Ultragenyx Q4 Loss Wider Than Expected, Revenues Increase Y/Y

Core Viewpoint - Ultragenyx Pharmaceutical reported a wider loss per share in Q4 2024 compared to the previous year and the consensus estimate, despite a significant increase in total revenues driven by higher product sales [1][2][8]. Financial Performance - The total revenues for Q4 2024 were $164.9 million, reflecting a 29% year-over-year increase and surpassing the Zacks Consensus Estimate of $163 million [2]. - The net loss per share for Q4 2024 was $1.39, wider than the consensus estimate of a loss of $1.24 and compared to a loss of $1.52 in the same quarter last year [1][8]. - For the full year 2024, total revenues reached $560.2 million, up 29% from $434.2 million in 2023, exceeding the Zacks Consensus Estimate of $558.6 million [8]. Product Performance - Crysvita generated $115.4 million in revenues for Q4 2024, a 23% increase year-over-year, with notable growth in Latin America and Turkey [4]. - Dojolvi's revenues were $31.1 million, up 34% due to strong new patient demand, while Mepsevii's revenues remained flat at $8 million [5]. - Evkeeza recorded sales of $10.4 million in Q4 2024 [5]. Operating Expenses - Operating expenses for Q4 2024 totaled $287.2 million, a 15% increase year-over-year, driven by investments in late-stage pipeline programs and marketing costs [6]. - Research and development expenses were $187.8 million, up 17%, while selling, general and administrative expenses were $82.5 million, up 7% [6]. Cash Position - As of December 31, 2024, cash, cash equivalents, and marketable debt securities amounted to $745 million, down from $825 million as of September 30, 2024 [7]. Future Guidance - For 2025, Ultragenyx expects total revenues between $640 million and $670 million, indicating a growth of approximately 14-20% compared to 2024 [9]. - Crysvita revenues are projected to be between $460 million and $480 million, while Dojolvi revenues are expected to range from $90 million to $100 million [9]. Pipeline Developments - Ultragenyx is developing UX143 for osteogenesis imperfecta in collaboration with Mereo BioPharma, with updates expected in mid-2025 [12]. - The company is also evaluating UX701 for Wilson disease and plans to submit a biologics license application for DTX401 in mid-2025 [13]. - In December 2024, dosing began in the pivotal phase III Aspire study for GTX-102, targeting Angelman syndrome [14]. - A biologics license application for UX111 to treat Sanfilippo syndrome type A was submitted in December 2024, with a decision expected in the second half of 2025 [15].