10-Q · May 5, 2026
Ultragenyx Pharmaceuticals reported disappointing Q1 2026 results, with revenue of $136 million, significantly below the forecasted $158.98 million. The company also reported a loss per share of $1.84, missing the…
Earnings analysis · 10-Q
RARE earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Ultragenyx delivered a strong Q2 rebound, with $214.0 million of revenue rising 57.4% sequentially and 28.9% year over year, while the $0.90 EPS loss narrowed substantially from both comparison periods and beat…
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Ultragenyx delivered a strong Q2 rebound, with $214.0 million of revenue rising 57.4% sequentially and 28.9% year over year, while the $0.90 EPS loss narrowed substantially from both comparison periods and beat consensus. The improving earnings trend is tempered by a $301 million decline in cash and investments to $436 million, continued near-term operating losses, and reliance on KKC royalties, which made up 48% of quarterly revenue. Management did not provide numerical guidance in the supplied filing text but continues to target profitability in 2027.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.9
What stood out
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Revenue rebounded strongly
Q2 revenue was $214.0 million, up $78.0 million, or 57.4%, from $136.0 million in Q1 2026 and up $48.0 million, or 28.9%, from $166.0 million in Q2 2025. Revenue also exceeded the $182.5 million consensus estimate by $31.5 million.
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EPS loss narrowed materially
Diluted EPS was a loss of $0.90, improving from a $1.84 loss in Q1 2026 and a $1.17 loss in Q2 2025. The result was $0.26 per share better than the estimated $1.16 loss.
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Profitability target remains 2027
Management states it currently expects to achieve profitability in 2027, despite continuing to expect operating losses in the near term.
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Dojolvi patent protection extended
The company obtained U.S. Patent No. 12,551,461 for Dojolvi in February 2026; the patent is expected to expire in 2034. This adds protection beyond the existing 2029-expiring '748 patent.
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Restructuring cash actions completed
Management completed expected cash payments for its February 2026 restructuring during the six months ended June 30, 2026. The plan included a 10% workforce reduction of approximately 130 employees.
What to watch
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Liquidity declined sharply
Cash, cash equivalents and marketable securities fell to $436 million at June 30, 2026 from $737 million at December 31, 2025, a $301 million, or 40.8%, reduction. Management says it may need additional capital to commercialize products and fund development.
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Profitability execution remains uncertain
The company continues to expect operating losses in the near term and says that achieving profitability in 2027 depends on assumptions that may materially differ from actual results.
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High dependence on KKC royalties
A new risk disclosure highlights concentration in Crysvita economics: KKC royalty revenue represented 48% of total revenue in Q2 2026 and 43% in the first six months. KKC has no obligation to use diligent efforts to commercialize Crysvita in its territories.
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Dojolvi generic challenges expanded
Generic risk intensified with a July 2026 Hatch-Waxman suit against Sun Pharma over Dojolvi. The product's orphan-drug exclusivity for LC-FAOD expires June 30, 2027, while the asserted '748 and '461 patents expire in 2029 and 2034, respectively.
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UX111 manufacturing remediation risk
Regulatory/manufacturing risk remains material: the FDA issued a complete response letter for UX111 in July 2025 citing information and improvements tied to inspections of the company facility and a third-party manufacturer.
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UX143 litigation follows trial failure
Newly disclosed stockholder litigation adds legal exposure: a February 2026 putative securities class action and March 2026 derivative complaint seek unspecified damages related to the UX143 Orbit and Cosmic trials, which missed primary endpoints in December 2025.
Management's outlook
No quantitative revenue or EPS outlook was included in the provided 10-Q text. Management states that it currently expects to achieve profitability in 2027.
Earlier filings 4
10-K · February 18, 2026
Ultragenyx positions itself as a rare/ultra-rare disease specialist focused on time- and cost-efficient development, in‑licensing assets and retaining global commercialization rights. FY2025 revenue totaled $672.0M (Q4…
10-Q · November 5, 2025
Ultragenyx reported Q3 revenue of $159.9M, up 14.7% year-over-year but down vs. the prior quarter; gross margin compressed to 82.5% and operating losses widened, driving GAAP diluted EPS of -$1.81. Cash and cash…
10-Q · May 7, 2025
Ultragenyx reported Q1 2025 revenue of $139.3M and product sales of $91.5M, up year‑over‑year, while net loss narrowed to $151.1M (EPS -$1.57). Operating loss improved versus the prior-year quarter but the company…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.