OPKO Health Reports Third Quarter 2026 Business Highlights and Financial Results

Global Products returned to quarterly operating profit, while Innovative Biotech's operating loss widened.

Rhea-AI Summary

OPKO Health (NASDAQ: OPK) reported third-quarter 2026 continuing-operations revenue of $65.4 million, up 16% from the prior-year quarter. Operating loss narrowed to $31.4 million from $33.6 million, but net loss from continuing operations widened to $35.5 million, or $0.05 per share, from $33.0 million, or $0.04.

OPKO agreed to sell substantially all remaining BioReference diagnostic operations to Labcorp for $722 million at closing, subject to revenue adjustments, plus up to $150 million over up to ten years tied to Labcorp's 4Kscore sales. Regulatory approvals remain pending. OPKO also issued $125 million of additional senior secured royalty notes. Cash, cash equivalents and restricted cash totaled $403.2 million at September 30. OPKO dosed the first participant in its acromegaly trial and completed MDX2301 enrollment. The company forecasts full-year continuing-operations revenue of $268 million–$278 million.

29 points · 1 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 21 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Labcorp sale agreement provides $722 million at closing for substantially all remaining BioReference diagnostic operations. 55% of market cap
• Moderate pointAdditional royalty financing delivered approximately $123.1 million in net proceeds during the quarter. 9.3% of market cap
• Moderate pointThird-quarter continuing-operations revenue increased 16% to $65.4 million from $56.4 million a year earlier.
• Moderate pointThird-quarter operating loss narrowed to $31.4 million from $33.6 million a year earlier.
• Moderate pointGlobal Products quarterly revenue rose to $48.4 million from $39.4 million a year earlier.
• Moderate pointGlobal Products posted quarterly operating income of $6.0 million, versus a $1.2 million year-earlier loss.
• Moderate pointNine-month continuing-operations revenue increased to $206.5 million from $159.2 million a year earlier.
• Moderate pointNine-month operating loss narrowed to $81.4 million from $118.9 million a year earlier.
• Moderate point. Forward-looking: it has not happened yet and may not happen.OPKO forecasts continuing-operations revenue of $62.0–$72.0 million for Q4 and $268.0–$278.0 million for 2026.

20 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Additional sale consideration totals up to $150 million over up to ten years, based on Labcorp's 4Kscore sales.
• Minor pointProduct revenue increased to $41.8 million from $37.7 million in the prior-year quarter.
• Minor pointRayaldee quarterly revenue increased to $8.6 million from $7.5 million, reflecting favorable Medicare-related adjustments.
• Minor pointInternational quarterly revenue increased to $33.2 million from $30.2 million, including approximately $0.7 million favorable currency impact.
• Minor pointLicensing, collaboration and other quarterly revenue rose to $23.6 million from $18.7 million a year earlier.
• Minor pointLilly royalties contributed $5.8 million to third-quarter Global Products revenue.
• Minor pointRegeneron collaboration contributed $0.8 million in quarterly revenue, versus none in the prior-year quarter.
• Minor pointCash, cash equivalents and restricted cash totaled $403.2 million at September 30, 2026.
• Minor pointEscrow release from the September 2025 oncology transaction provided approximately $19.8 million during the quarter.
• Minor pointQuarterly repurchases returned approximately $10.6 million through purchases of 7,050,000 shares.
• Minor pointOPK-8801001 reached first-participant dosing in its Phase 1/2a acromegaly trial.
• Minor point. Forward-looking: it has not happened yet and may not happen.MDX2301 completed Phase 1 enrollment; OPKO expects early data in late 2026 or early 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.MDX2001 and MDX2004 continue Phase 1 enrollment; OPKO expects initial data in the first half of 2027.
• Minor pointMDX2003 continues Phase 1 enrollment in adults with relapsed or refractory B-cell lymphoma.
• Minor pointOPK-88006 single-ascending-dose testing showed favorable safety and tolerability across 3 dose levels in 24 participants.
• Minor pointOPK-88006 multiple-ascending-dose enrollment continues at 4 qualified study sites.
• Minor point. Forward-looking: it has not happened yet and may not happen.Product revenue guidance is $41.0–$46.0 million for Q4 and $164.0–$169.0 million for 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.IP and other revenue guidance is $21.0–$27.0 million for Q4 and $105.0–$110.0 million for 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Pfizer gross profit share guidance is $12.5–$15.0 million for Q4 and $34.0–$37.0 million for 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.BARDA revenue guidance is $3.0–$5.0 million for Q4 and $20.0–$22.0 million for 2026.

