Ultragenyx Reports $159.9 Million Revenue in Q3 2025, Despite $180.4 Million Net Loss

Ultragenyx Pharmaceutical Inc. reported a total revenue of $159.9 million for the third quarter of 2025, marking a 15% increase from $139.5 million in the same period of 2024. The growth was primarily driven by a 23% rise in product sales, which reached $95.0 million, up from $77.3 million year-over-year. Notably, the company’s flagship product, Crysvita, generated $47.0 million in sales, a 32% increase compared to the previous year. Royalty revenue also saw a modest increase of 4%, totaling $64.9 million, attributed to a higher number of reimbursed patients on therapy.

Despite the revenue growth, Ultragenyx reported a net loss of $180.4 million for the third quarter, compared to a loss of $133.5 million in the same quarter of 2024. The increase in losses was largely due to rising operating expenses, which totaled $330.8 million, up from $271.5 million a year earlier. Research and development expenses rose by 27% to $216.2 million, reflecting increased costs associated with clinical programs, particularly for gene therapy candidates. Selling, general, and administrative expenses also increased by 8% to $86.6 million, driven by higher employee compensation and marketing costs.

In terms of operational developments, Ultragenyx continues to expand its product portfolio and pipeline. The company is actively pursuing the commercialization of its existing products while advancing several clinical-stage candidates, including UX111 for Sanfilippo syndrome and DTX401 for glycogen storage disease type Ia. The company has also made strategic collaborations, such as its partnership with Regeneron for the commercialization of Evkeeza outside the U.S. As of September 30, 2025, Ultragenyx had $447.3 million in cash, cash equivalents, and marketable securities, providing a solid financial foundation for ongoing operations and future growth initiatives.

Looking ahead, Ultragenyx anticipates continued investment in research and development, with expectations of ongoing annual losses as it advances its product candidates through clinical trials and regulatory processes. The company may seek additional capital to support its operations, which could include public or private equity offerings, debt financing, or strategic collaborations. The management remains optimistic about the potential market opportunities for its products, particularly as it aims to address unmet medical needs in rare and ultra-rare genetic diseases.