OPKO Health, Inc.

Q2 2026 revenue was $163.6 million versus $156.8 million in Q2 2025. Consolidated operating loss improved to $7 million from a $60 million operating loss, 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, down from $101.1 million, and diagnostics operating income was $4.8 million versus an $18.2 million loss. Pharmaceutical revenue was $89 million versus $55.7 million, and pharmaceutical operating income was $8.8 million versus a $28.7 million loss. Cash, cash equivalents, and restricted cash were over $300 million. For Q3 2026, OPKO expects revenue of $131 million to $142 million, service revenue of $75 million to $78 million, pharma product revenue of $40 million to $44 million, and IP/other revenue of $16 million to $20 million, including Pfizer profit share of $8 million to $10 million. Full-year 2026 revenue guidance was raised to $560 million to $585 million, with services of $296 million to $306 million, pharma product revenue of $164 million to $174 million, and other revenue of $100 million to $105 million, including Pfizer profit share of $34 million to $37 million. Full-year total costs and expenses are expected at $710 million to $740 million; R&D at $125 million to $135 million; BARDA funding at $18 million to $22 million; and depreciation and amortization at about $95 million.

Dr. Frost framed the quarter as one of better operating efficiency, improved profitability, and steady pipeline progress. He highlighted five ModeX clinical programs, the start of the OPK-88006 trial in presumed MASH, progress in OPKO Biologics, and continued commercial growth for NGENLA. His tone was constructive and confidence-oriented, especially around cash strength and continued buybacks.

Adam Logal emphasized liquidity, saying OPKO ended the quarter with over $300 million in cash, cash equivalents and restricted cash. He said the company repurchased 9.7 million shares for about $13 million and still has about $94 million authorized for buybacks. On the numbers, he pointed to a Diagnostics operating gain of $4.8 million and Pharmaceutical operating income of $8.8 million, while noting that the Labcorp transaction and an $18.1 million gain from the final earn-out materially shaped results. He also explained the raised 2026 outlook: higher revenue, lower total costs and expenses, and continued R&D investment funded in part by BARDA and collaboration receipts.

Analysts focused on the in vivo CAR-T program, asking about target selection, likely indications, and potential pharma partners; management said the first studies are likely in autoimmune disease, targeting B cells, and that discussions with big pharma are early. On MDX2001, management said enrollment has reached 39 patients and that the next phase will narrow into tumor types more likely to show response, with non-small cell lung cancer and some renal cancers mentioned as priorities. Questions on OPK-88006 centered on what would justify a larger MASH study; management said they want to see competitive tolerability and biomarker improvements in F2-F3 patients before deciding on a larger Phase II. Analysts also pressed on 4Kscore and diagnostics guidance; management said broader primary-care expansion depends on Medicare/CMS clarity and is more likely a 2027-plus tailwind, while current diagnostics performance is generally tracking expectations despite some slower-to-mature new revenue lines.