• It's like **Quest Diagnostics**, but with its own specialty pharmaceutical development and sales division.
• Imagine a specialty pharmaceutical company that also owns a major diagnostic lab, similar to **LabCorp**.
• A hybrid of **LabCorp** and a niche biotech company.

• Rayaldee: A prescription medication used to treat secondary hyperparathyroidism in adults with chronic kidney disease and vitamin D insufficiency.
• 4Kscore Test: A blood test that helps assess a man's risk of having high-grade prostate cancer, informing decisions about prostate biopsy.
• BioReference Laboratories: Provides comprehensive diagnostic laboratory testing services for healthcare providers and patients across a wide range of medical specialties.
• Claros 1: A proprietary point-of-care diagnostic platform designed for rapid, automated testing of various biomarkers directly in a clinical setting.

Dr. Phillip Frost, Chief Executive Officer and Chairman

Dr. Frost has served as CEO and Chairman of OPKO Health, Inc. since March 2007. He is a serial entrepreneur in the healthcare and pharmaceutical industries. Dr. Frost founded IVAX Corporation in 1987 and served as its Chairman and CEO until its acquisition by Teva Pharmaceuticals in January 2006 for $7.4 billion or $7.6 billion. Prior to IVAX, he was Chairman of Key Pharmaceuticals, which he and a partner acquired in 1972 and later sold to Schering-Plough in 1986 for $835 million. He was also a significant investor in Continucare, a company sold for $416 million. Dr. Frost is involved with investment vehicles such as Frost Group LLC and Frost Gamma Investments Trust, and is Chairman of the Investment Committee at Peregrine Ventures, suggesting a pattern of involvement with investment-backed companies.

Adam Logal, Senior Vice President, Chief Financial Officer, Chief Accounting Officer, and Treasurer

Mr. Logal has served as OPKO's Senior Vice President and Chief Financial Officer since March 2014, and previously held positions as Vice President of Finance, Chief Accounting Officer, and Treasurer since March 2007. From 2002 to 2007, he held various senior management roles at Nabi Biopharmaceuticals, a publicly traded biopharmaceutical company, concluding as Senior Director of Accounting and Reporting. Mr. Logal also served as President of GeneDx, LLC, a former OPKO subsidiary, from July 2020 to June 2021.

Dr. Jane H. Hsiao, Vice Chairman and Chief Technical Officer

Dr. Hsiao has been the Vice Chairman and Chief Technical Officer of OPKO Health since 2007. Her previous experience includes serving as Vice Chairman-Technical Affairs of IVAX Corporation and as Chairman, CEO, and President of IVAX Animal Health. She also served as Chairman of Non-Invasive Monitoring Systems, Inc., and was its interim CEO in 2012.

Steven D. Rubin, Executive Vice President, Administration and Director

Mr. Rubin has been Executive Vice President, Administration at OPKO Health since May 2007 and a director since February 2007. He previously served as Senior Vice President, General Counsel, and Secretary of IVAX Corporation from August 2001 until September 2006. Mr. Rubin possesses extensive experience as a practicing lawyer, general counsel, and board member for several public companies.

Dr. Elias A. Zerhouni, President and Vice Chairman

Dr. Zerhouni was appointed President of OPKO Health and Vice Chairman of the Board on May 9, 2022. He was a co-founder and Chairman of ModeX Therapeutics Inc., a biotechnology company acquired by OPKO in May 2022. From 2012 to 2020, Dr. Zerhouni served as Chief Scientific Officer and Senior Vice President of Sanofi. He also led the NIH's Vaccine Research Center as its founding director for 14 years, from 1999 to 2012.

The increasing prevalence and sophistication of direct-to-consumer (DTC) at-home diagnostic kits and point-of-care (POC) testing solutions that offer greater convenience and speed compared to traditional centralized laboratory services, directly threatening OPKO's BioReference Laboratories segment.

OPKO Health's main products and services address several significant markets:

• VARUBI (rolapitant): For the prevention of chemotherapy-induced nausea and vomiting (CINV), the U.S. market opportunity is estimated to exceed $1 billion annually. Intravenous (IV) treatments for CINV constitute approximately 90% of this market.
• Rayaldee: This treatment for secondary hyperparathyroidism (SHPT) in patients with chronic kidney disease (CKD) has an addressable market valued at $12 billion.
• NGENLA (somatrogon), formerly hGH-CTP: Indicated for pediatric patients with growth failure due to inadequate secretion of endogenous growth hormone, the global growth hormone market is estimated at $5.5 billion and is projected to expand by up to 12.3% annually. The overall global growth hormone market was previously valued at more than $3 billion. Additionally, adult growth hormone deficiency (AGHD) affects approximately 50,000 individuals in the U.S.
• 4Kscore Test: This prostate cancer test operates within the global prostate cancer treatment market, which was valued at $6.89 billion in 2018 and is expected to reach $9.90 billion by 2026. The 4Kscore Test franchise specifically generated approximately $300 million in revenue for BioReference (an OPKO subsidiary) in 2024. This test is available in the United States, Europe, and other regions.

