On April 28, 2026 OPKO Health, Inc. (NASDAQ: OPK) (OPKO) reported business highlights and financial results for the three months ended March 31, 2026.
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Highlights from the first quarter of 2026 and recent weeks included the following:
Initiated and completed first dose cohort of MDX2301 Phase 1 clinical trial for the prevention of COVID-19. MDX2301 is a tetravalent bispecific antibody that neutralizes all known variants of SARS-CoV-2 and also has the potential to delay resistance by emerging variants. The Phase 1 clinical trial (NCT07445971) is evaluating the safety, pharmacokinetics and tolerability of MDX2301 administered via different routes in healthy volunteers and in immune impaired adults at high risk for severe COVID-19. By combining multiple antibody binding domains in a single molecule, MDX2301 is designed to provide high potency and greater breadth compared with conventional monoclonal antibodies. This trial is being funded by the Biomedical Advanced Research and Development Authority (BARDA).
Initiated MDX2003 Phase 1 clinical trial in relapsed or refractory B-cell lymphoma. MDX2003 (CD19xCD20xCD3xCD28) is a novel tetraspecific T-cell engager-expander designed to optimize sustained T-cell function and address the two most common and validated targets in lymphomas and leukemias. The MDX2003 Phase 1 study (NCT07249905) is designed to evaluate the safety, tolerability, pharmacokinetics and preliminary anti-tumor activity of MDX2003 in adults with various types of B-cell lymphoma. The study includes dose-escalation and dose-expansion phases. B-cell lymphoma, a form of non-Hodgkin lymphoma arising from B lymphocytes, represents the most common lymphoma subtype, accounting for approximately 85% of cases.
ModeX to present data on multispecific antibody targeted in vivo CAR T cell programs at the American Society of Gene + Cell Therapy (ASGCT) (Free ASGCT Whitepaper) Annual Meeting with plans to enter Phase 1 studies later this year. Built on its multispecific technology, ModeX recently developed an in vivo CAR-T and gene delivery platform that it believes is highly differentiated compared with ex vivo and other in vivo CAR-T approaches. Using antibody-targeted lipid nanoparticles, this platform can deliver genes encoding chimeric antigen receptors (CARs) directly to specific immune cell subsets that generate functional CAR-T cells in vivo.
Presented two posters highlighting MDX2003 and MDX2004 at the ESMO (Free ESMO Whitepaper) Targeted Anticancer Therapies Congress 2026. In March, an abstract titled "MDX2003, a First-in-Class CD19xCD20xCD3xCD28 Tetraspecific T-Cell Engager with Potent Preclinical Activity against B Cell Malignancies and Promise in Autoimmunity" was presented at the European Society for Medical Oncology’s (ESMO) (Free ESMO Whitepaper) Targeted Anticancer Therapies Congress 2026 in Paris. An abstract titled "A phase 1/2a, multicenter, first-in-human, open-label clinical trial evaluating monotherapy with MDX2004, a trispecific antibody-fusion protein in patients with advanced tumors" was also presented at the Congress.
Expanded partnership with Entera Bio to advance first-in-class oral long-acting PTH tablet for patients with hypoparathyroidism. This third program under the collaboration combines OPKO’s proprietary long-acting PTH variants with Entera’s proprietary N-Tab technology. Following favorable pharmacodynamic and pharmacokinetic data reported in December 2025, the companies have jointly decided to accelerate development and expect to file an investigational new drug (IND) application with the U.S. Food and Drug Administration (FDA) in late 2026. OPKO and Entera Bio each hold a 50% ownership interest in the long-acting PTH hypoparathyroidism program and each is responsible for 50% of the program’s development costs.
First Quarter Financial Results
Consolidated: Consolidated total revenues for the first quarter of 2026 were $124.2 million compared with $149.9 million for the 2025 period, with the decrease principally resulting from the sale of certain BioReference assets in 2025. Operating loss for the first quarter of 2026 improved to $51.0 million compared with operating loss of $67.2 million for the 2025 quarter. Net loss for the first quarter of 2026 was $54.8 million, or $0.07 per share, compared with net loss of $67.6 million, or $0.10 per share, for the 2025 quarter. The prior year results included a $3.9 million realized gain from the sale of shares of GeneDx Holdings Corp.
