OPKO Health (OPK) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue rose to $163.6M, driven by a 208% increase in IP and other revenue, offsetting a 26% decline in service revenue after the oncology diagnostics divestiture.

• Net loss narrowed to $8.4M from $148.4M year-over-year, reflecting lower costs and the absence of prior year one-time charges.

• Advanced multiple clinical programs, including in vivo CAR-T and tetraspecific T-cell engager trials, with several Phase 1 studies initiated or enrolling.

• Completed sale of oncology diagnostics assets to Labcorp, receiving $192.5M upfront and $18.4M earn-out in Q2 2026, supporting a more focused diagnostics business.

• Expanded strategic partnerships, notably with Nicoya for Rayaldee commercialization in Greater China, acquiring a 15% equity stake and recognizing $29.4M in related revenue.

Financial highlights

• Ended Q2 2026 with $314.4M in cash and equivalents, supporting operations and share buybacks.

• Q2 2026 total revenue was $163.6M, up from $156.8M in Q2 2025; six-month revenues were $287.8M.

• Operating loss improved to $7M from $60M year-over-year; net loss was $8.4M ($0.01/share) vs. $148.4M ($0.19/share) in Q2 2025.

• Diagnostics revenue was $74.5M (vs. $101.1M prior year, reflecting asset sale); pharmaceutical revenue was $89M (vs. $55.7M), driven by product sales and partnership revenue.

• Cost of revenue decreased 22% YoY in Q2 2026, reflecting the impact of the oncology divestiture.

Outlook and guidance

• Q3 2026 revenue expected at $131M–$142M; pharmaceutical product revenue $40M–$44M; IP/other revenue $16M–$20M.

• Full-year 2026 revenue guidance raised to $560M–$585M; service revenue $296M–$306M; pharmaceutical revenue $164M–$174M; partner revenue $100M–$105M.

• Full-year costs and expenses expected at $710M–$740M; R&D investment $125M–$135M, offset by BARDA and Regeneron funding.

• Management expects continued positive impact from Rayaldee and NGENLA franchises and ongoing cost discipline.

• Cash on hand is expected to cover operational and debt service needs beyond the next 12 months.