All right. Good afternoon, everybody. Thank you so much for being here. Hope the conference has gone very smoothly for all of you. My name is Chris Holt. I'm an associate in the healthcare group at JP Morgan. Today, I have the pleasure of introducing Mary Anne Heino, President and CEO of Lantheus. She's planning on doing about a 20, 25-minute presentation, followed by Q&A. I'll have the microphone here ready for any of you who have questions. Thank you very much.
Thank you. Thank you everyone for joining here. I see some familiar faces in the audience. For those of you who are new to Lantheus, I will use our time today to overview Lantheus and offer some highlights into our current business and short-term drivers, and then really talk about the strategic plan that's underway for the management team and I to be executing. Before I begin, and I think we can move forward slides. This is the necessary and always present safe harbor statement slide. It's also available on our website. It just, of course, advises I may be making some statements here that you should take into consideration outside of our business, and not make investing decisions off of. If we go to the next slide. This is the opening slide.
Before I kind of address this slide, I really wanted to address what I think are the three attributes that really help define Lantheus as a growth company. I hope you'll see evidence of these attributes really throughout the presentation as I offer it. First and foremost is our revenue performance. As you see on this slide, we have a five year trailing CAGR now of over 25% with our revenue. We feel that really reflects the management team's intention, and the execution of our strategic plan. That revenue comes with very purposeful attention to the markets that we serve, and some of them we serve for a very long time and continue to be very successful in.
We believe we have what's in place now that will allow us to continue to drive sustainable revenue growth for the company going forward. Second is the choice of markets in which we compete. We are unique in some aspects in, as a company, in that we are largely focused in radiopharmaceuticals, which is within healthcare, I'd say a niche market. Even within that, we choose very carefully what markets we want to compete in because it's our intent once we enter a market to be the category leader of radiopharmaceutical offerings in that market. I think some of our work to date has also demonstrated that, and it's certainly an integral part of our strategic plan going forward. Finally, and third, I'll mention here, is our investment strategy because it is a very purposeful one.
We pride ourselves, again, on staying where our expertise will be most valuable to us and to whoever we partner with, if in fact it's not an organic project that we're working on. When we are considering whether we're talking about capital allocation within the company, funding of what would be organic projects or consideration of inorganic projects, we have a very thoughtful, prudent, and purposeful approach to where we invest, ensuring that we bring additional value beyond what the assets would have offered without our kind of, I'd say, interplay with them. With that, I'll begin to go forward. This slide offers some additional highlights into the company. As you can see, from a trailing revenue perspective, our revenue, and I spoke to our CAGR continues to grow.
I think it's also important to note that we were founded as a company in 1956. I say that because, again, in this space, there are few companies that exist and even fewer companies that have any legacy or endurance in providing radiopharmaceuticals and other products into the healthcare stream. Lantheus is recognized worldwide as one of those companies. If we flip to the next slide. I'll begin to talk about how we structure our company. Currently, we have our company structured around three verticals. The first is precision diagnostics, and those are our products, they are essentially at this time our diagnostic portfolio that focus from a and this includes products that are both radiopharmaceutical in nature and non-radiopharmaceutical in nature, but exist outside of what we would call the oncology space. We have a separate category for that.
I am going to be offering highlights on two of our products today. One of them falls within this category, that is our product DEFINITY. The second category is our radiopharmaceutical oncology category. This is one of truly exciting innovation and growth potential. I will use our progress to date with our product PYLARIFY to demonstrate what our intent is within this category. Finally, we have a third vertical of our business, which we call strategic partnerships and other. This is something we think is truly unique to Lantheus and will bring sustainable and significant value in the future. This is our focus on understanding and ongoing clinical development.
What are the biomarkers and other molecules needed that can be used in conjunction with clinical trials already underway to demonstrate the clinical promise of those therapeutic products that are being assessed in their trials? It's a vertical that we initiated and built starting about 18 months ago, and that we've been very successful in building out. Our intent is here is to build out a broad portfolio of radiopharmaceutical-based biomarkers that will become the industry standard and the industry choice for inclusion in clinical trials. I'll show you just how much that clinical trial work has really expanded over the last several years. If we move to the next slide. This is our kind of demonstration of Lantheus' position within a field that is also rapidly growing, and that field is radiopharmaceuticals.
