olivLaw · US equity research
OPKO Health, Inc. OPK
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
OPKO Health is a pharmaceutical and diagnostics company based in Miami, with NGENLA® (somatrogon) marketed with Pfizer in more than 50 markets and the ModeX multispecific antibody platform in clinical stages. The company is now narrowing its diagnostics business to core clinical testing in New York and New Jersey, and total revenue was 606.9 million USD in 2025,.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, OPKO Health, Inc. (OPK) stock was 1.77 USD (+2.91% on the day), with market capitalisation 1.3 bn USD, beta 0.81, 52-week range 1.10–1.77 USD. Latest reported quarter (Q3 2026): revenue of 65.4 m USD (+15.9% YoY), net income of -53.5 m USD (−347.5% YoY), diluted EPS -0.07 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.7
- strong (55–70)
- Bollinger (20, 2)
- 1.31 – 1.84
- in the upper half of the band · %B 0.87 · band width 33.3%
- SMA 50 / 200
- 1.58 / 1.35
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.05 / 0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.7% | −1.1% | +13.8 pp | — |
| 3 months | +31.1% | −0.5% | +31.6 pp | — |
| 6 months | +58.0% | +4.4% | +53.6 pp | — |
| Year to date | +40.5% | +12.3% | +28.2 pp | — |
| 1 year | +27.3% | +13.5% | +13.8 pp | +19.3% |
| 3 years | +31.1% | +76.4% | −45.3 pp | +13.0% |
| 5 years | −56.5% | +63.7% | −120.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 183.6 m | 150.0 m | 156.8 m | 56.4 m | 148.5 m | 124.2 m | 163.6 m | 65.4 m |
| Cost of revenue | 99.0 m | 107.3 m | 107.4 m | 21.4 m | 331.7 m | 78.4 m | 83.6 m | 23.4 m |
| Gross profit | 84.7 m | 42.6 m | 49.4 m | 35.1 m | 115.9 m | 45.8 m | 80.0 m | 42.1 m |
| Research & development | 30.4 m | 30.8 m | 30.3 m | 29.8 m | 33.7 m | 29.2 m | 33.2 m | 32.2 m |
| SG&A | 67.0 m | 59.1 m | 59.6 m | 22.3 m | 153.5 m | 48.6 m | 52.9 m | 24.8 m |
| Operating income | -33.1 m | -67.2 m | -60.0 m | -33.6 m | 1.5 m | -51.0 m | -7.0 m | -31.4 m |
| Depreciation & amortisation | 24.0 m | 23.5 m | 23.0 m | 22.7 m | 22.4 m | 22.2 m | 22.4 m | 18.9 m |
| Interest expense | 14.2 m | 15.5 m | 70.3 m | 11.3 m | -97.0 m | 10.9 m | 11.4 m | 13.5 m |
| Pre-tax income | 35.0 m | -73.4 m | -162.5 m | -41.0 m | -3.3 m | -61.0 m | -13.4 m | -42.9 m |
| Income tax | 20.9 m | -5.8 m | -14.1 m | -8.1 m | 13.3 m | -6.1 m | -5.0 m | -7.3 m |
| Net income | 14.0 m | -67.6 m | -148.4 m | 21.6 m | -31.3 m | -54.8 m | -8.4 m | -53.5 m |
| Diluted EPS | 0.01 | -0.10 | -0.19 | 0.03 | -0.04 | -0.07 | -0.01 | -0.07 |
| Operating cash flow | -44.4 m | -34.6 m | -83.4 m ≈ | -34.6 m ≈ | -25.9 m | -19.3 m | -43.5 m ≈ | -36.3 m ≈ |
| Capex | 5.4 m | 3.2 m | 3.3 m ≈ | 3.1 m ≈ | 2.7 m | 1.8 m | 3.0 m ≈ | 2.8 m ≈ |
| Share repurchases | 16.5 m | 0 | 18.3 m ≈ | 15.3 m ≈ | 13.5 m | 4.8 m | 13.0 m ≈ | 10.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 990.3 m | 901.9 m | 1.4 bn | 1.8 bn | 1.0 bn | 863.5 m | 713.1 m | 606.9 m |
| Revenue YoY | +2.5% | −8.9% | +59.1% | +23.6% | −43.4% | −14.0% | −17.4% | −14.9% |
| Net income | -153.0 m | -314.9 m | 30.6 m | -30.1 m | -328.4 m | -188.9 m | -53.2 m | -225.7 m |
| Net income YoY | unavailable | unavailable | unavailable | −198.6% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.27 | -0.53 | 0.05 | -0.05 | -0.46 | -0.25 | -0.08 | -0.30 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −200.0% | unavailable | unavailable | unavailable | unavailable |
| net % | -15.5% | -34.9% | 2.1% | -1.7% | -32.7% | -21.9% | -7.5% | -37.2% |
| Free cash flow | -137.0 m | -185.3 m | 5.8 m | 6.2 m | -119.8 m | -44.5 m | -208.5 m | -190.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 364.4 m USD
- Financial debt
- 4.0 m USD
- Net debt
- -360.4 m USD
- Equity
- 1.3 bn USD
- Total assets
- 1.9 bn USD
- Debt / equity
- 0.00x
- Current ratio
- 3.97x
- ROE
- -17.1%
- ROA
- -10.9%
- FCF margin
