Lantheus Holdings, Inc. Goodwill & Intangibles Disclosure
10. Intangibles, Net and Goodwill
Goodwill
The following table represents the change in the carrying value of goodwill from January 1 to December 31, 2025:
(in thousands) |
|
Amount |
|
|
Balance at January 1, 2025 |
|
$ |
61,189 |
|
Acquisition of Evergreen |
|
|
116,221 |
|
Acquisition of Life Molecular |
|
|
63,186 |
|
Reclassification to assets held for sale(1) |
|
|
(1,734 |
) |
Foreign currency translation adjustments |
|
|
655 |
|
Balance at December 31, 2025 |
|
$ |
239,517 |
|
|
|
|
|
|
Intangibles, Net
Intangibles, net, consisted of the following:
|
|
December 31, 2025 |
|
|||||||||||||
(in thousands) |
|
Useful Lives |
|
Amortization Method |
|
Gross |
|
|
Accumulated |
|
|
Net |
|
|||
Amortizable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Trademarks |
|
25 |
|
Straight-line |
|
$ |
13,540 |
|
|
$ |
(12,509 |
) |
|
$ |
1,031 |
|
Customer relationships |
|
5 |
|
Accelerated |
|
|
102,958 |
|
|
|
(90,834 |
) |
|
|
12,124 |
|
Currently marketed products |
|
9 - 10.5 |
|
Straight-line |
|
|
492,800 |
|
|
|
(83,013 |
) |
|
|
409,787 |
|
Licenses |
|
13 - 16 |
|
Straight-line |
|
|
22,233 |
|
|
|
(14,167 |
) |
|
|
8,066 |
|
Developed technology |
|
7 - 9 |
|
Straight-line |
|
|
55,982 |
|
|
|
(13,211 |
) |
|
|
42,771 |
|
Total amortizable intangibles |
|
|
|
|
|
|
687,513 |
|
|
|
(213,734 |
) |
|
|
473,779 |
|
Non-amortizable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
In-process research and development |
|
Indefinite |
|
|
|
|
249,000 |
|
|
|
— |
|
|
|
249,000 |
|
Total intangibles, net |
|
|
|
|
|
$ |
936,513 |
|
|
$ |
(213,734 |
) |
|
$ |
722,779 |
|
|
|
December 31, 2024 |
|
|||||||||||||
(in thousands) |
|
Useful Lives |
|
Amortization Method |
|
Gross |
|
|
Accumulated |
|
|
Net |
|
|||
Trademarks |
|
15 - 25 |
|
Straight-line |
|
$ |
13,540 |
|
|
$ |
(12,363 |
) |
|
$ |
1,177 |
|
Customer relationships |
|
15 - 25 |
|
Accelerated |
|
|
157,742 |
|
|
|
(136,647 |
) |
|
|
21,095 |
|
Currently marketed products |
|
9 -15 |
|
Straight-line |
|
|
132,800 |
|
|
|
(53,033 |
) |
|
|
79,767 |
|
Licenses |
|
11 - 16 |
|
Straight-line |
|
|
22,233 |
|
|
|
(13,203 |
) |
|
|
9,030 |
|
Developed technology |
|
7 - 9 |
|
Straight-line |
|
|
55,982 |
|
|
|
(5,290 |
) |
|
|
50,692 |
|
Total intangibles, net |
|
|
|
|
|
$ |
382,297 |
|
|
$ |
(220,536 |
) |
|
$ |
161,761 |
|
The Company recorded amortization expense for its intangible assets of $47.1 million, $43.8 million and $46.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.
In June 2024, the Company entered into an agreement with the stockholders of Meilleur (“Meilleur Stockholders”) to purchase all of the outstanding capital stock of Meilleur (which holds the rights under a license agreement to develop and commercialize NAV-4694) for approximately $32.9 million. The Company recorded a developed technology intangible asset of $40.3 million as a result of the purchase price and the specific assets and liabilities of Meilleur that were acquired as part of the asset acquisition based on their value at the agreed upon closing date. In August 2024, upon successful completion of a technology transfer, the Company paid $10.0 million to the Meilleur Stockholders. This additional contingent payment was capitalized as part of the asset cost and increased the total value of the Company’s developed technology intangible assets. See Note 19, “Acquisitions” to these consolidated financial statements for further discussion of the acquisition of Meilleur.
The below table summarizes the estimated aggregate amortization expense expected to be recognized on the above intangible assets:
(in thousands) |
|
Amount |
|
|
2026 |
|
$ |
66,891 |
|
2027 |
|
|
61,380 |
|
2028 |
|
|
58,074 |
|
2029 |
|
|
57,930 |
|
2030 |
|
|
49,041 |
|
2031 and thereafter |
|
|
180,463 |
|
Total |
|
$ |
473,779 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Mar 2, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.