to be achieved by the proposed Merger; (xvii) the potential effects of the proposed Merger on us and the Parent, including on our relationships with customers, suppliers and employees, and the costs we have incurred and will incur in connection with the proposed Merger whether or not it is completed; (xviii) the possibility of any termination of the Merger Agreement, including in circumstances that would require us to pay a termination fee; and (xix) whether any payments will be made under the contingent value rights to be issued in the proposed Merger.

Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, such statements are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. These statements are neither statements of historical fact nor guarantees or assurances of future performance. The matters referred to in the forward-looking statements contained in this Form 10-Q may not in fact occur. We caution you, therefore, against relying on any of these forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K (our "Form 10-K") for the year ended December 31, 2025, filed with the Securities and Exchange Commission ("SEC") on February 26, 2026, and in Part II, Item 1A. "Risk Factors" in this Form 10-Q.

Any forward-looking statement made by us in this Form 10-Q speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Available Information

Our global Internet site is www.lantheus.com. We routinely make available important information, including copies of our Form 10-K, Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after those reports are electronically filed with, or furnished to, the SEC, free of charge on our website at investor.lantheus.com. We recognize our website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with our disclosure obligations under SEC Regulation FD. Information contained on our website shall not be deemed incorporated into, or to be part of this Form 10-Q, and any website references are not intended to be made through active hyperlinks.

Our reports filed with, or furnished to, the SEC are also available on the SEC's website at www.sec.gov, and for Form 10-Ks and Form 10-Qs, in an Inline Extensible Business Reporting Language ("iXBRL") format. iXBRL is an electronic coding language used to create interactive financial statement data over the Internet. The information on our website is neither part of nor incorporated by reference into this Form 10-Q.

The following discussion and analysis of our financial condition and results of operations should be read together with the condensed consolidated financial statements and the related notes included in Item 1 of this Form 10-Q as well as the other factors described in Part I, Item 1A. "Risk Factors" in our Form 10-K, and in Part II, Item 1A. "Risk Factors" in this Form 10-Q.

Overview

Our Business

We are the leading radiopharmaceutical-focused company committed to enabling clinicians to Find, Fight and Follow disease to deliver better patient outcomes. Prior to January 1, 2026, we classified our revenues into three product categories: Radiopharmaceutical Oncology, Precision Diagnostics, and Strategic Partnerships and Other Revenue. Following our sale of our single-photon emission computerized tomography ("SPECT") business on January 1, 2026, we classify our revenues into four product categories: Oncology, Neurology, Cardiology, and Strategic Partnerships and Other Revenue, reflecting the evolution of our commercial portfolio and strategic focus. We have presented the prior year numbers for revenues to conform with our current year presentation, including the disaggregation of revenue related to the SPECT business which was divested to SHINE Technologies, LLC ("SHINE"), a wholly-owned subsidiary of Illuminated Holdings, Inc. ("Illuminated"), on January 1, 2026. Our Strategic Partnerships and Other Revenue category includes biomarkers and digital solutions supporting our partners' therapeutic development, out-licensing agreements for non-core assets and geographically-focused commercialization strategies and contract development and manufacturing organization ("CDMO") revenue generated by Evergreen. We are headquartered in Massachusetts with offices in New Jersey, Canada, Germany, Switzerland, Sweden and the United Kingdom.

Our commercial products are used by cardiologists, internists, neurologists, nuclear medicine physicians, oncologists, radiologists, sonographers, technologists, and urologists across a range of clinical care settings. We believe our diagnostic products provide information that enables healthcare professionals ("HCPs") to better detect, characterize, or rule out disease, with the potential to improve patient management and clinical decision-making.

We produce and market our products throughout the United States (the "United States" or "U.S."), selling primarily to hospitals, independent imaging centers, large specialty group practices and government facilities. Outside the United States, we generally sell our products through a combination of direct distribution in Canada, third-party distribution relationships in Europe, Australia, Asia-Pacific, Central America, and South America and through licensing agreements granting exclusive rights to develop and commercialize certain products.

Recent Developments

Agreement and Plan of Merger with Curium US Holdings LLC

On August 3, 2026, we entered into the Merger Agreement, pursuant to which, upon the terms and subject to the conditions set forth therein, the Parent will acquire all the outstanding shares of our common stock (other than certain excluded shares and shares for which appraisal rights have been properly exercised) by means of a statutory merger of its subsidiary with and into us (the "Merger") for $102.50 per share in cash at closing. In addition, as part of the Merger, our stockholders will receive one contingent value right ("CVR") per share representing the right to receive up to $12.00 per share in cash upon the achievement of certain specified commercial milestones, all subject to the terms and conditions set forth in a CVR agreement to be entered into among the Parent and a rights agent selected by the Parent and reasonably acceptable to us. The transaction is currently expected to close in the first half of 2027, subject to satisfaction of customary closing conditions, including receipt of certain regulatory approvals, including the expiration or termination of the waiting period under the HSR Act, which was extended on October 21, 2026 by the FTC. See Note 17, "Proposed Merger" for more information on the Merger Agreement.

LNTH-2401 Phase 2/3 Study

On September 28, 2026, we announced that the first patient has been dosed in SPARROW, a Phase 2/3 registrational trial evaluating LNTH-2401 (68Ga-DOTA-RM2). LNTH-2401 is an investigational Ga-68-labeled PET imaging agent that targets gastrin-releasing peptide receptor ("GRPR"), a biomarker that is highly expressed in many prostate cancers. SPARROW is an open-label, non-randomized, multicenter Phase 2/3 clinical trial evaluating investigational LNTH-2401 PET/computed tomography imaging in prostate cancer. The study consists of a Phase 2 dose optimization period followed by a Phase 3 diagnostic performance period.

Approval of PNT2003/BRAVNETSA

On September 22, 2026, we announced that the FDA granted final approval for BRAVNETSA (lutetium Lu 177 dotatate), previously known as PNT2003, a bioequivalent and therapeutically equivalent radiopharmaceutical to LUTATHERA (lutetium Lu 177 dotatate). BRAVNETSA was approved through the FDA's Abbreviated New Drug Application ("ANDA") pathway. Approval of this product expands radioligand treatment options for adult patients with somatostatin receptor-positive ("SSTR+") gastroenteropancreatic neuroendocrine tumors ("GEP-NETs"), including foregut, midgut, and hindgut neuroendocrine tumors. As of the date of this report, we have not set a public launch date for BRAVNETSA but the launch will consider the disposition of legal proceedings related to the Hatch-Waxman process as well as manufacturing and commercial readiness to ensure launch success.

Approval of TAUKLARIFY

On August 14, 2026, we announced that the FDA approved TAUKLARIFY (florquinitau F-18 injection), also referred to as MK-6240, a radiodiagnostic agent indicated for PET of the brain in adults with cognitive impairment who are being evaluated for Alzheimer's disease to identify patients with tau neurofibrillary tangle pathology.

Following approval, we intend to continue to support the use of TAUKLARIFY in Alzheimer's disease therapeutic programs through our Pharma Solutions business while assessing the appropriate path toward broader commercial availability. Our approach will remain aligned with the needs of our partners and informed by developments across the Alzheimer's disease treatment landscape.

