OPKO Health reported a fourth-quarter 2025 loss of $0.04 per share, beating consensus by 42.9%, on $148.5 million in revenue, down 19.1% year over year but 7.6% above estimates. Diagnostic services revenue fell 30.5% to $71.7 million following asset sales, while pharmaceutical product revenue rose 16.8% to $43.7 million, with Rayaldee sales at $8.8 million.

Gross profit declined 24.2% to $64.1 million, contracting gross margin by 290 basis points to 43.2%. Selling, general and administrative expenses fell 24.6% to $50.5 million, research and development expenses rose 7.9% to $32.8 million, and operating loss widened to $38.3 million from $33.1 million a year earlier.

Cash and cash equivalents ended the quarter at $369.1 million, down from $428.9 million at the prior quarter’s end. Cumulative net cash used in operating activities was $178.5 million versus $183.5 million a year ago, reflecting continued investment in clinical and diagnostic operations.

OPKO expects first-quarter 2026 revenues of $125 million to $140 million and full-year 2026 revenues of $530 million to $560 million. Product sales are forecast at $38 million to $45 million in Q1 and $160 million to $170 million for the year, diagnostic services at $71 million to $75 million in Q1 and $300 million to $312 million for the year, and IP/other revenues at $15 million to $20 million in Q1 and $70 million to $80 million for the year.