These results were published on Monday, 27 July 2026, after the US close. We cover them here to complete the picture.
Opko reported a quarter that looks like a turning point - and most of the improvement comes from two non-recurring lines.
What was reported
| Quarter | Year ago | Change | |
|---|---|---|---|
| Revenue | 163.5 | 156.8 | +4.3% |
| Operating loss | -7.0 | -60.0 | narrowed 88% |
| Net loss | -8.4 | -148.4 | narrowed 94% |
| EPS | -$0.01 | -$0.19 | - |
In millions of dollars
At first glance: a reversal. The net loss narrowed 94%, and revenue grew.
And at second glance
Two lines that change the picture
First: $29.4 million of quarterly revenue is recognition of shares received from Nicoya - not a sale of a service or product.
Excluding it, revenue stands at $134.1 million - a fall of 14.5%, rather than a rise of 4.3%.
And second: the diagnostics arm posted a first operating profit of $4.8 million - but it includes an $18.1 million earnout from Labcorp, which offset operating expenses.
Excluding both items together, the operating loss stands at roughly $54.5 million - rather than the $7.0 million reported. Which means the improvement against $60.0 million a year ago is about five million, not 53.
The breakdown
| Segment | Quarter | Year ago | Change |
|---|---|---|---|
| Services (diagnostics) | 74.5 | 101.1 | -26.3% |
| Products (pharmaceuticals) | 42.9 | 40.7 | +5.4% |
| Intellectual property and other | 46.1 | 15.0 | +207% |
In millions of dollars
The 26.3% diagnostics decline is not operational deterioration - it stems largely from the September 2025 sale of oncology diagnostics assets to Labcorp. The company sold part of the business, so revenue is smaller.
And the 207% jump in intellectual property is mostly those same $29.4 million of Nicoya shares.
What genuinely improves
Cash burn. Net cash used in operating activities in the first half fell to $62.8 million, from $118.0 million - a cut of roughly 47%.
This is the figure hardest to dress up, and it points to real operational improvement independent of one-off lines.
On the balance sheet: $314.4 million in cash and securities at 30 June, down $54.7 million from end-2025.
And buybacks: $13.2 million in the quarter, and $105.3 million cumulative. Roughly $94.7 million remains authorised.
Guidance - raised
Full-year revenue: raised to $560-585 million, from $530-560 million. And the expense budget was actually lowered to $710-740 million from $725-750 million.
But it is worth noting where the quarterly beat came from: the $163.5 million result exceeded the company's own guidance of $127-132 million - and almost the entire difference comes from the intellectual property line, which delivered $46.1 million against the $15-19 million guided.
And the asset growing quietly
Opko's share of NGENLA profits - the growth hormone marketed by Pfizer - reached $6.4 million in the quarter and $12.8 million in the half. Full-year guidance: $34-37 million.
And Rayaldee brought in $8.1 million, up 12.5%.
My Angle
A personal opinion of Ilan Abramov - not advice, not a recommendation
Opko is a good exercise in reading a company selling assets while attempting a turnaround.
Every headline number is affected by a transaction rather than by operations. Revenue rose because of shares received; diagnostics fell because of assets sold; the operating loss narrowed because of an earnout. None of them is a lie, and none of them describes the ongoing business.
The only number that does describe it is the cash burn - down from $118 million to $62.8 million in half a year. That is a real decline, and it is the most important thing in the report.
And what I file under questions: guidance was raised, but the quarterly beat came almost entirely from intellectual property - a line that by its nature does not recur at a steady pace. Next quarter will show whether the operating base has genuinely stabilised.
