Loading...
•
Sep 30, 2020
OPKO Health Q3 2020 Earnings Report
OPKO Health's third quarter results for 2020 showed increased revenues and a return to profitability, driven by significant growth in COVID-19 testing and pharmaceutical product sales.
Key Takeaways
OPKO Health reported a net income of $23.7 million for the third quarter of 2020, a significant turnaround from the net loss of $62.0 million in the same period of 2019. Consolidated revenues increased to $428.1 million, compared to $228.8 million in the prior year, primarily driven by increased COVID-19 testing volumes and pharmaceutical product sales.
BioReference Laboratories' COVID-19 PCR testing volume increased by 61% compared to the second quarter of 2020, processing approximately 3.5 million tests.
Positive Phase 3 topline results were reported for somatrogon from a crossover pediatric study.
RAYALDEE prescriptions increased by 13% compared to the third quarter of 2019, with total prescriptions reaching approximately 16,700.
GeneDx entered into an agreement with Pediatrix Medical Group to offer neonatal genomic services.
Forward Guidance
Pfizer remains on schedule with respect to its regulatory submissions for marketing approval of somatrogon for children with growth hormone deficiency in the U.S. in the fourth quarter of this year and in Europe and Japan in the first half of 2021.
Positive Outlook
- Somatrogon global regulatory submissions are on schedule.
- Marketing authorizations for RAYALDEE have been received in seven European countries.
- A Phase 2 clinical trial with RAYALDEE has been initiated as a treatment for mild to moderate COVID-19.
- GeneDx has entered into an agreement with Pediatrix Medical Group to offer neonatal genomic services.
- BioReference Laboratories launched a best-in-class next-generation sequencing assay.
Challenges Ahead
- Demand for RAYALDEE was impacted by challenges in onboarding new patients because of the COVID-19 pandemic.
- Market authorizations from Spain, Portugal, Italy and Switzerland for RAYALDEE are still pending.
- Lower clinical and genomic test reimbursement affected revenue from services.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...