Lantheus (NASDAQ:LNTH) Holdings, Inc. (NASDAQ:LNTH), a $6.39 billion market cap company specializing in in vitro and in vivo diagnostic substances, reported today that Dr. Jeff Humphrey will no longer serve as Chief Medical (TASE:PMCN) Officer (CMO). His tenure will conclude on January 3, 2025. According to InvestingPro analysis, the company appears undervalued despite delivering a remarkable 52% return over the past year.
The Massachusetts-based company, which is incorporated in Delaware, indicated that the search for a new CMO is currently in progress. In the interim, Lantheus Holdings' CEO Brian Markison and President Paul Blanchfield will oversee the research and development responsibilities previously held by Dr. Humphrey. The company maintains strong operational efficiency with a 64.4% gross profit margin and has demonstrated solid revenue growth of 24.2% over the last twelve months.
In other recent news, Lantheus Holdings reported a robust financial performance in its third quarter of 2024, with consolidated net revenue reaching $378.7 million, marking an 18.4% increase from the previous year. The company's leading product, PYLARIFY, significantly contributed to this growth, with sales hitting approximately $260 million, a 20% year-over-year increase. Lantheus also reported growth in DEFINITY sales, which totaled $77 million.
Goldman Sachs initiated coverage on Lantheus Holdings with a Buy rating and a price target of $143.00, citing the market's underestimation of the growth prospects of Pylarify. Meanwhile, TD Cowen maintained a Buy rating on Lantheus with a price target of $110.00, and Leerink Partners reduced their price target for Lantheus to $122.00 but maintained an Outperform rating on the stock.
These recent developments come as Lantheus adjusted its full-year 2024 revenue guidance to a range of $1.51 billion to $1.52 billion, and its forecast for fully-diluted earnings per share for the fiscal year 2024 to between $6.65 and $6.70. The company is also actively transitioning to the Average Sales Price model to mitigate the effects of lower CMS payment rates.
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