OPKO Health agrees $722M lab sale, subject to adjustment
OPKO retained continuing-operations outlook while withdrawing services revenue guidance amid the pending BioReference transaction.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
OPKO Health, Inc. agreed to sell substantially all remaining BioReference diagnostic operations to Labcorp for $722 million in cash at closing, subject to adjustments based on business revenues at closing, plus up to $150 million in additional cash over up to ten years based on Labcorp sales of the 4Kscore test. Closing remains subject to regulatory approvals and customary conditions. OPKO also issued $125 million in additional senior secured royalty notes and received approximately $123.1 million in net proceeds.
Third-quarter continuing-operations revenue rose 16% to $65.4 million from $56.4 million; operating loss narrowed to $31.4 million from $33.6 million, while net loss was $35.5 million versus $33.0 million. Global Products reported $6.0 million of operating income, versus a $1.2 million loss; Innovative Biotech's operating loss was $26.8 million versus $22.5 million. BioReference, presented as discontinued operations, had $71.8 million of revenue and an $18.0 million net loss, compared with $54.6 million of income a year earlier; that period included a $101.6 million gain on the sale of its oncology diagnostics business and related clinical testing services assets. Cash, cash equivalents and restricted cash totaled $403.2 million as of September 30, 2026. Continuing-operations total revenue guidance is $62.0–$72.0 million for Q4 and $268.0–$278.0 million for 2026; services revenue guidance was withdrawn.
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.
Positive
- Moderate pointContinuing revenue rose 16% to $65.4 million.
- Moderate pointConsolidated operating loss narrowed to $31.4 million from $33.6 million.
Negative
- Moderate pointContinuing net loss widened to $35.5 million from $33.0 million.
- Moderate pointInnovative Biotech operating loss widened to $26.8 million from $22.5 million.
Filing Explained
The filing adds pipeline updates: ModeX completed enrollment in MDX2301, with early data expected in
8-K Event Classification
Key Figures
Key Terms
senior secured royalty notes financial
discontinued operations financial
held for sale financial
pharmacokinetics medical
tetravalent bispecific antibody medical
Earnings Snapshot
Continuing-operations total revenue: $62.0 million to $72.0 million for Q4 2026 and $268.0 million to $278.0 million for 2026; continuing-operations total costs and expenses: $100.0 million to $105.0 million for Q4 and $390.0 million to $395.0 million for 2026; research and development expense: $32.0 million to $35.0 million for Q4 and $125.0 million to $130.0 million for 2026. Services revenue guidance was withdrawn.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What are OPK's terms for selling BioReference to Labcorp?
How much revenue and what net loss did OPK report for Q3 2026?
What is OPK's 2026 revenue and expense guidance?
What did OPK report about the OPK-8801001 clinical trial?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 4, 2026, OPKO Health, Inc. (the “Company”) issued a press release announcing operating and financial highlights for the quarter ended September 30, 2026. The press release also contains information on how to access the conference call the Company is hosting to provide a business update and discuss its financial and operating results for the third quarter ended September 30, 2026, as well as provide financial guidance. A copy of the press release is attached hereto as Exhibit 99.1.
The information included herein and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 as amended or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
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Exhibits |
Exhibit No. |
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Description |
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99.1 |
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Press Release of the Company dated November 4, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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OPKO Health, Inc. |
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By: |
/s/ Adam Logal |
Date: November 4, 2026 |
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Name: |
Adam Logal |
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Title: |
Senior Vice President, Chief Financial Officer |
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OPKO Health Reports Third Quarter 2026 Business Highlights and Financial Results
Conference Call to Begin Today at 4:30 p.m. ET
MIAMI, November 4, 2026 – 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
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.