Negative

• Major pointServices revenue and previous total-expense guidance were withdrawn because of uncertainty over the potential Labcorp closing.
• Moderate pointAdditional financing adds $125 million principal of senior secured royalty notes; the framework includes specified Lilly mazdutide royalties. 9.5% of market cap
• Moderate pointQuarterly continuing-operations net loss widened to $35.5 million, or $0.05 per share, from $33.0 million, or $0.04.
• Moderate pointInnovative Biotech quarterly operating loss widened to $26.8 million from $22.5 million a year earlier.
• Moderate pointBioReference quarterly revenue fell to $71.8 million from $95.2 million a year earlier.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Continuing-operations expense guidance is $100.0–$105.0 million for Q4 and $390.0–$395.0 million for 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Discontinued-operations guidance projects losses of $35.0–$45.0 million for Q4 and $60.0–$70.0 million for 2026.

14 minor points

• Minor pointBioReference sale remains subject to regulatory approvals, with closing consideration subject to business-revenue adjustments.
• Minor pointInnovative Biotech quarterly research spending rose to $30.4 million from $26.3 million, primarily for ModeX programs.
• Minor pointBARDA quarterly revenue declined to $7.5 million from $8.2 million a year earlier.
• Minor pointNGENLA quarterly royalty, profit-sharing and cost-sharing revenue declined to $8.7 million from $8.8 million.
• Minor pointCorporate quarterly operating loss widened to $10.6 million from $9.9 million a year earlier.
• Minor pointQuarterly cost of revenue increased to $23.3 million from $21.4 million a year earlier.
• Minor pointQuarterly selling, general and administrative expenses rose to $24.8 million from $22.3 million a year earlier.
• Minor pointQuarterly investment losses totaled $5.0 million, versus none in the prior-year quarter.
• Minor pointDiscontinued operations posted an $18.0 million quarterly loss versus $54.6 million income; 2025 included a $101.6 million sale gain.
• Minor pointNine-month Innovative Biotech revenue declined to $40.6 million from $41.1 million a year earlier.
• Minor pointNine-month Innovative Biotech operating loss widened to $84.2 million from $77.4 million a year earlier.
• Minor pointNine-month BioReference revenue declined to $218.5 million from $299.2 million a year earlier.
• Minor pointNine-month discontinued operations recorded a $25.6 million loss, versus $14.6 million income a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Research spending guidance is $32.0–$35.0 million for Q4 and $125.0–$130.0 million for 2026.

News Explained

Services-revenue and total-cost guidance is withdrawn because the Labcorp closing timing and financial impact remain uncertain.

During the quarter, OPKO repurchased 7,050,000 shares for approximately $10.6 million; at September 30, 2026, approximately $84.3 million remained available under its $200 million authorization.

Because the timing and financial impact of the pending Labcorp transaction were uncertain, the company withdrew its guidance for services revenue and total costs and expenses, while continuing to provide guidance for continuing operations.

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Market Reaction – OPK

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$1.61 – $1.80 Day Range

$1.28B Mkt Cap at Last Price

On Nov 4, the day this news came out, the latest delayed price for OPK is 2.82% below the previous close. Argus tracked a trough of -1.8% from its starting point during tracking. Our momentum scanner has recorded 13 alerts for this stock so far that day. The latest delayed price is $1.72. Relative volume is elevated at 2.0x what this stock usually trades by this time of day.

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Key Figures

Sale consideration at closing: $722 million Additional contingent consideration: Up to $150 million Additional royalty notes: $125 million +5 more

Sale consideration at closing

$722 million

Cash consideration for the BioReference diagnostic operations sale, subject to closing adjustments and conditions.

Additional contingent consideration

Up to $150 million

Additional cash over up to 10 years, based on Labcorp sales of the 4Kscore test.

Additional royalty notes

$125 million

Aggregate principal amount issued through the HealthCare Royalty financing.

Continuing-operations revenue

$65.4 million (+16%)

Third quarter 2026; $56.4 million in the prior-year quarter.

