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Jun 30, 2025
Ultragenyx Q2 2025 Earnings Report
Ultragenyx reported its financial results for the second quarter of 2025, highlighting revenue growth and progress in its clinical programs.
Key Takeaways
Ultragenyx delivered 20% revenue growth from its commercial therapies in the first half of the year compared to the prior year, with total revenue reaching $166 million in Q2 2025. The company reaffirmed its 2025 revenue guidance and its path to GAAP profitability in 2027, while advancing key clinical programs like UX143 for osteogenesis imperfecta and GTX-102 for Angelman syndrome.
Total revenue for Q2 2025 was $166 million, a 13% increase compared to Q2 2024.
Net loss for Q2 2025 improved to $115 million, or $1.17 per share, from $132 million, or $1.52 per share, in Q2 2024.
The company reaffirmed its full-year 2025 revenue guidance, expecting total revenue between $640 million to $670 million.
Key clinical programs, UX143 and GTX-102, are progressing, with Phase 3 data for UX143 expected around the end of 2025 and GTX-102 receiving Breakthrough Therapy Designation from the FDA.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Ultragenyx reaffirmed its 2025 revenue guidance and its commitment to achieving GAAP profitability by 2027, while strategically managing expenses and advancing its pipeline.
Positive Outlook
- Total revenue for 2025 is expected to be in the range of $640 million to $670 million, representing approximately 14-20% growth over 2024.
- Crysvita revenue is projected to be between $460 million to $480 million for the full year 2025.
- Dojolvi revenue is expected to be in the range of $90 million to $100 million for the full year 2025.
- The company remains on track for GAAP profitability in 2027.
- Strategic prioritization of spending, including stopping and delaying certain expenses, is planned ahead of potential commercial launches.
Challenges Ahead
- Net cash used in operations is now expected to modestly increase compared to 2024.
- This increase is related to timing delays and changes for UX111, DTX401, and UX143 impacting receipts and payments.
- The FDA issued a Complete Response Letter (CRL) for the Biologics License Application (BLA) for UX111, requesting additional information and improvements related to CMC procedures and validation, as well as manufacturing facility inspections.
Historical Earnings Impact
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