Opko Health, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 4 November 2026: press release. Guidance figures: 1 raised, 3 narrowed, 9 new, 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue rose 16 percent: Continuing-operations revenue rose to $65.4 million from $56.4 million, mainly on higher Lilly royalty revenue, higher Rayaldee sales and growth in international operations. Source
• Global Products moved to operating income: Global Products revenue rose to $48.4 million from $39.4 million; segment operating income was $6.0 million against an operating loss of $1.2 million. Source
• BioReference loss against prior gain: Loss from discontinued operations was $18.0 million, against income of $54.6 million; the 2025 result included a $101.6 million gain on the sale of BioReference’s oncology diagnostics business. Source
• Labcorp sale economics set out: The Labcorp agreement provides $722 million in cash at closing, adjusted for business revenues at closing, plus up to $150 million over up to ten years tied to Labcorp sales of the 4Kscore test. Source
• Cash and restricted cash higher: Cash, cash equivalents and restricted cash were $403.2 million at September 30, 2026, against $314.4 million at June 30, 2026 on a measure that also included marketable securities. Source
• First OPK-8801001 participant dosed: First participant dosed in a Phase 1/2a trial of OPK-8801001, a long-acting growth hormone receptor antagonist for acromegaly, with a goal of once-weekly administration. Source

“This presentation is intended to provide a clearer view of the biopharmaceutical businesses that will remain with OPKO following the planned transaction.”

Opko Health, Inc., press release

Guidance

What changed from last quarter

• Guidance withdrawn: Full-year guidance for services revenue and total costs and expenses withdrawn, citing timing of the potential Labcorp closing. Source
• New guidance: Guidance for the fourth quarter and full year 2026 issued on a continuing-operations basis. Source
• Guidance raised: Full-year IP and other revenue range raised to $105 million to $110 million from $100 million to $105 million. Source
• Guidance lowered: Full-year product revenue high end lowered to $169 million from $174 million. Source
• Guidance lowered: Full-year R&D expense high end lowered to $130 million from $135 million. Source
• New: Agreement to sell substantially all remaining BioReference diagnostic operations to Labcorp. Source
• New: Additional $125 million of senior secured royalty notes issued under an expanded HealthCare Royalty financing. Source
• New: Continuing operations now reported in two segments, Global Products and Innovative Biotech, with corporate costs shown separately. Source
• New: BioReference results presented as discontinued operations for all periods, with prior periods recast, after the held-for-sale classification. Source

Results and growth drivers

• Revenue rose 16 percent: Continuing-operations revenue rose to $65.4 million from $56.4 million, mainly on higher Lilly royalty revenue, higher Rayaldee sales and growth in international operations. Source
• Operating loss narrowed; net loss widened: Net loss from continuing operations was $35.5 million, or $0.05 per share, against $33.0 million, or $0.04 per share, a year earlier. Source
• Nine-month operating loss narrowed: For the nine months ended September 30, 2026, consolidated operating loss was $81.4 million against $118.9 million, and total revenues were $206.5 million against $159.2 million. Source
• Net loss including discontinued operations: Net loss including discontinued operations was $53.5 million, or $0.07 per share, against net income of $21.6 million a year earlier. Source

Segments and regions

• Global Products moved to operating income: Global Products revenue rose to $48.4 million from $39.4 million; segment operating income was $6.0 million against an operating loss of $1.2 million. Source
• Innovative Biotech loss widened: Innovative Biotech segment operating loss was $26.8 million against $22.5 million a year earlier, as ModeX development programs took more spending. Source
• Corporate costs edged up: Unallocated corporate operating loss was $10.6 million, reflecting employee-related and general administrative expenses not allocated to segments. Source

“Because the planned disposition represents a strategic shift that will eliminate substantially all remaining diagnostic operations”

Opko Health, Inc., press release

Products and licensing income

• Rayaldee sales rose on gross-to-net adjustments: Rayaldee revenue increased, which the company attributed to favorable gross-to-net adjustments linked to changes in Medicare coverage. Source
• International operations grew on animal health: International operations revenue rose about $3.0 million on animal health and higher EirGen volumes and mix; currency added about $0.7 million. Source
• Licensing income rose on Lilly royalty: Licensing, collaboration and other revenue reached $6.6 million, mainly $5.8 million of Lilly royalty revenue, partly offset by lower EirGen milestone revenue. Source
• BARDA revenue fell; Regeneron offset: BARDA revenue fell to $7.5 million from $8.2 million; $0.8 million of Regeneron collaboration revenue substantially offset the decline, and Pfizer royalty revenue was steady. Source

Costs and other items

• Total costs rose modestly: Total costs and expenses for continuing operations were $96.8 million against $90.0 million; nine-month costs were $287.9 million against $278.1 million. Source
• R&D spend rose: Research and development expense was $32.2 million against $29.8 million, and $94.3 million for the nine months against $90.3 million. Source
• Non-cash charges held steady: Non-cash depreciation, amortization and equity-based compensation within operating loss was $20.7 million, against $20.5 million. Source
• Other expense fell; investee loss added: Other expense, net was $6.4 million against $7.4 million; income tax benefit was $7.3 million against $8.0 million; loss from investments in investees was $5.0 million. Source
• Intangible amortization unchanged year over year: Amortization of intangible assets was $16.5 million in both the third quarter of 2026 and the prior-year quarter. Source

“In preclinical studies, OPK-8801001 produced robust, dose dependent sustained suppression of insulin-like growth factor-1 (IGF-1), a key marker of disease activity in acromegaly.”