Operating loss

$31.4 million

Third quarter 2026; compared with $33.6 million in the prior-year quarter.

Net loss from continuing operations

$35.5 million ($0.05 per share)

Third quarter 2026; compared with $33.0 million ($0.04 per share) in the prior-year quarter.

Cash, cash equivalents and restricted cash

$403.2 million

As of September 30, 2026.

Full-year revenue guidance

$268 million-$278 million

2026 continuing operations; services revenue guidance was withdrawn.

Key Terms

pharmacokinetics, tetravalent bispecific antibody, igf-1, held for sale, +1 more

5 terms

pharmacokinetics medical

"safety, tolerability, pharmacokinetics and pharmacodynamic activity"

Pharmacokinetics is the study of how a substance, such as a drug or chemical, moves through and is processed by the body over time. It tracks how it is absorbed, distributed, broken down, and eventually eliminated. For investors, understanding pharmacokinetics helps gauge the effectiveness, safety, and potential risks of new medications or treatments, which can influence a company’s success and valuation in the healthcare industry.

tetravalent bispecific antibody technical

"MDX2301 is a tetravalent bispecific antibody designed to neutralize"

A tetravalent bispecific antibody is an engineered therapeutic protein that can attach to two different biological targets at the same time and has four binding sites to strengthen those connections. Think of it like a four-pronged connector that can grab two distinct targets more securely than a single hook; that design can improve effectiveness, bring cells or signals together, and reduce dosages. Investors watch this class for its potential to offer stronger clinical benefits, higher development complexity, and distinct competitive or regulatory risks tied to safety and manufacturing.

igf-1 medical

"suppression of insulin-like growth factor-1 (IGF-1)"

A naturally occurring protein hormone that helps cells grow, survive and repair, acting like a biological 'fertilizer' for tissues. Investors watch IGF-1 because drugs that raise, block, or mimic it can affect treatments for growth disorders, metabolic diseases and certain cancers, making it a common target in clinical trials; trial results, safety concerns or regulatory decisions tied to IGF-1 activity can materially change a healthcare company’s value.

held for sale financial

"classified the related disposal group as held for sale."

An asset or a group of assets classified as 'held for sale' is one the company intends to sell rather than keep using, and management has committed to that plan with an active effort to find a buyer. Investors care because these items are removed from ongoing operating results and valued differently, offering a clearer view of the business’s continuing performance—think of it like marking a piece of furniture for the garage sale rather than counting it as part of your regular household setup.

discontinued operations financial

"historical results are presented as discontinued operations for all periods shown"

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Conference Call to Begin Today at 4:30 p.m. ET

MIAMI, Nov. 04, 2026 (GLOBE NEWSWIRE) -- OPKO Health, Inc. (NASDAQ: OPK), a multinational biopharmaceutical company, today reports business highlights and financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 and Recent Business Highlights

• OPKO enters into agreement with Labcorp for the sale of substantially all remaining BioReference diagnostic operations. The agreement provides for $722 million in cash consideration at closing, subject to adjustments based on business revenues at closing, and up to $150 million in additional cash consideration over up to ten years based on Labcorp sales of the 4Kscore® test. The transaction remains subject to regulatory approvals and customary closing conditions.
  

• OPKO expands strategic relationship with HealthCare Royalty through $125 million financing. OPKO issued an additional $125 million aggregate principal amount of senior secured royalty notes. The amended financing framework includes specified royalty payments receivable under OPKO’s license agreement with Eli Lilly and Company (“Lilly”) related to mazdutide.
  

• OPKO Biologics Doses First Participant in Phase 1/2a Trial of OPK-8801001 for Acromegaly. The first participant has been dosed in a first-in-human Phase 1/2a clinical trial of OPK-8801001, an investigational, long acting human growth hormone receptor antagonist being developed for the treatment of acromegaly. The study is designed to evaluate the safety, tolerability, pharmacokinetics and pharmacodynamic activity of OPK-8801001. OPK-8801001 is being developed using OPKO Biologics’ stabilizer based technology to extend biological half life and reduce injection frequency, with the goal of once weekly administration. In preclinical studies, OPK-8801001 produced robust, dose dependent sustained suppression of insulin-like growth factor-1 (IGF-1), a key marker of disease activity in acromegaly.
  

