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OPKO Health
OPKO Health (OPK) investor relations material
OPKO Health Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Exited 2025 with momentum, focusing on diagnostics profitability, advancing ModeX pipeline, leveraging partnerships, and strengthening the balance sheet.
Entered a research collaboration with Regeneron Pharmaceuticals for multispecific antibodies, with potential milestone payments exceeding $200 million per program and total collaboration value over $1 billion if successful.
Completed sale of BioReference's oncology division, streamlining operations and focusing on core clinical labs and 4Kscore Test.
Advanced multiple clinical programs, including EBV vaccine (Merck), MDX-2001, MDX-2003, MDX-2004, and in vivo CAR-T platform, with new abstracts presented and new trials initiated or planned.
Expanded partnership with Entera Bio for oral long-acting PTH tablet, accelerating development after favorable data.
Financial highlights
Q4 2025 consolidated revenue: $148.5 million, down from $183.6 million in Q4 2024, mainly due to asset divestitures.
Q4 2025 net loss: $31.3 million ($0.04/share) vs. net income of $14 million ($0.01/share) in Q4 2024, which included investment gains.
Q4 2025 operating loss was $38.3 million, compared to $33.1 million in Q4 2024.
Diagnostics Q4 2025 revenue: $71.1 million (including $7 million from 4Kscore, up 16% YoY); operating loss improved to $18.3 million from $21.7 million.
Pharmaceutical Q4 2025 revenue: $77.4 million; operating loss widened to $10.7 million from $2.1 million YoY due to increased R&D.
Outlook and guidance
Q1 2026 revenue expected between $125 million–$140 million; service revenue $71 million–$75 million.
Full-year 2026 revenue guidance: $530 million–$560 million; service revenue $300 million–$312 million; pharma product revenue $160 million–$170 million.
R&D investment for 2026 projected at $125 million–$135 million, offset by $22 million–$26 million in BARDA and Regeneron funding.
Depreciation and amortization for 2026 expected at ~$100 million.
What are the target indications for Regeneron deal?
How will 4Kscore growth offset diagnostics decline?
Prioritize R&D spend across early-stage pipeline
4Kscore: Payer strategy for primary care market
In vivo CAR-T: Partnering strategy and timeline
2026 R&D spend: Impact on consolidated profitability?
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Next OPKO Health earnings date
Q1 202629 Apr, 2026
OPKO Health
Next OPKO Health earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
OPKO Health, Inc., together with its subsidiaries, provides diagnostic and pharmaceutical products to patients in the United States and internationally. The company offers clinical laboratory diagnostic services under the Diagnostic Systems Laboratories (DSL) brand name. It also develops and commercializes pharmaceutical products for oncology, cardiovascular disease, hospital intensive care, gout and metabolic disorders, reproductive health and urology; as well as complementary dietary supplement products for women’s health, eye care and mineral deficiencies. In addition, it engages in the research and development of proprietary medical imaging contrast agents for use in cardiac electrophysiological procedures; along with advanced personalized genetic diagnostics technology using microfluidics extracted from blood samples to help identify genetic markers associated with disease onset or progression; as well as biomarkers associated with efficacy that are useful in assessing treatment options
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