OPKO Health (OPK) Q4 2025 earnings summary

Executive summary

• Exited 2025 with momentum, focusing on diagnostics profitability, advancing ModeX pipeline, leveraging partnerships, and strengthening the balance sheet.

• Entered a research collaboration with Regeneron Pharmaceuticals for multispecific antibodies, with potential milestone payments exceeding $200 million per program and total collaboration value over $1 billion if successful.

• Completed sale of BioReference's oncology division, streamlining operations and focusing on core clinical labs and 4Kscore Test.

• Advanced multiple clinical programs, including EBV vaccine (Merck), MDX-2001, MDX-2003, MDX-2004, and in vivo CAR-T platform, with new abstracts presented and new trials initiated or planned.

• Expanded partnership with Entera Bio for oral long-acting PTH tablet, accelerating development after favorable data.

Financial highlights

• Q4 2025 consolidated revenue: $148.5 million, down from $183.6 million in Q4 2024, mainly due to asset divestitures.

• Q4 2025 net loss: $31.3 million ($0.04/share) vs. net income of $14 million ($0.01/share) in Q4 2024, which included investment gains.

• Q4 2025 operating loss was $38.3 million, compared to $33.1 million in Q4 2024.

• Diagnostics Q4 2025 revenue: $71.1 million (including $7 million from 4Kscore, up 16% YoY); operating loss improved to $18.3 million from $21.7 million.

• Pharmaceutical Q4 2025 revenue: $77.4 million; operating loss widened to $10.7 million from $2.1 million YoY due to increased R&D.

Outlook and guidance

• Q1 2026 revenue expected between $125 million–$140 million; service revenue $71 million–$75 million.

• Full-year 2026 revenue guidance: $530 million–$560 million; service revenue $300 million–$312 million; pharma product revenue $160 million–$170 million.

• R&D investment for 2026 projected at $125 million–$135 million, offset by $22 million–$26 million in BARDA and Regeneron funding.

• Depreciation and amortization for 2026 expected at ~$100 million.