RARE

MKT CAP:$2B

Ultragenyx Pharmaceutical Inc.

Market Cap

$2B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$24.05+$0.45 (+1.91%)

Apr 24, 2026

Company Details

Ultragenyx Pharmaceutical Inc., a biopharmaceutical company, focuses on the identification, acquisition, development, and commercialization of novel products for the treatment of rare and ultra-rare genetic diseases in North America, Europe...

CEO

Emil D. Kakkis

IPO Date

Jan 31, 2014

Website

www.ultragenyx.com

Key Metrics TTM

Revenue

$673M

+20.1% YoY

Net Income

-$575M

EPS (Diluted)

-$5.84

Free Cash Flow

-$472M

Revenue / Share

$6.73

Gross Margin

83.8%

Operating Margin

-79.6%

Net Margin

-85.5%

FCF Margin

-70.2%

P/S

3.5x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 18, 2026

$673M+20.1%EPS -$5.83

Q4 2025

Feb 18, 2026

$207M+25.5%EPS -$1.29

Q3 2025

Nov 4, 2025

$160M+14.7%EPS -$1.81

Q2 2025

Aug 5, 2025

$166M+13.2%EPS -$1.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$80M	$74M	-$137M
Q2 22	$89M	$81M	-$142M
Q3 22	$91M	$82M	-$225M
Q4 22	$103M	$98M	-$146M
Q1 23	$100M	$88M	-$154M
Q2 23	$108M	$98M	-$148M
Q3 23	$98M	$87M	-$145M
Q4 23	$127M	$115M	-$122M
Q1 24	$109M	$91M	-$165M
Q2 24	$147M	$126M	-$116M
Q3 24	$139M	$118M	-$132M
Q4 24	$165M	$148M	-$122M
Q1 25	$139M	$111M	-$143M
Q2 25	$166M	$143M	-$108M
Q3 25	$160M	$132M	-$171M
Q4 25	$207M	$178M	-$114M

Valuation

Quarter	P/S	P/E
Q1 22	7.1x	—
Q2 22	7.0x	—
Q3 22	6.9x	—
Q4 22	6.5x	—
Q1 23	6.1x	—
Q2 23	5.8x	—
Q3 23	5.7x	—
Q4 23	5.4x	—
Q1 24	5.3x	—
Q2 24	4.9x	—
Q3 24	4.5x	—
Q4 24	4.2x	—
Q1 25	4.0x	—
Q2 25	3.9x	—
Q3 25	3.7x	—
Q4 25	3.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$118M	-$180M
Q2 22	-$77M	-$108M
Q3 22	-$95M	-$121M
Q4 22	-$90M	-$117M
Q1 23	-$157M	-$182M
Q2 23	-$116M	-$133M
Q3 23	-$118M	-$122M
Q4 23	-$84M	-$86M
Q1 24	-$191M	-$204M
Q2 24	-$77M	-$81M
Q3 24	-$67M	-$69M
Q4 24	-$80M	-$80M
Q1 25	-$166M	-$183M
Q2 25	-$108M	-$96M
Q3 25	-$91M	-$93M
Q4 25	-$100M	-$101M

Capital Expenditures

Quarter	CapEx
Q1 22	$62M
Q2 22	$31M
Q3 22	$26M
Q4 22	$27M
Q1 23	$25M
Q2 23	$16M
Q3 23	$4M
Q4 23	$2M
Q1 24	$13M
Q2 24	$5M
Q3 24	$2M
Q4 24	$654.0K
Q1 25	$16M
Q2 25	$13M
Q3 25	$1M
Q4 25	$938.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-19.6%	+5.1%
Q2 22	+2.7%	+36.0%
Q3 22	+11.1%	+84.1%
Q4 22	+23.9%	+33.9%
Q1 23	+25.7%	+17.6%
Q2 23	+21.2%	+11.0%
Q3 23	+8.1%	-23.0%
Q4 23	+23.3%	+0.2%
Q1 24	+8.3%	+7.7%
Q2 24	+35.7%	+2.8%
Q3 24	+42.3%	+11.7%
Q4 24	+29.4%	+15.1%
Q1 25	+28.0%	+2.9%
Q2 25	+13.2%	+4.2%
Q3 25	+14.7%	+21.9%
Q4 25	+25.5%	+11.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$29M	36.8%
Q2 22	$36M	40.1%
Q3 22	$36M	39.4%
Q4 22	$29M	28.4%
Q1 23	$32M	31.8%
Q2 23	$35M	32.0%
Q3 23	$35M	35.6%
Q4 23	$34M	26.5%
Q1 24	$37M	33.9%
Q2 24	$39M	26.8%
Q3 24	$42M	29.8%
Q4 24	$40M	24.4%
Q1 25	$40M	28.7%
Q2 25	$39M	23.1%
Q3 25	$37M	23.1%
Q4 25	$38M	18.4%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$143M	$67M
Q2 22	$155M	$68M
Q3 22	$237M	$70M
Q4 22	$171M	$73M
Q1 23	$166M	$77M
Q2 23	$165M	$81M
Q3 23	$157M	$75M
Q4 23	$161M	$77M
Q1 24	$178M	$78M
Q2 24	$162M	$81M
Q3 24	$170M	$80M
Q4 24	$188M	$82M
Q1 25	$166M	$88M
Q2 25	$165M	$87M
Q3 25	$216M	$87M
Q4 25	$203M	$89M