• ModeX completes enrollment in MDX2301 Phase 1 clinical trial. MDX2301 is a tetravalent bispecific antibody designed to neutralize known SARS-CoV-2 variants while maintaining breadth and reducing the potential for resistance. The Phase 1 trial is evaluating safety, tolerability, and pharmacokinetics across multiple routes of administration in healthy volunteers and immunocompromised adults at high risk for severe COVID-19. This trial is being funded by the Biomedical Advanced Research and Development Authority (BARDA). Early data is expected to be presented in late 2026 or early 2027.
  

• ModeX continues enrollment in MDX2001 and MDX2004 Phase 1 trials. MDX2001, a tetraspecific T cell engager directed to solid tumors that express Trop2 and c-Met, continues to enroll participants in its Phase 1 study as planned. MDX2004, a trispecific immune rejuvenator that stimulates through CD3, CD28 and 4-1BBL, also continues Phase 1 enrollment as planned at sites in Australia and Israel. We expect to report initial safety, tolerability, pharmacokinetic and immune data for both studies in the first half of 2027.
  

• ModeX continues enrolling patients in MDX2003 Phase 1 clinical trial in relapsed or refractory B-cell lymphoma. MDX2003 (CD19 x CD20 x CD3 x CD28) is a novel tetraspecific T-cell engager-expander designed to optimize sustained T-cell function and address the two most common and validated targets in lymphomas and leukemias. The MDX2003 Phase 1 study is evaluating safety, tolerability, pharmacokinetics, and preliminary anti-tumor activity in adults with B-cell lymphomas through dose-escalation and dose-expansion cohorts. B-cell lymphoma, a form of non-Hodgkin lymphoma, represents the most common lymphoma subtype, accounting for approximately 85% of cases.
  

• OPKO continues U.S. enrollment in the Phase 1/2a study of OPK-88006, a dual GLP-1/glucagon receptor agonist. The study is evaluating the safety and pharmacokinetics of single ascending doses in healthy volunteers and changes in pharmacodynamic parameters with dose escalation to a desired maintenance dose over 20 weeks treatment in participants with presumed metabolic dysfunction-associated steatohepatitis. Single ascending dosing portion of the trials show favorable safety and tolerability 3 dose levels in 24 participants. The multiple ascending dose portion of the trial is actively enrolling subjects at 4 qualified study sites.

Third Quarter Financial Results

New presentation of continuing and discontinued operations. Following the Board of Directors’ September 30, 2026 approval of a plan to sell substantially all remaining BioReference diagnostic operations to Labcorp, OPKO classified the related disposal group as held for sale. Because the planned disposition represents a strategic shift that will eliminate substantially all remaining diagnostic operations, BioReference’s historical results are presented as discontinued operations for all periods shown, and prior period amounts have been recast. OPKO’s continuing operations are now reported through two segments, Global Products and Innovative Biotech, with unallocated corporate costs presented separately. This presentation is intended to provide a clearer view of the biopharmaceutical businesses that will remain with OPKO following the planned transaction.

• Consolidated continuing operations. Revenue in the third quarter of 2026 increased 16% to $65.4 million from $56.4 million in the prior-year quarter, principally resulting from higher royalty revenue from Lilly, increased sales of Rayaldee and growth in international operations. Operating loss during the third quarter of 2026 decreased to $31.4 million from $33.6 million in the comparable 2025 period. Non-cash depreciation, amortization and equity-based compensation expense included in operating income (loss) was $20.7 million in the third quarter of 2026 compared with $20.5 million for the 2025 quarter. Net loss from continuing operations during the third quarter of 2026 was $35.5 million, or $0.05 per share, compared to $33.0 million, or $0.04 per share, in the third quarter of 2025.
  

