Opko Health, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 27 July 2026: press release. Guidance figures: 3 raised, 2 lowered, 8 new, 3 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue rose on IP transfer: Total revenues were $163.5 million versus $156.8 million, principally from higher transfer of intellectual property and other revenue, partly offset by lower services revenue after the Labcorp sale. Source
• IP revenue jumped on Nicoya shares: Transfer of intellectual property and other revenue was $46.1 million versus $15.0 million, including $29.4 million from shares received under the Nicoya amendment. Source
• Services revenue fell after oncology sale: Services revenue declined from a year earlier, which included $24.9 million from oncology assets sold to Labcorp in September 2025. Source
• ModeX in vivo CAR T toward clinic: ModeX presented in vivo CAR T data at ASGCT; alongside a planned autoimmune study, the company is exploring collaboration with large pharma partners. Source
• OPKO takes 15% Nicoya stake: OPKO took a 15% equity stake in Nicoya and received an initial Series A-2 Preferred Shares tranche. Source
• Cash position at $314.4 million: Cash, cash equivalents, marketable securities and restricted cash were $314.4 million at June 30, 2026, compared with $341.9 million at March 31, 2026. Source

“We are pleased to congratulate our partner, Entera Bio, on its announcement today of its oversubscribed $275 million private placement”

Opko Health, Inc., press release

Guidance

What changed from last quarter

• Guidance raised: Full-year total revenue guidance raised. Source
• Guidance raised: Full-year product revenue guidance raised. Source
• Guidance raised: Full-year IP and other revenue guidance raised. Source
• Guidance lowered: Full-year services revenue guidance lowered. Source
• Guidance lowered: Full-year total costs and expenses guidance lowered. Source
• New guidance: Third-quarter 2026 guidance provided for the first time. Source
• Guidance kept: Full-year Pfizer gross profit share and BARDA guidance kept. Source
• Guidance kept: Full-year R&D guidance kept. Source
• New: Nicoya agreement amended; OPKO took a 15% equity stake. Source
• New: Phase 1/2a study of OPK-88006 initiated. Source

Consolidated results and loss

• Revenue rose on IP transfer: Total revenues were $163.5 million versus $156.8 million, principally from higher transfer of intellectual property and other revenue, partly offset by lower services revenue after the Labcorp sale. Source
• Operating loss narrowed sharply: Operating loss improved to $7.0 million from $60.0 million a year earlier. Net loss was $8.4 million, or $0.01 per share, against $148.4 million, or $0.19 per share. Source
• Six-month loss also narrowed: For the six months, revenue was $287.8 million versus $306.8 million, and net loss was $63.3 million, or $0.08 per share, versus $216.1 million, or $0.31 per share. Source

Pharmaceuticals product and partner revenue

• Product revenue rose on Spain, Mexico: Product revenue rose on higher volumes from Spanish and Mexican operations and a $1.8 million positive net foreign exchange impact. Source
• Rayaldee rose on gross-to-net: Rayaldee revenue rose on favorable gross-to-net adjustments, while other international operations product revenue fell about $1.7 million. Source
• IP revenue jumped on Nicoya shares: Transfer of intellectual property and other revenue was $46.1 million versus $15.0 million, including $29.4 million from shares received under the Nicoya amendment. Source
• Partner revenue rose, BARDA fell: NGENLA profit share and combined Eli Lilly and Regeneron revenue of $4.3 million rose, while BARDA contract revenue declined. Source

“The amended arrangement also expands the field of use while reinforcing Nicoya’s commitment to commercialize RAYALDEE in Greater China.”