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 |
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Low |
High |
Low |
High |
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Services revenue |
Withdrawn |
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Product revenue |
$ |
41.0 |
$ |
46.0 |
$ |
164.0 |
$ |
169.0 |
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IP and other revenue |
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21.0 |
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27.0 |
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105.0 |
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110.0 |
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Total revenue |
$ |
62.0 |
$ |
72.0 |
$ |
268.0 |
$ |
278.0 |
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Included in revenue: |
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Pfizer gross profit share |
$ |
12.5 |
$ |
15.0 |
$ |
34.0 |
$ |
37.0 |
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BARDA |
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3.0 |
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5.0 |
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20.0 |
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22.0 |
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Total costs and expenses [from continuing operations] |
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100.0 |
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105.0 |
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390.0 |
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395.0 |
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R&D included in costs and expenses |
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32.0 |
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35.0 |
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125.0 |
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130.0 |
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Income/(loss) from discontinued operations |
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(35.0) |
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(45.0) |
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(60.0) |
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(70.0) |
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— 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 |
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Pharmaceutical revenue |
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|
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International Operations |
$ |
33.2 |
$ |
30.2 |
$ |
99.8 |
$ |
92.2 |
Rayaldee |
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8.6 |
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7.5 |
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23.0 |
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21.0 |
Revenue from products |
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41.8 |
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37.7 |
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122.8 |
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113.2 |
NGENLA royalty and profit sharing, and cost sharing |
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8.7 |
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8.8 |
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21.2 |
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19.5 |
BARDA |
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7.5 |
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8.2 |
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16.5 |
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21.6 |
Regeneron |
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0.8 |
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— |
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2.9 |
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— |
Other royalties and milestones |
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6.6 |
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1.7 |
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43.1 |
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4.9 |
Licensing, collaboration and other revenue |
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23.6 |
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18.7 |
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83.7 |
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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 |
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Global Products revenue |
$ |
48.4 |
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$ |
39.4 |
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$ |
165.9 |
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$ |
118.1 |
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Innovative Biotech revenue |
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17.0 |
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17.0 |
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40.6 |
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41.1 |
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Total revenues |
$ |
65.4 |
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$ |
56.4 |
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$ |
206.5 |
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$ |
159.2 |
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Global Products operating income (loss) |
$ |
6.0 |
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$ |
(1.2 |
) |
$ |
35.6 |
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$ |
(8.6 |
) |
Non-cash depreciation, amortization and equity based compensation expense included in operating income (loss) |
$ |
6.3 |
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$ |
5.5 |
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$ |
17.9 |
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$ |
16.4 |
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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 |
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$ |
14.0 |
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$ |
41.0 |
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$ |
41.5 |
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Corporate operating loss |
$ |
(10.6 |
) |
$ |
(9.9 |
) |
$ |
(32.8 |
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$ |
(32.9 |
) |
Non-cash depreciation, amortization and equity based compensation expense included in operating income (loss) |
$ |
1.0 |
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$ |
1.0 |
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$ |
2.9 |
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$ |
3.0 |
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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 |
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$ |
20.5 |
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$ |
61.8 |
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$ |
60.9 |
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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 |
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Revenue |
$ |
71.8 |
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$ |
95.2 |
$ |
218.5 |
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$ |
299.2 |
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Operating income (loss) |
$ |
(18.8 |
) |
$ |
81.6 |
$ |
(26.7 |
) |
$ |
39.8 |
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Income (loss) before income taxes |
$ |
(18.7 |
) |
$ |
82.4 |
$ |
(26.1 |
) |
$ |
43.6 |
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Income (loss) from discontinued operations, net of tax |
$ |
(18.0 |
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$ |
54.6 |
$ |
(25.6 |
) |
$ |
14.6 |
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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 |
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Revenue from products |
$ |
41.8 |
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$ |
37.7 |
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$ |
122.8 |
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$ |
113.2 |
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Licensing, collaboration and other revenue |
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23.6 |
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18.7 |
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83.7 |
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46.0 |
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Total revenues |
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65.4 |
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56.4 |
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206.5 |
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159.2 |
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Cost of revenue |
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23.3 |
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21.4 |
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70.7 |
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69.3 |
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Selling, general and administrative |
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24.8 |
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22.3 |
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73.6 |
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69.5 |
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Research and development |
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32.2 |
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29.8 |
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94.3 |
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90.3 |
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Amortization of intangible assets |
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16.5 |
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16.5 |
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49.3 |
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49.0 |
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Total costs and expenses |
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96.8 |
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90.0 |
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287.9 |
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278.1 |
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Operating loss |
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(31.4 |
) |
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(33.6 |
) |
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(81.4 |
) |
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(118.9 |
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Non-cash depreciation, amortization and equity based compensation expense included in operating income (loss) |
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20.7 |
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20.5 |
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61.8 |
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60.9 |
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Other expense, net |
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(6.4 |
) |
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(7.4 |
) |
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(23.5 |
) |
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(119.2 |
) |
Loss before income taxes and investment losses |
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(37.8 |
) |
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(41.0 |
) |
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(104.9 |
) |
|
(238.0 |
) |
Income tax benefit |
|
7.3 |
|
|
8.0 |
|
|
18.7 |
|
|
29.0 |
|
Loss from investments in investees |
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(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 |
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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
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