- -31.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.8 bn | 1.0 bn | 863.5 m | 713.1 m | 606.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | — | — | 716.0 m | 545.4 m | 494.6 m | 400.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | — | — | 288.2 m | 318.1 m | 218.5 m | 205.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 75.3 m | 76.9 m | 73.9 m | 89.6 m | 105.2 m | 124.0 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 355.6 m | 468.9 m | 372.7 m | 300.6 m | 304.2 m | 223.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 57.7 m | 18.8 m | -226.3 m | -157.0 m | -152.1 m | -117.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 85.4 m | 78.7 m | 108.7 m | 105.3 m | 98.2 m | 91.6 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 143.1 m ≈ | 97.5 m ≈ | -117.6 m ≈ | -51.7 m ≈ | -53.9 m ≈ | -25.8 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | — | 18.9 m | 12.1 m | 13.5 m | 47.5 m | 0 | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 48.7 m | -14.0 m | -391.5 m | -184.3 m | -10.4 m | -241.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 17.6 m | 15.5 m | -63.5 m | 4.4 m | 42.8 m | -15.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 30.6 m | -30.1 m | -328.4 m | -188.9 m | -53.2 m | -225.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 0.05 | -0.05 | -0.46 | -0.25 | -0.08 | -0.30 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 640.7 m | 648.1 m | 719.1 m | 751.8 m | 694.0 m | 751.1 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 72.2 m | 134.7 m | 153.2 m | 95.9 m | 426.6 m | 364.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 286.3 m | 259.6 m | 127.3 m | 123.4 m | 118.0 m | 90.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 132.3 m | 86.5 m | 74.1 m | 65.7 m | 56.8 m | 52.7 m | SEC (XBRL)· 04 Nov 2026verified |
| Current assets | 523.2 m | 823.0 m | 394.5 m | 309.5 m | 662.1 m | 581.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 140.6 m | — | 82.9 m | 75.4 m | 70.1 m | 72.8 m | SEC (XBRL)· 04 Nov 2026verified |
| Goodwill | 680.6 m | 520.6 m | 595.9 m | 598.3 m | 529.3 m | 320.8 m | SEC (XBRL)· 04 Nov 2026verified |
| Intangibles (excl. goodwill) | 475.0 m | 321.7 m | 823.5 m | 740.3 m | 616.6 m | 446.4 m | SEC (XBRL)· 04 Nov 2026verified |
| Total assets | 2.5 bn | 2.4 bn | 2.2 bn | 2.0 bn | 2.2 bn | 1.9 bn | SEC (XBRL)· 04 Nov 2026verified |
| Accounts payable | 100.9 m | 82.0 m | 67.0 m | 69.7 m | 47.1 m | 41.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | — | — | 1.7 m | 2.0 m | 437.2 m | 1.7 m | SEC (XBRL)· 28 Apr 2026verified |
| Long-term debt | 3.8 m | 205.3 m | 9.3 m | 7.7 m | 3.0 m | 2.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 375.5 m | 330.0 m | 213.5 m | 200.1 m | 193.1 m | 146.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 801.5 m | 714.6 m | 605.6 m | 622.5 m | 834.8 m | 664.0 m | SEC (XBRL)· 04 Nov 2026verified |
| Equity | 1.7 bn | 1.7 bn | 1.6 bn | 1.4 bn † | 1.4 bn † | 1.3 bn † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 39.5 m | 38.3 m | -95.2 m | -28.2 m | -183.5 m | -178.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 33.7 m | 32.2 m | 24.6 m | 16.3 m | 25.0 m | 12.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 5.8 m ≈ | 6.2 m ≈ | -119.8 m ≈ | -44.5 m ≈ | -208.5 m ≈ | -190.8 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -18.3 m | 35.9 m | 91.0 m | -18.2 m | 352.2 m | 230.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -35.1 m | -10.4 m | 23.0 m | -11.3 m | 184.2 m | -118.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | — | — | 0 | 0 | 90.2 m | 47.0 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -9.0% | 38 (vs peers) | 21% |
| Net margin · Quality | -29.5% | 35 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -15.5% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.4x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 5.0x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -10.3% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 3.2% | 46 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality37/100 · 2/3 factors with a value
- Returns· partial46/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
OPKO Health, Inc. (OPK). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 606.9 m USD in 2025; YoY growth -14.9%; net margin -29.5%; ROE -12.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 5.0x
What contradicts it
- Revenue CAGR 3Y: -15.5%
- Interest coverage: -1.4x
- FCF yield: -10.3%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,334.0 bn | 46.0 | 86.1% | 31.9% | +44.7% | +32% / +140% |
| JNJJohnson & Johnson | 665.2 bn | 41.9 | 20.0% | 16.2% | +6.0% | +34% / +79% |