Opko Health, Inc., press release

BioReference discontinued operations

• BioReference revenue fell: BioReference revenue was $71.8 million against $95.2 million in the prior-year quarter. Source
• BioReference loss against prior gain: Loss from discontinued operations was $18.0 million, against income of $54.6 million; the 2025 result included a $101.6 million gain on the sale of BioReference’s oncology diagnostics business. Source
• Diagnostics held for sale: Current assets held for sale were $248.1 million at September 30, 2026, up from $13.1 million at December 31, 2025; noncurrent held-for-sale assets fell from $244.5 million to nil. Source

Labcorp sale and royalty financing

• Labcorp sale economics set out: The Labcorp agreement provides $722 million in cash at closing, adjusted for business revenues at closing, plus up to $150 million over up to ten years tied to Labcorp sales of the 4Kscore test. Source
• Closing still needs approvals: Closing of the Labcorp sale is conditioned on regulatory approvals and customary closing conditions. Source
• Royalty notes add $125 million: Additional $125 million of senior secured royalty notes issued; the framework includes specified royalty payments receivable under the Eli Lilly license for mazdutide. Source

Capital, cash and returns to shareholders

• Cash and restricted cash higher: Cash, cash equivalents and restricted cash were $403.2 million at September 30, 2026, against $314.4 million at June 30, 2026 on a measure that also included marketable securities. Source
• Royalty proceeds and escrow release: Net proceeds of about $123.1 million came from the additional royalty financing, and about $19.8 million from release of escrow tied to the September 2025 oncology transaction. Source
• Share buybacks in the quarter: The company repurchased 7,050,000 shares for about $10.6 million; about $115.7 million of the $200 million authorization has been used, leaving about $84.3 million. Source
• Royalty financing liability increased: Senior secured royalty financing rose to $370.2 million from $246.4 million at December 31, 2025. Source

Pipeline and clinical programs

• First OPK-8801001 participant dosed: First participant dosed in a Phase 1/2a trial of OPK-8801001, a long-acting growth hormone receptor antagonist for acromegaly, with a goal of once-weekly administration. Source
• MDX2301 enrollment completed: Enrollment completed in the MDX2301 Phase 1 trial of a bispecific antibody for COVID-19 prevention, funded by BARDA. Source
• MDX2003 enrollment continues: Enrollment continues in the MDX2003 Phase 1 study, a tetraspecific T-cell engager-expander, in relapsed or refractory B-cell lymphoma. Source
• MDX2001 and MDX2004 enrollment continues: MDX2001 (solid tumors) and MDX2004 (trispecific immune rejuvenator) Phase 1 enrollment continues as planned; MDX2004 sites are in Australia and Israel. Source
• OPK-88006 safety reported in first part: The single ascending dose portion reported safety and tolerability across 3 dose levels in 24 participants; the multiple ascending dose portion is enrolling at 4 sites. Source

Coming up, as management said on 4 November 2026

• MDX2301 early data timing: Early data from the MDX2301 Phase 1 trial is expected to be presented in late 2026 or early 2027. Source
• MDX2001 and MDX2004 data in 2027: Initial safety, tolerability, pharmacokinetic and immune data for MDX2001 and MDX2004 are expected in the first half of 2027. Source
• Continuing-operations guidance continues: The company will keep issuing guidance for its continuing operations. Source

Figures management reported

Risks management discussed

• Financial: Services guidance was withdrawn because the timing of the potential Labcorp closing and its effect on financial results are uncertain. Source
• Regulatory: The Labcorp sale still needs regulatory approvals and customary closing conditions before it can complete. Source
• Financial: The cash at closing is subject to adjustment based on business revenues at closing, so the amount received may differ from the headline figure. Source

Earlier plans management reported on

• Met: The prior release planned enrollment completion in the third quarter of 2026; this release reports enrollment completed. Source
• Not stated: The prior release planned clinical trials for the end of 2026; this release reports the first participant dosed. Source
• On track: Management states MDX2001 continues to enroll as planned. Source
• On track: Management states MDX2004 continues Phase 1 enrollment as planned at sites in Australia and Israel. Source

Other quarters

• Q2 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.