Shares of OPKO Health (OPK) surged 5.52% in pre-market trading on Friday, following the company's impressive fourth-quarter 2024 results and significant progress in its pharmaceutical pipeline.
The biopharmaceutical company reported a net income of $14 million, or $0.01 per diluted share, for the fourth quarter of 2024, a notable improvement from a net loss of $66.5 million in the same period last year. This positive turnaround was driven by several key factors:
1. Strong growth in the Pharmaceutical segment, with revenue increasing by 39% year-over-year to $80.5 million, boosted by higher product sales and milestone payments from collaborations.
2. Significant progress in OPKO's proprietary ModeX pipeline, with two programs entering Phase 1 clinical trials, including a tetraspecific antibody (MDX-2001) for solid tumors and a nanoparticle vaccine for Epstein-Barr Virus (EBV) in collaboration with Merck.
3. Improved financial position and capital structure, supported by a $50 million upfront payment from the Merck collaboration and the sale of GeneDx, allowing OPKO to fund its pipeline advancement and initiate share buybacks.
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