Fri, Aug 2, 10:03 AM (88 days ago)
Ultragenyx Pharmaceutical Inc. reported its Q2 2024 financial results, highlighting a significant increase in total revenues to $147.0 million, up 36% year-over-year, driven by strong product sales and royalty revenue. Product sales rose by 75% to $73.8 million, with notable contributions from Crysvita and the launch of Evkeeza in new markets. However, the company recorded a net loss of $131.6 million, a slight improvement from the $159.8 million loss in Q2 2023. Operating expenses remained high, with research and development expenses slightly decreasing to $161.5 million, while selling, general and administrative expenses were stable at $80.6 million. The company’s cash and cash equivalents increased significantly to $480.7 million, bolstered by a recent public offering. Despite the losses, Ultragenyx continues to advance its clinical programs, including positive updates on UX143 and GTX-102. The company anticipates continued investment in its pipeline and infrastructure, with a focus on achieving regulatory approvals and expanding market presence.