You know, someone described it this morning as being slightly sleepy until recently, and that is really an accurate description. Radiopharmaceuticals are really coming into their own as mainstream parts of life sciences and of care determination and care treatment. The evidence of that is shown in the middle of this slide. If you look at the number of radiopharmaceutical therapies in development, and you look more importantly at the change in the pace of that, of the use of radiopharmaceuticals in development, and this is versus 2019. You can see that the isotopes that are currently used most specifically and most frequently in trials are up anywhere from 12% through 45%, as in their representation in clinical trials, just versus 2019.
This is demonstration that radiopharmaceuticals are here to stay, and that they will be mainstream within the caregiving, the care determination and caregiving of important categories in life sciences. I'm gonna speak to two of those categories today. If we move to the next slide. I'm gonna talk about near-term growth drivers for our company. Here, I'm really going to hone in on two of the products that we currently offer out to the medical community. The first of those products is on the next slide, PYLARIFY. This is the product that we had approved at the end of May 2021, and this product is classified as a PSMA PET imaging agent. Now, that's a lot of letters, and I'll explain what they mean.
PSMA is the prostate-specific membrane antigen, it is as a marker, as an antigen, highly specific to the presence of prostate cancer cells in the body. When you can tag to it as an antigen on the cellular surface of this, a cancer cell, it's even more specific for prostate cancer. Because PSMA does exist in other organs of the body, the presence, and if you can tag to it on the extracellular surface, really becomes a highly specific marker for the presence of prostate cancer. In this case, we have an inert molecule that's conjugated to an isotope, the isotope is F-18. You inject this combination into the body. The inert molecule tags specifically to the PSMA antigen and the process of F-18 as an isotope, and its emission of positrons allows for image capturing under PET imaging.
This has been hailed as a true innovation in the recognition and treatment of prostate cancer, and it is analogized to the most recent innovation being the introduction of PSA blood sampling for the presence and monitoring of risk of prostate cancer. As I mentioned, we launched this product in. Approved in late May 2021, launched very soon after. To date, through Q3, because we have not yet announced Q4, we have already seen $410 million in cumulative sales. More importantly, and as noted here on the slide, over 90,000 men have already been imaged with PYLARIFY. Our launch has been highly successful. We describe it as innovation meeting execution in that the prostate cancer treating community was really waiting for this innovation to be available.
Because of the execution we were able to perform with the launch of this, there has been rapid and broad uptake of the product. It's not done at all yet in what the promises of this product and products like it out in the marketplace. I'll show you that in the next two slides. The reason a product like this is so important is because unfortunately, the patient population it will serve is very large. Prostate cancer is not only a disease of high incidence, it's a disease of high prevalence. The most recent data, and this is data that we've just looked at again recently in the SEER database, shows that approximately 280,000 men on an annual basis will receive a diagnosis of prostate cancer. Unfortunately, it still accounts for over 34,000 deaths each year.
The patient population and their demographics are actually very specific. It's one in eight men who will receive a diagnosis, but the high majority of those men, over 60%, are 65 years or older. That's one of the, if there is any kind of good news to talk about with prostate cancer, after diagnosis, a gentleman lives up to 15-20 years with this disease, and that's because, now especially along with PYLARIFY, there are excellent tools to monitor the status of this patient across the journey of their disease. If we look at the next slide, I'll show you some of what we see as the data supporting the total addressable market for prostate cancer.
We've just completed, again, this updated work. For those of you who have followed us, you'll know that this is updated versus information that we've been sharing earlier this year. We now value the total addressable market for PSMA PET imaging at $1.6 billion. That's simply the math of taking what the approximate number of scans that will be performed annually every year and multiplying by a price that I will not share with you, regardless of whether you ask me directly or not. We now estimate that PYLARIFY is eligible for scanning in up to 350,000. I'm saying scans be a year because there are certain patient populations who will receive more than one scan a year.
For that, I'll just have everyone follow me in my talk track, noting that these are scans and not patients when I speak to this total addressable market. PYLARIFY is currently indicated with two indications. Those indications really do span the entire breadth of prostate cancer. From a guidelines perspective, there are very specific guidelines that are offered for the diagnosis and treatment of prostate cancer. Within those guidelines, there are two key areas where our indications match, where the guidelines suggest that PSMA PET imaging should be done. The first is what's called initial staging. This is men who first present with risk, with diagnosis of prostate cancer and unfortunately risk of metastasis of prostate cancer.
