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OPKO Health (OPK) investor relations material
OPKO Health Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Completed sale of BioReference oncology assets to Labcorp for $192.5M upfront and up to $32.5M in earnouts, streamlining operations and supporting share repurchases.
Recognized a $101.6M gain from the asset sale, with proceeds used to strengthen liquidity and fund buybacks.
Expanded stock repurchase program to $200M, with $73.8M spent as of September 30, 2025, and $126M–$126.2M remaining authorized.
Advanced pharmaceutical pipeline with four clinical candidates, new collaborations with Regeneron (potential $1B+ milestones) and Merck, and progress in ModeX and Merck clinical programs.
Maintained strong cash position of $428.9M at quarter-end, supported by asset sales and investment proceeds.
Financial highlights
Q3 2025 total revenue was $151.7M, down 13% year-over-year, with diagnostics revenue at $95.2M (including $19.5M from sold assets) and pharmaceutical revenue at $56.4M.
Q3 2025 operating income was $48.1M, up from $14.2M in Q3 2024, driven by the gain on asset sale.
Q3 2025 net income was $21.6M ($0.03/share), compared to $24.9M ($0.04/share) in Q3 2024.
Gross margin improved due to cost reductions and asset sales.
Cash, cash equivalents, and restricted cash totaled $428.9M as of September 30, 2025.
Outlook and guidance
Q4 2025 revenue expected at $135M–$140M; service revenue $70M–$75M, product revenue $40M–$45M, other revenue $25M–$30M.
Q4 2025 costs and expenses expected at $175M–$180M; R&D $30M–$35M; D&A $24M.
2026: BioReference to be profitable with low single-digit revenue growth; pharmaceutical business to grow mid-single digits and improve operating income by low double digits.
Ngenla profit share payments expected at $32M–$35M in 2026.
Up to $100M planned R&D investment in 2026, with up to six phase I programs enrolling.
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