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| TGTXTg Therapeutics, Inc. | 9.4 bn | 22.5 | 100.3% | 55.2% | +87.3% | +85% / +381% |
| BLRXBioLineRx Ltd | 4.9 bn | — | -12.8% | -171.7% | −95.9% | −46% / −97% |
| BHCBausch Health Companies Inc. | 3.1 bn | — | — | -7.6% | +6.7% | +31% / +17% |
| ANABAnaptysbio, Inc. | 1.4 bn | 11.5 | — | 82.4% | +157.0% | +71% / +404% |
| OPKOPKO Health, Inc. | 1.3 bn | — | -12.2% | -29.5% | −14.9% | +27% / +31% |
| KURAKura Oncology, Inc. | 677.0 m | — | -167.7% | -384.3% | +25.2% | −37% / −21% |
| DMACDiaMedica Therapeutics Inc. | 580.8 m | — | -114.6% | — | unavailable | +25% / +341% |
| PHATPhathom Pharmaceuticals, Inc. | 461.7 m | — | — | -30.2% | +216.9% | −64% / −19% |
1- and 3-year price returns: for OPK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Jul 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
OPKO Health is a pharmaceutical and diagnostics company based in Miami, with NGENLA® (somatrogon) marketed with Pfizer in more than 50 markets and the ModeX multispecific antibody platform in clinical stages. The company is now narrowing its diagnostics business to core clinical testing in New York and New Jersey, and total revenue was 606.9 million USD in 2025 1, 3.
SWOT
Strengths
- The company has an approved product, NGENLA®, and international pharmaceutical platforms that generate cash, supporting market entry for new products 1.
- Partnerships with Pfizer, Regeneron, Merck and Entera Bio share development costs and extend global distribution reach 1.
- Divestitures in diagnostics brought in cash and reduced costs, and the diagnostics segment reported operating income in the second quarter of 2026 1, 3.
Weaknesses
- The company has historically reported operating losses and has not consistently been consolidated-profitable 1.
- Revenue from proprietary products such as Rayaldee remains limited, and much revenue comes from partnerships and intellectual property transfers 1, 3.
- Senior secured notes and restrictive covenants could limit financial flexibility 1.
Opportunities
- Additional approvals, such as the SGA indication for NGENLA®, could expand the patient population and profit-share revenue 1.
- If Rayaldee commercializes successfully in Greater China, licensing revenue and the equity stakes received could grow 2, 3.
- Oral peptide development with Entera Bio could offer injection-free alternatives in large markets such as obesity and hypoparathyroidism 1.
Threats
- Dependence on Pfizer to commercialize NGENLA® means weak partner execution would directly affect company revenue 1.
- New tariffs on EU pharmaceutical imports could raise supply chain costs if application expands 2.
- Clinical failures among ModeX or OPK-88006 candidates could reduce the value of the pipeline 1.
Risks
- History of losses and uncertain profitabilityhigh
The company has largely reported losses, and profitability depends on the success of NGENLA® and Rayaldee as well as diagnostics operations 1.
- Need for additional fundingmedium
If cash flows do not cover research and development spending, the company could need additional capital, with dilution or harsher terms 1.
- Dependence on partnersmedium
Revenue from NGENLA® and Rayaldee depends on Pfizer, VFMCRP and Nicoya, which are largely outside the company's control 1.
- Currency riskmedium
A significant share of revenue is in currencies other than the US dollar, and in the first half of 2026 this share rose compared with the prior year 2.
- Regulatory and clinical trial riskhigh
Preclinical or phase 1 results do not guarantee success in later studies, and regulators may require additional trials or approve narrower indications 1.
Investment thesis
What would need to be true (bull case)
- If NGENLA® and its expansion with Pfizer continue to grow, the company could see more stable profit-share revenue, especially if new indications are approved.
- Exiting low-margin diagnostics activities and reducing operating expenses could lead to better profitability, as seen in the second quarter of 2026 3.
- The ModeX platform and collaborations with large companies could validate the MSTAR technology if phase 1 studies produce favorable data.
What would break the thesis
- The company still reports net losses and depends on licensing and intellectual property transfer revenue, which is not recurring.
