Opko Health Inc. - OPK STOCK NEWS

OPKO Health, Inc. (OPK) reported a net income of $32.3 million for Q4 2020, a significant recovery from a net loss of $112.4 million in the prior year. Consolidated revenues surged to $494.6 million, driven by a 170% increase in BioReference Laboratories' volume, mainly due to COVID-19 PCR testing. However, revenues from pharmaceutical products, specifically Rayaldee, decreased to $30.8 million as new patient onboarding faced challenges. The company has $72.2 million in cash and equivalents, alongside available credit facilities totaling $157.6 million.

OPKO Health, Inc. (NASDAQ: OPK) will report its financial results for Q4 2020 on February 18, 2021, after U.S. market close. The company will provide insights into its operational performance and future guidance during a conference call at 4:30 p.m. Eastern Time on the same day. Interested individuals can pre-register for the call or listen via a live audio webcast. A replay will be available post-call on OPKO's website, ensuring stakeholders have access to the financial update and discussions on its strategic direction.

OPKO Health, Inc. (NASDAQ: OPK) announced that Pfizer Japan submitted a New Drug Application for somatrogon, a long-acting recombinant human growth hormone intended for pediatric growth hormone deficiency treatment. This submission is based on Phase 3 studies showing somatrogon is as effective as GENOTROPIN (somatropin) in annual height velocity with comparable safety profiles. OPKO is responsible for the clinical program, while Pfizer handles registration and commercialization.

GeneDx, a subsidiary of OPKO Health (NASDAQ:OPK), has launched new genetic tests, including repeat expansion analysis for spinocerebellar ataxia (SCA) and Friedreich ataxia. These tests aim to address the diagnostic challenges associated with hereditary ataxias, which often have genetic underpinnings. With a comprehensive offering, GeneDx enhances access to testing, overcoming the limitations of existing diagnostic laboratories. The expansion reflects the company's commitment to rare diseases and aims to provide more options for patients, thereby facilitating precise medical management.

BioReference Laboratories, a subsidiary of OPKO Health, has signed agreements to provide COVID-19 testing for officials, players, and staff during the 2020-2021 seasons of the NBA and NHL. This includes PCR and rapid diagnostics across 30 NBA facilities in 28 U.S. cities. Additionally, BioReference supports U.S. Soccer's national teams and the Winter X Games. Executive Chairman Jon R. Cohen emphasized the company’s dedication to developing customized testing solutions. BioReference operates 11 lab locations and has a strong position in various healthcare segments, backing its testing services with a team of over 120 professionals.

BioReference Laboratories, part of OPKO Health (NASDAQ:OPK), has launched Scarlet Health, a digital platform for at-home diagnostic services. This innovative service allows patients to schedule specimen collection at their preferred locations, enhancing convenience and efficiency. Scarlet leverages BioReference's nationwide infrastructure, offering a secure and user-friendly experience for both patients and healthcare providers. As telemedicine investment surged to $1.6 billion in the past year, Scarlet aims to bridge the gap between traditional healthcare and modern telehealth services.

OPKO Health (NASDAQ: OPK) will participate in the virtual 39th Annual J.P. Morgan Healthcare Conference from January 11-14, 2021. Management plans to host one-on-one meetings with investors and will present on January 13 at 3:40 p.m. Eastern time. The presentation will be available for live streaming and later replay in the Investors section of OPKO's website. This conference allows OPKO to showcase its strategies and innovations in the biopharmaceutical and diagnostics sectors.

BioReference Laboratories, part of OPKO Health (NASDAQ: OPK), announced COVID-19 PCR test results for New York City's public schools, revealing a positivity rate of 0.47%. Testing began on September 2, 2020, with over 209,790 individuals tested across 1,200 schools, achieving an average turnaround time of 38 hours. The positivity rates varied by borough, with the Bronx having the highest at 0.71%. This initiative aims to ensure safe learning environments for students and staff amidst the pandemic.

Pfizer (PFE) and OPKO Health (OPK) announced that the FDA has accepted the filing of the Biologics License Application (BLA) for somatrogon, a long-acting growth hormone for treating pediatric growth hormone deficiency (GHD). The FDA's target decision date is in October 2021. Results from a Phase 3 trial demonstrated somatrogon met primary endpoints, showing higher annual height velocity compared to daily somatropin. The therapy offers potential benefits by reducing the need for daily injections. Somatrogon has received Orphan Drug designation in the U.S. and EU.