Ultragenyx Pharmaceutical Inc (RARE) Reports Q3 2023 Earnings: Revenue Grows by 8% Year-Over-Year
Ultragenyx Pharmaceutical Inc (NASDAQ:RARE) reported Q3 2023 total revenue of $98.1 million, marking an 8% growth compared to Q3 2022.
The company reaffirmed its 2023 total revenue guidance between $425 million to $450 million.
Ultragenyx reported a net loss of $159.6 million for Q3 2023, a decrease from the net loss of $245.1 million in Q3 2022.
Positive updates on three lead clinical programs were presented at the Analyst Day in October.
Ultragenyx Pharmaceutical Inc (NASDAQ:RARE), a biopharmaceutical company focused on the development and commercialization of novel products for serious rare and ultrarare genetic diseases, released its financial results for the quarter ended September 30, 2023, on November 2, 2023. The company reported a total revenue of $98.1 million for Q3 2023, an 8% increase compared to Q3 2022. The company's Crysvita product sales, primarily in Latin America, were $19.2 million, representing a 46% growth compared to the same period in 2022 and a 14% growth over Q2 2023.
Financial Highlights
Ultragenyx reported total operating expenses for Q3 2023 at $243.1 million, including non-cash stock-based compensation of $34.9 million. The company expects annual operating expenses to decrease compared to 2022 as it manages headcount and increases operational leverage while executing on its high-value programs.
The company reported a net loss of $159.6 million for Q3 2023, or $2.23 per share, compared with a net loss for Q3 2022 of $245.1 million, or $3.50 per share. As of September 30, 2023, cash, cash equivalents, and marketable debt securities were $524.2 million, excluding net proceeds of $326.5 million from a public offering of common stock and pre-funded warrants that closed in October 2023.
2023 Financial Guidance
For the full year 2023, Ultragenyx expects total revenue in the range of $425 million to $450 million, Crysvita revenue in the range of $325 million to $340 million, and Dojolvi revenue in the range of $65 million to $75 million. The company also expects net cash used in operations to be around $425 million.
Clinical Program Updates
Ultragenyx presented positive updates on its three lead clinical programs at the Analyst Day in October. The Phase 2 study of UX143 (setrusumab) for Osteogenesis Imperfecta demonstrated a 67% reduction in annualized fracture rate and continuous improvements in bone mineral density. Interim data from the extension cohorts in the ongoing Phase 1/2 for GTX-102 in Angelman syndrome showed clinically meaningful improvements in multiple domains. Interim data from the first dose cohort in the ongoing Cyprus2+ study for UX701 in Wilson disease showed reductions in urinary copper and patients tapering off of chelators and/or zinc therapy.
Ultragenyx is committed to bringing novel therapies to patients for the treatment of serious rare and ultrarare genetic diseases. The company has built a diverse portfolio of approved medicines and treatment candidates aimed at addressing diseases with high unmet medical need and clear biology.
Explore the complete 8-K earnings release (here) from Ultragenyx Pharmaceutical Inc for further details.
This article first appeared on GuruFocus.