It truly is essential at that point in the patient's journey that the right diagnosis is made because the options of what to offer that patient are very different depending on whether you determine at the time whether the disease is localized to the prostate gland in its bed, or whether disease has already has metastatic transfer, I'll say, or evidence of metastases in other parts of the body. PYLARIFY at the cellular level can identify that because you do a whole body scan and what lights up on the body are only those cells that are specifically prostate cancer cells. It's a key new diagnostic agent that can be used at that critical time in a gentleman's diagnosis. The second is when it, unfortunately, as a gentleman progresses, his disease recurs. This happens with high frequency in prostate cancer patients.
At that time, and it's termed biochemical recurrence, there is evidence, usually through PSA, changes in the PSA levels, that disease is once again present and is expanding or rising in the patient. That's again, a critical time point to determine where is this disease, because where disease lives and how broadly it kinda evidences itself will again, be very determinative as to what treatment option is offered to the gentleman. That really, when we talk about these 350,000 scans, we're really taking those two different parts of the patient process and numerizing them. And we allow that for initial staging. It's probably appropriate to think that on an annual basis, each of those patients receives one scan.
Further down the treatment, the treatment process for the patient, it's typical, and this, and our research has demonstrated that it's more likely that up to 1.5 to 1.8 scans could be done on a patient every year to again, follow that diagnosis and ensure follow the treatment plan to ensure that the patient is responding. That is what both account for the TAM, the total addressable market, that we are now estimating at $1.6 billion annually for PSMA PET imaging of which PYLARIFY is the leading agent of choice in that market. If we move forward. I'll speak to the other gross driver that we currently have at Lantheus. This is a long-standing source of success for us, and that is our product DEFINITY.
DEFINITY is an ultrasound contrast agent that is used in conjunction with echocardiography to make cardiology or cardiac diagnoses for patients. Specifically, we're talking about the left ventricle here, the main pumping chamber of the heart. DEFINITY is an agent that while it's injected systemically, you're really looking with ultrasound with specific ultrasound at the left ventricle of the heart to see whether that particular chamber is pumping efficiently and with even motion across the chamber wall. The outcome or the impact of injecting into DEFINITY into a patient is essentially like putting a flashlight behind the heart. It takes what is somewhat of a dark, kind of unspecified image and makes it very clear, and we call that diagnostic certainty. That is the main clinical value that the use of DEFINITY adds to an echocardiography scan.
Again, this is a product that we have had in our portfolio for over 20 years. It has essentially been the market leader with over 80% market share for the entire time that it's been in the market. I like to say, with its 22nd year of availability, that this product, DEFINITY, has graduated summa cum laude with diagnostic certainty in the echocardiography market. Our sales to date through 3Q 2022 are $181 million, and this is another product that we offer in our portfolio that offers us that sustainable growth. We have seen sustainable growth with this product over the 20 years we've had in the market, and our investment and our intent is to have it to continue to support and to contribute to Lantheus as a whole.
If we look at the next slide, I'll show you some of the incidence and prevalence data here. This is cardiac disease, so as we all know, I think this is a highly incidental and also highly prevalent disease in the United States medical market. Every 40 seconds, on average, someone will have a myocardial infarction. Ultrasound of the heart or echocardiography is used second only to EKG studies in frequency as what is done to diagnose and understand cardiac disease in patients. It is essentially, an EKG, I think we'd all say, is a wonderful screening tool. Echocardiography is a wonderful tool for the amount of data it can offer about a patient. Again, hopefully ruling out disease, but when disease is present, showing you what are the decision points that you should be making for a patient in their treatment.
We move forward, I'll talk about this market and the TAM that we have here. We estimate that the current ultrasound enhancing agent market within echocardiography is valued at over $600 million annually. You saw me note before that our through 3Q of 2022, we have booked approximately $181 million in DEFINITY revenue. This TAM suggests that there continues to be strong upside for growth for use of ultrasound enhancing agents, and we would say specifically for DEFINITY as we remain the category leader in that market. The way that we look at this TAM is we take the total value or the total number of echocardiography studies that are done annually, and that can be anywhere between 25 million and 32 million studies.