- Following divestitures, the company has fewer revenue-generating assets, and service revenue could keep declining if testing volumes fall.
- Most pipeline candidates are at early stages, and trial failures could significantly reduce the estimated value of the company.
What to watch
- Third quarter results and updated 2026 revenue guidanceQ3 2026
- Closing of the Series A-2 preferred share issuance with Nicoya and its effect on IP revenueQ3 2026
- First safety and immune data from ModeX clinical trialsfirst half of 2027
- Effect of US tariffs on the EU supply chain2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Jul 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
OPKO Health is a diversified healthcare company with two reportable segments: pharmaceuticals and diagnostics. In pharmaceuticals, the company markets NGENLA®, a once-weekly growth hormone, with Pfizer, and Rayaldee, for secondary hyperparathyroidism in adults with chronic kidney disease, through its Irish subsidiary EirGen, which exports to more than 60 countries 1. Subsidiary ModeX develops multispecific antibodies for cancer and infectious diseases, and the company runs cash-generating pharmaceutical platforms in Spain, Ireland, Chile and Mexico 1.
In diagnostics, BioReference Health was realigned after the sale to Labcorp of clinical diagnostics, reproductive health, women's health and oncology businesses, keeping core clinical and women's health testing in New York and New Jersey and the national urology franchise including the 4Kscore® test 1. Service revenue fell in 2025 following these divestitures, while operating expenses were reduced 1.
Guidance for 2026 calls for total revenue between 560 and 585 million USD, and in the second quarter of 2026 the company reported a net loss of 8.4 million USD, compared with 148.4 million USD in the same period a year earlier 2, 3. Strategy remains focused on the ModeX pipeline and long-acting peptides developed with Entera Bio 1.
Market context
The chronic kidney disease market, the main target for Rayaldee, is described by the company as large and growing due to obesity, hypertension and diabetes 1. In growth hormone, NGENLA® is already approved in more than 50 countries, but the company says broader indications could increase profit-share revenue 1.
The prostate cancer diagnostics and urology testing market is seen by the company as a higher-margin area, especially after the 2025 FDA label expansion for 4Kscore® 1. The company also noted that test revenue rose about 13% in 2025 1.
Trends
- US tariff frameworkheadwind
Following a February 2026 Supreme Court ruling, the US moved to a new tariff framework that sets a 15% rate on qualifying pharmaceutical imports from the European Union, where the company's principal manufacturing platforms are located 2. The company said the effect was not material in the first half of 2026 but is monitoring its supply chain 2.
- Consolidation of diagnosticsmixed
The 2024 and 2025 divestitures reduced diagnostics volume and revenue but removed costs and focused activity on higher-margin tests 1, 3. If this model holds, the company could see better profitability from diagnostics.
- Expanding Asian partnershipstailwind
The Nicoya agreement was amended in April 2026, and OPKO received a 15% stake in the parent company in exchange for a revised royalty schedule 2, 3. If Rayaldee commercializes successfully in Greater China, licensing income could grow.
- Public funding for researchheadwind
The ModeX pipeline is partly funded by the BARDA contract, and revenue recognized under it fell in the second quarter of 2026 3. If public funding declines, development of candidates could slow.
Competitive position
The analyzed sources do not explicitly name direct competitors. The company mentions partners such as Pfizer, Merck, Regeneron, Eli Lilly, VFMCRP and Entera Bio, but these are licensing or collaboration partners rather than competitors 1, 3. For urology testing, the company named no competitors in the materials provided.
In diagnostics, competition is implicit in the divestiture to Labcorp, which acquired oncology and US clinical diagnostics excluding New York and New Jersey 1. Competition in the laboratory testing and hormone testing market is not detailed in the sources provided.
- PfizerPFE
Partner that commercializes NGENLA® in more than 50 markets; a partnership relationship rather than a direct competitor.
- LabcorpLH
Buyer of BioReference businesses divested in 2024 and 2025, relevant to the reduced diagnostics perimeter.
- RegeneronREGN
Partner in the ModeX multispecific antibody collaboration, not described as a direct competitor.
- Entera Bio
Partner in oral peptide programs including OXM and PTH; not identified as a US-listed company in the sources provided.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- OPKO Health (OPK) Cashes In A Future Royalty Stream EarlyYahoo Finance — News · 14 Sept 2026 · EN
The latest news item in our archive is from 14 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report15 Oct 2026Material agreement · Financial statements and exhibits
- Current report02 Oct 2026Other events
- Current report14 Aug 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report27 Jul 2026
- Current report27 Jul 2026Results of operations · Financial statements and exhibits
- Current report18 Jun 2026Shareholder vote
- Proxy statement30 Apr 2026
- Quarterly report28 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / OPKO Health, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / OPKO Health, Inc. · 27 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / OPKO Health, Inc. · 27 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.