Ultragenyx's Q1 Loss Wider Than Expected, Revenues Increase Y/Y

Core Viewpoint - Ultragenyx Pharmaceutical reported a wider-than-expected loss in Q1 2025, despite a year-over-year revenue increase driven by higher product sales, but missed consensus estimates for revenue [1][3]. Financial Performance - The company reported a loss of $1.57 per share, compared to a loss of $2.03 per share in the same quarter last year [1]. - Total revenues for the quarter were $139.3 million, reflecting a 28% increase year over year, but falling short of the Zacks Consensus Estimate of $142 million [1]. - Operating expenses increased to $282.2 million, up 3% year over year, attributed to investments in late-stage pipeline programs and marketing costs [4]. Product Performance - Crysvita generated revenues of $102.9 million, a 25% increase year over year, with significant growth in Latin America and Turkey [2]. - Mepsevii revenues rose 27% year over year to $8.4 million, while Dojolvi revenues increased 4% to $17 million [3]. - Evkeeza recorded sales of $11 million, showing significant growth as the drug is launched in territories outside the U.S. [3]. Financial Guidance - Ultragenyx expects total revenues for 2025 to be between $640 million and $670 million, indicating a growth of approximately 14-20% compared to 2024 [6]. - Specific revenue expectations include Crysvita between $460-$480 million (up 12-17% year over year) and Dojolvi between $90 million and $100 million (up 2-14% year over year) [6]. Pipeline Developments - The company is developing UX143 for osteogenesis imperfecta in collaboration with Mereo BioPharma, with updates expected in mid-2025 [8]. - UX701, an investigational gene therapy for Wilson disease, is in a phase I/II/III study, and a BLA submission for DTX401 is planned for mid-2025 [10]. - The pivotal phase III Aspire study for GTX-102, targeting Angelman syndrome, is ongoing, with an additional open-label study planned for 2025 [11]. - The company submitted a BLA for UX111 for Sanfilippo syndrome type A, with a decision expected on August 18, 2025 [12].