Pharmaceuticals: Revenue from products in the first quarter of 2026 was $38.0 million compared with $34.8 million in the first quarter of 2025, driven by higher sales volumes from OPKO’s Spanish operations and by a positive net foreign exchange impact of $2.4 million. Revenue from Rayaldee remained consistent at $6.3 million in the first quarter of both 2026 and 2025. Revenue from the transfer of intellectual property and other rose to $14.0 million, up from $12.3 million in 2025. This was highlighted by an increase in gross profit share payments for NGENLA, which totaled $6.4 million compared with $4.5 million in the 2025 quarter. The increase was partially offset by a decrease in revenue recognized under the BARDA contract, which totaled $4.1 million in the first quarter of 2026 compared with $7.0 million for the same period in 2025. Total costs and expenses were $81.7 million in the first quarter of 2026 compared with $81.9 million in the prior-year period. Operating loss narrowed by 15% to $29.7 million in the first quarter of 2026, which included $18.3 million in depreciation and amortization expense, compared with operating loss of $34.8 million in the first quarter of 2025, which included $17.8 million of depreciation and amortization expense.
Diagnostics: Revenue from services in the first quarter of 2026 was $72.2 million compared with $102.8 million in the prior-year period, which included $25.9 million of revenue related to the oncology assets sold to Labcorp in September 2025. The remaining decrease was principally a result of lower clinical test reimbursement rates as a result of exiting certain higher priced, but lower or negative gross margin test offerings, as well as a slight decrease in overall testing volumes. Total costs and expenses were $85.1 million in the first quarter of 2026 compared with $126.8 million in the first quarter of 2025, which included $31.3 million of costs and expenses related to oncology assets that were sold to Labcorp. Operating loss narrowed by more than 45% to $13.0 million in the first quarter of 2026, which included $3.9 million of depreciation and amortization expense, compared with operating loss of $23.9 million in the 2025 period, which included $5.7 million of depreciation and amortization expense.
Cash, cash equivalents, marketable securities and restricted cash: Cash, cash equivalents, marketable securities and restricted cash were $341.9 million as of March 31, 2026. As of March 31, 2026, approximately $92.0 million of OPKO’s common stock had been repurchased under the program since its authorization in July 2025, including $4.8 million in the first quarter of 2026. Approximately $108.0 million remained authorized and available for future repurchases.
Financial Guidance
The table below contains financial guidance for the 2026 second quarter and the unchanged full year financial guidance (in millions):
For the three months ended
June 30, 2026 For the year ended
December 31, 2026
Low High Low High
Revenue:
Services revenue $ 72 $ 76 $ 300 $ 312
Product revenue 38 42 160 170
IP and other revenue 15 19 70 80
Total revenue 127 132 530 560
Included in revenue
Pfizer gross profit share 6 8 34 37
BARDA 5 7 18 22
Total costs and expenses 180 190 725 750
R&D included in costs and expenses 32 38 125 135
Conference Call and Webcast Information
OPKO’s senior management will provide a business update, discuss first quarter financial results, provide financial guidance and answer questions during a conference call and live audio webcast today beginning at 4:30 p.m. Eastern time. Participants are encouraged to pre-register for the conference call here. Callers who pre-register will receive a unique PIN to gain immediate access to the call and bypass the live operator. Participants may register at any time, including up to and after the call start time. Those unable to pre-register may participate by dialing 833-630-0584 (U.S.) or 412-317-1815 (International). A webcast of the call can also be accessed at OPKO’s Investor Relations page and here.
A telephone replay will be available until March 5, 2026, by dialing 855-669-9658 (U.S.) or 412-317-0088 (International) and providing the passcode 2140261. A webcast replay will be available beginning approximately one hour after the completion of the live conference call.
(Press release, Opko Health, APR 28, 2026, View Source [SID1234664860])