TAUKLARIFY's approval is supported by two pivotal studies assessing its sensitivity and specificity. The data from these two studies analyzed TAUKLARIFY PET images from more than 500 subjects who participated in three clinical trials. The clinical trials included individuals with mild cognitive impairment, mild Alzheimer's disease dementia and cognitively unimpaired individuals, enabling evaluation across a broad spectrum of cognitive function, including earlier stages of disease.

Complete Response Letter for LNTH-2501 New Drug Application

On March 17, 2026, we announced that the FDA has extended its review of the NDA for LNTH-2501, moving the Prescription Drug User Fee Act ("PDUFA") target action date from March 29, 2026 to June 29, 2026. On June 26, 2026, we announced that the FDA issued a CRL in response to the NDA, stating that the agency could not approve the NDA by the June 29, 2026 extended PDUFA target action date due to unresolved third-party facility manufacturing-related conditions. The third-party facility is responsible for drug product manufacturing. Satisfactory resolution of the unresolved facility inspection-related conditions and approval of a resubmitted NDA is required before the LNTH-2501 NDA may be approved. LNTH-2501 is a diagnostic kit for the preparation of Ga-68 edotreotide injection, which has been studied for use with PET imaging for localization of somatostatin receptor-positive neuroendocrine tumors in adult and pediatric patients. The CRL did not identify any concerns regarding the data we submitted in support of the application, nor did it identify any issues related to the safety or efficacy of LNTH-2501.

Repurchase of License

In June 2026, we entered into a repurchase agreement (the "Repurchase Agreement") with our distributor in China pursuant to which we repurchased from our distributor the license to DEFINITY in China along with the related materials, approvals, clinical trial research that had been accumulated since the original Distribution and Supply Agreement between the same parties (the "Supply Agreement"), which was executed in April 2012. The right to repurchase was in accordance with the Supply Agreement. The total consideration to be paid as part of the Repurchase Agreement is $30.0 million. We paid $15.0 million of this consideration in July 2026 with the remaining two tranches expected to be paid by the end of 2026, upon satisfaction of certain conditions.

Approval of PYLARIFY TruVu

On March 6, 2026, we announced that the FDA approved PYLARIFY TruVu (piflufolastat F-18), a new formulation of our F-18 PSMA PET imaging agent. PYLARIFY TruVu is indicated for PET imaging of PSMA-positive lesions in men with prostate cancer with suspected metastasis who are candidates for initial definitive therapy, or suspected recurrence based on elevated serum prostate-specific antigen ("PSA"). PYLARIFY TruVu is designed to enhance product stability at higher radioactive concentrations, supporting more efficient manufacturing and distribution, including the potential to increase batch sizes and serve broader geographic markets. PYLARIFY TruVu is expected to become commercially available beginning in the fourth quarter of 2026 and will be introduced on a rolling geographic basis, with the intent to transition customers from PYLARIFY to PYLARIFY TruVu. We plan to work closely with clinicians and PMFs to support a smooth transition, including providing guidance on ordering, handling, and clinical use to support continuity of care. In the third quarter of 2026, the Centers for Medicare and Medicaid Services ("CMS") granted a HCPCS code and TPT Status for PYLARIFY TruVu, each with an effective date of October 1, 2026.

Strategic Program

On February 19, 2026, our Board of Directors (the "Board") approved a strategic program to simplify and streamline our operations so we can focus mainly on our radiodiagnostic business and pursue value-maximizing alternatives for our radiotherapeutic assets. As a result of the program along with other on-going operational initiatives, we incurred minimal charges during the three months ended September 30, 2026 and have incurred $12.5 million of charges during the nine months ended September 30, 2026. We expect to continue to incur costs for the remainder of 2026.

Sale of SPECT Business

On January 1, 2026 (the "Disposition Date"), as a result of the sale of our SPECT business pursuant to the Equity and Asset Purchase Agreement, by and among Lantheus Medical, Lantheus MI Canada, Inc., Lantheus EU Limited, and Illuminated, SHINE SPECT, LLC, SHINE SPECT Medical Products, Ltd., and SHINE SPECT Limited (collectively referred to as "SHINE SPECT"), dated as of May 1, 2025 (the "SHINE SPECT Agreement"), we completed the sale of our SPECT business to SHINE SPECT (the "Disposition") and we received consideration consisting of cash, notes receivable, a portion of which have been and a portion of which may be settled in equity of Illuminated or in cash depending on their specific terms, a right to receive additional cash on the earlier of January 1, 2030 or upon the occurrence of certain specified events, and the right to certain contingent consideration. The fair value of total net consideration that we received on the Disposition Date was approximately $131.2 million, including $32.1 million in cash. Total net consideration reflects a $0.7 million increase resulting from the finalization of the post-close net working capital settlement during the three months ended June 30, 2026, which was

received on July 1, 2026. See Note 4, "Fair Value of Financial Instruments" in our condensed consolidated financial statements for more information on the sale of our SPECT business.

Leadership Transition Plan

Brian Markison retired from Lantheus as Chief Executive Officer ("CEO") and resigned from our Board, both effective December 31, 2025. Mary Anne Heino, the Chair of our Board, was appointed as our Executive Chair and principal executive officer effective November 7, 2025. Ms. Heino became our CEO on January 1, 2026 and intended to continue to serve in that role until such time as the Board completes the comprehensive search process that it initiated to identify and appoint the Company's next CEO. In light of the transactions contemplated by the Merger Agreement, the Company paused its CEO search process. Following his retirement, Mr. Markison served as a strategic advisor to the Company during the first quarter of 2026.

Exclusive License for Prostate Cancer Imaging Agent Piflufolastat F-18 in Japan

In September 2025, we announced an exclusive licensing agreement for GE HealthCare Limited ("GE HealthCare") to develop, manufacture, and commercialize Lantheus's piflufolastat F-18 PET imaging agent (marketed in the United States as PYLARIFY) in Japan for prostate cancer diagnostics and companion diagnostic use. Under the terms of the agreement, GE HealthCare paid us an upfront license fee and will pay us development milestones and tiered royalties based on product sales in Japan.

Share Repurchase Program

On July 31, 2025, our Board authorized a program to repurchase up to $400.0 million of shares of our common stock through December 31, 2027 (the "2025 Program"). The 2025 Program replaces the program authorized by the Board in November 2024 to repurchase up to $250 million of our common stock during the twelve months following the authorization (the "2024 Program"), including the remaining unused amounts under the 2024 Program, and authorizes us to purchase shares of our common stock from time to time via open market purchases at prevailing market prices, in privately negotiated transactions, block trades, or pursuant to trades intending to comply with Rule 10b5-1 under the Exchange Act or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The timing, manner, price and amount of any repurchase will be subject to the discretion of our management. The 2025 Program does not obligate us to acquire any particular amount of our common stock, and we may suspend or discontinue the 2025 Program at any time. We did not repurchase any shares under the 2025 Program in the three or nine months ended September 30, 2026. We repurchased 3.5 million shares for approximately $200.0 million under the 2025 Program, in 2025.

Acquisition of Lantheus Biosciences Ltd.

