Ultragenyx Pharmaceutical Inc. reported total revenues of $560.2 million for the year ended December 31, 2024, a 29% increase compared to $434.2 million in 2023. This rise was primarily driven by increased demand for Crysvita, particularly in Latin America, along with the launch of Evkeeza in Japan and EMEA, and continued growth in sales of other approved products. Cost of sales increased by 70% to $76.7 million, reflecting the higher product demand. The company reported a net loss of $569.2 million for 2024, compared to a net loss of $606.6 million in 2023.
Research and development expenses increased by 8% to $697.9 million in 2024, primarily due to increased clinical progress in gene therapy and biologic programs, partially offset by reduced expenses in translational research and approved products. Selling, general, and administrative expenses rose by 4% to $321.6 million. Interest income increased by 37% to $36.5 million, mainly due to higher marketable debt securities balances. The company's non-cash interest expense on liabilities for sales of future royalties decreased by 4% to $63.0 million.
Significant strategic developments included the completion of a $381 million underwritten public offering in June 2024 and the commencement of a Phase 3 study for GTX-102 in December 2024. The company also submitted a Biologics License Application (BLA) to the FDA for UX111 in December 2024, receiving Priority Review with a PDUFA date of August 18, 2025. Operational highlights included the first full year of GMP operation for the gene therapy manufacturing facility in Bedford, Massachusetts. As of December 31, 2024, Ultragenyx had 1,294 employees, with 875 in research and development and 419 in sales, general, and administrative roles.
Ultragenyx ended 2024 with $745 million in cash, cash equivalents, and marketable debt securities. The company anticipates continued annual losses in the near term, projecting profitability for the year 2027. Future funding requirements will depend on various factors, including clinical trial progress, regulatory approvals, manufacturing costs, and commercialization efforts. The company plans to meet future cash needs through existing capital, product revenue, and potential equity offerings, debt financings, or strategic partnerships. The company also noted several ongoing legal proceedings, including a patent infringement suit related to Dojolvi and a suit against Catalent alleging fraudulent misrepresentation and breach of contract.
About Ultragenyx Pharmaceutical Inc.
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