OPKO Health (OPK) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Therapeutics and Pipeline Advances

• Two products are in the clinic, with two more expected to enter this year, including a long-acting growth hormone and a GLP-1 glucagon analog in late preclinical phase.

• ModeX advanced three assets to clinical stage since 2022, focusing on multispecific antibodies, nanoparticle vaccines, and immune modulators for cancer and viral diseases.

• Quad-specific antibodies for solid tumors and dual-targeting molecules for B-cell lymphomas are advancing, with strong interest in CD3/CD28 T-cell engager technology.

• Two pre-IND ModeX assets are set to enter clinical trials in 2025, with phase I data anticipated mid-year.

• GLP-1 glucagon coagonist development targets oral delivery and specific populations, especially liver disease, with a unique profile.

Strategic Partnerships and Funding

• Merck provided $87.5 million in funding and up to $872.5 million in future milestones for the EBV vaccine; BARDA committed $205 million for antiviral development, with $51 million awarded in Q4 2024.

• Merck entered phase I with the Epstein-Barr virus vaccine, with results expected in 2025; BARDA provided funding for antiviral platforms, including COVID and flu.

• Ongoing business development and non-dilutive collaborations accelerate asset development and support 50% of ModeX's R&D.

• Platform capacity may be leveraged through new collaborations, and government-supported antiviral products could access broader markets.

• Key partnerships include Merck and BARDA, with significant milestone and royalty potential.

Biologics and Pharmaceutical Growth

• NGENLA, a long-acting growth hormone, is marketed by Pfizer in over 44 countries, with U.S. approval in August last year and $19 million YTD profit share.

• EirGen Pharma achieved 57% sales growth for generics in the first nine months of 2024 and expanded CDMO roles.

• Rayaldee commercial launch in Greater China is planned for 2025.

• Continued focus on revenue growth in global pharmaceuticals and strategic restructuring in diagnostics.

• Biologics division will advance two molecules to IND stages and seek new partnerships.