EarningsQ2 2026 Earnings Report
MX:OPK Q2 2026 EPS Results
Actual EPS-$0.18
Consensus EPS-$1.46
Beat/MissBeat by +$1.28
One Year Ago EPS-$3.48
MX:OPK Q2 2026 Revenue Results
Actual Revenue$2.99B
Expected Revenue$2.40B
Beat/MissBeat by +$591.77M
YoY Revenue Growth+4.32%
Earnings Announcement Details
QuarterQ2 2026
Date07/27/2026
TimeAfter Close
Conference CallMonday, July 27, 2026
MX:OPK Upcoming Earnings
Opko Health's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:OPK Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed materially positive operational and financial momentum: substantial pipeline progress across ModeX and OPKO biologics, significant revenue growth in the Pharmaceutical segment, a stronger cash position (> $300M), improved consolidated results (much smaller net loss) and upgraded full-year revenue guidance. However, the company faces near-term headwinds including a year-over-year decline in diagnostics revenue tied to prior divestitures, elevated and persistent operating and R&D expenses, timing/reimbursement uncertainty for 4Kscore expansion, and clinical data/enrollment timing risks. Overall, the positive items (cash runway, pipeline advances, large revenue inflection items and much improved profitability metrics) outweigh the lowlights, but several execution and timing risks warrant monitoring.Company Guidance
Robust cash position and shareholder returns
Ended Q2 with over $300 million in cash, cash equivalents and restricted cash; repurchased 9.7 million shares for approximately $13 million during the quarter and have ~ $94 million remaining authorization to repurchase additional shares.
Meaningful pipeline progress across ModeX and biologics
Five ModeX assets are in the clinic with a sixth (in vivo CAR-T, MDX3001) in IND-enabling studies expected to enter the clinic by end-2026/early-2027; multiple other OPKO biologics programs advanced (GLP-2, oral PTH, long-acting GH antagonist) and Phase I/IIa initiated in the U.S. for OPK-88006 (GLP-1/glucagon).
Pharmaceutical revenue growth
Pharmaceutical revenue rose to $89.0 million in Q2 2026 from $55.7 million in Q2 2025, an increase of ~59.8%, driven by higher international volumes, FX tailwinds and improved RAYALDEE gross-to-net dynamics.
Significant one-time and partnership-related revenue recognition
Recognized $29.4 million in revenue from Series A-2 preferred shares (Nicoya partnership) contributing to IP & other revenue of $46.1 million in Q2 2026 versus $15.0 million in Q2 2025 (+207%). Also received $18.4 million earn-out from Labcorp transaction in Q2 2026 in addition to prior $192.5 million closing payment.
Diagnostics operating performance improvement
Diagnostics revenue of $74.5 million in Q2 2026 (includes $6.2 million from 4Kscore) vs $101.1 million in Q2 2025 impacted by the prior divestiture, but diagnostic operating income improved to $4.8 million from an operating loss of $18.2 million in Q2 2025 due to transaction-related gains and cost rationalization.
Consolidated profitability trajectory
Consolidated revenue increased to $163.6 million in Q2 2026 from $156.8 million (+4.4%); consolidated operating loss narrowed to $7.0 million from a $60.0 million loss in Q2 2025; net loss improved to $8.4 million (-$0.01/sh) from $148.4 million (-$0.19/sh) in Q2 2025 — a very large year-over-year reduction in net loss.
Ongoing strategic collaborations with tier-one partners
ModeX collaborations advancing: Merck-funded MDX2201 vaccine program nearing Phase II design decisions; Regeneron collaboration advancing four discovery programs with potential milestones >$1 billion plus tiered royalties; BARDA funding supports multi-specific COVID-19 and influenza programs.
Upgraded full-year 2026 revenue guidance
Raised FY2026 revenue guidance to $560 million–$585 million with service revenue expected $296 million–$306 million and pharmaceutical product revenue $164 million–$174 million; R&D investment guided at $125 million–$135 million, partially offset by expected BARDA funding of $18 million–$22 million.
MX:OPK Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed