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Mar 31, 2021
OPKO Health Q1 2021 Earnings Report
Reported business highlights and financial results for the three months ended March 31, 2021.
Key Takeaways
OPKO Health reported consolidated revenues of $545.2 million and a net income of $31.1 million, or $0.05 per diluted share, for the first quarter of 2021. This is compared to $211.5 million in revenues and a net loss of $59.1 million, or $0.09 per share, for the comparable period of 2020.
BioReference Laboratories test volume increased 158% compared with the first quarter of 2020, processing approximately 4.3 million COVID-19 tests.
Topline results were reported from the first cohort of the Phase 2 trial with RAYADEE in patients with stage 5 chronic kidney disease (CKD) on dialysis.
The regulatory submission for somatrogon by Pfizer, OPKO’s commercial partner, was accepted by the European Medicines Agency (EMA).
The Phase 2 trial with RAYADEE in COVID-19 outpatients is 71% enrolled and ongoing at 10 U.S. sites.
Forward Guidance
OPKO Health's first quarter results reflect growth in diagnostics and pharmaceuticals, with continued progress in clinical trials and regulatory submissions.
Positive Outlook
- Increased BioReference Laboratories test volume.
- Positive topline results from RAYADEE Phase 2 trial in CKD patients.
- EMA acceptance of regulatory submission for somatrogon.
- Advancement of RAYADEE Phase 2 trial in COVID-19 outpatients.
- Growth in revenue from pharmaceuticals.
Challenges Ahead
- Lower revenue in base testing business due to COVID-19 pandemic.
- Decline in sales of RAYADEE due to COVID-19 pandemic.
- Decrease in total prescriptions of RAYADEE.
- Decrease in amortization of payments received from Pfizer with respect to somatrogon.
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