On July 21, 2025, we acquired Lantheus Biosciences, pursuant to the terms of the Sale and Purchase Agreement with Life Medical Group Limited ("Life Medical") and Life Healthcare Group Holdings Limited (the "LMI Purchase Agreement" and, such acquisition, the "LMI Acquisition"). Lantheus Biosciences, headquartered in Berlin, Germany, possesses an Alzheimer's disease radiodiagnostic commercial infrastructure, research and development ("R&D") capabilities, and an established international footprint. The LMI Acquisition includes Neuraceq, an Alzheimer's disease radiodiagnostic. Neuraceq is commercially approved in the United States, Canada, the European Union, the United Kingdom, Switzerland, China, Japan, South Korea, and Taiwan.

As consideration for the LMI Acquisition, we remitted an upfront payment of $355.2 million in cash, and could be required to pay up to an additional $400.0 million in potential earn-out and milestone payments. In November 2025 and in accordance with the terms of the LMI Purchase Agreement, we finalized the net working capital accounts with Life Medical and we received a $2.3 million payment from Life Medical. We received an additional $0.3 million working capital settlement from Life Medical in April 2026. The total $2.6 million in payments were recorded as adjustments to purchase consideration since the date of acquisition. Additionally, we assumed a contingent consideration liability owed to Piramal Holdings SA ("Piramal"), pursuant to a Securities Purchase Agreement between Piramal and Lantheus Biosciences.

Previously, on July 3, 2024, we acquired from Lantheus Biosciences the global rights to RM2, its clinical stage, GRPR-targeting agent, including the associated novel, clinical-stage radiodiagnostic and radiotherapeutic pair, previously referred to as 68Ga-DOTA-RM2 and 177Lu-DOTA-RM2 (and which we now refer to as LNTH-2401 and LNTH-2402, respectively), for an upfront payment of $35.0 million plus a $1.0 million payment made prior to the acquisition (the "RM2 Asset Purchase"), pursuant to the Sublicense, Development and Collaboration Agreement, by and between us and Lantheus Biosciences, dated as of June 27, 2024 (the "RM2 Sublicense Agreement"). In addition, and pursuant to the RM2 Sublicense Agreement, we incurred €10.0 million in regulatory milestones in 2025, and agreed to pay up to an additional €127.5 million (reduced as discussed below) in regulatory and development milestone payments upon the achievement of clinical trial thresholds and approvals in different regions up to €280.0 million in net sales milestone payments if products are commercialized and meet certain sales thresholds, and royalties on net sales of RM2.

In connection with the LMI Acquisition, the RM2 Sublicense Agreement was amended to (i) reduce the contingent regulatory and development milestones by €45.0 million to €82.5 million; (ii) assign the right to future payments from Lantheus Biosciences to its former parent, Life Medical; and (iii) eliminate certain other non-substantive rights contained in the RM2 Sublicense Agreement (the "RM2 Amendment").

GRPR is a member of the bombesin G protein-coupled receptor family, which has been found to be overexpressed in multiple cancers. First-in-human dosimetry showed a favorable safety and dosimetry profile and confirmed preclinical data demonstrating dose-dependent efficacy of LNTH-2402. On September 28, 2026, we announced that the first patient had been dosed in SPARROW, a Phase 2/3 registrational trial evaluating LNTH-2401 in patients with prostate cancer.

For more information on the acquisition of the global rights to RM2, see Note 18, "Acquisitions" in our condensed consolidated financial statements herein.

Acquisition of Evergreen Theragnostics, Inc.

On April 1, 2025, we acquired all the issued and outstanding shares of Evergreen by means of a statutory merger of our subsidiary with and into Evergreen, with Evergreen surviving as our wholly-owned subsidiary (the "Evergreen Acquisition"), pursuant to the terms of the Agreement and Plan of Merger (the "Evergreen Merger Agreement") with Evergreen and Shareholder Representative Services LLC. Evergreen is a clinical-stage radiopharmaceutical company engaged in CDMO services as well as drug discovery and commercialization of proprietary products.

As consideration for the Evergreen Acquisition, we made an upfront payment of $276.4 million in cash. In the event of achievement of specified milestones, we would be required to pay up to an additional $727.5 million in cash, which may be adjusted pursuant to the terms of the Evergreen Merger Agreement.

For more information, see Note 18, "Acquisitions" in our condensed consolidated financial statements herein.

Radiopharm Theranostics Limited

On June 15, 2024, we entered into an agreement with Radiopharm to acquire all of Radiopharm's rights to two licensed, then preclinical assets for an upfront payment of $2.0 million. One of those assets is a leucine-rich repeat-containing protein 15 ("LRRC15")-targeted monoclonal antibody, which we refer to as LNTH-2403, a clinical therapeutic candidate. LNTH-2403 is strongly expressed in multiple malignancies, including head and neck, breast, lung, and pancreatic cancers. In connection with this acquisition, we assumed the underlying license agreements related to the two assets, together with their respective milestone and royalty payment obligations.

During the third quarter of 2024, we purchased 149,625,180 shares of Radiopharm common stock ("Radiopharm Shares") for an aggregate purchase price of approximately $5.0 million. During 2025, we purchased an additional 388,333,333 Radiopharm Shares for an aggregate purchase price of approximately $10.0 million.

For more information, see Note 18, "Acquisitions" and Note 4, "Fair Value of Financial Instruments" in our condensed consolidated financial statements herein.

Strategic Agreements with Perspective Therapeutics, Inc.

On January 8, 2024, we entered into multiple strategic agreements with Perspective Therapeutics, Inc. ("Perspective"), a radiopharmaceutical company that is pursuing advanced treatment applications for cancers throughout the body. Under the agreements, we obtained an option to exclusively license Perspective's Pb212-VMT-α-NET, a clinical stage alpha therapy in development for the treatment of neuroendocrine tumors, and an option to co-develop certain early-stage therapeutic candidates targeting prostate cancer using Perspective's innovative platform technology for an aggregate upfront payment of $28.0 million in cash.

During 2024, we also purchased an aggregate of 11,677,339 shares of Perspective's common stock ("Perspective Shares"), after giving effect to a 1-for-10 reverse stock split.

During the three months ended September 30, 2026, the Company received $8.6 million in cash from the sale of 2,938,328 Perspective Shares and realized a loss of $2.3 million, which was recorded within net loss (gain) on investment in equity securities in the Company's condensed consolidated statements of operations for the three and nine months ended September 30, 2026.

For more information, see Note 18, "Acquisitions" and Note 4, "Fair Value of Financial Instruments" to our condensed consolidated financial statements herein.

Amendment of Credit Facility

In December 2024, we amended our five-year revolving credit facility (as amended, the "2022 Revolving Facility"). The amendment, among other things, extended the maturity date from December 2, 2027 to December 19, 2029, increased the 2022 Revolving Facility from $350.0 million to $750.0 million and increased the additional amount that we may request to add to the increased revolving commitment by $350.0 million. The amendment also, among other things, (i) reduces the ranges of margins based on our Total Net Leverage Ratio (as defined in the 2022 Revolving Facility) used to calculate interest for the revolving loans and (ii) reduces the maximum unused commitment fee from 0.35% per annum to 0.30% per annum.

