In the November 2024 Earnings call, Lantheus mentioned losing some clients to Illuccix. Their explanation was that these were customers that were more focussed on price and less about quality. Lantheus were not concerned about those accounts as they were small and Lantheus were focused on larger ones (to my recollection).
The earnings from Pylarify have continued to go down, leading not just to them missing estimates in the May 2025 earnings, but actually decreasing when over time. I find it strange that they now cite future competition, even including competitors that are yet to arrive after 2026! How can that be, if the TAM is growing, and as we know from Telix, Illuccix is growing into it?
Lantheus is failing to execute. They are spending money poorly. They look to be in serious trouble.
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