MIAMI, April 04, 2025 (GLOBE NEWSWIRE) — OPKOHealth,Inc.(NASDAQ:OPK) today announced that its Board of Directors has authorized an increase of $100 million to the Company’s existing common stock repurchase program, bringing the aggregate capacity of the program to $200 million. Approximately $41 million of OPKO’s common stock has been repurchased under the existing program since its authorization in July 2024.
“We believe OPKO’s shares continue to be 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. “Our strong cash position provides the ability to continue to fund our programs, while returning capital to our shareholders.”
OPKO intends to 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. The timing and amount 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.
OPKO currently expects to fund the repurchase program from existing cash and cash equivalents, and future cash flows. The Company had approximately 671.6 million shares outstanding as of February 24, 2025. This increased authorization, along with the prior authorization, represents approximately 14% of shares outstanding at the current stock price.
About
OPKO
Health
OPKO Health is a multinational biopharmaceutical and diagnostics company that seeks to establish industry-leading positions in large, rapidly growing markets by leveraging its discovery, development and commercialization expertise, and its novel and proprietary technologies. For more information, visit www.opko.com.
Cautionary
Statement
Regarding
Forward
Looking
Statements
This
press
release
contains
“forward-looking
statements,”
as
that
term
is
defined
under
the
Private
Securities
Litigation
Reform
Act
of
1995
(“PSLRA”),
including,
among
other
things,
statements
related
to
expected
purchases
under
the
Repurchase
Program.
These
forward-
looking
statements
may
be
identified
by
words
such
as
“expects,”
“plans,”
“projects,”
“will,”
“may,”
“anticipates,”
“believes,”
“should,”
“intends,”
“estimates,”
and
other
words
of
similar
meaning.
These
statements
are
based
on
management’s
current
expectations
and
are subject
to
uncertainty
and
changes
in
circumstances.
Many
factors
could
cause
the
Company’s
actual
activities
or
results
to
differ
materially
from
the
activities
and
results
anticipated
in
forward-looking
statements.
These
factors
include
those
described
in
the
Company’s
Annual
Reports
on
Form
10-K
filed
and
to
be
filed
with
the
Securities
and
Exchange
Commission
and
under
the
heading
“Risk
Factors”
in
the
Company’s
other
filings
with
the
Securities
and
Exchange
Commission.
In
addition,
forward-looking
statements
may
also
be
adversely
affected
by
general
market
factors,
competitive
product
development,
product
availability,
federal
and
state
regulations
and
legislation,
the
regulatory
process
for
new
products
and
indications,
manufacturing
issues
that
may
arise,
patent
positions
and
litigation, among
other factors. The
forward-looking
statements
contained
in
this
press
release
speak
only
as
of
the
date
the
statements
were
made,
and
the
Company
does
not
undertake
any
obligation
to
update
forward-looking
statements.
The
Company
intends
that
all
forward-looking
statements
be
subject
to
the
safe-harbor
provisions
of
the
PSLRA.
Contacts:
Alliance Advisors IR
Yvonne Briggs, 310-691-7100
[email protected]
or
Bruce Voss, 310-691-7100
[email protected]
