Revenue growth remains highly erratic, evidenced by a 127.3% year-over-year increase in 2026Q1, while gross margins fluctuate wildly between -32.1% and 93.9% due to milestone-dependent accounting.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 18.09M | 16.1M | 27.12M | 15.84M | 106.48M | 524M | 37.51M | 7.28M | 11.28M | 13.11M | 25.1M | 10.3M | 5.7M | 4.06M | 0 | 0 |
| Revenue Growth % | -10.44% | -40.64% | 71.17% | -85.12% | -79.68% | 1296.82% | 415.23% | -35.48% | -13.91% | -47.78% | 143.57% | 80.87% | 40.19% | - | - | - |
| Cost of Goods Sold | 4.68M | 1.69M | 18.33M | 13.63M | 3.34M | 24.98M | 122.4M | 0 | 73.06M | 67.41M | 72.69M | 638.49K | 43.58M | 1.1M | 13.49M | 0 |
| COGS % of Revenue | - | 10.47% | 67.58% | 86.02% | 3.14% | 4.77% | 326.28% | - | 647.47% | 514.3% | 289.62% | 6.2% | 764.91% | 27.18% | - | - |
| Gross Profit | 13.41M | 14.41M | 8.79M | 2.21M | 103.14M | 499.03M | -84.89M | 7.28M | -61.78M | -54.3M | -47.59M | 9.67M | -37.88M | 2.96M | -13.49M | 0 |
| Gross Margin % | 74.14% | 89.53% | 32.42% | 13.98% | 96.86% | 95.23% | -226.28% | 100% | -547.47% | -414.3% | -189.62% | 93.8% | -664.91% | 72.82% | - | - |
| Gross Profit Growth % | - | 63.92% | 296.93% | -97.85% | -79.33% | 687.88% | -1265.86% | 111.79% | -13.76% | -14.1% | -592.37% | 125.52% | -1380.07% | 121.94% | - | - |
| Operating Expenses | 204.75M | 202.24M | 193.09M | 285.09M | 246.3M | 188.41M | 40.54M | 128.42M | 99.52M | 85.06M | 97.04M | 71.76M | 46.84M | 34.08M | 18.77M | 22.22M |
| OpEx % of Revenue | - | 1256.3% | 712% | 1799.44% | 231.3% | 35.96% | 108.07% | 1763.78% | 881.92% | 649% | 386.66% | 696.42% | 822.18% | 838.53% | - | - |
| Selling, General & Admin | 71.65M | 65.34M | 50.68M | 73.08M | 54.7M | 56.29M | 42.58M | 33.54M | 25.3M | 25.04M | 26M | 21.12M | 13.58M | 16.06M | 6.04M | 4.93M |
| SG&A % of Revenue | - | 405.87% | 186.89% | 461.27% | 51.37% | 10.74% | 113.5% | 460.71% | 224.26% | 191.03% | 103.59% | 204.95% | 238.36% | 395.11% | - | - |
| Research & Development | 132.75M | 140.67M | 143.78M | 214.86M | 197.59M | 143.55M | 122.4M | 94.74M | 74.81M | 72.38M | 72.51M | 51.15M | 41.26M | 18.2M | 13.53M | 20.09M |
| R&D % of Revenue | - | 873.85% | 530.19% | 1356.21% | 185.56% | 27.39% | 326.28% | 1301.15% | 662.97% | 552.25% | 288.91% | 496.35% | 724.27% | 447.91% | - | - |
| Other Operating Expenses | 122K | -3.77M | -1.38M | -2.86M | -5.99M | -11.43M | -124.44M | 140K | -598K | 600K | -283K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -191.33M | -187.83M | -184.29M | -282.87M | -143.16M | 310.62M | -125.43M | -121.14M | -88.23M | -71.96M | -71.95M | -74.82M | -41.14M | -31.12M | -18.77M | -22.22M |
| Operating Margin % | -1057.48% | -1166.77% | -679.58% | -1785.46% | -134.44% | 59.28% | -334.34% | -1663.78% | -781.92% | -549% | -286.66% | -726.12% | -722.18% | -765.72% | - | - |