We look at what subset of them is likely to require the addition of an ultrasound-enhancing agent, because the study unenhanced is not diagnostically certain and may require, if you do not add an ultrasound-enhancing agent, for the patient to undergo additional or retesting to get to a firm diagnosis on that patient. We see here, again, a market that has served us well for a long time, and one that we will continue to serve, and we believe will continue to contribute to our, not only our revenue, but to our revenue growth in the years to come. If we go to the next slide, I'm going to speak to, again, some of the attributes about our current, I'll say capital structure and about our executive management that we believe will continue to contribute to sustaining double-digit growth for our company.
One of those certainly is our pipeline. This is a pipeline slide and I'll say again, for those of you who do not know us, this pipeline slide looks very different than it did even a year ago. I'm gonna highlight some of the changes that we've driven to it that we think are very important. Notably on this slide, I'll call your attention to three items. The first, again, is PYLARIFY. PYLARIFY is important because it's not only already a commercialized product, but in its role as a biomarker, it is also continues to be used and introduced into clinical trials that are underway for prostate cancer.
It remains in our pipeline for that reason, and also because of the lifecycle management opportunities there are that can be considered for what other diseases demonstrate presence of PSMA and how you might use a PSMA imaging agent in the diagnosis path for those diseases. The other two notes that I'll make here are Flurpiridaz, which you see on the very last line of this slide, and that is our cardiology asset, which we outlicensed to GE HealthCare after we had completed our first phase 3 trial. As part of the development that in our agreement with GE HealthCare, we retain not only the right to assist in the commercialization under certain conditions once the product is approved, but we will enjoy double-digit royalties from the sales of that product in the medical U.S. medical market and others.
The medical market for Flurpiridaz is the MPI or myocardial perfusion imaging market. Another type of cardiac study that is frequently done, and in this case, about 6 million studies a year are done that are termed MPI studies, which are again used very early in the path of a cardiac patient who is trying to determine what their disease actually is, where it is, and what can be done about it. This is a very large market we know very well because we already serve it, and we have served it for over 30 years with our product Cardiolite, which remains the most successful radiopharmaceutical imaging agent ever launched in the U.S. medical market. The other note that I'll call your attention to here are the two assets that are noted under tumor microenvironment.
This is really demonstration of the progress that we've made in our pharma services vertical of our business. These are both assets that we have in-licensed with the rights to develop for use as biomarkers in trials. Collectively, these two assets address a pan approach to oncology and to the multitudinous number of diseases that exist in that category.
As part of our work with these assets, we not only work to provide them for use in clinical trials that are underway, but for having done that, we get access to the data about these assets as they are used in the trial, which allows us then the privilege of deciding what the commercial path might be for these products, and how we might support that path with data already being gathered from the trials it's being used in, and what additional data might be needed to complete an NDA package for commercial approval for these products. I'm going to now specifically move on to talk about two of the items on this chart, and those are the two items that we just recently announced collaboration with for in-licensing from POINT Biopharma.
The first of those two candidates is referred to as PNT2002, and this is a radiopharmaceutical product that will compete as a radioligand therapeutic for the treatment of prostate cancer. For those who are at all familiar with this category, this is the category that Novartis has recently launched a product called Pluvicto into. As is typical with oncology development, this product is being studied later stage for patients. When you talk about lines of therapy, this would be later lines of therapy for patients who have, again, unfortunately, undergone biochemical recurrence, which indicates that they have disease present again in their body. The advent of radiopharmaceuticals and the renaissance I spoke to earlier is no better demonstrated than in prostate cancer.
With the inclusion of Pluvicto in treatment guidelines and available for use with physicians, you really have radiopharmaceuticals moving into the mainstream of large, almost primary care type areas of incidence and treatment. PNT2002 is being studied in a slightly different patient population than the product Pluvicto is already approved for, in that this patient population is pre-chemo exposure. They have already demonstrated evidence, unfortunately, of disease recurrence, but they have not yet been exposed to chemotherapeutic agents. As you can see on the bottom of this slide, we estimate that there are approximately 70,000 patients annually who will be eligible for this type of therapy once the product is approved and in the marketplace. As part of our collaboration agreement, POINT Biopharma will continue the clinical development.
They will complete out the registrational phase three trial that is underway. Of course, in conjunction with them through that process, we will then take forward all commercialization efforts for this product. For us, it really sends a statement we want about our commitment to and our intent to be invested in the prostate cancer therapeutic area. Our product PYLARIFY brought us into that market. PNT2002, as well as our own pipeline candidates, 1095, which is earlier in development, really cement our presence in that therapeutic category, which we believe is very responsive to the concept of using radioligand-based therapies. On the next slide, I'll talk about the other asset that was part of the collaboration agreements that we finalized with POINT and announced recently.
