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- **Strategic Divestiture Success**: $192.5M from oncology division sale, with $32.5M earn-out potential.
- **4Kscore Test Growth**: 20% Q3 volume increase, poised for accelerated growth with FDA label expansion.
- **Therapeutics Pipeline Expansion**: 4 candidates in clinical trials, including new MDX2004 immune rejuvenator.
- **Regeneron Collaboration**: $1B+ potential milestone payments for multispecific antibody programs.
- **2026 Outlook**: Diagnostics to reach breakeven in Q4 2025, Pharmaceuticals revenue growth 3-5%.

**【CEO Summary Section】**
- Completed sale of BioReference Health's oncology division for $192.5 million, with $32.5 million in earn-out potential.
- 4Kscore test volume grew 20% Q3 2025, driving clinical testing growth.
- Repurchased $25.1 million in shares YTD, with $126 million remaining under buyback program.
- Advanced 4 therapeutics into clinical trials, including MDX2001 (Phase I) and MDX2004 (new multispecific immune rejuvenator).
- Collaborated with Regeneron to develop multispecific antibodies targeting multiple pathways.
- BARDA-funded COVID antibody program to begin Phase I in early 2026.

**【CFO Financial Commentary】**
- Q3 2025 total revenue: $151.6 million (Diagnostics: $95.2M, Pharmaceuticals: $56.4M).
- Diagnostics operating income: $81.6 million (vs. $58.5M prior year), driven by cost savings and 4Kscore growth.
- Pharmaceuticals revenue up 8% Y/Y, with Rayaldee contributing $7.5 million (29% Y/Y growth).
- R&D expenses: $29.6 million, up 5% Y/Y, supporting ModeX pipeline.
- Q4 2025 guidance: Total revenue $135-140M, operating expenses $175-180M.
- 2026 outlook: Diagnostics revenue growth 1-3%, Pharmaceuticals 3-5%, Pfizer profit share $32-35M.

**【Q&A Key Highlights】**
- **MDX2001 Progress**: 5 patients at dose level 5, total enrollment ~30. Expansion cohorts expected in 2026.
- **4Kscore Growth**: Label expansion to primary care physicians could double addressable market. Q3 volume up 20% despite label change in mid-quarter.
- **Regeneron Collaboration**: 4 initial programs across oncology, immunology, and metabolism. Milestone payments could exceed $1B if successful.
- **COVID Antibody Program**: BARDA-funded Phase I to begin early 2026, targeting immunocompromised populations.
- **Financial Assumptions**: 2026 Diagnostics ASPs stable, volume growth 1-3%. Pfizer profit share expected $32-35M (vs. $8.8M in Q3 2025).

OPKO Health, Inc. (OPK) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

OPK

OPK fundamentals

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