OPKO Health Inc. (OPK) saw its shares soar 5.17% on Thursday, driven by the company's strong third-quarter results and promising developments in its pharmaceutical and diagnostic segments.
The healthcare company reported a significant turnaround in its financial performance, posting a net income of $24.9 million, or $0.03 per diluted share, for the third quarter of 2024. This marks a substantial improvement from the net loss of $84.5 million, or $0.11 per share, reported in the same period last year.
The positive results were largely attributed to OPKO Health's strategic initiatives, including the sale of certain assets of its BioReference Health division to Labcorp for $237.5 million. This transaction enabled the company to streamline its operations, reduce costs, and position the remaining business for sustained growth and profitability.
Furthermore, OPKO Health's pharmaceutical segment witnessed significant progress, with Pfizer's successful launch of their jointly developed long-acting growth hormone drug, NGENLA, in priority markets. The company also announced promising animal studies for its once-weekly injectable dual-GLP-1 glucagon agonist program and an orally delivered once-daily version of its oxyntomodulin in collaboration with Entera Bio.
Additionally, OPKO Health's ModeX Therapeutics programs are advancing well, with the tetraspecific antibody MDX-2001 initiating a phase one trial in patients with various solid tumors. The company also received $51 million in additional funding from BARDA to develop COVID-19 and influenza multispecific antibodies, further bolstering its pipeline.
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