This is PNT2003, and this is a radioligand-based therapy that will be used to treat neuroendocrine tumors, certain types of neuroendocrine tumors. This is an area of high unmet need in the United States medical markets as, unfortunately, these patients have fewer options available to them for first and second-line treatment, and they also have, unfortunately, a history and a demonstration of recurrence. This product is, again, a radioligand, in this case, it's Lutetium-177 that's been conjugated to a therapeutic molecule. It allows, again, for the premise that I think is so important and so value offering about radiopharmaceuticals, and that is precision medicine. You are delivering medicine exactly to the sites where it's needed and localizing the impact and the effect of those medicines on the direct areas of needed treatment.
This is true, as true about PNT2003 as it is about PNT2002. We estimate that the number of patients in the U.S. medical market who will be eligible for this type of treatment annually is approximately 18,000, as you see on the bottom of the slide. Our regulatory strategy, and we will lead the regulatory strategy for this asset, is to submit an ANDA approach, based on a product that's already in the market. One of the, I guess, items I'd like to add about that is to say, in the radiopharmaceutical market, the market always bears more than one product because the manufacturing and the supply chain of these types of products is so unique that there is always need to have additional options available to ensure that there is product supply and consistency in the market.
Now I'm going to kind of finish some of my remarks talking about our financial profile, because our financial profile really drives our investment strategy, and we feel that over the last several years, we've made very good decisions about how to invest our assets, where to invest them, and that has already returned solidly for the company. I'd like to speak a little bit about that. We really think about ourselves as having a very disciplined approach to growth. I'm not sure anyone else would stand up here and tell you anything different, but I think in the case of Lantheus, we've been able to demonstrate that with some of the actions we've taken in not only internally, but with external M&A that we've done over the last several years. We are intent on sustaining double-digit growth for the company.
We are intent on diversifying our portfolio. I would say those two are actions that we've already met quite handily over the last two years, but we're not done. We, as I mentioned earlier, we are intent on where we decide to compete, that we be the category leader in the radiopharmaceutical parts of that market. For having conducted ourselves as a management team the way that we have over the last several years, we have really created a very attractive financial profile, both with capital structure and in just balance sheet perspective. Our revenue growth, and I'm going to show you in a minute our revenue projections, our projections for certain financial variables out over the next five years.
Our revenue growth, our margin expansion, our ability to generate free cash flow and what that then has afforded us from not only a flexible balance sheet, but for it to be attractive, if we need to go into the capital markets, has really been built out over the last several years, and we think we have the possibility to improve that further. We do have the intent to continue to execute M&A, where those opportunities meet our criteria, and our criteria, very simply, our most simple criteria is we have to believe that we will do better with the assets than where the assets currently are.
That was our investment strategy and thesis with our Progenics acquisition. That was our investment strategy and thesis with the collaboration that we formed with POINT, which I would say most simply has us using our core strengths and them continuing to use their core strengths. Ours are late-stage portfolio and commercial execution. Theirs are unique skills for manufacturing and development of radioligand-based products. Let's go forward. I'll show you what those projections are. These are the five year financial targets that we updated and released as of this morning. Again, for those of you who follow us, you'll note that they are different and updated since the last time that we offered these variables, which was at our Investor Day in May of this year.
We now project over the five year period going forward through 2027, that we will be able to achieve a 70%+ gross margin. That is up from a number that was cited as 65% at our earlier Investor Day in May. Our EBITDA margin remains same at 45% versus what we had offered previously. The difference here is that our investment now, our investment needs will be larger because with the addition of the POINT assets into our product portfolio and the markets they will serve, we recognize that we will need to be able to invest in those markets to ensure that the products are optimized. Even with that need for investment, we are confident we can maintain an EBITDA margin percent of 45%+.
Finally, from a free cash flow generation perspective, when we first offered this outlook, and it was at that time for the period 2022-2025, we had noted that we expected to generate about $900 million in free cash flow. Here we are now, a few short months later, with a different outlook, as our outlook now is inclusive of 2023-2027, we are estimating that we can generate in excess of $1.5 billion in free cash flow generation. That gives us lots of options to think about our business, invest in our business, and continue to grow our business.