OPKO Health (NASDAQ: OPK) anticipates several key drivers for its future revenue growth over the next two to three years, stemming from strategic collaborations, advancements in its pharmaceutical pipeline, and growth within its diagnostics segment.

Here are 4 expected drivers of future revenue growth:

1. Strategic Collaborations and Pipeline Advancements: OPKO Health expects significant revenue contributions from its research collaboration with Regeneron Pharmaceuticals to develop multispecific antibodies. This partnership could yield over $200 million in potential milestone payments for each program, with an overall value potentially exceeding $1 billion if multiple products are successful, alongside tiered royalties on global net sales. Regeneron is also responsible for funding all development and commercialization activities. Additionally, the progression of other pipeline candidates, such as the Merck-partnered Epstein-Barr virus vaccine, which is currently in a Phase 1 trial, and the advancement of OPK-88006 for obesity and MASH, are expected to drive future revenue through potential milestones and eventual product sales.
2. Continued Growth of the 4Kscore Test: The 4Kscore Test franchise, a core part of OPKO's diagnostics business, is a significant growth driver. The test generated approximately $300 million in revenue in 2024 and has demonstrated strong performance, with volumes and revenues increasing by nearly 20% in the continuing business. Furthermore, the FDA's approval of a supplemental application, allowing the 4Kscore Test's use without digital rectal examination information, is expected to create further opportunities for growth.
3. Increased Sales of Rayaldee: Sales of the pharmaceutical product Rayaldee have shown positive momentum, with revenue increasing to $7.5 million in the third quarter of 2025 compared to $5.8 million in the comparable prior-year period. Continued growth in Rayaldee sales is anticipated to contribute to pharmaceutical revenue.
4. Optimized and Streamlined BioReference Health Diagnostics Operations: Following the sale of its oncology and related clinical assets to Labcorp, BioReference Health is now focused on its core clinical testing services in the New York and New Jersey region. This strategic streamlining is intended to enhance profitability and allow the company to capitalize on new revenue streams, such as direct-to-consumer, employer-based testing, and early-phase clinical trials, thereby improving its financial profile.

Share Repurchases

• In July 2024, OPKO Health's Board of Directors authorized a $100 million common stock repurchase program, which was subsequently increased by an additional $100 million in April 2025, bringing the total authorized capacity to $200 million.
• As of September 30, 2025, the company had repurchased approximately $73.8 million of its common stock under this program, with $126.2 million remaining authorized and available for future repurchases.
• During 2024, OPKO repurchased 25.8 million shares for $40.2 million, and in the third quarter of 2025, an additional 11.1 million shares were repurchased, contributing to approximately $33.5 million in repurchases for the full year 2025.

Share Issuance

• In 2024, OPKO Health completed a private offering of $250 million aggregate principal amount of 2044 Notes and issued $230 million of 3.75% Convertible Senior Notes due 2029.
• In the second quarter of 2025, the company completed an exchange agreement, issuing 121.4 million shares of common stock and approximately $63.5 million in cash to purchase $159.2 million of its outstanding convertible notes.

Inbound Investments

• In September 2024, OPKO Health sold select assets of BioReference to Labcorp for $237.5 million in cash.
• In October 2025, OPKO completed the sale of BioReference Health's oncology and related clinical assets to Labcorp for $225 million, which included $192.5 million paid at closing and up to $32.5 million in a performance-based earnout.
• In October 2025, ModeX Therapeutics, an OPKO subsidiary, entered a research collaboration with Regeneron Pharmaceuticals that includes an upfront payment and potential milestone payments exceeding $200 million for each program, with an overall potential value exceeding $1 billion, as Regeneron will fund all preclinical and clinical development and commercialization activities.

Outbound Investments

• OPKO Health expanded its pharmaceutical pipeline through the acquisition of ModeX Therapeutics, Inc., focusing on early-stage immune therapies for cancer and infectious diseases.
• In April 2025, OPKO made an $8 million equity investment in Entera Bio, purchasing approximately 3.7 million shares at $2.17 per share, as part of a collaboration to develop an oral GLP-1/glucagon peptide.
• On November 11, 2021, OPKO Health made a Series A round investment in HealthSnap.

Capital Expenditures

• Capital expenditures for the nine months ended September 30, 2025, were $9.6 million.
• Capital expenditures for the nine months ended September 30, 2024, were $19.6 million.