MIAMI, Nov. 04, 2026 (GLOBE NEWSWIRE) -- 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In light of the pending transaction with Labcorp, OPKO has withdrawn its previously issued guidance for services revenue and total costs and expenses due to uncertainty regarding the timing of the potential closing and its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 | |||||||||||
| Low | High | Low | High | ||||||||||
| Services revenue | Withdrawn | ||||||||||||
| Product revenue | $ | 41.0 | $ | 46.0 | $ | 164.0 | $ | 169.0 | |||||
| IP and other revenue | 21.0 | 27.0 | 105.0 | 110.0 | |||||||||
| Total revenue | $ | 62.0 | $ | 72.0 | $ | 268.0 | $ | 278.0 | |||||
| Included in revenue: | |||||||||||||
| Pfizer gross profit share | $ | 12.5 | $ | 15.0 | $ | 34.0 | $ | 37.0 | |||||
| BARDA | 3.0 | 5.0 | 20.0 | 22.0 | |||||||||
| Total costs and expenses [from continuing operations] | 100.0 | 105.0 | 390.0 | 395.0 | |||||||||
| R&D included in costs and expenses | 32.0 | 35.0 | 125.0 | 130.0 | |||||||||
| Income/(loss) from discontinued operations | (35.0 | ) | (45.0 | ) | (60.0 | ) | (70.0 | ) | |||||
— 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 | ||||||||
| Pharmaceutical revenue | ||||||||||||
| International Operations | $ | 33.2 | $ | 30.2 | $ | 99.8 | $ | 92.2 | ||||
| Rayaldee | 8.6 | 7.5 | 23.0 | 21.0 | ||||||||
| Revenue from products | 41.8 | 37.7 | 122.8 | 113.2 | ||||||||
| NGENLA royalty and profit sharing, and cost sharing | 8.7 | 8.8 | 21.2 | 19.5 | ||||||||
| BARDA | 7.5 | 8.2 | 16.5 | 21.6 | ||||||||
| Regeneron | 0.8 | — | 2.9 | — | ||||||||
| Other royalties and milestones | 6.6 | 1.7 | 43.1 | 4.9 | ||||||||
| Licensing, collaboration and other revenue | 23.6 | 18.7 | 83.7 | 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 | ||||||||
| Global Products revenue | $ | 48.4 | $ | 39.4 | $ | 165.9 | $ | 118.1 | ||||
| Innovative Biotech revenue | 17.0 | 17.0 | 40.6 | 41.1 | ||||||||
| Total revenues | $ | 65.4 | $ | 56.4 | $ | 206.5 | $ | 159.2 | ||||
| Global Products operating income (loss) | $ | 6.0 | $ | (1.2 | ) | $ | 35.6 | $ | (8.6 | ) | ||
| Non-cash depreciation, amortization and equity based compensation expense included in operating income (loss) | $ | 6.3 | $ | 5.5 | $ | 17.9 | $ | 16.4 | ||||
| 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 | $ | 14.0 | $ | 41.0 | $ | 41.5 | ||||
| Corporate operating loss | $ | (10.6 | ) | $ | (9.9 | ) | $ | (32.8 | ) | $ | (32.9 | ) |
| Non-cash depreciation, amortization and equity based compensation expense included in operating income (loss) | $ | 1.0 | $ | 1.0 | $ | 2.9 | $ | 3.0 | ||||
| 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 | $ | 20.5 | $ | 61.8 | $ | 60.9 | ||||
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 | ||||||||
| Revenue | $ | 71.8 | $ | 95.2 | $ | 218.5 | $ | 299.2 | ||||
| Operating income (loss) | $ | (18.8 | ) | $ | 81.6 | $ | (26.7 | ) | $ | 39.8 | ||
| Income (loss) before income taxes | $ | (18.7 | ) | $ | 82.4 | $ | (26.1 | ) | $ | 43.6 | ||
| Income (loss) from discontinued operations, net of tax | $ | (18.0 | ) | $ | 54.6 | $ | (25.6 | ) | $ | 14.6 | ||
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 | ||||||||
| Revenue from products | $ | 41.8 | $ | 37.7 | $ | 122.8 | $ | 113.2 | ||||
| Licensing, collaboration and other revenue | 23.6 | 18.7 | 83.7 | 46.0 | ||||||||
| Total revenues | 65.4 | 56.4 | 206.5 | 159.2 | ||||||||
| Cost of revenue | 23.3 | 21.4 | 70.7 | 69.3 | ||||||||
| Selling, general and administrative | 24.8 | 22.3 | 73.6 | 69.5 | ||||||||
| Research and development | 32.2 | 29.8 | 94.3 | 90.3 | ||||||||
| Amortization of intangible assets | 16.5 | 16.5 | 49.3 | 49.0 | ||||||||
| Total costs and expenses | 96.8 | 90.0 | 287.9 | 278.1 | ||||||||
| 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 | 20.5 | 61.8 | 60.9 | ||||||||
| Other expense, net | (6.4 | ) | (7.4 | ) | (23.5 | ) | (119.2 | ) | ||||
| Loss before income taxes and investment losses | (37.8 | ) | (41.0 | ) | (104.9 | ) | (238.0 | ) | ||||
| Income tax benefit | 7.3 | 8.0 | 18.7 | 29.0 | ||||||||
| Loss from investments in investees | (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 | ||||
| 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
