OPKO Health Q4 Revenues Drop to $148.5M with $31.3M Loss; Regeneron Deal Exceeds $1B
OPKO Health Q4 2025 revenues were $148.5 million down from $183.6 million year-over-year, resulting in a $31.3 million net loss versus $14.0 million net income. It entered a Regeneron collaboration valued over $1 billion and completed a Phase 1 EBV vaccine trial.
1. Q4 2025 Financial Results
OPKO Health reported consolidated revenues of $148.5 million for the fourth quarter of 2025, down from $183.6 million in the same period of 2024. The quarter produced an operating loss of $38.3 million and a net loss of $31.3 million, compared with net income of $14.0 million a year earlier.
2. Regeneron Research Collaboration
OPKO’s ModeX unit entered a multispecific antibody research collaboration with Regeneron Pharmaceuticals leveraging the MSTAR technology platform. The agreement includes an upfront payment, potential milestone payments exceeding $200 million per program, aggregate total value over $1 billion, and tiered royalties on global net sales, with Regeneron funding all development and commercialization.
3. Phase 1 EBV Vaccine Trial
The Phase 1 trial of an investigational Epstein-Barr virus vaccine developed with Merck enrolled over 200 healthy adults to evaluate safety and tolerability, completing in Q4 2025. Additional studies are under way to determine optimal dose and adjuvant selection ahead of potential Phase 2 trials.
4. Clinical Pipeline Progress
MDX2003 received approval for Phase 1 leukemia and lymphoma studies in Australia, expected to start H1 2026, while MDX2004 and MDX2001 abstracts were presented at major oncology meetings. An FDA green light was granted for MDX2301 Phase 1 COVID-19 prevention trials in Q2 2026, and OPKO expanded its Entera Bio partnership to file an IND for an oral PTH tablet in late 2026.