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William Blair

May 13, 2026

Illuminating the Road Less Traveled in Biotech: Radiopharmaceuticals

Sector ReportEquitiesMacro Economic IndicatorsHealth CareInformation Technology

This report analyzes the evolving role of radiopharmaceutical PET imaging in the diagnosis and monitoring of Alzheimer’s disease, highlighting approved and investigational amyloid-beta and tau tracers.

Key Takeaways

  • 1.Radiopharmaceuticals represent a secular growth opportunity in biotech, driven by significant big pharma acquisitions and increased sales guidance for key drugs like Pluvicto.
  • 2.PET imaging is crucial for the Alzheimer’s disease market, as the use of new anti-amyloid therapies like Leqembi and Kisunla requires confirmation of amyloid-beta pathology.
  • 3.While blood-based biomarker tests are emerging as efficient screening tools, PET imaging remains essential for visual assessment of pathology and monitoring treatment response.

Table of Contents

  • Introduction
  • Background on Alzheimer's Disease
  • Alzheimer's Disease Pathology
  • Treatment Landscape for Alzheimer's Disease
  • Investigational therapies
  • The Role of Diagnostics
  • Overview of the Alzheimer's Disease Imaging Market
  • Amyloid-Beta PET Agents
  • Tau PET Agents
  • Outlook

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Authors

Andy T. Hsieh, Ph.D.Alexandra V. Ramsey, Ph.D.

Securities

LNTHLLYBIIBROG

Themes

Convergence of Diagnostics and TherapeuticsConsolidation in RadiopharmaceuticalsCompetition from Fluid Biomarkers

Regions

North AmericaAsia PacificGlobalUnited StatesChinaJapan