10-Q · May 6, 2026
UroGen Pharma reported a notably strong Q1 2026 with revenue increasing to $51.0 million, surpassing estimates and representing a 152% year-over-year growth. This surge was primarily driven by the successful launch of…
URGN earnings analysis
10-Q · Filed November 4, 2026 · Our reading of the company's report
The latest report
UroGen delivered Q3 revenue of $89.001 million, modestly below consensus, while the $0.03 diluted EPS loss materially exceeded the expected $0.09 loss. ZUSDURI continued to scale strongly, generating $68.0 million of…
Read full summary
UroGen delivered Q3 revenue of $89.001 million, modestly below consensus, while the $0.03 diluted EPS loss materially exceeded the expected $0.09 loss. ZUSDURI continued to scale strongly, generating $68.0 million of revenue, up 35% sequentially, and contributed to reported operating income of $8.329 million. However, the reduction of 2026 JELMYTO revenue guidance to approximately $90 million, alongside substantial debt, ongoing losses and supplier/tariff exposure, leaves the overall outlook mixed.
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.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
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
- $-0.03
What stood out
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Revenue near estimates; EPS loss beat
Q3 revenue was $89.001 million, slightly below the $89.257 million consensus estimate, while diluted EPS was a loss of $0.03 versus the $0.09 consensus loss estimate.
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ZUSDURI commercial growth continued
ZUSDURI revenue reached $68.0 million, increasing 35% sequentially and representing approximately 76% of total quarterly revenue.
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Operating profitability emerging
The company reported $8.329 million of operating income associated with ZUSDURI, indicating continued progress toward profitability as the product scales.
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Liquidity remains available
Cash, cash equivalents and marketable securities totaled $90.5 million as of September 30, 2026, providing liquidity for commercialization and development activities.
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Additional equity capacity available
The company had approximately $42.4 million of remaining capacity under its ATM prospectus as of September 30, 2026.
What to watch
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JELMYTO outlook reduced
JELMYTO 2026 revenue guidance was reduced to approximately $90 million from $97 million-$101 million, signaling pressure on the established product despite ZUSDURI growth.
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Debt and liquidity exposure
The company had $90.5 million of cash, cash equivalents and marketable securities against a senior secured term loan facility of up to $250.0 million; the loans accrue interest at a fixed 8.25% rate and mature on February 26, 2031.
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Sole-source and tariff exposure
The company states that TAPI is currently its sole supplier of mitomycin for its two commercial products, while a 15% tariff applies to mitomycin imported for ZUSDURI. This could increase costs and pressure gross margins.
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Persistent losses and funding needs
The company has incurred net losses of $153.5 million for 2025 and had an accumulated deficit of $999.1 million as of September 30, 2026, increasing dependence on product revenue and external financing.
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Supply-chain concentration
The company relies on third parties and single-source suppliers for key materials and components, although it reports more than 12 months of bulk mitomycin API and/or finished product inventory and believes supply is sufficient for planned manufacturing through 2027.
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Cybersecurity and Israel exposure
The company identifies heightened cybersecurity exposure involving operations and third parties in the Middle East, including increased cyberattacks since October 2023, which could disrupt systems, clinical trials and product distribution.
Management's outlook
2026 JELMYTO revenue guidance was lowered to approximately $90 million from $97 million-$101 million. Operating expense guidance was maintained at $260 million-$270 million, with expenses expected toward the upper end and share-based compensation of $20 million-$24 million.
Earlier filings 4
10-K · March 2, 2026
UroGen reported meaningful top-line growth in 2025, driven by commercial traction for its RTGel-based products, with full-year revenue of $109.0M (sum of quarterly results) versus $91.0M in 2024 (≈+19.8%). Gross margins…
10-Q · November 6, 2025
UroGen reported Q3 revenue of $27,482 (in thousands) and GAAP net loss of $33,347 (in thousands), or $(0.69) per share. Gross profit increased to $24,204 but the company’s operating loss widened to $(27,386) driven by…
10-Q · August 7, 2025
UroGen reported quarter revenue of $24,215 (in thousands), up from $21,848 in Q2 2024, driven by product sales including the recent commercial launch activity. Profitability deteriorated: gross margin remained healthy…
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