OPKO Health (OPK) Piper Sandler 36th Annual Healthcare Conference summary

Commercial partnerships and product updates

• Ngenla, a once-weekly human growth hormone, is sold globally by Pfizer, with profit sharing and expanding launches in over 25 countries, targeting another 20 in coming years.

• Long-acting HGHs have reached 15% global market share, with higher uptake in some regions and most new patients starting on these therapies.

• Gross profit share currently equates to a mid-single-digit royalty, with potential to increase as long-acting products gain market dominance.

• Pfizer projects Ngenla could reach $500 million to $1 billion in sales in the near term.

• BioReference Diagnostic Labs sold assets to LabCorp for $237.5 million, strengthening the balance sheet.

ModeX platform and R&D pipeline

• ModeX’s modular multispecific antibody platform enables targeting multiple disease pathways, with quadrispecific antibodies for infectious diseases and cancer.

• BARDA awarded $35 million to accelerate COVID antibody development and initiated a flu program, with potential for stockpiling if successful.

• Merck partnership for an Epstein-Barr virus vaccine includes $50 million upfront, $870 million in milestones, and ongoing research funding; clinical entry is imminent.

• MDX-2001, a tetraspecific T-cell engager for solid tumors, is in phase 1 trials targeting cancers with TROP2 and c-MET receptors.

• A liquid tumor program targeting CD19/20 is in pre-IND, aiming for IND submission in 2025, with potential applications in autoimmunity.

Strategic partnerships, manufacturing, and financials

• Actively seeking strategic partnerships to advance both oncology and infectious disease portfolios, leveraging non-dilutive financing.

• Manufacturing breakthrough allows efficient production of multispecific antibodies using a single-chain, self-assembling platform, achieving high yields.

• Entera partnership is developing oral oxyntomodulin for obesity using N-Tab technology, with proof of concept achieved and clinical entry targeted for early 2026.

• Over $400 million in cash at quarter end, with ongoing share buybacks and convertible note repurchases; balance sheet considered fully funded.

• Focus remains on non-dilutive funding and capital efficiency to support R&D and strategic growth.