UroGen Q4 2022 Earnings Report
Key Takeaways
UroGen Pharma reported JELMYTO net product revenues of $18.1 million for Q4 2022, compared to $16.2 million for the same period in 2021. The company also completed enrollment of the ENVISION Phase 3 pivotal clinical trial for UGN-102 for LG-IR-NMIBC and anticipates topline data readout from the ATLAS clinical study and complete response from the ENVISION pivotal study in mid-year 2023.
JELMYTO net product revenues for Q4 2022 were $18.1 million, compared to $16.2 million for the same period in 2021.
Full year 2022 JELMYTO net product revenues reached $64.4 million, a 34% increase from 2021.
Enrollment completed for ENVISION Phase 3 pivotal clinical trial of UGN-102 for LG-IR-NMIBC.
Topline data readout from ATLAS clinical study and complete response from ENVISION pivotal study expected mid-year 2023.
UroGen
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UroGen Revenue by Segment
Forward Guidance
UroGen anticipates full year 2023 net product revenues from JELMYTO to be in the range of $76 to $86 million. UroGen anticipates full year 2023 operating expenses in the range of $135 to $145 million, including non-cash share-based compensation expense of $6.0 to $11.0 million, subject to market conditions. UroGen anticipates full year 2023 financing expense related to the prepaid obligation to RTW Investments in the range of $21.0 to $26.0 million, of which approximately $9.8 to $11.1 million will be in cash.
Positive Outlook
- Full year 2023 net product revenues from JELMYTO to be in the range of $76 to $86 million.
Challenges Ahead
- Full year 2023 operating expenses in the range of $135 to $145 million, including non-cash share-based compensation expense of $6.0 to $11.0 million, subject to market conditions.
- Full year 2023 financing expense related to the prepaid obligation to RTW Investments in the range of $21.0 to $26.0 million, of which approximately $9.8 to $11.1 million will be in cash.
- Interest only payments on the $100 million term loan facility with funds managed by Pharmakon Advisors will be made quarterly and continue to accrue at a rate of LIBOR (or a replacement benchmark following the cessation of LIBOR in the first half of this year) + 8.25%.