Key Factors Affecting Our Results

Our business and financial performance have been, and continue to be, impacted by the following:

PYLARIFY and PSMA PET Revenue

PYLARIFY, an F-18-labeled PET imaging agent targeting PSMA, was approved by the FDA in May 2021 and commercially launched in the United States in June 2021. PYLARIFY is indicated for PET imaging of PSMA-positive lesions in patients with prostate cancer with suspected metastasis who are candidates for initial definitive therapy and in patients with suspected recurrence based on elevated prostate-specific antigen levels. PYLARIFY is available through a diverse, multi-partner network of PMFs, including both commercial and academic partners.

Our strategy to support the continued growth of our PSMA PET franchise included the approval and planned commercialization of a new formulation of our F-18 PSMA PET imaging agent, including obtaining TPT Status for this formulation. On March 6, 2026, the FDA approved this new formulation, PYLARIFY TruVu, which is designed to enhance product stability at higher radioactive concentrations and support more efficient manufacturing and broader distribution. PYLARIFY TruVu is expected to become commercially available beginning in the fourth quarter of 2026 and will be introduced on a rolling geographic basis, with the intent to transition customers from PYLARIFY to PYLARIFY TruVu.

Continued substantial revenue contribution from our PSMA PET imaging agents depends on our ability to maintain PYLARIFY, and then PYLARIFY TruVu, as a widely utilized PSMA PET imaging agent in an increasingly competitive diagnostic imaging landscape. PYLARIFY's competition includes three Ga-68-based PSMA imaging agents, an F-18-based PSMA imaging agent, and other non-PSMA-based imaging agents commonly referred to as conventional imaging. The potential for future generic entrants following the expiration of PYLARIFY's new chemical entity exclusivity period in May 2026 could further increase competition, along with the continued development of additional F-18 and Ga-68 tracers and PSMA-targeted agents using alternative isotopes, including Copper-64. We continue to make targeted investments to support PYLARIFY awareness, adoption, and appropriate clinical use.

Continued substantial revenue contribution from our PSMA PET imaging agents will also depend on our ability to clinically differentiate them from competitive products so that customers continue to choose our PSMA PET imaging agents for appropriate patients because of their clinical differentiation and, in the case of PYLARIFY, despite the loss of TPT Status and the related changes to Medicare fee-for-service ("FFS") hospital outpatient payment. Our Healthcare Common Procedure Coding System code, which enables streamlined billing, went into effect as of January 1, 2022. In addition, from January 1, 2022 to December 31, 2024, PYLARIFY had TPT Status from CMS in the hospital outpatient setting, enabling traditional Medicare FFS to provide separate payment for PYLARIFY in addition to the payment for the PET/computed tomography procedure in that setting. In November 2024, CMS released the final rule for its calendar year 2025 Medicare Hospital Outpatient Prospective Payment System (the "CMS 2025 OPPS Rule"), which recognized the value and need for broad access to diagnostic radiopharmaceuticals. The CMS 2025 OPPS Rule provided separate payment for those diagnostic radiopharmaceuticals with per day costs greater than $630 based on their mean unit cost ("MUC") for patients with traditional Medicare FFS insurance coverage who are treated in the hospital outpatient setting. In November 2025, CMS released the final rule for its calendar year 2026 Medicare Hospital Outpatient Prospective Payment System (the "CMS 2026 OPPS Rule"), which continues to provide for separate payment for diagnostic radiopharmaceuticals with per day costs greater than $655 based on their MUC. As a result, since January 1, 2025, CMS has maintained separate payment for PYLARIFY based on MUC in the hospital outpatient setting, which is lower than payments based on the average selling price that were made during TPT Status. Although PYLARIFY continues to be paid separately, other competitive PSMA PET imaging agents continue to have TPT Status after December 31, 2024, and hospital use of those products, for patients with traditional Medicare FFS in the hospital outpatient setting, generally will be paid separately based on average sales price ("ASP") plus six percent rather than on MUC. In November 2025, in the preamble to the CMS 2026 OPPS Rule, CMS acknowledged that there could be value in the use of ASP for determining separately paid diagnostic radiopharmaceutical payment amounts in the future. However, CMS will continue to use MUC to calculate payment for diagnostic radiopharmaceuticals in 2026, explaining that there must be more consistent, validated, and universal reporting of ASP data for diagnostic radiopharmaceuticals before ASP can be the basis for payment. CMS reiterated in the CMS 2026 OPPS Rule that, although ASP reporting for diagnostic radiopharmaceuticals remains voluntary at this time, it will continue to evaluate whether and how ASP could be used

for future Medicare Outpatient Prospective Payment System ("OPPS") payment once reporting is sufficiently consistent, validated, and universal. Additionally, in the recently released proposed rule for CMS's calendar year 2027 Medicare Hospital Outpatient Prospective Payment System, CMS proposed updating the per day cost threshold to $665 and continuing to base separate payment for diagnostic radiopharmaceuticals without TPT Status on MUC, and indicated that it intends to post a guidance document for reporting ASP. We believe this demonstrates a willingness of CMS to move towards ASP from MUC. We report ASP and have repeatedly engaged CMS on methodology for reporting ASP, and we will continue to work with coalition partners and CMS to support using ASP rather than MUC to calculate payment for diagnostic radiopharmaceuticals in future years after the expiration of TPT Status similar to the way OPPS currently pays for other drugs, biologics, and therapeutic radiopharmaceuticals. In the third quarter of 2026, CMS granted a HCPCS code and TPT Status for PYLARIFY TruVu, each with an effective date of October 1, 2026.

In addition to the planned launch of PYLARIFY TruVu, our PSMA PET strategy includes conveying the clinical and operational value of PSMA PET imaging, negotiating and executing strategic customer contracts in the United States, expanding PSMA PET use in appropriate patient populations, and pursuing strategic partnerships and collaborations, including outside the United States.

Internationally, we have licensed exclusive rights to Curium Pharma, an affiliate of the Parent, to develop and commercialize piflufolastat F-18 in Europe, where it is marketed in the European Union under the brand name PYLCLARI. During the third quarter of 2026, we expanded the license to cover 56 additional countries across Africa, the Middle East, Asia-Pacific, Latin America, and other international growth markets. In September 2025, we entered into an exclusive licensing agreement with GE HealthCare to develop, manufacture, and commercialize piflufolastat F-18 in Japan for prostate cancer diagnostics and companion diagnostic use. We have also entered into strategic collaborations with pharmaceutical companies for the use of PYLARIFY in connection with the development of PSMA-targeted therapeutics. Additional information on these collaborations is provided under Part I, Item 1. "Business - Strategic Partnerships and Other Revenue - Oncology" of our Form 10-K for the year ended December 31, 2025.

Neuraceq Revenue

Neuraceq is an F-18-labeled PET imaging agent that binds selectively to beta-amyloid plaques in the brain and was approved by the FDA in 2014. Neuraceq is indicated for PET imaging of the brain to estimate amyloid beta neuritic plaque density in adults with cognitive impairment who are being evaluated for Alzheimer's disease and other causes of cognitive decline. In 2025, additional labeling updates were approved to support patient selection for amyloid-targeting therapies, where indicated in the prescribing information of the therapeutics products, as well as quantitative PET analysis.

