Lantheus is a radiopharmaceutical company that makes and sells diagnostic imaging agents used to detect and monitor cancer and neurological diseases. Its two core commercial products are PYLARIFY, an F-18 PET imaging agent that targets PSMA to detect prostate cancer, and DEFINITY, an injectable microbubble agent used to enhance echocardiogram image quality. PYLARIFY crossed $1B in annual sales in 2024 and accounts for roughly 70% of revenue; DEFINITY holds over 80% of the U.S. ultrasound enhancing agent market in echocardiography. Lantheus sells primarily in the U.S. to hospitals, imaging centers, and government facilities via direct sales forces. PYLARIFY is distributed through a nationwide network of third-party manufacturing facilities equipped with cyclotrons, necessary because F-18 has a 110-minute half-life and must be produced and delivered on a just-in-time basis. Revenue is driven by dose volume and net price per dose, with Medicare reimbursement policy a key pricing variable for PYLARIFY. Lantheus recently divested its lower-margin SPECT business and acquired Life Molecular Imaging (adding Neuraceq, an Alzheimer's amyloid PET agent) and Evergreen Theragnostics (a radiotherapeutic CDMO). Near-term growth catalysts include a reformulated PYLARIFY designed to restart a favorable reimbursement period, MK-6240 (a tau PET agent for Alzheimer's), and PNT2003/OCTEVY (a theranostic pair for gastrointestinal neuroendocrine tumors). Lantheus' broader strategy is to build a diversified radiopharmaceutical portfolio spanning diagnostics and therapeutics across oncology and neurology.