Lantheus Holdings, Inc. (NASDAQ:LNTH) Q3 2023 Earnings Call Transcript

Paul Blanchfield: Thanks, Roanna. We had not mentioned it. We have not gotten the question. Overall, I think PYLARIFY remains the clear market leader and number one PSMA PET imaging agent with over 250,000 scans since launch. We believe our share was relatively consistent in the quarter at approximately 70%. I do use the term approximate, recognize that only one of the four commercial players actually report PSMA PET revenues. But overall, we now added competition in the quarter, we believe that impact was relatively minimal. And so we are comfortable that our continued commercial and clinical value proposition as well as the significant growth potential as highlighted by the $3 billion plus potential by 2028 will continue to ensure that PYLARIFY continues to grow and also remains the clear market leader for many years to come.

Mary Anne Heino: Is there a follow-up question from Rich?

Richard Newitter: Hi. Can you hear me?

Mary Anne Heino: We can now.

Richard Newitter: Sorry. So, thank you for taking the follow-up here. Thanks for those seasonality comments on PYLARIFY, it’s helpful. I’m just curious, Bob, I think you had mentioned that you still have some selling day issues or holidays between 3Q and 4Q. But your updated PYLARIFY guidance actually assumes that you show a 6% or close to it at the midpoint quarter-over-quarter growth rate. But I’m just curious, is that just 4Q pickup, which more than offsets maybe the holiday impact, which it didn’t have because of a weak July-August or weaker — softer July-August and 3Q? What drives the reacceleration there?

Bob Marshall: Paul, you can jump in on this as well. But one, we’ve been really pleased with the recent trends that we’ve seen from a dose volume perspective, which I think is fairly consistent when you look across broader health care. Once you get into that post summer seasonality that you do see a pickup once again as patients return to the docs and the docs return also to back to work after a summer. So that range does not include — we’re not adjusting, if you will, for those holidays. And you can see, I think we provided a visibility to what those holiday periods look like. Again, what we’ve seen more recently is informing our guidance range. And of course, from a selling day perspective, Q4 and Q3 are similar. So that it would only be the holiday impact.

Paul Blanchfield: I don’t have a lot more to add. I think we’ve seen robust growth. We saw it coming out of the summer and the post-holiday period. As I highlighted, we’ve seen that continue into October. As people are back to the doctor’s offices, doctors have finished and techs and others have finished the traditional summer holiday period. And so our guidance takes that into account as well as the November and Christmas week impact that we’ve seen and are well understood in the industry.

Mary Anne Heino: And I will just add, and I’ll continue to remind people, we are still very much wonderfully in a launch year. And we are getting to know the market. As you heard Bob and both referred to, we now appreciate that similar to DEFINITY and similar to what a lot of other life sciences companies see, third quarter has some optical vacationality and that does impact total number of procedures that then rebounds in Q4. And just to be clear on the math with what Bob was saying is, versus Q2, Q3 had one full less selling day, but we see the number of available selling days in Q3 equal to that of Q4. So there will be no impact based on number of selling days for Q4.

Operator: All right. So, presenters and ladies and gentlemen, there are no further questions at this time, and thank you for participating in today’s conference. This concludes the program…

Mary Anne Heino: Thank you, everyone.

Operator: …and you may now disconnect, and have a wonderful day.