We believe future growth in Neuraceq revenue will depend on several factors, including: (i) expansion of awareness and adoption of Neuraceq among existing and new customers, including leveraging our established commercial relationships; (ii) continued expansion of manufacturing capacity and geographic access through additional PET manufacturing sites; (iii) increased utilization of beta-amyloid PET imaging driven by evolving clinical practice and the growing availability of amyloid-targeting therapies; (iv) customer education regarding the approved uses of Neuraceq, including its role in patient selection and quantitative assessment of amyloid burden; and (v) our ability to differentiate Neuraceq based on its clinical profile and operational reliability in an increasingly competitive diagnostic imaging market.

In addition, Neuraceq utilization may be influenced by reimbursement dynamics in the hospital outpatient setting. Medicare reimbursement for Neuraceq is comparatively lower than that of competitors, which could affect customer purchasing decisions.

DEFINITY Revenue

We believe we will be able to increase use of DEFINITY through continued education of physicians and HCPs about the benefits of ultrasound enhancing agents in suboptimal echocardiograms. The U.S. market currently has three echocardiography ultrasound enhancing agents approved by the FDA; we estimate that DEFINITY will continue to hold at least an 80% share of the U.S. segment for ultrasound enhancing agents in echocardiography procedures.

We continue to prosecute and maintain patents and patent applications in connection with DEFINITY, both in the United States and internationally. In the United States for DEFINITY, we have method-of-use patents listed in the FDA's publication, "Approved Drug Products with Therapeutic Equivalence Evaluations" (the "Orange Book"), as well as additional manufacturing patents that are not Orange Book-listed.

Expansion of Strategic Partnerships and Other Revenue

We continue to seek ways to increase the overall value of our portfolio of products and product candidates. We evaluate opportunities to collaborate, in-license or acquire additional products, product candidates, businesses and technologies to drive our future growth. In particular, with respect to our Strategic Partnerships and Other Revenue category, we are focused on radiopharmaceutical product opportunities in oncology, neurology, and other strategic areas that will complement our existing portfolio.

Our Strategic Partnerships and Other Revenue category includes our Strategic Partnerships, Digital Solutions, Pharma Solutions and CDMO services and is focused on enabling precision medicine with biomarkers, digital solutions and CDMO services.

Inventory Supply & Third-Party Suppliers

Jubilant HollisterStier ("JHS") is currently a significant supplier of DEFINITY. Our manufacturing and supply agreement with JHS (the "JHS MSA") runs through December 31, 2027 and can be further extended by mutual agreement of the parties. The JHS MSA requires us to purchase from JHS specified percentages of our total requirements for DEFINITY each year during the contract term. Either party can terminate the JHS MSA upon the occurrence of certain events, including the material breach or bankruptcy of the other party.

Radiopharmaceuticals are decaying radioisotopes with half-lives ranging from a few hours to several days. Radiopharmaceutical finished goods, such as doses of PYLARIFY, PYLARIFY TruVu and Neuraceq, cannot be kept in inventory because of their limited shelf lives and are subject to just-in-time manufacturing, processing, and distribution, which takes place at multiple PMF manufacturing partner sites that produce and deliver doses for us across the United States.

Research and Development Expenses

To ensure we remain the leading radiopharmaceutical-focused company, we have historically made and will continue to make substantial investments in new product development and lifecycle management for existing products, including:

See Note 18, "Acquisitions" in our condensed consolidated financial statements herein and Note 19, "Acquisitions" in our consolidated financial statements in our Form 10-K for additional information on potential milestone and royalty payments related to the product candidates listed above.

PNT2002

Under the terms of the license and collaboration agreement between Lantheus Two and POINT Biopharma Global Inc. ("POINT"), dated November 11, 2022, we paid POINT an upfront cash payment of $250.0 million. The Phase 3 registrational clinical trial for PNT2002, known

as the "SPLASH" study, reached 100% of pre-specified overall survival events. The results of the readout were comparable to the previously reported 46% and 75% readouts and remain confounded by the overwhelming number of patients who crossed over within the study to receive PNT2002.

PNT2003

Under the terms of the license and collaboration agreement between Lantheus Three and POINT, dated November 11, 2022 we paid POINT an upfront payment of $10.0 million in December 2022 and will pay another $10.0 million in the fourth quarter of 2026 upon the final regulatory approval for BRAVNETSA, previously known as PNT2003, announced on September 22, 2026. We could pay up to an additional $24.5 million in milestone payments upon the achievement of specified U.S. and ex-U.S. regulatory milestones. POINT is also eligible to receive up to $275.0 million in sales milestone payments upon the achievement of specified annual sales thresholds of PNT2003. In addition, POINT is eligible to receive royalty payments of 15% of net sales of PNT2003.

Our investments in these additional clinical activities and lifecycle management opportunities will increase our operating expenses and impact our results of operations and cash flow, and we can give no assurances as to whether any of these clinical development candidates or lifecycle management opportunities will be successful.

Results of Operations

The following is a summary of our consolidated results of operations:

Comparison of the Periods Ended September 30, 2026 and 2025

Revenues

Prior to January 1, 2026, we classified our revenues into three product categories: Radiopharmaceutical Oncology, Precision Diagnostics, and Strategic Partnerships and Other Revenue. As of January 1, 2026, we classify our revenues into four product categories: Oncology, Neurology, Cardiology, and Strategic Partnerships and Other Revenue. We have presented the prior year numbers for revenues to conform with our current year presentation, including the disaggregation of revenue related to the sale of our SPECT business to SHINE on January 1, 2026.

Revenues are summarized by product category on a net basis as follows:

The increase in revenues for the three months ended September 30, 2026, as compared to the same period of 2025, was primarily driven by an increase in revenue generated from sales of Neuraceq subsequent to our acquisition of Lantheus Biosciences in July 2025, an increase in sales volume for both PYLARIFY and DEFINITY and an increase in royalties and milestone payments received from GE HealthCare related to the commercial sales of Flyrcado. These increases were partially offset by a decrease in revenue related to the SPECT business recognized during the three months ended September 30, 2025 for which there is no comparable amount in the same period of 2026, as well as a decrease in PYLARIFY net sales price for the three months ended September 30, 2026.

The increase in revenue for the nine months ended September 30, 2026, as compared to the same period of 2025, was primarily due to nine months of revenue generated from sales of Neuraceq subsequent to our acquisition of Lantheus Biosciences in July 2025, compared to only two plus months of revenue generated from sales of Neuraceq for the same period of 2025. Additionally, the increase in revenue reflects higher PYLARIFY and DEFINITY sales volume in 2026 and an increase in royalties and milestone payments received from GE HealthCare related to the commercial sales of Flyrcado. These increases were partially offset by a decrease in revenue related to the SPECT business recognized during the nine months ended September 30, 2025 for which there is no comparable amount in 2026, as well as a decrease in net sales price of PYLARIFY for the nine months ended September 30, 2026.

