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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.