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Investor Relations14 Oct 2025
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OPKO Health (OPK) investor relations material
OPKO Health Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Q2 2025 revenue was $156.8M, down 14% year-over-year, mainly due to lower diagnostics revenue from asset sales and reduced clinical test volume, partially offset by higher reimbursement rates.
Net loss for Q2 2025 was $148.4M ($0.19/share), compared to $10.3M ($0.01/share) in Q2 2024, driven by a $91.7M–$92M non-recurring convertible note exchange expense and absence of a $60M investment gain.
Advanced clinical pipeline with MODEX and Merck programs in Phase I, and promising preclinical results for oral GLP-1/glucagon agonist for obesity and NASH.
FDA approved 4Kscore® Test for use without DRE, expanding its market potential and accessibility for prostate cancer risk assessment.
Pending sale of BioReference's oncology diagnostics business to Labcorp for up to $225M expected to close by end of Q3/H2 2025.
Financial highlights
Diagnostics revenue for Q2 2025 was $101.1M (down from $129.4M in Q2 2024); pharmaceutical revenue was $55.7M (up from $52.8M); Rayaldee contributed $7.2M in both periods.
Q2 2025 operating loss was $60.0M (improved from $61.7M in Q2 2024); diagnostics operating loss improved to $18.2M from $26.6M; pharmaceutical operating loss was $28.7M vs. $24.8M.
Cash, cash equivalents, and restricted cash totaled $285.4M as of June 30, 2025.
Gross margin for Q2 2025 was $49.4M (vs. $51.7M in Q2 2024); total costs and expenses were $216.8M (vs. $243.9M year-over-year).
Weighted average shares outstanding increased to 788M from 697M, reflecting the convertible note exchange.
Outlook and guidance
Full-year 2025 revenue expected between $640M and $660M; service revenue $400M–$425M, product revenue $160M–$170M, other revenue $65M–$75M.
Oncology asset revenue forecasted at $95M–$105M; Pfizer profit share at $28M; BARDA support $30M–$35M.
Total costs and expenses projected at $835M–$865M, excluding $15M–$20M in one-time restructuring costs.
BARDA contract funding of $71.6M expected to be recognized as revenue through February 2028.
Diagnostics business expected to reach cash flow positive and profitability in 2025, excluding non-recurring and non-cash items.
Assess the impact of MASH/obesity on OPK-88006.
What's driving the 4Kscore test volume growth?
Elaborate on capital allocation priorities.
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Next OPKO Health earnings date
Q3 20256 Nov, 2025
Next OPKO Health earnings date
Q3 20256 Nov, 2025
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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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