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what it is
OPKO sells diagnostic tests and kidney drugs while funding a biotech pipeline that still has not paid the bills.
how it gets paid
Last year Opk made $607M in revenue.
why it's growing
Revenue grew 308.8% last year. The 19% revenue drop mattered most because a shrinking top line makes every turnaround promise harder to believe.
what just happened
Quarterly revenue came in at $148M, but it was still down 19% vs. prior year.
At a glance
B balance sheet — gets the job done, barely
30/100 earnings predictability — expect surprises
2.2% return on capital — nothing to write home about
-$0.45 fy2024 eps est
$713M fy2024 rev est
xvary composite: 47/100 — below average
What they do
OPKO sells diagnostic tests and kidney drugs while funding a biotech pipeline that still has not paid the bills.
OPKO's edge is reach, not elegance. It had 2,997 employees and Somatrogon approvals in 50-plus markets, which gives you real commercial plumbing while smaller biotech peers are still pitching slides. Diagnostics brings recurring testing volume, while partnered drugs give OPKO shots on goal without paying every bill alone.
How they make money
$607M
annual revenue · their business grew +308.8% last year
total revenue
$607M
+308.8%
The products that matter
marketed kidney drug
Rayaldee
30% target growth
This is the only marketed U.S. pharmaceutical product called out here, and management wants 30% growth in 2026. That's a lot of narrative weight on one asset.
single-drug thesis
clinical laboratory testing
Diagnostics
$71.1M q4 revenue
Diagnostics produced $71.1M in Q4 revenue, down 31% from a year ago, even as non-oncology test volume grew 5.3%. More tests and less revenue is not the kind of contrast you want.
declining core
licensing and other revenue
Intellectual property & other
$147M · +308.8%
This bucket produced $147M and grew 308.8%, but the current data does not tell you what inside that jump is repeatable. Growth without clean attribution deserves a discount.
thin disclosure
Key numbers
19.3%
operating margin
Operating margin → profit after running the business → so what: OPKO loses about 19 cents for every dollar of sales before interest and taxes.
$371M
long-term debt
Long-term debt → money owed later → so what: debt equals about 41% of OPKO's roughly $903M market cap, which limits room for mistakes.
$607M
ttm revenue
Revenue → money coming in → so what: the company is real, but the top line is shrinking, with TTM revenue down 14.9% vs. prior year.
95.6%
gross margin
Gross margin → sales left after direct costs → so what: the products and services are not the problem; overhead and structure are.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 15 / 100
- long-term debt $371M (29% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for OPK right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Quarterly revenue came in at $148M, but it was still down 19% vs. prior year.
Gross margin stayed very high at 95.6%, which sounds absurd next to a business still posting a -$0.04 EPS loss. That usually means the product mix is fine and the cost structure is not.
$148M
revenue
$0.04
eps
95.6%
gross margin
the number that mattered
The 19% revenue drop mattered most because a shrinking top line makes every turnaround promise harder to believe.
source: company earnings report, 2026
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What could go wrong
the main risk is simple: OPKO already reset 2026 revenue to $530M–$560M, so a second reset would tell you the business is still moving backward.
med
the revenue base is already shrinking
Management's $530M–$560M guide is 13% below the 2025 figure of $607M and below the $634.3M consensus. That is not a trim. That is a reset.
If OPKO misses even the low end, the market stops treating this as a transition and starts treating it as plain deterioration.
med
Rayaldee has too much work to do
The clearest near-term growth target in the snapshot is 30% for Rayaldee. That is a lot to ask from one marketed U.S. pharmaceutical product when the rest of the business is not helping much.
If Rayaldee misses, the bull case does not get delayed. It gets smaller.
med
diagnostics is still moving the wrong way
The diagnostics segment posted $71.1M of Q4 revenue, down 31% from a year ago. Non-oncology test volume grew 5.3%, which is better than nothing, but revenue is the number that pays for the turnaround.
A shrinking lab business can absorb any progress elsewhere before it shows up at the company level.
med
the auditor flag raises the trust hurdle
On June 20, 2024, auditor Barbara J. Comly cited a risk of not detecting a material misstatement from fraud. That does not prove fraud. It does mean investors have less reason to give management the benefit of the doubt.
For a $1 stock with 15/100 price stability, credibility damage can move the stock almost as fast as operating damage.
Taken together, these risks sit against a business that did $607M in 2025 revenue and now expects $530M–$560M next. The margin for error is thin because the reset already happened once.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number that matters
2026 revenue vs. the $530M–$560M guide
Management already lowered the frame. If reported revenue starts drifting below the low end, you should assume the reset is not over.
product
Rayaldee sales momentum
The company is targeting 30% growth. If that target starts looking aspirational instead of real, the thesis gets a lot smaller.
core business
diagnostics decline rate
Q4 diagnostics revenue fell 31%. You want that number getting less bad fast, because it is still the largest clearly disclosed operating piece.
pipeline calendar
Entera Bio oral PTH updates
The October 2025 partnership expansion is the main outside catalyst in the current data. Watch for development updates, but do not price in economics that are not disclosed here.
Analyst rankings
earnings predictability
30 / 100
in human-speak, analysts do not trust this income statement to behave consistently.
balance sheet strength
B
Good enough to keep operating. Not strong enough to make execution mistakes irrelevant.
price stability
15 / 100
This does not trade like a steady healthcare name. It trades like a small-cap turnaround with trust issues.
source: institutional data
Institutional activity
institutional ownership data for OPK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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