OPKO Health (OPK) Q4 2025 earnings summary

Executive summary

• Exited 2025 with momentum, focusing on diagnostics profitability, advancing ModeX pipeline, leveraging non-dilutive funds, 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 oncology division, streamlining BioReference to focus on core clinical labs and 4Kscore Test.

• Advanced multiple clinical programs, including EBV vaccine with Merck, MDX2003, MDX2004, and MDX2001, 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 was $148.5 million, down from $183.6 million in Q4 2024, mainly due to asset divestitures.

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

• Diagnostics revenue in Q4 2025 was $71.1 million; 4Kscore revenue grew 16% year-over-year to $7 million.

• Pharmaceutical segment revenue was $77.4 million in Q4 2025; product sales increased to $43.7 million, up from $37.4 million.

• Pfizer gross profit share reached $12.5 million in Q4 2025, a 30% increase year-over-year.

Outlook and guidance

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

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

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

• $113 million remains authorized for share repurchases, with plans to accelerate buybacks.