Laidlaw Reiterates Buy Rating on OPKO Health (OPK) with $8.50 Price Target

Today after the market close, OPK reported 2Q26 financial results and corporate updates. Our takeaway is with multiple ModeX-derived clinical studies already underway; we anticipate initial clinical data readouts and multiple reports could start in late 2026 through 2027 and beyond. We notice that the in vivo CAR T cell program (MDX3001) seems to garner good investor interest given the potential of this treatment modality. 2Q26 financial results showed net losses of ($8.4MM) vs. ($81.3MM) for Laidlaw and ($59.2MM) for the Street. Per share, it was ($0.01) vs. ($0.11) for Laidlaw and ($0.07) for the Street. A major discrepancy is a $18.1MM earn out payment received in 2Q26 related to the assets sold to Labcorp in 9/2025. We estimate OPK ended 2Q26 with ~$314MM total cash. On a consolidated basis, OPK generated $165.3MM total revenue in 2Q26 vs. $124.2MM in 1Q26. Operating losses in 2Q26 were ($7MM) and net loss was ($8.4MM). The diagnostic operation generated $74.5MM sales (including $6.3MM from the 4Kscore test) vs. 72.2MM in 1Q26. Total costs and expenses were $69.8MM. Together the resulting operating income was $4.8MM, which includes $3.9MM depreciation and amortization expense and the $18.1MM one-time earn out payment. 2Q26 pharmaceutical revenues were $42.9MM ($38MM in 1Q26) which includes $8.1MM from Rayaldee sales. Revenue from the transfer of intellectual property was $46.1MM, including $6.4MM Ngenla gross profit share revenue and $5MM from the BARDA contract. The increase was due to $29.4MM revenue recognized from the license agreement with Nicoya to commercialize Rayaldee in China. Total expenses in 2Q26 were $88.2MM. Operating income of $0.8MM included $18.5MM of depreciation and amortization expense. Substantial pipeline developments are ongoing or to start with significant clinical data readouts likely in late 2026 throughout 2027 and beyond. We are reiterating our Buy rating and $8.50 target price.

To request a copy of the full report please contact llcapmkts@laidlawltd.com