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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.
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Q3 2025 earnings summary29 Oct, 2025

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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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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