Ultragenyx Posts Record Revenue as Cash Pile Halves
Ultragenyx Pharmaceutical's quarterly revenue hit $214 million, its highest ever, even as cash reserves fell to $436 million from $737 million six months earlier.
Ultragenyx Pharmaceutical (RARE) reported record quarterly revenue of $214 million for the second quarter of 2026, up 28% from $167 million a year earlier and up 57% from the first quarter's $136 million. The rare-disease drugmaker's growth came alongside a widening stockholders' deficit and a cash balance that shrank by roughly $300 million in six months, a combination that frames the quarter as much about balance-sheet discipline as topline momentum.
The revenue trajectory over the past year has been uneven rather than linear. Quarterly sales moved from $160 million in the third quarter of 2025 to $207 million in the fourth, dipped to $136 million in the first quarter of 2026 on seasonal patterns, then rebounded to the second quarter's $214 million. Crysvita, the company's largest product, drove much of that swing, rising 29% year-over-year to $156 million and 68% sequentially from $93 million, a jump attributed to seasonality in ordering patterns. Dojolvi revenue rose to $27 million from $23 million a year earlier, while Evkeeza continued its rapid expansion, reaching $21 million as new country launches ramped up, building on 84% full-year growth in 2025.
Net loss narrowed to $92 million, or $0.90 a share, from $115 million, or $1.17 a share, in the prior-year quarter, extending an improvement that began with a $180 million loss in the third quarter of 2025 and a $129 million loss in the fourth. Total operating expenses rose just 5% year-over-year to $289 million even as revenue climbed 28%, a gap that reflects a restructuring plan launched in the fourth quarter of 2025. Research and development spending has fallen each quarter since, from $216 million in the third quarter of 2025 to $203 million in the fourth and to $165 million–$167 million across the first two quarters of 2026. The restructuring produced a new $30 million charge in the first half of 2026, with no comparable charge in the same period a year earlier.
The cost discipline has not yet translated into cash preservation. Cash, cash equivalents and marketable securities fell to $436 million as of June 30 from $737 million at the end of 2025, driven by roughly $97 million in quarterly operating cash burn plus other uses. Working capital dropped to $255 million from $567 million over the same period, and the company's stockholders' deficit widened to $(291) million from $(80) million. Net cash used in operations held roughly steady at $97 million, close to the $100 million and $91 million used in the fourth and third quarters of 2025, respectively, suggesting the burn rate has not yet responded to the revenue gains.
Ultragenyx reaffirmed full-year 2026 revenue guidance of $730 million to $760 million, unchanged from both the fourth-quarter 2025 release and the first-quarter update, along with segment-level guidance of $500 million to $520 million for Crysvita and $100 million to $110 million for Dojolvi. The company also reiterated plans to hold combined R&D and SG&A spending flat to down low-single-digits in 2026 versus 2025, with a further cut of at least 15% targeted for 2027. Full-year 2025 revenue came in at $673 million, above the $672 million–$674 million preliminary range the company had flagged in January and up 20% from $560 million in 2024.
The reaffirmed guidance, unchanged across three consecutive disclosures, indicates management views the first-quarter seasonal dip and the second-quarter rebound as consistent with its original full-year plan rather than a reason to revise it. Whether the expense cuts underway can close the gap between revenue growth and cash burn before reserves run further down is likely to be the central question for the following quarters.