OPKO Health's Board Authorizes Repurchase Of Addl. $100 Mln Of Shares

(RTTNews) - OPKO Health, Inc. (OPK), a medical test and medication company, said on Friday that its Board has authorized the repurchase of additional $100 million of shares, bringing the total capacity of the current share repurchase program to $200 million.

Phillip Frost, CEO of OPKO, said: "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. Our strong cash position provides the ability to continue to fund our programs, while returning capital to our shareholders."

OPKO currently expects to fund the repurchase from cash on hand, and future cash flows.

This increased authorization, along with the prior authorization, represents around 14 percent of shares outstanding at the current stock price. The company had around 671.6 million shares outstanding as of February 24. 

Around $41 million of OPKO shares have been repurchased under the existing repurchase drive since its authorization in July 2024.