OPKO Health (OPK) Announces $100M Share Buyback

OPKO Health, Inc. (NASDAQ: OPK) today announced that its Board of Directors has authorized the repurchase of up to $100 million of shares of the Company's common stock. Under the repurchase program, OPKO may repurchase shares of its common stock from time to time through open market purchases, block trades, privately negotiated transactions, accelerated share repurchase transactions and/or pursuant to Rule 10b5-1 plans, in compliance with applicable securities laws and other legal requirements.

OPKO currently expects to fund the repurchase program from existing cash and cash equivalents, and future cash flows. The Company had approximately 697 million shares outstanding as of June 30, 2024. This new authorization represents approximately 10.1% of shares outstanding at the current stock price.

“We believe OPKO’s shares are significantly undervalued and offer an attractive investment opportunity. Buying back shares supports our conviction in OPKO’s strategy as we continue to advance our pipeline in the clinic and streamline our diagnostic segment on a path to profitability,” said Phillip Frost, M.D., Chairman and Chief Executive Officer of OPKO. “With the recent non-dilutive capital transaction with HealthCare Royalty and prior convertible debt refinancing, our balance sheet provides us with the financial flexibility for this repurchase program, which reflects our commitment to drive long-term value for our shareholders.”

The volume and timing of any repurchases will be subject to general market conditions, as well as the Company’s management of capital, other investment opportunities and other factors. The repurchase program does not obligate the Company to repurchase any specific number of shares, has no time limit and may be modified, suspended or discontinued at any time at the Company’s discretion.

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