Rebates

Estimates for rebates represent our estimated obligations under contractual arrangements with third parties. Rebate accruals are recorded in the same period the related revenue is recognized, resulting in a reduction of revenue and the establishment of a liability which is included in accrued expenses and other current liabilities in our condensed consolidated balance sheets. These rebates result from performance-based offers that are primarily based on attaining contractually specified sales volumes and market share, Medicaid rebate programs for our products, administrative fees of group purchasing organizations and certain distributor-related commissions. The calculation of the accrual for these rebates is based on an estimate of the third-party's expected purchases and the resulting applicable contractual rebate to be earned over a contractual period.

A roll forward of the amount of, and change in, accruals for rebate liabilities is summarized as follows:

Gross Profit

The increases in gross profit for the three months ended September 30, 2026, as compared to the prior year period, is primarily due to an increase in revenue from Neuraceq subsequent to the July 2025 acquisition of Lantheus Biosciences, increased PYLARIFY and DEFINITY sales volume, an increase in Flyrcado revenue and a decrease in costs related to corporate projects completed in 2025 for which there are no comparable costs in 2026. These increases were partially offset by a decrease in PYLARIFY net sales price, additional amortization of intangible assets resulting from the acquisition of Lantheus Biosciences and the sale of our SPECT business in January 2026.

The increase in gross profit for the nine months ended September 30, 2026, as compared to the prior year period, is primarily due to an increase in revenue from Neuraceq subsequent to the July 2025 acquisition of Lantheus Biosciences, increased PYLARIFY and DEFINITY sales volume, a decrease in costs related to corporate projects completed in 2025 for which there are no comparable costs in 2026 and an increase in revenue from MK-6240 for investigational use. These increases were partially offset by a decrease in PYLARIFY net sales price, additional amortization of intangible assets resulting from the July 2025 acquisition of Lantheus Biosciences (a full nine months in 2026, compared to approximately two months during the same period in 2025), an increase in contractual vendor pricing and the sale of our SPECT business in January 2026.

Sales and Marketing

Sales and marketing expenses consist primarily of salaries and other related costs for personnel in field sales, marketing, and customer service functions. Other costs in sales and marketing expenses include the development of advertising and promotional material, professional services, market research, and sales meetings.

Sales and marketing expenses decreased $0.8 million for the three months ended September 30, 2026, as compared to the same period of 2025. This was primarily due to a decrease in launch preparation costs for PYLARIFY TruVu and a decrease in employee-related costs.

Sales and marketing expenses increased $51.2 million for the nine months ended September 30, 2026, as compared to the same period of 2025. This was primarily due to a $30.0 million obligation recognized in June 2026 related to our agreement to repurchase rights to the DEFINITY license in China from our distributor. See Note 15, "Commitments and Contingencies" to our condensed consolidated financial statements for more information on the payments to our distributor. In addition, there was an increase in employee-related costs in connection with sales of Neuraceq subsequent to the acquisition of Lantheus Biosciences and an increase in marketing expenditures related to launch preparations, primarily for PYLARIFY TruVu.

General and Administrative

General and administrative expenses consist of salaries and other related costs for personnel in executive, finance, legal, information technology, and human resource functions. Other costs included in general and administrative expenses are professional fees for information technology services, external legal fees, consulting and accounting services as well as bad debt expense, certain facility and insurance costs, including director and officer liability insurance, and fair value adjustments related to contingent consideration from acquisitions.

General and administrative expenses decreased $11.5 million for the three months ended September 30, 2026, as compared to the same period of 2025. This was primarily driven by a $26.4 million decrease in non-recurring expenses related to the acquisition and integration of Evergreen and Lantheus Biosciences and the divestiture of our SPECT business recorded during the three months ended September 30, 2026, compared to the same period of 2025, a $2.8 million decrease in stock-based compensation expenses primarily due to the departure of executive-level employees at the end of 2025. Partially offsetting these decreases are increases that include costs related to the proposed Merger, primarily legal and other advisor costs of $18.6 million, for each of the three and nine months ended September 30, 2026, for which there are no comparable amounts recorded for the same period of 2025 and a $3.2 million increase resulting from the change in fair value of contingent consideration obligations from the acquisitions of Evergreen and Lantheus Biosciences.

General and administrative expenses decreased $56.7 million for the nine months ended September 30, 2026, as compared to the same period of 2025. This was primarily driven by a $41.2 million decrease in non-recurring expenses related to the acquisition and integration of Evergreen and Lantheus Biosciences and the divestiture of our SPECT business recorded during the nine months ended September 30, 2026, compared to the same period of 2025, an $8.4 million decrease in stock-based compensation expenses due to the departure of executive-level employees at the end of 2025 and a $28.6 million decrease resulting from the change in fair value of contingent consideration obligations from the acquisitions of Evergreen and Lantheus Biosciences. Offsetting these decreases is an $18.6 million increase in costs related to the proposed Merger, primarily legal and other advisor costs, for which there are no comparable amounts recorded for the same period of 2025. In addition there was an increase in employee-related costs for the nine months ended September 30, 2026 due to the increase in headcount from the Company's business acquisitions in 2025.

Research and Development

R&D expenses relate primarily to salaries and costs related to the development of product candidates to add to our portfolio and costs related to our medical affairs, medical information and regulatory functions.

R&D expenses increased $44.7 million for the three months ended September 30, 2026, as compared to the same prior year period. This was primarily driven by impairment charges of $21.0 million and $10.0 million recorded for LNTH-2620 (previously referred to as PI-2620) and LNTH-2515, respectively, during the three months ended September 30, 2026 as well as charges incurred in connection with regulatory milestone obligations due upon the FDA approval for TAUKLARIFY and BRAVNETSA of $14.3 million and $10.0 million, respectively. These increases were partially offset by the absence of $5.0 million of costs incurred in 2025 related to our NDA submission for TAUKLARIFY and reduced R&D support for a number of projects in 2026, as compared to 2025, including costs related to the acquisition and integration of Lantheus Biosciences, which decreased $1.4 million for the three months ended September 30, 2026, as compared to the same period of 2025.

R&D expenses increased $40.5 million for the nine months ended September 30, 2026, as compared to the same prior year period. This was primarily driven by impairment charges of $21.0 million and $10.0 million recorded for LNTH-2620 and LNTH-2515, respectively, during the nine months ended September 30, 2026, as well as charges incurred in connection with regulatory milestone obligations due upon the FDA approval for TAUKLARIFY and BRAVNETSA of $14.3 million and $10.0 million, respectively. There was also a $16.0 million impact related to the acquisition of Lantheus Biosciences in July 2025. The increases were partially offset by 2025 payments that did not recur in 2026, including a payment to AstraZeneca of $10.0 million in May 2025 to reduce future royalty obligations for NAV-4694 Evergreen integration costs of $3.3 million and $2.2 million in costs related to the FDA new drug application submission for PYLARIFY TruVu.

Loss (Gain) on Sale of Business, Net of Transaction Costs

As a result of the sale of our SPECT business on January 1, 2026, we recognized a loss on sale of business, net of transaction costs, of $0.1 million for the three months ended September 30, 2026 related to asset true-ups and a gain of $59.4 million for the nine months ended September 30, 2026 following a post-closing working capital settlement related to the sale of our SPECT business, which was partially offset by miscellaneous asset and liability true-ups recorded during the nine-month period ended September 30, 2026.

