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Sep 30, 2024
OPKO Health Q3 2024 Earnings Report
OPKO Health's financial performance improved due to strategic asset sales and cost-reduction initiatives, resulting in profitability.
Key Takeaways
OPKO Health reported a profitable third quarter, driven by a $121.5 million gain from the sale of BioReference assets and a $10.5 million gain from the sale of GeneDx shares. Revenue was $173.6 million, and net income was $24.9 million, or $0.03 per diluted share, compared to a net loss in the prior year.
Completed the sale of select BioReference Health assets to Labcorp for $237.5 million.
Entered into a $250 million note purchase agreement with HealthCare Royalty secured by profit share payments related to NGENLA.
Authorized a $100 million share repurchase program, repurchasing and retiring 14.9 million shares for approximately $23.8 million during the quarter.
Awarded $51 million of additional funding under an existing BARDA contract to develop COVID multispecific antibodies and to initiate an influenza program.
Forward Guidance
OPKO's senior management will provide a business update, discuss third quarter financial results, provide financial guidance and answer questions during a conference call and live audio webcast today beginning at 4:30 p.m. Eastern time.
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Avg. Return Before/After Earnings
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