Ultragenyx Q3 2024 Earnings Report
Key Takeaways
Ultragenyx reported a strong third quarter with a 42% increase in total revenue, reaching $139 million. Crysvita revenue grew by 31% to $98 million, and Dojolvi revenue increased by 29% to $21 million. The company reaffirmed its 2024 total revenue guidance of $530 million to $550 million and highlighted clinical advancements, including Breakthrough Therapy Designation for setrusumab.
Total revenue for Q3 2024 grew by 42% year-over-year to $139 million.
Crysvita revenue increased by 31% to $98 million, driven by growth in Latin America and Turkey.
Dojolvi revenue grew by 29% to $21 million.
Breakthrough Therapy Designation was granted for setrusumab (UX143) in osteogenesis imperfecta.
Ultragenyx
Ultragenyx
Ultragenyx Revenue by Segment
Forward Guidance
The company expects total revenue to be in the range of $530 million to $550 million, Crysvita revenue to be towards the upper end of the range of $375 million to $400 million, Dojolvi revenue to be in the range of $75 million to $80 million, and Net Cash Used in Operations of around $400 million for the full year 2024.
Positive Outlook
- Total revenue to be in the range of $530 million to $550 million
- Crysvita revenue to be towards the upper end of the range of $375 million to $400 million.
- Crysvita revenue includes all regions where Ultragenyx will recognize revenue: product sales in Latin America and Turkey, royalties in Europe, which have been ongoing, and royalties in North America, which began in April 2023.
- Dojolvi revenue to be in the range of $75 million to $80 million
- Expect enrollment to be completed in the next few months for DTX301 AAV gene therapy for Ornithine Transcarbamylase (OTC) Deficiency
Challenges Ahead
- Net Cash Used in Operations of around $400 million
- Net loss of $134 million, or $1.40 per share basic and diluted
- Operating expenses were $271 million
- Net cash used in operations was $67 million
- The company expects to enroll an additional cohort in Stage 1 at a moderately increased dose and with an optimized immunomodulation regimen to enhance the efficiency and efficacy of the gene therapy
Revenue & Expenses
Visualization of income flow from segment revenue to net income