GE HealthCare has reported revenues of $5.5bn in Q3, with notable year-over-year (YoY) growth in its pharmaceutical diagnostics (PDx) segment, prompting the company to raise its 2026 outlook.
With Q3 revenues indicative of a 7.2% rise YoY, the imaging giant now expects 2026 earnings to fall in the $4.95 to $5.05 per share range, up from $4.80 to $5 as previously outlined.
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Releasing its Q3 results ahead of market open on 28 October, GE HealthCare’s stock on the Nasdaq exchange opened at $76 per share, an uptick of almost 7% from $71.11 previously. GE HealthCare has a market cap of $34.25bn.
As usual, the majority of revenue in the quarter emanated from GE HealthCare’s core advanced imaging solutions (AIS) segment at around $3.8bn. This was followed by pharmaceutical diagnostics (PDx) and patient care solutions at $846m and $793m, respectively.
Regarding segment growth, however, PDx achieved the highest YoY growth margin at 13%, with patient care and AIS rising by 8.5% and 6.1% YoY, respectively.
Growth in PDx, a segment comprised of contrast media and radiopharmaceutical imaging agents including GE HealthCare’s myocardial perfusion imaging (MPI), Flyrcado, follows its agreement to acquire contract manufacturing organisation (CMO) SOFIE Biosciences for $945m earlier this month. Flyrcado obtained US Food and Drug Administration (FDA) approval in September 2024 and is manufactured by SOFIE.
Upon the acquisition’s announcement, GE HealthCare said the move was anticipated to drive patient access to novel radiopharmaceuticals via the inheritance of SOFIE’s US network of 15 CMO sites and its theranostics-focused contract development and manufacturing organisation (CDMO) site, and give it the ability to participate in other high-growth areas outside its own product portfolio. Radiopharma is a fast-growing area within the wider healthcare space due to its ability to precisely target complex cancers.
Reflecting on its forward-looking ambitions for PDx, GE HealthCare’s president and CEO, Peter Arduini, noted during an earnings call that the segment has delivered at “least high single-digit growth” for “five straight quarters”.
“We are investing in strengthening our supply chain and manufacturing capabilities and expanding where we can create value,” Arduini said.
“Managing diseases often requires imaging at several points along the patient journey. From diagnosis to treatment to monitoring. Our agents are used in many of those imaging scans. Because each scan uses a dose, PDx revenue is recurring and grows with patient volume,” Arduni continued.
GE HealthCare’s SOFIE acquisition gives rise to potential market tension
While GE HealthCare’s acquisition of SOFIE has largely been read by market observers as a move to protect supply for Flycado, GlobalData analysts highlight that the deal “deepens” an unusually complicated relationship within the nuclear imaging space.
GlobalData analysts note that GE HealthCare and Lantheus are competitors, though GE HealthCare licenses one of its key products from Lantheus. And once the SOFIE deal closes in H1 2027, GE HealthCare will also manufacture some of Lantheus’s most important products.
Flyrcado began as a Lantheus asset before GE HealthCare licensed it in 2017, and Lantheus still receives royalties on its US sales. GlobalData analysts note that SOFIE manufactures Flyrcado and two Lantheus agents, Neuraceq and Pylarify, which together generated more than $1bn in sales in 2025. Regarding market dynamic tensions, analysts highlight that when SOFIE joins GE HealthCare, each company (GE HealthCare and Lantheus) will have a financial stake in the other’s products.