Net Loss (Gain) on Investment in Equity Securities

Each quarter, our investments in equity securities of Radiopharm and Perspective are revalued to market price. Net loss (gain) on investment in equity securities decreased $13.3 million from a gain to a loss for the three months ended September 30, 2026, as compared to the same period of 2025. We recorded an unrealized loss on the investment in Radiopharm of $5.0 million and an unrealized loss on the investment in Perspective of $4.9 million during the three months ended September 30, 2026, compared to an unrealized gain on the investment in Radiopharm of $1.2 million and an unrealized loss on the investment in Perspective of $0.1 million for the three months ended September 30, 2025.

Net loss (gain) on investment in equity securities decreased $7.7 million from a gain to a loss for the nine months ended September 30, 2026, compared to the same period of 2025. For the nine months ended September 30, 2026, we recorded an unrealized loss on the investment in Radiopharm of $7.4 million, excluding unrealized gain on change in foreign exchange rate of $0.6 million, and recorded an unrealized gain on the investment in Perspective of $2.8 million. This is compared to an unrealized loss on the investment in Radiopharm of $2.0 million and an unrealized gain on the investment in Perspective of $2.8 million recorded for the nine months ended September 30, 2025.

Upon the sale of 2,938,328 Perspective Shares, we realized a loss of $2.3 million during the three and nine months ended September 30, 2026, which was recorded to net loss (gain) on investment in equity securities in our condensed consolidated statements of operations for the three and nine months ended September 30, 2026.

Other Income, net

Other income, net, increased $4.2 million for the three months ended September 30, 2026, compared to the same prior year period, primarily due to an increase in interest income on higher average cash balances in 2026 compared to balances in 2025 after the acquisitions of Evergreen in April 2025 and Lantheus Biosciences in July 2025. In addition, we earned interest on the outstanding notes receivable with SHINE related to the sale of our SPECT business in January 2026. See Note 4, "Fair Value of Financial Instruments" to our condensed consolidated financial statements for more information on the notes receivable.

Other income, net, decreased $3.2 million for the nine months ended September 30, 2026, compared to the same prior year period, primarily due to a $4.7 million adjustment recorded in the first quarter of 2025 to reduce the previous estimate of remediation costs related to the potential decommissioning of our radioactive-related operations at our previously owned SPECT business facility and a decrease in interest income largely attributable to lower interest rates in 2026, compared to 2025. These decreases were partially offset by an increase due to a gain

on conversion of the promissory note from Illuminated, with a principal amount of $70.0 million that bears no interest and has a maturity date of June 14, 2028 ("Installment Note") of $2.5 million recorded during the nine months ended September 30, 2026.

Income Tax (Benefit) Expense

Our effective tax rate for each reporting period is presented as follows:

The decrease in the effective tax rate for the three months ended September 30, 2026 compared to the prior-year period is primarily due to a partial release of the valuation allowance related to losses on our investment in equity securities, partially offset by the non-deductible change in fair value of contingent consideration and non-deductible milestone payments.

The decrease in the effective tax rate for the nine months ended September 30, 2026 compared to the prior-year period is primarily due to a partial release of the valuation allowance related to losses on our investment in equity securities and the non-taxable change in fair value of contingent consideration, partially offset by state income taxes.

Liquidity and Capital Resources

Cash Flows

The following table provides information regarding our cash flows:

Net Cash Provided by Operating Activities

Net cash provided by operating activities of $319.3 million in the nine months ended September 30, 2026 was primarily comprised of net income adjusted for the net effect of non-cash items such as net loss (gain) on investment in equity securities, adjustments to the fair value of asset retirement obligation and contingent assets and liabilities, depreciation, amortization and accretion expense, impairment of intangible assets, charges incurred pursuant to acquired IPR&D, gain on sale of business, net of transaction costs, gain on conversion of the Installment Note, deferred taxes and stock-based compensation expense. The primary working capital sources of cash include a decrease in trade accounts receivable associated with the timing of billings and collections, an increase in accrued expenses, which is a result of a $15.0 million obligation recognized during the nine months ended September 30, 2026 related to our agreement to repurchase rights to the DEFINITY license in China from our distributor, $11.3 million of milestone payments accrued but not paid as of September 30, 2026 and an increase in accounts payable which was attributable to the timing of payments to large vendors. The primary working capital uses of cash include an increase in inventory.

Net cash provided by operating activities of $300.0 million in the nine months ended September 30, 2025 was primarily comprised of net income adjusted for the net effect of non-cash items such as unrealized gain on investment in equity securities, charges incurred in connection with the RM2 license, adjustments to the fair value of asset retirement obligation and contingent assets and liabilities, depreciation, amortization and accretion expense, deferred taxes and stock-based compensation expense. The primary working capital sources of cash include an increase in accounts payable which was attributable to the timing of payments to large vendors. The primary working capital uses of cash were an increase in trade receivables associated primarily with the timing of billings and collections, an increase in inventory related to the timing of batch processes and an increase in income tax receivable. In addition, we recognized a nonrecurring post-combination expense attributable to the acceleration of historical Evergreen stock awards of $7.5 million.

Net Cash Provided by (Used in) Investing Activities

Net cash provided by investing activities during the nine months ended September 30, 2026 was driven by $24.2 million of net proceeds that we received from the sale of our SPECT business to SHINE on January 1, 2026, $8.6 million of proceeds received for the sale of shares of Perspective, $5.0 million of proceeds from the achievement of a sales-based milestone related to RELISTOR, a treatment for opioid-induced constipation for which we previously sold the right to net sales royalties but retained the rights to sales-based milestone payments, and $1.0 million of principal received from SHINE on the unsecured promissory note from SHINE SPECT ("Seller Note"). This was partially offset by $7.6 million of capital expenditures, $13.0 million in milestone payments related to MK-6240 and a $5.6 million milestone payment related to RM2.

Net cash used in investing activities during the nine months ended September 30, 2025 was driven by $268.9 million paid to the former holders of shares of Evergreen for the acquisition of Evergreen, net of cash acquired, $309.0 million paid for the acquisition of Lantheus Biosciences net of cash acquired, $5.0 million used to purchase equity securities, a $5.4 million milestone payment made related to RM2 and $27.3 million of capital expenditures.

Net Cash Used in Financing Activities

Net cash used in financing activities during the nine months ended September 30, 2026 is primarily attributable to the payments for minimum statutory tax withholding related to net share settlement of equity awards of $21.2 million and payments for finance leases of $0.7 million, offset by proceeds of $14.3 million from stock option exercises and issuance of common stock.

Net cash used in financing activities during the nine months ended September 30, 2025 is primarily attributable to the repurchase of our common stock for approximately $200.0 million, the payments for minimum statutory tax withholding related to net share settlement of equity awards of $25.2 million and payments for finance leases of $0.8 million, offset by proceeds of $10.2 million from stock option exercises and issuance of common stock.

