10-Q · August 4, 2026
Ultragenyx delivered a strong Q2 rebound, with $214.0 million of revenue rising 57.4% sequentially and 28.9% year over year, while the $0.90 EPS loss narrowed substantially from both comparison periods and beat…
Earnings analysis · 10-Q
RARE earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
Ultragenyx generated $173 million of third-quarter revenue and $(1.16) of diluted EPS, missing consensus by $10.8 million and $0.33 per share, respectively. Revenue declined 19.2% sequentially but increased 8.1% year…
Read full summary
Ultragenyx generated $173 million of third-quarter revenue and $(1.16) of diluted EPS, missing consensus by $10.8 million and $0.33 per share, respectively. Revenue declined 19.2% sequentially but increased 8.1% year over year, while the filing does not provide current-quarter gross margin, operating margin or free cash flow in the supplied text. Liquidity declined 45.6% to $401 million, and additional restructuring following multiple late-stage clinical setbacks increases execution risk despite maintained 2026 revenue guidance of $730 million-$760 million and a reaffirmed 2027 profitability target.
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.
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
- $-1.16
What stood out
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Revenue missed estimates and declined sequentially
Third-quarter revenue was $173 million, down from $214 million in Q2 2026 by $41 million (19.2%), but up from $160 million in Q3 2025 by $13 million (8.1%). Revenue missed the $183.8 million consensus estimate by $10.8 million.
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EPS missed consensus but improved year over year
Diluted EPS was $(1.16), compared with $(0.90) in Q2 2026 and $(1.81) in Q3 2025. The $1.16 loss was worse than the $(0.83) consensus estimate by $0.33 per share, but improved by $0.65 year over year.
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Liquidity remains meaningful but materially lower
Cash, cash equivalents and marketable securities totaled $401 million at September 30, 2026, versus $737 million at December 31, 2025, a decline of $336 million or 45.6%.
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CRYSVITA royalties remain a major revenue source
Royalty revenue from KKC represented 39% of total revenue in the quarter and 41% for the nine months ended September 30, 2026, underscoring the contribution from CRYSVITA-related royalties.
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DOJOLVI settlements extend expected protection
The company settled DOJOLVI patent litigation with Esjay in August 2026 and Navinta in October 2026; each may market a generic beginning January 1, 2033, or July 1, 2033 if pediatric exclusivity is granted, subject to customary exceptions.
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Cost actions support the 2027 profitability target
Management reaffirmed expected GAAP profitability in 2027 while initiating additional expense reductions, including an additional workforce reduction of approximately 20% after the approximately 10% reduction of approximately 130 employees implemented in February 2026.
What to watch
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Liquidity decline may require new capital
Available cash, cash equivalents and marketable securities fell to $401 million from $737 million at December 31, 2025. The filing states the company may need additional capital to continue commercialization and product development, creating financing and dilution risk.
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Successive restructurings create execution risk
The company initiated an additional workforce reduction of approximately 20% in November 2026 after a prior reduction of approximately 10% or approximately 130 employees. Management warns that successive reductions could cause loss of institutional knowledge, employee attrition, operational disruption and unanticipated charges.
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Late-stage clinical setbacks reduce pipeline value
The company disclosed that its Phase 3 GTX-102 Aspire study failed to achieve its primary endpoint or key secondary endpoints, while the UX143 Orbit and Cosmic Phase 3 studies also failed to achieve their primary endpoints; the filing further states that UX701 development was terminated in November 2026.
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Generic competition remains a product risk
DOJOLVI faces ongoing litigation from Aurobindo, Somerset and Sun Pharma, while settled defendants may enter as early as January 1, 2033, or July 1, 2033 if pediatric exclusivity is granted. Earlier generic entry could materially reduce DOJOLVI sales.
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Accelerated approval requires benefit verification
GENGLYCOS received accelerated approval based on reduced daily cornstarch intake, and continued approval may depend on verification of clinical benefit through post-marketing monitoring and long-term follow-up.
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Foreign-exchange exposure remains
The company reported $27 million of outstanding foreign-exchange forward contract notional amounts and notes that adverse currency movements could materially affect supplier and license payments, despite a hypothetical 10% exchange-rate change not having a material historical impact.
Management's outlook
Management maintained 2026 total revenue guidance of $730 million-$760 million, excluding new product launches; CRYSVITA guidance was $500 million-$520 million and DOJOLVI guidance was $100 million-$110 million. Management also reaffirmed expected full-year GAAP profitability in 2027.
Earlier filings 4
10-Q · May 5, 2026
Ultragenyx Pharmaceuticals reported disappointing Q1 2026 results, with revenue of $136 million, significantly below the forecasted $158.98 million. The company also reported a loss per share of $1.84, missing the…
10-K · February 18, 2026
Ultragenyx positions itself as a rare/ultra-rare disease specialist focused on time- and cost-efficient development, in‑licensing assets and retaining global commercialization rights. FY2025 revenue totaled $672.0M (Q4…
10-Q · November 5, 2025
Ultragenyx reported Q3 revenue of $159.9M, up 14.7% year-over-year but down vs. the prior quarter; gross margin compressed to 82.5% and operating losses widened, driving GAAP diluted EPS of -$1.81. Cash and cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.