Ultragenyx Reports $136 Million Revenue in Q1 2026, Faces Decline in Crysvita Sales

Ultragenyx Pharmaceutical Inc. reported a total revenue of $136 million for the first quarter of 2026, a decrease of 2% from $139 million in the same period of 2025. The decline was primarily attributed to a 16% drop in product sales of Crysvita, which fell from $55 million to $46 million, largely due to timing of orders in Latin America. However, the company saw growth in other product lines, with Evkeeza sales increasing by 64% to $18 million, reflecting expanded patient access and geographic reach. Royalty revenue also saw a slight decrease, from $48 million to $47 million.

The company's operating expenses rose to $305 million in Q1 2026, compared to $282 million in Q1 2025, driven by increased research and development costs, which climbed to $187 million from $166 million. This increase was largely due to preparations for the commercial launch of DTX401 and UX111, as well as ongoing clinical development for GTX-102 and UX143. The net loss for the quarter was $185 million, compared to a loss of $151 million in the prior year, resulting in a net loss per share of $1.84, up from $1.57.

In terms of strategic developments, Ultragenyx implemented a restructuring plan in February 2026 aimed at reducing operating expenses and reallocating resources to higher-value projects. This plan included a workforce reduction of approximately 10% and the cessation of certain manufacturing activities related to UX143. The company recognized $30 million in restructuring charges during the quarter, with expectations to complete most cash payments related to this restructuring in the first half of 2026.

Operationally, Ultragenyx reported a cash position of $534 million as of March 31, 2026, down from $737 million at the end of 2025. The decrease was primarily due to cash used in operating activities, which totaled $197 million for the quarter. The company continues to rely on a combination of product revenues, equity sales, and future royalty sales to fund its operations. Looking ahead, Ultragenyx anticipates ongoing annual losses as it continues to invest in its product pipeline and prepare for upcoming regulatory submissions, including a Priority Review for DTX401 and a resubmitted BLA for UX111, both expected to be pivotal for the company's future growth.