Ultragenyx Q2 2026 earnings: Record revenue narrows the operating loss

Ultragenyx (NASDAQ: RARE) reported second-quarter 2026 revenue of $214 million, up about 28% from $167 million a year earlier, while net loss per basic and diluted share narrowed to $0.90 from $1.17. Record quarterly revenue and nearly flat R&D and SG&A spending reduced the operating loss, although the company still used $97 million of operating cash during the quarter. Crysvita remained the principal revenue source, and two FDA decision dates plus a pivotal GTX-102 readout are scheduled for the second half of 2026.

Core financial results

Revenue increased by $47 million year over year, while total operating expenses rose by $14 million. This difference narrowed the operating loss by $33 million, but an increase in non-cash interest expense limited the improvement in net loss.

The following figures cover the three months ended June 30 and are presented in U.S. dollars.

Non-cash stock-based compensation was $34 million, compared with $39 million in the prior-year quarter. Research and development expense was $167 million, up from $165 million, while selling, general and administrative expense was $88 million, compared with $87 million.

Commercial portfolio performance

Crysvita generated roughly 73% of quarterly revenue and contributed $35 million of the company’s $47 million year-over-year revenue increase. Product sales rose to $112 million from $81 million, while royalty revenue increased to $102 million from $86 million.

All four reported products recorded year-over-year revenue growth.

Crysvita’s increase included Latin America and Türkiye product sales of $54 million, up from $35 million, and U.S. and Canada royalty revenue of $94 million, up from $79 million. European royalty revenue increased to $8 million from $7 million. Management said the quarterly Crysvita result was consistent with expected U.S. and Canadian seasonality and Latin American ordering patterns.

Evkeeza posted the fastest percentage growth, supported by demand from new-country launches and early-access programs. Dojolvi was added to Japan’s National Health Insurance drug price list and launched there in May 2026, although Ultragenyx did not quantify Japan’s contribution to quarterly revenue.

Revenue growth narrowed losses, but cash use remains material

Cost of sales grew faster than revenue, rising to about 15.9% of revenue from 13.8% a year earlier. However, combined R&D and SG&A expenses increased by only $3 million to $255 million, allowing revenue growth to translate into a smaller operating loss.

The improvement was less pronounced at the bottom line. Non-cash interest expense on liabilities related to future royalty sales increased to $22 million from $14 million, while other income declined to $6 million from $8 million.

Ultragenyx ended the quarter with $436 million in cash, cash equivalents and marketable securities. The balance-sheet comparison below is against December 31, 2025 rather than the prior-year quarter.

Net cash used in operations was $97 million during Q2. The release did not provide a complete bridge explaining the six-month change in cash and marketable securities, so that decline should not be attributed solely to Q2 operating cash use.

Regulatory and clinical catalysts

The second half of 2026 includes two FDA action dates and several clinical readouts. These events could broaden the company’s portfolio, but approvals and trial outcomes remain uncertain.

The GTX-102 Aspire study enrolled 129 patients with a full maternal UBE3A gene deletion, randomized equally between GTX-102 and a sham group. Management also said the company is preparing for potential launches of DTX401 and UX111 if they receive FDA approval.

2026 financial guidance

Ultragenyx reaffirmed its full-year revenue and operating-expense guidance. The $730 million to $760 million total revenue range excludes revenue from potential new product launches, making performance from the existing commercial portfolio the basis of the outlook.

With first-half revenue of $350 million, the full-year range implies second-half revenue of approximately $380 million to $410 million.

Management maintained its stated path toward profitability in 2027. Achieving that objective will depend on sustained commercial growth and execution of the planned expense reductions.

Recent insider transactions

The supplied insider data shows 458,630 shares classified as purchases across 22 transactions during the past six months, compared with 140,038 shares sold through 16 transactions. That produced reported net purchases of 318,592 shares, equal to 10.40% of the 3.39 million total insider shares held.

The latest ten reported records include five sales with a combined reported value of $507,289 and five stock awards recorded at a transaction value of $0. Individual share counts were not included in the supplied transaction details, and the activity alone does not establish insiders’ views on the company’s outlook.

Risks investors need to watch

• Continued losses and cash consumption: Ultragenyx remained unprofitable, used $97 million of operating cash in Q2 and reported a substantial decline in cash and marketable securities from year-end.
• Crysvita concentration: Crysvita represented roughly 73% of quarterly revenue, leaving overall results sensitive to royalty trends, regional ordering patterns and the company’s commercialization arrangements.
• Regulatory and launch uncertainty: The two scheduled FDA decisions may not result in approvals, and the existing 2026 revenue guidance excludes revenue from potential launches.
• Clinical readout risk: The upcoming GTX-102 and UX701 data could materially affect the development outlook, but trial timing and results remain uncertain.
• Profitability execution: The stated path to profitability in 2027 depends on maintaining revenue growth while delivering the planned reduction in combined R&D and SG&A spending.

Conclusion

Ultragenyx’s Q2 2026 results showed that commercial revenue growth, led by Crysvita, is beginning to narrow operating losses while R&D and SG&A remain comparatively stable. The principal financial constraint remains cash consumption, while the next major operating tests are delivery against second-half revenue needs, two FDA decisions and the GTX-102 Phase 3 readout.