The strong beat and reaffirmed guidance reinforce confidence in commercial execution and the path to 2027 profitability. Traders should focus on the two PDUFA dates (Aug 23 for DTX401 and Sep 19 for UX111) and the GTX-102 Phase 3 readout as binary catalysts that could significantly impact the stock.
Price Chart
Executive Summary
Ultragenyx reported Q2 2026 revenue of $214M (beat $183.1M consensus by 17%, +28% YoY) and EPS of -$0.90 (beat -$1.00 consensus by 10%, narrowed from -$1.17 YoY). All products showed strong growth, full-year 2026 guidance was reaffirmed, and management reiterated its path to profitability in 2027. The company highlighted upcoming H2 catalysts: two PDUFA dates (DTX401 gene therapy Aug 23, UX111 gene therapy Sep 19) and GTX-102 Phase 3 Angelman data in Sep/Oct.
Key Financial Metrics
Key Facts
- Q2 2026 total revenue $214M, up 28% YoY from $167M
- EPS -$0.90 vs consensus -$1.00 (10% beat) and vs -$1.17 YoY
- Crysvita revenue $156M (+29% YoY), Dojolvi $27M (+17%), Evkeeza $21M (+50%), Mepsevii $10M (+11%)
- Net loss narrowed to $92M from $115M YoY
- Cash, equivalents, and marketable securities $436M at June 30, down from $737M at Dec 31, 2025
- Reaffirmed FY2026 total revenue guidance $730M-$760M and combined R&D+SG&A expenses flat to slightly down vs 2025
- Upcoming catalysts: DTX401 PDUFA Aug 23, UX111 PDUFA Sep 19, GTX-102 Phase 3 data in Sep/Oct
- Net cash used in operations $97M in Q2
Financial Impact
Revenue beat consensus by $30.9M (17%) and EPS beat by $0.10 (10%) with gross margin of approximately 84%
Risk Factors
- Cash burn continues: cash dropped $301M from Dec 2025 to $436M, raising potential need for future financing
- DTX401 and UX111 approvals not guaranteed; FDA could require additional data or manufacturing changes
- GTX-102 Phase 3 Angelman syndrome readout is a high-risk binary event
- Dependence on Kyowa Kirin for Crysvita commercialization and supply in major markets
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-332802 |
| Document: 0001193125-26-332802-index.html | 0001193125-26-332802 |
| Document: 0001193125-26-332802.txt | 0001193125-26-332802 |
| 8-K Data (Synthetic) | 0001193125-26-332802 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 2, 2026 4w ago | 8-K | $14.85 $15.22 | ▼ −2.49% | ▼ −3.68% | $15.22 (−2.49%) |
Sep 1, 2026 4w ago | Press Release | $26.53 $15.03 | ▼ −43.35% | ▼ −43.02% | $15.22 (−42.63%) |
Aug 11, 2026 7w ago | 8-K | $26.80 $14.31 | ▼ −46.60% | ▼ −45.55% | $15.22 (−43.21%) |
Aug 4, 2026 8w ago | 8-K | $24.93 $26.53 | ▲ +6.42% | ▲ +7.02% | $15.22 (−38.95%) |
Aug 4, 2026 8w ago | Insider Cluster | $25.81 $25.81 | · 0.00% | ▲ +1.24% | $15.22 (−41.03%) |
Jun 15, 2026 15w ago | Insider Cluster | $24.85 $32.03 | ▲ +28.89% | ▲ +28.69% | $15.22 (−38.75%) |
Jun 11, 2026 16w ago | Institutional Cluster | $23.98 $34.61 | ▲ +44.33% | ▲ +42.44% | $15.22 (−36.53%) |
May 5, 2026 21w ago | Press Release | $25.93 $22.41 | ▲ +13.57% | ▲ +16.36% | $15.22 (+41.30%) |
May 1, 2026 22w ago | Insider Cluster | $24.77 $22.85 | ▼ −7.75% | ▼ −13.04% | $15.22 (−38.55%) |
Apr 2, 2026 26w ago | 8-K | $22.45 $24.69 | ▲ +9.98% | ▲ +0.10% | $15.22 (−32.20%) |
US Market Status
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