• Global Products. Segment revenue for the third quarter of 2026 increased to $48.4 million from $39.4 million for the 2025 period. Revenue from products for the third quarter of 2026 was $41.8 million compared with $37.7 million for the comparable 2025 period. Rayaldee revenue in the third quarter of 2026 increased to $8.6 million from $7.5 million in the 2025 period, due to favorable gross-to-net adjustments as a result of changes to our Medicare Coverage. Revenue from international operations increased approximately $3.0 million, reflecting stronger performance in certain international markets, including our animal health business, and higher EirGen revenue driven by increased sales volumes and favorable product mix; this also included an approximately $0.7 million favorable foreign currency impact, primarily from appreciation of the Chilean peso and Mexican peso against the U.S. dollar. Licensing, collaboration and other revenue for the third quarter of 2026 increased to $6.6 million from $1.8 million for the 2025 quarter, primarily driven by $5.8 million of royalty revenue from Lilly, partially offset by lower contract manufacturers’ commercial milestone revenue recognized by EirGen. Total costs and expenses for the third quarter of 2026 were $42.4 million compared with $40.6 million for the 2025 quarter. Segment operating income for the third quarter of 2026 was $6.0 million compared with an operating loss of $1.2 million for the third quarter of 2025. Non-cash depreciation, amortization and equity-based compensation expense included in operating income (loss) was $6.3 million compared with $5.5 million.
  

• Innovative Biotech. Licensing, collaboration and other revenue was $17.0 million in both the third quarter of 2026 and 2025. Lower BARDA revenue in the third quarter of 2026 of $7.5 million compared with $8.2 million during the 2025 quarter was substantially offset by $0.8 million of collaboration revenue under the Regeneron agreement, while Pfizer royalty revenue was relatively consistent. Research and development expense for the third quarter of 2026 increased to $30.4 million from $26.3 million during the 2025 quarter, primarily reflecting increased investment in ModeX development programs. Total costs and expenses during the third quarter of 2026 were $43.8 million compared with $39.5 million during the third quarter of 2025. Segment operating loss during the third quarter of 2026 was $26.8 million compared with $22.5 million during the 2025 quarter. Non-cash depreciation, amortization and equity-based compensation expense included in operating income (loss) was $13.4 million compared with $14.0 million during 2025.
  

• Corporate. Unallocated corporate operating loss during the third quarter of 2026 was $10.6 million compared with $9.9 million during 2025, primarily reflecting employee-related and general administrative expenses not allocated to the operating segments. Non-cash depreciation, amortization and equity-based compensation expense included in operating income (loss) was approximately $1.0 million in each of the third quarters of 2026 and 2025.

• Discontinued operations. BioReference generated revenue during the third quarter of 2026 of $71.8 million compared with $95.2 million during the third quarter of 2025. Loss from discontinued operations, net of tax, during the third quarter of 2026 was $18.0 million compared with income of $54.6 million in the prior-year quarter. The 2025 result included a $101.6 million gain on the sale of BioReference’s oncology diagnostics business and related clinical testing services assets to Labcorp.
  

• Liquidity and capital allocation. Cash, cash equivalents and restricted cash were $403.2 million as of September 30, 2026. During the quarter, OPKO received approximately $123.1 million of net proceeds from the additional royalty financing and approximately $19.8 million from the release of escrow funds related to the September 2025 oncology transaction. OPKO repurchased 7,050,000 shares during the quarter for approximately $10.6 million. As of September 30, 2026, approximately $115.7 million had been deployed under the $200 million share repurchase authorization, leaving approximately $84.3 million available.

Financial Guidance 

In light of the pending transaction with Labcorp, OPKO has withdrawn its previously issued guidance for services revenue and total costs and expenses due to uncertainty regarding the timing of the potential closing and its impact on OPKO’s financial results. OPKO will continue to provide guidance for its continuing operations. 

(in millions)	For the three months ended December 31, 2026							For the year ended December 31, 2026
	Low				High			Low			High
Services revenue	Withdrawn
Product revenue	$	41.0			$	46.0		$	164.0		$	169.0
IP and other revenue		21.0				27.0			105.0			110.0
Total revenue	$	62.0			$	72.0		$	268.0		$	278.0
Included in revenue:
Pfizer gross profit share	$	12.5			$	15.0		$	34.0		$	37.0
BARDA		3.0				5.0			20.0			22.0
Total costs and expenses [from continuing operations]		100.0				105.0			390.0			395.0
R&D included in costs and expenses			32.0			35.0			125.0			130.0
Income/(loss) from discontinued operations		(35.0		)		(45.0	)		(60.0	)		(70.0	)