Opko Health, Inc., press release

Diagnostics services and oncology sale

• Services revenue fell after oncology sale: Services revenue declined from a year earlier, which included $24.9 million from oncology assets sold to Labcorp in September 2025. Source
• Core tests slightly lower: Core diagnostics revenue was $68.2 million versus $69.3 million, and 4Kscore revenue was $6.3 million versus $6.9 million. Source
• Diagnostics income with earnout: Income from operations was $4.8 million versus an $18.2 million operating loss a year earlier, with an earnout of $18.1 million offsetting operating expenses. Source
• Diagnostics costs fell with oncology exit: Diagnostics costs and expenses were $69.8 million versus $119.3 million, which included $29.4 million of oncology-related costs a year earlier. Source

Pipeline and clinical programs

• MDX2003 Phase 1 enrolling: Phase 1 study of MDX2003, a tetraspecific T-cell engager-expander, is enrolling in relapsed or refractory B-cell lymphoma, evaluating safety and preliminary anti-tumor activity. Source
• MDX2301 COVID-19 trial funded by BARDA: Phase 1 trial of MDX2301, a tetravalent bispecific antibody for COVID-19 prevention, is funded by the Biomedical Advanced Research and Development Authority. Source
• ModeX in vivo CAR T toward clinic: ModeX presented in vivo CAR T data at ASGCT; alongside a planned autoimmune study, the company is exploring collaboration with large pharma partners. Source
• OPK-88006 Phase 1/2a enrolling: Study of OPK-88006, a subcutaneous dual GLP-1/glucagon agonist, is enrolling US participants for single ascending doses in healthy volunteers, then weekly dosing in presumed MASH. Source
• Long-acting GH antagonist preclinical data: OPK8801001 showed robust, dose-dependent and sustained IGF-1 suppression in animals, including non-human primates. Source
• MDX2001 and MDX2004 in enrollment: MDX2001, a tetraspecific for solid tumors, and MDX2004, a trispecific immune rejuvenator, are in Phase 1 enrollment. Source

“The findings support its potential as a weekly alternative to current daily acromegaly treatments.”

Opko Health, Inc., press release

Partnerships: Nicoya and Entera

• OPKO takes 15% Nicoya stake: OPKO took a 15% equity stake in Nicoya and received an initial Series A-2 Preferred Shares tranche. Source
• Original milestones unchanged: The original Nicoya milestone structure is unchanged, with OPKO eligible for up to $115 million on development, regulatory and sales-based milestones. Source
• Entera presented EB612 and EB618 data: Entera Bio presented preclinical data on EB612, an oral long-acting PTH analog, and EB618, an oral dual GLP-1/glucagon agonist, both moving toward first-in-human evaluation. Source

Costs and operating items

• Consolidated costs fell year over year: Total costs and expenses were $170.5 million versus $216.8 million, after an $18.1 million gain on sale of assets. Source
• Selling and admin costs declined: Selling, general and administrative expense was $52.9 million versus $59.6 million in the second quarter. Source
• Other expense and tax benefit narrowed: Other expense, net was $6.4 million versus $102.5 million, and the income tax benefit was $5.0 million versus $14.1 million. Source

Cash, buybacks and balance sheet

• Cash position at $314.4 million: Cash, cash equivalents, marketable securities and restricted cash were $314.4 million at June 30, 2026, compared with $341.9 million at March 31, 2026. Source
• Buybacks and remaining authorization: About $105.3 million of common stock had been repurchased under the July 2025 program, including $13.2 million in the second quarter, leaving $94.7 million authorized. Source
• Convertible notes and royalty financing: Long-term convertible notes were $89.8 million and senior secured royalty financing was $246.8 million; equity was $1,184.2 million versus $1,268.0 million. Source

Coming up, as management said on 27 July 2026

• Second Nicoya preferred issuance: Second Series A-2 Preferred Shares equity issuance under the amended Nicoya agreement is expected to close in the third quarter of 2026. Source
• MDX2301 enrollment and early data: MDX2301 Phase 1 enrollment is planned to complete in the third quarter of 2026, with early data targeted for late 2026 or early 2027. Source
• MDX2001 and MDX2004 early data: Initial safety, tolerability, pharmacokinetic and immune data from the MDX2001 and MDX2004 Phase 1 studies are expected in the first half of 2027. Source
• OPK8801001 trials planned end-2026: Management plans to advance OPK8801001, the long-acting growth hormone receptor antagonist, into clinical trials at the end of 2026. Source

Figures management reported

Earlier plans management reported on

• On track: Management said MDX2004 continues Phase 1 enrollment as planned, with MDX2001 also proceeding as planned. Source
• Not stated: Management gave ModeX Phase 1 entry as later this year or in early 2027; the prior release said later this year. Source

Other quarters

• Q3 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.