External Sources of Liquidity

In December 2024, we entered into an amendment to the 2022 Revolving Facility that, among other things, extended the maturity date from December 2, 2027 to December 19, 2029, increased the 2022 Revolving Facility from $350.0 million to $750.0 million and increased the additional amount that we may request to add to the increased revolving commitment by $350.0 million. The amendment also, among other things, (i) reduces the ranges of margins based on our Total Net Leverage Ratio (as defined in the 2022 Revolving Facility) used to calculate interest for the revolving loans and (ii) reduces the maximum unused commitment fee from 0.35% per annum to 0.30% per annum. The full terms of the 2022 Revolving Facility are set forth in the Credit Agreement, dated as of December 2, 2022, by and among us, the lenders from time to time party thereto and Citizens Bank, N.A., as administrative agent and collateral agent, as amended. We have the right to request an increase to the 2022 Revolving Facility or request the establishment of one or more new incremental term loan facilities, in an aggregate principal amount of up to the greater of $685.0 million (so that the total amount available is $1.44 billion) or 100% of consolidated earnings before interest, taxes, depreciation and amortization for the four consecutive fiscal quarters most recently ended, plus additional amounts, in certain circumstances.

Under the terms of the 2022 Revolving Facility, the lenders thereunder agreed to extend credit to us from time to time until December 19, 2029 consisting of revolving loans in an aggregate principal amount not to exceed $750.0 million at any time. The 2022 Revolving Facility includes a $40.0 million sub-facility for the issuance of letters of credit (the "Letters of Credit"). The 2022 Revolving Facility includes a $20.0 million sub-facility for swingline loans (the "Swingline Loans"). The Letters of Credit, Swingline Loans and the borrowings under the 2022 Revolving Facility are expected to be used for working capital and other general corporate purposes.

For more information on the 2022 Revolving Facility, see Note 11. "Long-Term Debt and Other Borrowings, Net of Current Portion" to our condensed consolidated financial statements of this Form 10-Q.

As of September 30, 2026, we were in compliance with all financial and other covenants under the 2022 Revolving Facility.

On December 8, 2022, we issued $575.0 million in aggregate principal amount of 2.625% Convertible Senior Notes due 2027 (the "Notes"), which includes $75.0 million in aggregate principal amount of Notes sold pursuant to the full exercise of the initial purchasers' option to purchase additional Notes. The Notes were issued under an indenture, dated as of December 8, 2022. The net proceeds from the issuance of the Notes were approximately $557.8 million, after deducting the initial purchasers' discounts and offering expenses payable by us.

On July 31, 2025, our Board authorized the 2025 Program. The 2025 Program replaces the 2024 Program, including the remaining unused amounts under the 2024 Program. We repurchased 1.3 million shares for approximately $100.0 million under the 2024 Program in 2025. The 2025 Program authorizes us to purchase shares of our common stock from time to time via open market purchases at prevailing market prices, in privately negotiated transactions, block trades, or pursuant to trades intending to comply with Rule 10b5-1 under the

Exchange Act or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The timing, manner, price and amount of any repurchase will be subject to the discretion of our management. The 2025 Program does not obligate us to acquire any particular amount of our common stock, and we may suspend or discontinue the 2025 Program at any time. We did not repurchase any shares under the 2025 Program during the three and nine months ended September 30, 2026. We repurchased 3.5 million shares for approximately $200.0 million under the 2025 Program in 2025, with approximately $200.0 million remaining available for repurchase as of September 30, 2026.

On January 1, 2026, as a result of the sale of our SPECT business to SHINE SPECT, we received consideration consisting of cash, notes receivable that may be settled in equity of Illuminated or in cash depending on their specific terms, a right to receive additional cash on the earlier of January 1, 2030 or upon the occurrence of certain specified events, and the right to certain contingent consideration. The fair value of total net consideration that we received on the Disposition Date was approximately $131.2 million, including $32.1 million in cash. See Note 4, "Fair Value of Financial Instruments" for more information on the sale of our SPECT business.

Our ability to fund our future capital needs will be affected by our ability to continue to generate cash from operations and may be affected by our ability to access the capital markets, money markets or other sources of funding, as well as the capacity and terms of our financing arrangements.

We may from time to time repurchase or otherwise retire our debt and take other steps to reduce our debt or otherwise improve our balance sheet. These actions may include retirements or refinancing of outstanding debt, privately negotiated transactions or otherwise. The amount of debt that may be retired, if any, could be material and would be decided at the sole discretion of our Board and will depend on market conditions, our cash position and other considerations.

Funding Requirements

Our future capital requirements will depend on many factors, including:

Disruption in our financial performance could occur if we experience significant adverse changes in product or customer mix, significant changes in our competitive or regulatory environment, broad economic downturns, sustained inflation, adverse industry or company conditions or catastrophic external events, including pandemics, natural disasters and political or military conflict. If we experience one or more of these events in the future, we may be required to implement expense reductions, such as a delay or elimination of discretionary spending in all functional areas, as well as scaling back select operating and strategic initiatives.

If our capital resources become insufficient to meet our future capital requirements, we would need to finance our cash needs through public or private equity offerings, debt financings, asset securitizations, sale-leasebacks or other financing or strategic alternatives, to the extent such transactions are permissible under the covenants of our 2022 Revolving Facility. Additional equity or debt financing, or other transactions, may not be available on acceptable terms, if at all. If any of these transactions require an amendment or waiver under the covenants in our 2022 Revolving Facility, which could result in additional expenses associated with obtaining the amendment or waiver, we will seek to obtain such an amendment or waiver to remain in compliance with those covenants. However, we cannot provide assurance that such an amendment or waiver would be granted, or that additional capital will be available on acceptable terms, if at all.

At September 30, 2026, our only current committed external source of funds is our borrowing availability under our 2022 Revolving Facility. We had $683.6 million of cash and cash equivalents as of September 30, 2026. Our 2022 Revolving Facility contains a number of affirmative, negative, reporting and financial covenants, in each case subject to certain exceptions and materiality thresholds. Incremental borrowings under the 2022 Revolving Facility may affect our ability to comply with the covenants including the financial covenants restricting consolidated net leverage and interest coverage. Accordingly, we may be limited in utilizing the full amount of our 2022 Revolving Facility as a source of liquidity.

Based on our current operating plans, we believe our balance of cash and cash equivalents, along with cash generated by ongoing operations and continued access to our 2022 Revolving Facility, will be sufficient to satisfy our cash requirements over the next twelve months and beyond.

Critical Accounting Policies and Estimates

The discussion and analysis of our financial condition and results of operations are based on our condensed consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States. The preparation of these condensed consolidated financial statements requires us to make estimates and judgments that affect our reported assets and liabilities, revenues and expenses, and other financial information. Actual results may differ materially from these estimates under different assumptions and conditions. In addition, our reported financial condition and results of operations could vary due to a change in the application of a particular accounting standard.

There have been no significant changes to our critical accounting policies or in the underlying accounting assumptions and estimates used in such policies in the nine months ended September 30, 2026. For further information, refer to our summary of significant accounting policies and estimates in our Form 10-K for the year ended December 31, 2025.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements as of September 30, 2026, including structured finance, special purpose entities or variable interest entities.