— Tables to Follow —

Summary of Revenues

(in millions, unaudited)	Three months ended Sept. 30, 2026			Three months ended Sept. 30, 2025			Nine months ended Sept. 30, 2026			Nine months ended Sept. 30, 2025
Pharmaceutical revenue
International Operations	$	33.2		$	30.2		$	99.8		$	92.2
Rayaldee		8.6			7.5			23.0			21.0
Revenue from products		41.8			37.7			122.8			113.2
NGENLA royalty and profit sharing, and cost sharing		8.7			8.8			21.2			19.5
BARDA		7.5			8.2			16.5			21.6
Regeneron		0.8			—			2.9			—
Other royalties and milestones		6.6			1.7			43.1			4.9
Licensing, collaboration and other revenue		23.6			18.7			83.7			46.0
Total revenues	$	65.4		$	56.4		$	206.5		$	159.2

 Summary of Revenue and Segment Operating Results

(in millions, unaudited)	Three months ended Sept. 30, 2026			Three months ended Sept. 30, 2025			Nine months ended Sept. 30, 2026			Nine months ended Sept. 30, 2025
Global Products revenue	$	48.4		$	39.4		$	165.9		$	118.1
Innovative Biotech revenue		17.0			17.0			40.6			41.1
Total revenues	$	65.4		$	56.4		$	206.5		$	159.2
Global Products operating income (loss)	$	6.0		$	(1.2	)	$	35.6		$	(8.6	)
Non-cash depreciation, amortization and equity based compensation expense included in operating income (loss)	$	6.3		$	5.5		$	17.9		$	16.4
Innovative Biotech operating loss	$	(26.8	)	$	(22.5	)	$	(84.2	)	$	(77.4	)
Non-cash depreciation, amortization and equity based compensation expense included in operating income (loss)	$	13.4		$	14.0		$	41.0		$	41.5
Corporate operating loss	$	(10.6	)	$	(9.9	)	$	(32.8	)	$	(32.9	)
Non-cash depreciation, amortization and equity based compensation expense included in operating income (loss)	$	1.0		$	1.0		$	2.9		$	3.0
Consolidated operating loss	$	(31.4	)	$	(33.6	)	$	(81.4	)	$	(118.9	)
Non-cash depreciation, amortization and equity based compensation expense included in operating income (loss)	$	20.7		$	20.5		$	61.8		$	60.9

Results of Discontinued Operations

(in millions, unaudited)	Three months ended Sept. 30, 2026			Three months ended Sept. 30, 2025			Nine months ended Sept. 30, 2026			Nine months ended Sept. 30, 2025
Revenue	$	71.8		$	95.2		$	218.5		$	299.2
Operating income (loss)	$	(18.8	)	$	81.6		$	(26.7	)	$	39.8
Income (loss) before income taxes	$	(18.7	)	$	82.4		$	(26.1	)	$	43.6
Income (loss) from discontinued operations, net of tax	$	(18.0	)	$	54.6		$	(25.6	)	$	14.6

Condensed Consolidated Statements of Operations

(in millions, except per-share data; unaudited)	Three months ended Sept. 30, 2026			Three months ended Sept. 30, 2025			Nine months ended Sept. 30, 2026			Nine months ended Sept. 30, 2025
Revenue from products	$	41.8		$	37.7		$	122.8		$	113.2
Licensing, collaboration and other revenue		23.6			18.7			83.7			46.0
Total revenues		65.4			56.4			206.5			159.2
Cost of revenue		23.3			21.4			70.7			69.3
Selling, general and administrative		24.8			22.3			73.6			69.5
Research and development		32.2			29.8			94.3			90.3
Amortization of intangible assets		16.5			16.5			49.3			49.0
Total costs and expenses		96.8			90.0			287.9			278.1
Operating loss		(31.4	)		(33.6	)		(81.4	)		(118.9	)
Non-cash depreciation, amortization and equity based compensation expense included in operating income (loss)		20.7			20.5			61.8			60.9
Other expense, net		(6.4	)		(7.4	)		(23.5	)		(119.2	)
Loss before income taxes and investment losses		(37.8	)		(41.0	)		(104.9	)		(238.0	)
Income tax benefit		7.3			8.0			18.7			29.0
Loss from investments in investees		(5.0	)		—			(5.0	)		—
Net loss from continuing operations	$	(35.5	)	$	(33.0	)	$	(91.2	)	$	(209.0	)
Income (loss) from discontinued operations, net of tax		(18.0	)		54.6			(25.6	)		14.6
Net income (loss)	$	(53.5	)	$	21.6		$	(116.8	)	$	(194.4	)
Loss per share from continuing operations, basic and diluted	$	(0.05	)	$	(0.04	)	$	(0.12	)	$	(0.28	)
Income (loss) per share from discontinued operations, basic and diluted	$	(0.02	)	$	0.07		$	(0.03	)	$	0.02
Net income (loss) per share, basic and diluted	$	(0.07	)	$	0.03		$	(0.16	)	$	(0.26	)

