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    James Stamos • Jefferies Financial Group Inc.

    James Stamos's questions to OPKO Health Inc (OPK) leadership

    James Stamos's questions to OPKO Health Inc (OPK) leadership • Q2 2025

    Question

    James Stamos of Jefferies inquired about the Q2 profit share for NGENLA, asking if gross-to-net dynamics were a factor and what insights Pfizer had provided. He also asked about the EBITDA margin trend for the Diagnostics business and the potential growth impact from the recent FDA approval for the 4Kscore test.

    Answer

    CEO & Chairman Phil Frost and CFO Adam Logal acknowledged that while U.S. NGENLA prescription trends improved, international markets are still working through higher-cost inventory, but they remain optimistic for the second half of the year. Logal detailed the path to profitability for the Diagnostics segment, noting the operating loss is narrowing and will improve further after the oncology asset sale. He emphasized that 4Kscore test volume was already up 12% and accelerating even before the FDA label expansion, suggesting meaningful upside.

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    James Stamos's questions to OPKO Health Inc (OPK) leadership • Q1 2025

    Question

    James Stamos of Jefferies inquired about the negative dynamics impacting the NGENLA profit share from Pfizer and asked for the rationale behind Pfizer's withdrawal of its EU application for adult use.

    Answer

    Executive Adam Logal explained that strong prescription growth suggests the profit share issue is likely related to the commercial environment and is expected to be a Q1-only event. Regarding the EU application, Logal stated that Pfizer chose to focus its efforts on the larger pediatric market in Europe.

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