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Mar 31, 2024
UroGen Q1 2024 Earnings Report
UroGen reported financial results for Q1 2024, showcasing Jelmyto's growth and pipeline advancements.
Key Takeaways
UroGen Pharma reported Q1 2024 financial results, highlighted by JELMYTO net product revenues of $18.8 million, a 10% increase compared to Q1 2023. The company is advancing its pipeline, with UGN-102 nearing NDA completion and UGN-103's IND accepted by the FDA.
JELMYTO net product revenues reached $18.8 million in Q1 2024, a 10% increase year-over-year.
UroGen is preparing for the announcement of 12-month duration of response results from the ENVISION study of UGN-102.
The company expects ENVISION data to support completion of the UGN-102 NDA in Q3 2024.
FDA accepted the IND for UGN-103, a next-generation mitomycin-based formulation for LG-IR-NMIBC.
Revenue by Segment
Forward Guidance
UroGen Pharma Ltd. reiterated its full year 2024 net product revenues guidance from JELMYTO in the range of $95 to $102 million and expects full year 2024 operating expenses in the range of $175 to $185 million.
Positive Outlook
- Full year 2024 net product revenues guidance from JELMYTO in the range of $95 to $102 million.
- Ongoing clinical trials and potential FDA approval for UGN-102.
- Potential advantages related to production, cost, supply, and product convenience for UGN-103.
- The company's RTGel technology has the potential to improve the therapeutic profiles of existing drugs.
- The sustained release technology is designed to enable longer exposure of the urinary tract tissue to medications.
Challenges Ahead
- Increased discounts related to Medicare refunds for discarded drugs and 340B purchases will further impact net revenues in 2024.
- Full year 2024 operating expenses are expected to be in the range of $175 to $185 million.
- Full year 2024 non-cash financing expense related to the prepaid obligation to RTW Investments in the range of $21 to $26 million.
Historical Earnings Impact
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