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OPK

OPKO Health, Inc.

OPK

OPKO Health, Inc. • NASDAQ
$1.35 ▲ 1.12% (+0.01)
Market Cap $1.04 B
52w High $2.04
52w Low $1.11
Dividend Yield 0%
P/E -5.65
Volume 1.12M
Outstanding Shares 767.70M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $151.669M ▼ $23.211M ▼ $61.228M ▲ 40.369% ▲ $0.03 ▲ $75.529M ▲
Q2-2025 $156.807M ▲ $109.383M ▼ $-148.441M ▼ -94.665% ▼ $-0.22 ▼ $-69.166M ▼
Q1-2025 $149.952M ▼ $109.788M ▼ $-67.613M ▼ -45.09% ▼ $-0.1 ▼ $-34.421M ▼
Q4-2024 $183.638M ▲ $117.798M ▲ $14.027M ▼ 7.638% ▼ $0.02 ▼ $73.179M ▼
Q3-2024 $173.632M $25.913M $24.89M 14.335% $0.036 $89.942M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $415.198M ▲ $1.996B ▲ $690.018M ▲ $1.305B ▲
Q2-2025 $271.718M ▼ $1.973B ▼ $676.085M ▼ $1.297B ▼
Q1-2025 $435.999M ▲ $2.128B ▼ $816.664M ▼ $1.312B ▼
Q4-2024 $431.936M ▲ $2.2B ▼ $834.764M ▼ $1.365B ▼
Q3-2024 $406.4M $2.256B $852.686M $1.403B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $21.631M ▲ $-34.647M ▲ $194.648M ▲ $-16.206M ▲ $143.479M ▲ $-37.782M ▲
Q2-2025 $-148.441M ▼ $-83.42M ▼ $-2.834M ▼ $-79.489M ▼ $-164.282M ▼ $-86.703M ▼
Q1-2025 $-67.613M ▼ $-34.554M ▲ $40.528M ▼ $-4.022M ▲ $4.062M ▼ $-37.748M ▲
Q4-2024 $14.027M ▼ $-44.409M ▲ $115.987M ▼ $-40.472M ▼ $25.55M ▼ $-49.822M ▲
Q3-2024 $24.89M $-77.079M $247.784M $206.14M $379.489M $-85.016M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $40.00M ▲$30.00M ▼$40.00M ▲$40.00M ▲
Service
Service
 $100.00M ▲$100.00M ▲$100.00M ▲$100.00M ▲
Transfer of Intellectual Property and Other
Transfer of Intellectual Property and Other
 $40.00M ▲$10.00M ▼$10.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has trended down sharply from its pandemic-era peak as COVID-related testing faded, leaving a smaller but more “normal” base of business. Gross profit has been fairly steady in absolute terms, but not large enough to fully cover operating expenses, so the company has reported recurring operating losses in most recent years. Earnings before interest, taxes, and depreciation have improved lately and even turned modestly positive again, suggesting some cost discipline and benefit from partnerships, but the bottom line is still a pattern of small to moderate net losses rather than consistent profitability. Overall, the income statement tells a story of a company in transition, moving from a one-off testing windfall back to a more sustainable, but currently unprofitable, core.

Balance Sheet

Balance Sheet The balance sheet shows a business that is asset-rich relative to its current revenue level, with a sizable base of diagnostic infrastructure, intellectual property, and partnerships. Cash on hand has improved meaningfully most recently, though it had been quite low before that, while debt has moved higher, reflecting greater use of borrowing and royalty financing to fund operations and development. Shareholders’ equity remains solidly positive and still represents the bulk of the capital structure, but it has drifted down from earlier levels as losses accumulated. In short, the company still has a meaningful capital base and cushion, but it is relying more on debt and external funding than in the past and needs to show that its assets can generate stronger earnings over time.

Cash Flow

Cash Flow Cash generation is the weak spot. Core operations have been consuming cash in recent years rather than generating it, and free cash flow has been consistently negative. Investment spending on equipment and facilities is relatively modest and quite stable, so the cash burn is driven more by operating losses and working-capital needs than by heavy capital projects. This means the business is still dependent on external capital—through debt, partnerships, or other financing—to fund its pipeline and day-to-day needs. Until operating cash flow turns sustainably positive, funding risk and dilution or leverage considerations remain important aspects of the story.

Competitive Edge

Competitive Edge OPKO sits in a competitive diagnostics and biopharma space but has carved out some clear niches. BioReference gives it an established lab footprint, particularly in key regional markets, even after divesting certain oncology assets. The 4Kscore test for aggressive prostate cancer is differentiated, guideline-recognized, and harder for rivals to copy quickly, giving OPKO a specialty edge with urologists. On the therapeutics side, the partnership with Pfizer around NGENLA provides global reach and marketing muscle that a company of OPKO’s size normally could not match. However, the broader diagnostics market is crowded and price-sensitive, and OPKO’s current scale is modest relative to major diagnostics and pharma competitors. Its position therefore rests heavily on a few standout products and partnerships rather than broad market dominance, leaving execution, reimbursement, and partner performance as key risks.

Innovation and R&D

Innovation and R&D Innovation is the main strategic bet. OPKO is pursuing a combined diagnostics–therapeutics model, with notable assets in each. On the therapeutic side, long-acting biologics like NGENLA and RAYALDEE show the company can bring differentiated products to market, especially where convenience or targeted dosing improves on older treatments. The ModeX acquisition adds a cutting-edge multispecific antibody platform, aiming to hit multiple disease pathways at once, and has already attracted a large collaboration with Regeneron plus non-dilutive government funding for infectious-disease programs. Early clinical work in complex cancers and advanced antibody constructs, as well as an oral GLP-1–based weight-loss candidate through a partner, gives OPKO exposure to some of the most active areas in biotech. The flip side is that much of this portfolio is still early stage and high risk, with long timelines, clinical uncertainty, and heavy capital needs before any meaningful revenue may arrive.

Summary

OPKO Health today looks like a company with substantial strategic assets and scientific ambition but unfinished financials. The income statement and cash flows show a business that has not yet converted its innovations into steady profits or self-funding operations, especially after the one-time boost from pandemic testing rolled off. The balance sheet still provides some support but is increasingly leaned on via debt and royalty deals, underscoring the importance of future commercial traction. Competitively, OPKO punches above its weight in a few select niches—prostate cancer risk testing and long-acting growth hormone—largely thanks to proprietary technology and strong partners like Pfizer and Regeneron. Its R&D pipeline, powered by multispecific antibodies and other advanced platforms, offers meaningful upside potential but also carries the usual biotech risks around trial outcomes, regulatory hurdles, and time-to-market. Overall, this is a transition-stage story: established assets and notable partnerships on one side, and on the other, a clear need to demonstrate that these can drive durable revenue growth, consistent profitability, and healthier cash generation over time.

NEWS

November 19, 2025 · 4:05 PM UTC

OPKO Health to Participate in the Piper Sandler 37th Annual Healthcare Conference

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October 29, 2025 · 4:05 PM UTC

OPKO Health Reports Third Quarter 2025 Business Highlights and Financial Results

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October 22, 2025 · 4:05 PM UTC

OPKO Health to Report Third Quarter 2025 Financial Results on October 29

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September 15, 2025 · 8:30 AM UTC

Labcorp Completes Acquisition of Select Assets of BioReference Health's Innovative Oncology and Related Clinical Testing Services Businesses

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