If we move forward, I'm going to come back to a summary, and I'll challenge now here, was I consistent with offering the messages that I promised I would offer to you as I started this presentation? That is that we are truly founded on three driving attributes that really drive the management team and, into what we do and really underpin our strategic plan. That is revenue performance is key, and that our shareholders expect to see continued double-digit growth in our revenue. Can we deliver that and earn back from them the value in our share price that we feel we deserve? The answer there is yes. The second is about our choice of markets to serve.
We will remain very close and very purposeful about what markets we enter and how we enter them, with what products. How we compete there. It is absolutely our standard of care that once we are in a market, we build relationships with the caregivers and the influencers in that market. I think we've achieved that both already with DEFINITY and certainly we're well on to the way to that with PYLARIFY. Finally is our investment strategy. I just showed you the free cash flow that we expect to generate over the next five years. We will put that cash to good work for our shareholders and for the employees and the patients ultimately that we serve.
It's a fairly simple strategy, but we think it's one that's effective and that has worked for us and one that we can look forward to continuing to offer out into the market. If we go forward, those conclude my kind of formal remarks. What we'd like to do now is I'd like to bring up Paul Blanchfield, who is our Chief Operating Officer, as well as Mark Kostjuh, who heads up our investment strategy group, and have them take any questions you may have from remarks today or that you came prepared with to ask us. We have someone here who can walk around with a microphone and offer you a microphone if you can't be heard. Please.
Well, Maryanne, there's a couple questions actually coming in online about TAM. Understand from your presentation that you updated your TAM figures, versus their previous numbers. First of all, maybe you could walk us through the difference, what you changed. Secondly, an individual here would like to know, looks like this TAM calculation calculates about one and a half scans per patient. The question there is, what do you have to say maybe to folks who think that number might be conservative-
Mm-hmm.
That the real number should be two or 3 scans per patient?
Fair questions. I will tell you that the TAM question is the most common question that we've been receiving from our current and potential investors. I'm going to actually turn to Paul. Paul completed the work with his team that drove our update to the TAM, which I would like to say is data-driven and fact-verified. Not only did we use what were updated statistics from the SEER database to look at incidence and prevalence, but we then performed market research, primary market research, that was powered to be statistically significant to correlate those data too. Paul can give the details on that.
Thanks, Mary Anne. Yes. As was referenced previously to this meeting, our last update of the total addressable market for PYLARIFY was about $1.1 billion or 250,000, as you can see on the slide and as Mary Anne presented. We now estimate that potential for 2023 to be about 350,000 or $1.6 billion. The two key drivers, and I'll dig into them, is one: an increasing overall incidence and prevalence that we've seen since we first based our estimates upon launch of PYLARIFY in early 2021, and that's driven by an overall increase in the survival rate as well as in the diagnosis rate. The second big driver, as was alluded to, is the frequency of scans. I'll dive into both of those.
For the initial staging piece, we now estimate 125,000 scans per year, consisting of 125,000 patients, or one scan per patient. That's up from 90,000 articulated in 2022. The second piece would be in the suspected recurrence. This is an update both on the number of patients that are included to 110,000, as well as the frequency of scanning. Per the question that was alluded, we conducted significant market research, and while we are early on in the adoption of PYLARIFY, only 18 months since launch, we do see differences across patient type as well as physicians for the frequency they like to scan. In some cases, physicians will plan to scan one time per patient, others two, others three, and in some cases even four or more.
It's certainly possible that there will be physician types and patient types that will wanna do significantly more. When we look at a statistically significant mean, where we are in the adoption curve of PSMA PET, we think that's about 1.8, which leads us to the 195,000. The third piece, which remains unchanged, is the PSMA-targeted radioligand therapy. This is for patient selection as well as monitoring. This also remains unchanged and is strictly in the post-chemo or third line setting, reflecting currently indications and guidelines. Overall, significant growth already from medical practice as well as incidence and prevalence. We would expect 2%-3% annual growth from those drivers as well, and the opportunity for considerable growth as medical practice evolve, both in the number of scans as well as new indications and guideline changes.