Condensed Consolidated Balance Sheets

(in millions, unaudited)	September 30, 2026			December 31, 2025
Cash, cash equivalents and current restricted cash	$	390.2		$	369.1
Accounts receivable, net		80.2			90.3
Inventory, net		50.6			52.7
Other current assets		37.2			56.7
Current assets held for sale		248.1			13.1
Total current assets		806.3			581.9
Noncurrent assets held for sale		—			244.5
Noncurrent assets		1,074.0			1,105.5
Total assets	$	1,880.3		$	1,931.9
Total current liabilities	$	162.4		$	146.7
Long-term portion of convertible notes		92.5			85.0
Senior secured royalty financing		370.2			246.4
Other noncurrent liabilities		139.0			185.8
Total liabilities		764.1			663.9
Total shareholders’ equity		1,116.2			1,268.0
Total liabilities and shareholders’ equity	$	1,880.3		$	1,931.9

Conference Call and Webcast Information

OPKO’s senior management will provide a business update, discuss third quarter financial results and answer questions during a conference call and live audio webcast today beginning at 4:30 p.m. ET. Participants are encouraged to pre-register for the conference call using the registration link provided by OPKO Investor Relations. Those unable to pre-register may participate by dialing 833-630-0584 (U.S.) or 412-317-1815 (International).

A telephone replay will be available until November 11, 2026, by dialing 855-669-9658 (U.S.) or 412-317-0088 (International) and providing passcode 3222736. A webcast replay will be available through OPKO’s Investor Relations website.

About OPKO Health

OPKO Health, Inc. is a multinational biopharmaceutical company focused on developing and delivering therapeutics for serious diseases across global markets. The company’s research and development programs include multispecific antibody technologies and proprietary long-acting peptide and protein engineering capabilities. OPKO also operates specialty pharmaceutical businesses across several international markets. For more information, visit www.opko.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995, including statements regarding whether the proposed transaction with Labcorp will close and whether we will receive the anticipated purchase price; the anticipated benefits of the transaction; potential additional consideration tied to 4Kscore® revenue; the benefits of the HCRs amended financing, including continued royalty stream from mazdutide; the progress, timing and results of clinical and preclinical programs; expected data disclosures; whether the products under development will be safe, tolerable and effective; whether the products under development will be able to be commercialized and marketed; and OPKO’s business, financial condition, strategies and prospects. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including the risks described in OPKO’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date made, and OPKO undertakes no obligation to update them except as required by law.

Contacts

Alliance Advisors IR
Vivian Cervantes, 973-873-7724
vcervantes@allianceadvisors.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were OPKO Health's third-quarter 2026 revenue and earnings?

OPKO reported continuing-operations revenue of $65.4 million and a net loss of $35.5 million, or $0.05 per share. In the prior-year quarter, revenue was $56.4 million and net loss was $33.0 million, or $0.04 per share. BioReference results are presented separately as discontinued operations.

How much will Labcorp pay for OPKO Health's remaining BioReference operations?

The agreement provides $722 million in cash at closing, subject to adjustments based on business revenues at closing. It also provides up to $150 million in additional cash over up to ten years based on Labcorp sales of the 4Kscore test. The transaction remains subject to regulatory approvals and customary closing conditions.

How much remains under OPKO Health's share repurchase authorization?

Approximately $84.3 million remained available under the $200 million authorization at September 30, 2026. Approximately $115.7 million had been deployed by that date. During the third quarter, OPKO repurchased 7,050,000 shares for approximately $10.6 million.

What is OPKO Health's OPK-8801001 acromegaly trial testing?

The first-in-human Phase 1/2a trial evaluates safety, tolerability, how the body processes OPK-8801001, and its biological activity. OPKO is developing the long-acting human growth hormone receptor antagonist with the goal of once-weekly administration.