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OPKO Health Reports Third Quarter 2026 Business Highlights and Financial Results

OPK
  • OPKO Health reported third-quarter 2026 business highlights & financial results for the period ended September 30, 2026.
  • OPKO agreed to sell substantially all remaining BioReference diagnostic operations to Labcorp for $722 million in cash at closing, plus up to $150 million in additional contingent consideration over ten years based on 4Kscore® sales.
  • OPKO secured a $125 million financing expansion from HealthCare Royalty through the issuance of senior secured royalty notes linked to mazdutide royalties from Eli Lilly.
  • OPKO Biologics dosed the first participant in a Phase 1/2a trial for OPK-8801001, an investigational long-acting human growth hormone receptor antagonist for acromegaly.
  • ModeX completed enrollment in the Phase 1 trial for MDX2301, a tetravalent bispecific antibody against SARS-CoV-2 variants, with early data expected in late 2026 or early 2027.
  • ModeX continued enrollment in Phase 1 trials for MDX2001 (solid tumors) & MDX2004 (immune rejuvenator), with initial safety data expected in the first half of 2027.
  • ModeX continued patient enrollment in the Phase 1 trial for MDX2003, a tetraspecific T-cell engager for relapsed or refractory B-cell lymphoma.
  • OPKO continued U.S. enrollment in the Phase 1/2a study of OPK-88006, a dual GLP-1/glucagon receptor agonist for metabolic dysfunction-associated steatohepatitis, reporting favorable safety in single ascending dose cohorts.
  • OPKO reclassified BioReference results as discontinued operations following the Board's approval to sell the business, presenting continuing operations via Global Products & Innovative Biotech segments.
  • Consolidated revenue for the third quarter increased 16% to $65.4 million, driven by higher Lilly royalties, Rayaldee sales, & international growth.
  • Operating loss for continuing operations narrowed to $31.4 million from $33.6 million in the prior-year quarter, with a net loss of $35.5 million ($0.05 per share).
  • Global Products segment revenue rose to $48.4 million, achieving an operating income of $6.0 million compared to a $1.2 million loss in the prior year.
  • Innovative Biotech segment revenue remained flat at $17.0 million, while operating loss widened to $26.8 million due to increased ModeX development investment.
  • Unallocated corporate operating loss was $10.6 million, primarily reflecting employee-related & administrative expenses.
  • Discontinued operations (BioReference) reported a net loss of $18.0 million, compared to a $54.6 million net income in the prior year which included a $101.6 million gain on asset sales.
  • Liquidity stood at $403.2 million as of September 30, 2026, following $123.1 million in net proceeds from royalty financing & $19.8 million from escrow releases.
  • OPKO repurchased 7,050,000 shares for $10.6 million during the quarter, leaving $84.3 million available under its $200 million authorization.
  • OPKO withdrew guidance for services revenue & total costs due to uncertainty regarding the Labcorp transaction timing, while maintaining guidance for continuing operations.
  • Full-year 2026 guidance for continuing operations projects total revenue between $268.0 million & $278.0 million, with total costs & expenses between $390.0 million & $395.0 million.