10-K · March 2, 2026
UroGen reported meaningful top-line growth in 2025, driven by commercial traction for its RTGel-based products, with full-year revenue of $109.0M (sum of quarterly results) versus $91.0M in 2024 (≈+19.8%). Gross margins…
Earnings analysis · 10-Q
URGN earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
UroGen Pharma reported a notably strong Q1 2026 with revenue increasing to $51.0 million, surpassing estimates and representing a 152% year-over-year growth. This surge was primarily driven by the successful launch of…
Read full summary
UroGen Pharma reported a notably strong Q1 2026 with revenue increasing to $51.0 million, surpassing estimates and representing a 152% year-over-year growth. This surge was primarily driven by the successful launch of Zusduri, which contributed $29.2 million in sales. The company also marked a significant narrowing of net losses, reflecting operational improvements and successful product deployment.
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.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
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
- $-0.47
What stood out
-
Robust Revenue Growth
Revenue reached $51.0 million for Q1 2026, up from $20.3 million in Q1 2025, marking a 152% year-over-year increase.
-
Successful Launch of Zusduri
Sales from Zusduri amounted to $29.2 million, significantly boosting overall revenue.
-
Decreased Net Loss
Net loss decreased to $23.6 million from $43.8 million year-over-year, an improvement of $20.3 million.
-
Narrowing Operating Loss
Operating loss improved to $20.3 million from $36.9 million year-over-year, a $16.7 million reduction.
-
Continued Cash Generation
As of March 31, 2026, UroGen maintained $140.3 million in cash and equivalents, providing a solid buffer for operations.
-
Increased Inventory Buffer
The company has built a buffer inventory of over 12 months of bulk mitomycin, enhancing supply chain stability.
What to watch
-
High Operational Expenses
Operating expenses increased to $67.1 million in Q1 2026, up from $54.8 million, driven by selling and marketing for Zusduri.
-
Regulatory Risk
Compliance with FDA regulations remains a significant ongoing requirement that could introduce unexpected operational challenges.
-
Dependence on Critical Drugs
The company's financial success is heavily reliant on the market acceptance of its new drug Zusduri, which may not meet expected adoption.
Management's outlook
UroGen anticipates revenue from JELMYTO to range between $97 million and $101 million for 2026, while guidance for ZUSDURI is not yet provided.
Earlier filings 4
10-Q · November 6, 2025
UroGen reported Q3 revenue of $27,482 (in thousands) and GAAP net loss of $33,347 (in thousands), or $(0.69) per share. Gross profit increased to $24,204 but the company’s operating loss widened to $(27,386) driven by…
10-Q · August 7, 2025
UroGen reported quarter revenue of $24,215 (in thousands), up from $21,848 in Q2 2024, driven by product sales including the recent commercial launch activity. Profitability deteriorated: gross margin remained healthy…
10-Q · May 12, 2025
UroGen reported Q1 revenue of $20,254,000 (up from $18,781,000 a year ago) with a high gross margin of 88.6% (gross profit $17,924,000). Despite revenue growth, operating loss widened to $36,914,000 and net loss…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.