I'll just note, in addition to that, again, we have not chosen to pre-announce at this conference. We'll hold to our regularly scheduled date of February 23rd for our earnings call if anyone would like to join. I did show you that through 3Q, revenue sales for PYLARIFY, which I think were about $450 million. We have another company that participates in this market that did choose to pre-announce and announce that for full year 2022, they estimated approximately $100 million in or full cumulative sales to date. My point being that if you look at this TAM, this market is very undersaturated and underpenetrated, and it still does not, we feel, recognize and realize the promise of other areas in which PSMA PET imaging can be used.
We look forward to ourselves and our dedication to continuing to grow the market through medical education and through awareness of PSMA PET availability, as well as the potential other applications which we'll address in our lifecycle management strategies.
There's one more question here about the transaction with POINT Biopharma. Maybe you could just tell us a little bit more about the strategic rationale behind it, you know, what you saw as in POINT as what made it a good partner, and then conversely, you know, why they might have felt that you were a great partner for them as well.
Great question. I have described the POINT transaction as a strategic bullseye for Lantheus, because from a strategic standpoint, when, again, when we look at our pillars of what are the investment criteria and what are the consideration criteria for considering external assets, it hit on every one of them. The two assets I'll talk first to the assets, and I'll talk to the structure of the deal. The two assets are fully complementary to areas where we already are. PNT2002 as a prostate cancer therapeutic is directly related to and complementary to PYLARIFY. Our focus and our investment in that community, which in the case of, when you think considering radiopharmaceutical, either diagnostics or therapies, you're talking about three major communities that you must address.
The first is nuclear medicine, because that is where, whether it's in a hospital or in freestanding imaging centers as a PET imaging center, that is where the studies are actually done. You have to engage and have all of those customers on board to ensure that you have access and capacity for your product. The second is urologists. With PYLARIFY, while we are thrilled with where we are to launch already with results on PYLARIFY, we recognize that this early into a launch, normally, what you've already engaged are usually academics and KOLs who have existing awareness about your product or product category and have almost been waiting to use it. Our second wave of influence into this category will be with the community urologists and oncologists who are the main demand creators for imaging related to prostate cancer.
That is the same communities that need to be directly, I'll say, called upon or engaged with a prostate cancer therapeutic. There's not only great overlap here, there's great ability for us to use the momentum that we're creating for being in these communities to ensure that we can meet what I said before was a necessary criteria for us to consider an external asset. That is our belief that we can do better with an asset than where it stands. Now, having said that, I'm gonna speak to the actual structure of the POINT deal of our collaboration with POINT, because I just suggested that we might be better at something than they are. I think what's truer to say is that we recognize both what our strongest expertise was.
POINT Biopharma was formed and is really driven around expertise in selection of isotopes and then manufacturing and production and delivery of what are the emerging isotopes that are being used in the radiopharmaceutical space. I showed you on a slide earlier all the clinical activity being driven around them. They have built a state-of-the-art manufacturing site in Indianapolis, fully dedicated to that. That is something that we did not have. What we do have and what we said we are better at is our ability to take those late-stage assets, prepare them for market, and then take them into the market to the physicians and other stakeholders who will engage and kinda take them up in use. That is true not only. Our deal with POINT is actually two different collaboration agreements.
One was written specifically for 2002, the other one's written for 2003. The similarities are the same. We are already in the oncology radiopharmaceutical market with our product AZEDRA. In this case, it tends to be that treatment is, I would say, offered at select groups of academic centers across the U.S. We are already in those academic centers with our product, AZEDRA. We already understand the role and the intent around use of radiopharmaceuticals in oncology. It's a natural extension for us, again, to take this product and take it into the market, and that's what our agreements reflect. They also, quite frankly, reflect without me sharing details to you, that if we do this well, then everyone wins. On both sides of the collaboration, POINT benefits from this, and we benefit from it.
We think that's a terrific way to create a collaboration agreement, especially since we'll have a relationship going far forward with Point because they will remain the manufacturers of these products for us.
Well, great. I think we're running up on time.
Mm-hmm.
I'll just turn it back over to you for any closing comments.
Okay. First and foremost, I wanna thank you for attending today. I know you had lots of choices about where to spend your time, and I'm really pleased that you chose to spend your time here. The second is I would have you keep your eye out for us. Everything I shared with you today reflects the intent of our management team, and it's something that we'd be more than thrilled to demonstrate to you over and over again as time progresses throughout 2023. Again, thank you, everyone. Enjoy the rest of the conference and safe travels home.