Revenue Segments

Quarter	Product	Royalty
Q3 23	$42M	$56M
Q1 24	$62M	$46M
Q2 24	$74M	$73M
Q3 24	$77M	$62M
Q4 24	$72M	$93M
Q1 25	$92M	$48M
Q2 25	$81M	$86M
Q3 25	$95M	$65M
Q4 25	$102M	$106M

Revenue by Geography

Quarter	Europe	Latin America	North America	Japan	Asia Pacific	Emea
Q1 22	$8M	$10M	$62M	—	—	—
Q2 22	$9M	$13M	$67M	—	—	—
Q3 22	$8M	$14M	$67M	$1M	—	—
Q4 22	$10M	$8M	$85M	—	—	—
Q1 23	$9M	$23M	$67M	$1M	—	—
Q2 23	$10M	$19M	$79M	—	—	—
Q3 23	$13M	$17M	$68M	—	—	—
Q4 23	$15M	$18M	$93M	$1M	—	—
Q1 24	$16M	$35M	$58M	—	—	—
Q2 24	$16M	$39M	$89M	—	$3M	—
Q3 24	$22M	$38M	$77M	—	$2M	—
Q4 24	$26M	$19M	$117M	—	$4M	—
Q1 25	$23M	$55M	$58M	—	$3M	—
Q2 25	—	$33M	$103M	—	$4M	$26M
Q3 25	—	$43M	$84M	—	$5M	$28M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$154M	$444M	$598M
Q2 22	$160M	$383M	$543M
Q3 22	$392M	$497M	$889M
Q4 22	$133M	$615M	$748M
Q1 23	$86M	$544M	$629M
Q2 23	$102M	$450M	$552M
Q3 23	$73M	$370M	$442M
Q4 23	$214M	$364M	$577M
Q1 24	$112M	$300M	$412M
Q2 24	$481M	$283M	$764M
Q3 24	$151M	$471M	$622M
Q4 24	$174M	$436M	$610M
Q1 25	$127M	$367M	$494M
Q2 25	$166M	$311M	$477M
Q3 25	$212M	$223M	$435M
Q4 25	$434M	$259M	$693M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	70M	+1.4%	+3.6%
Q2 22	70M	+0.6%	+3.4%
Q3 22	70M	+0.2%	+3.2%
Q4 22	70M	+0.1%	+2.3%
Q1 23	70M	+0.3%	+1.2%
Q2 23	71M	+0.8%	+1.4%
Q3 23	72M	+1.1%	+2.3%
Q4 23	81M	+13.2%	+15.6%
Q1 24	84M	+3.9%	+19.8%
Q2 24	87M	+2.7%	+22.1%
Q3 24	95M	+10.3%	+33.3%
Q4 24	96M	+0.2%	+18.0%
Q1 25	96M	+0.6%	+14.2%
Q2 25	98M	+2.3%	+13.7%
Q3 25	100M	+1.3%	+4.5%
Q4 25	100M	+0.1%	+4.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$71.4K	1K
Q2 22	$79.8K	1K
Q3 22	$81.1K	1K
Q4 22	$78.8K	1K
Q1 23	$76.7K	1K
Q2 23	$82.6K	1K
Q3 23	$74.8K	1K
Q4 23	$99.8K	1K
Q1 24	$85.3K	1K
Q2 24	$115.2K	1K
Q3 24	$109.3K	1K
Q4 24	$127.4K	1K
Q1 25	$107.6K	1K
Q2 25	$128.7K	1K
Q3 25	$123.6K	1K
Q4 25	$1.0K	200K

Revenue / Employee