OPKHIGH SIGNALFINANCIAL10-K

OPK experienced a dramatic financial reversal with net income swinging from $21.6M profit to -$225.7M loss despite quadrupling revenue to $606.9M.

This massive earnings deterioration alongside explosive revenue growth suggests either significant one-time charges, acquisition-related costs, or fundamental profitability challenges that warrant immediate investor attention. The 87 million share increase (13% dilution) combined with the earnings collapse indicates potential equity financing to fund operations or acquisitions.

Comparing 2026-02-26 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

OPK's financial profile shows a company in transition with revenue surging 300% to $606.9M while net income collapsed into deep losses of -$225.7M, representing an over 1,100% negative swing. The company improved its balance sheet strength by reducing total debt 21% and current liabilities 24%, while share count increased significantly by 13%, suggesting equity dilution to fund growth or operations. Despite the revenue explosion, the dramatic earnings deterioration combined with increased R&D spending signals either major one-time costs or challenges monetizing the rapid top-line expansion.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-1143.3%
$21.6M-$225.7M

Net income declined 1143.3% — review whether driven by operations, interest costs, or non-recurring items.

Revenue
P&L
+300.1%
$151.7M$606.9M

Strong top-line growth of 300.1% — accelerating demand or successful expansion into new markets.

Share Buybacks
Cash Flow
-47.9%
$90.2M$47.0M

Buyback activity reduced 47.9% — capital being redeployed elsewhere or cash conservation underway.

SG&A Expense
P&L
-26.7%
$304.2M$223.0M

SG&A reduced 26.7% — improved cost efficiency or headcount reduction improving operating margins.

Current Liabilities
Balance Sheet
-24%
$193.1M$146.7M

Current liabilities reduced — improved short-term financial position and working capital health.

Accounts Receivable
Balance Sheet
-23.5%
$118.0M$90.3M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Operating Income
P&L
+22.8%
-$152.1M-$117.4M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Total Debt
Balance Sheet
-21.3%
$437.2M$344.0M

Debt reduced 21.3% — deleveraging strengthens balance sheet and reduces financial risk.

Total Liabilities
Balance Sheet
-20.5%
$834.8M$664.0M

Liabilities reduced 20.5% — deleveraging improves balance sheet strength and financial flexibility.

R&D Expense
P&L
+17.9%
$105.2M$124.0M

R&D investment increased 17.9% — signals commitment to future product development, though near-term margin impact.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-03-03
ADDED
As of January 30, 2026 , the registrant had 759,067,256 shares of its common stock, par value $0.01 per share ( Common Stock ) outstanding.
Form 10-K Summary 138 Signatures 139 Certifications EX-21 EX-23.1 EX-31.1 EX-31.2 EX-32.1 EX-32.2 EX-101.
Our pharmaceutical business features NGENLA (somatrogon-ghla), also referred to as Somatrogon (hGH-CTP), a once-weekly human growth hormone injection.
Through our pharmaceutical business, we manufacture and sell Rayaldee , a U.S.
Rayaldee has secured marketing authorizations in 11 European countries, and we are advancing its development in mainland China through our strategic partners.
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REMOVED
As of January 31, 2025, the registrant had 671,550,270 shares of its common stock, par value $0.01 per share ( Common Stock ) outstanding.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Item 13.
Form 10-K Summary 123 Signatures 136 Certifications 137 EX-21 EX-23.1 EX-31.1 EX-31.2 EX-32.1 EX-32.2 EX-101.
Our pharmaceutical business features Somatrogon (hGH-CTP), a once-weekly human growth hormone injection.
Also, through our pharmaceutical division, we manufacture and sell Rayaldee , a U.S.
+7 more — sign up free →
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