diff --git a/apps/pkey.c b/apps/pkey.c
index 3e4c09b362552e..ab0c95c2acd680 100644
--- a/apps/pkey.c
+++ b/apps/pkey.c
@@ -208,10 +208,6 @@ int pkey_main(int argc, char **argv)
         goto end;
     }
 
-    out = bio_open_owner(outfile, outformat, private);
-    if (out == NULL)
-        goto end;
-
     if (pubin)
         pkey = load_pubkey(infile, informat, 1, passin, e, "Public Key");
     else
@@ -219,6 +215,10 @@ int pkey_main(int argc, char **argv)
     if (pkey == NULL)
         goto end;
 
+    out = bio_open_owner(outfile, outformat, private);
+    if (out == NULL)
+        goto end;
+
 #ifndef OPENSSL_NO_EC
     if (asn1_encoding != NULL || point_format != NULL) {
         OSSL_PARAM params[3], *p = params;