OPKO Health, Inc.

OPKO reported Q2 2026 total revenue of $163.6 million versus $156.8 million in Q2 2025. Consolidated operating loss improved to $7 million from $60 million, and net loss improved to $8.4 million, or $0.01 per share, from $148.4 million, or $0.19 per share. Diagnostics revenue was $74.5 million, including $6.2 million from 4Kscore, versus $101.1 million a year ago; diagnostics operating income was $4.8 million versus an $18.2 million operating loss. Pharmaceutical revenue was $89 million versus $55.7 million, and pharmaceutical operating income was $8.8 million versus an $28.7 million operating loss. The company ended the quarter with over $300 million in cash, cash equivalents and restricted cash, repurchased 9.7 million shares for approximately $13 million, and had about $94 million remaining authorization. For Q3 2026, management expects revenue of $131 million-$142 million, service revenue of $75 million-$78 million, pharmaceutical product revenue of $40 million-$44 million, IP and other revenue of $16 million-$20 million, total costs and expenses of $180 million-$190 million, R&D of $34 million-$38 million, and D&A of approximately $22 million. For full-year 2026, guidance is revenue of $560 million-$585 million, service revenue of $296 million-$306 million, pharmaceutical product revenue of $164 million-$174 million, other revenue of $100 million-$105 million, Pfizer profit share of $34 million-$37 million, total costs and expenses of $710 million-$740 million, R&D of $125 million-$135 million, BARDA funding of $18 million-$22 million, and D&A of approximately $95 million.

Phillip Frost said the quarter showed “meaningful progress” in operating efficiency, profitability, and pipeline advancement. He emphasized that ModeX, the GLP-1 glucagon candidate, OPKO Biologics programs, and NGENLA all moved ahead while the company maintained a strong cash position and continued share repurchases. His tone was constructive and focused on balancing R&D investment with capital returns.

Adam Logal highlighted over $300 million of cash, cash equivalents and restricted cash and said the company repurchased 9.7 million shares for approximately $13 million during the quarter, with about $94 million still authorized. He walked through the quarter’s financials, including Diagnostics revenue of $74.5 million, Pharmaceutical revenue of $89 million, consolidated revenue of $163.6 million, and net loss of $8.4 million, while noting the Labcorp earn-out drove an $18.1 million gain that helped offset expenses. On outlook, he raised full-year revenue guidance to $560 million-$585 million, lowered full-year costs and expenses to $710 million-$740 million, and kept R&D at $125 million-$135 million, partly offset by BARDA funding of $18 million-$22 million and Regeneron reimbursement.

Analysts focused on three areas: the in vivo CAR-T program, the GLP-1 glucagon/MASH candidate OPK-88006, and diagnostics/4Kscore reimbursement. Management said the in vivo CAR-T program is initially aimed at autoimmune disease, with B-cell depletion as the target and discussions with big pharma still early; for OPK-88006, they want to see tolerability, weight loss, and biomarker changes in F2/F3 MASH patients before deciding on a larger study. On 4Kscore, management said broader primary care expansion remains cautious until Medicare/CMS changes are clearer, and they now see that as more of a 2027 and beyond opportunity.