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

Paul Blanchfield: Thanks, Mary Anne, and thanks for the question, Matt. So, as highlighted today, we continue to work with POINT across clinical and regulatory, across manufacturing as well as commercial readiness. And so we are working closely, indeed daily with our colleagues from POINT to ensure that we are ready for a best-in-class launch of PNT2002. That will naturally include a number of traditional work. It’s understanding the market, it’s patient mapping. It is effectively market research to understand this. I would also note that, while we’re focused on the commercial side of things, bringing a radiopharmaceutical to market is also reliant on a fully integrated supply chain. And so understanding and working with our customers to be able to get them ready to be able to treat with potentially another Lutetium product is also in the mix.

And so, we’ve got a number of activities there that have kicked off in 2023, and we would expect to continue into 2024 and beyond.

Operator: All right, thank you. And for your next question, it comes from the line of Anthony Petrone from Mizuho Group. Anthony, your line is open. Please ask your question.

Anthony Petrone: Hi, thank you for the question. Congratulations on the quarter. Maybe just one on PNT2002, the opportunity there you sized PYLARIFY, but just wondering if you could provide an outlook on PMT2002 versus the expectations and the market sizing that Novartis has out there?

Mary Anne Heino: So again, I’m going to turn it over to Paul to offer commentary. But I would point you to Slide number 9 in the deck that we just released, because that does speak to as one of the categories those patients who are being candidates for radioligand therapy.

Paul Blanchfield: Thanks for the question, Anthony. So as we’ve highlighted recently, and both Bob and I actually discussed this at an investor conference in September, we had previously said that the market potential for PNT2002 in the U.S. is approximately $3.5 billion. That was a number that we put out effectively last year when we announced the POINT collaboration. What we’ve since said is, while we have not formally updated that number, we have highlighted that we think the potential overall for radioligand therapy and mCRPC patients could be substantially bigger. What we’ve seen with Pluvicto year-to-date, public would say they would be approximately doing $1 billion in sales in their first full year on the market, even with supply challenges where they were not able to add new patients.

Indeed, in their — I believe, their recent earnings call, they noted that they are now actively adding new patients. And so for a product in the post-chemo setting to do potentially $1 billion in its first full year on the market without full supply, demonstrates that we think there is significant opportunity in this, not to mention it’s only an effectively third line or post-chemo. And so, when we expand PSMA therapeutics to pre as well as post chemo, we think this is a substantial opportunity that ourselves and our partners POINT are incredibly excited about, and we look forward to sharing top line data for the SPLASH trial in the fourth quarter of 2023.

Anthony Petrone: That’s helpful. And one quick follow-up would be just synergies. If we assume PYLARIFY and PNT2002 is under the same umbrella, just maybe a little bit on how go-to-market would play out. It looks to us that PNT2002, if approved, would be basically synergistic to the existing PYLARIFY sales force? And would you contemplate maybe bundling those two solutions? Thanks, again.

Paul Blanchfield: Thanks for the question, Anthony. I think there’s naturally benefits of having a franchise that includes a PSMA therapeutic as well as a PSMA diagnostic recognizing that in order to be eligible for a PSMA therapeutic, you do need to be scanned with a PSMA diagnostic. And so I think we do have — certainly, I would call this, synergies or advantages because of that robust market position. And indeed, we believe that was one of the reasons why it was a natural fit for POINT and Lantheus to work together last fall when we announced our collaboration agreement. And so there are certainly advantages to having both, if you will, under one franchise to be able to have conversations with customers. That said, we also recognize that there are distinct needs of a therapeutic versus a diagnostic.