| Operating Income Growth % | - | -1.92% | 34.85% | -97.59% | -146.09% | 347.65% | -3.54% | -37.3% | -22.62% | -0.02% | 3.84% | -81.86% | -32.21% | -65.81% | 15.52% | - |
| EBITDA | -178.14M | -173.07M | -171.65M | -270.97M | -134.62M | 317.92M | -114.78M | -114.47M | -81.33M | -64.41M | -65.86M | -69.97M | -39.27M | -30.38M | -18.04M | -21.45M |
| EBITDA Margin % | -984.59% | -1075.09% | -632.96% | -1710.35% | -126.43% | 60.67% | -305.96% | -1572.19% | -720.77% | -491.45% | -262.4% | -678.99% | -689.33% | -747.54% | - | - |
| EBITDA Growth % | -15.04% | -0.82% | 36.65% | -101.28% | -142.34% | 376.98% | -0.27% | -40.75% | -26.26% | 2.19% | 5.87% | -78.16% | -29.27% | -68.37% | 15.89% | - |
| D&A (Non-Cash Add-back) | 13.19M | 14.76M | 12.64M | 11.9M | 8.54M | 7.3M | 10.65M | 6.67M | 6.9M | 7.54M | 6.09M | 4.86M | 1.87M | 738.77K | 724.73K | 764.69K |
| EBIT | -168.06M | -131.35M | -173.39M | -265M | -116.56M | 311.7M | -137.62M | -120.39M | -80.91M | -77.23M | -70.06M | -80.69M | -44.54M | -35.8M | -18.8M | -23.45M |
| Net Interest Income | -42.85M | -45.03M | -42.33M | -22M | -11.1M | -7.31M | -2.89M | -263K | 569K | -2.36M | -2.1M | -2.45M | -1.8M | -1.16M | -80.67K | -418.64K |
| Interest Income | 18.07M | 16.97M | 21.41M | 19.56M | 609K | 162K | 938K | 3.55M | 2.73M | 117K | 70K | 121K | 220K | 80.09K | 29.09K | 90.73K |
| Interest Expense | 60.92M | 61.99M | 63.74M | 41.56M | 11.7M | 7.47M | 3.83M | 3.81M | 2.16M | 2.48M | 2.17M | 2.57M | 2.02M | 1.24M | 109.77K | 509.36K |
| Other Income/Expense | -11.92M | -5.51M | -52.83M | -23.69M | 14.9M | 22.19M | -16.02M | -3.06M | 5.16M | -8.12M | -283K | -12.11M | 3.37M | -4.57M | -694.32K | 2.79M |
| Pretax Income | -203.25M | -193.34M | -237.13M | -306.56M | -128.26M | 332.81M | -141.44M | -124.2M | -83.07M | -80.59M | -72.23M | -78.62M | -45.04M | -37.03M | -19.46M | -22.42M |
| Pretax Margin % | -1123.34% | -1201.02% | -874.39% | -1934.97% | -120.45% | 63.51% | -377.04% | -1705.82% | -736.2% | -614.85% | -287.79% | -762.98% | -790.61% | -911.32% | - | - |
| Income Tax | 5.62M | 5.63M | 2.43M | 1.92M | -1.47M | 3.22M | -16.42M | 0 | 231K | -199K | 1.15M | 471.21K | 4.21M | 559.25K | 109.77K | 509.36K |
| Effective Tax Rate % | -2.77% | -2.91% | -1.02% | -0.63% | 1.15% | 0.97% | 11.61% | 0% | -0.28% | 0.25% | -1.59% | -0.6% | -9.34% | -1.51% | -0.56% | -2.27% |
| Net Income | -208.87M | -198.97M | -239.56M | -308.48M | -126.79M | 329.59M | -125.02M | -124.2M | -83.3M | -80.39M | -73.37M | -78.15M | -45.04M | -37.03M | -19.46M | -22.42M |
| Net Margin % | -1154.42% | -1236% | -883.35% | -1947.09% | -119.07% | 62.9% | -333.27% | -1705.82% | -738.25% | -613.33% | -292.35% | -758.41% | -790.61% | -911.32% | - | - |
| Net Income Growth % | 4% | 16.94% | 22.34% | -143.3% | -138.47% | 363.62% | -0.66% | -49.09% | -3.63% | -9.56% | 6.11% | -73.51% | -21.62% | -90.29% | 13.2% | - |
| Net Income (Continuing) | -208.87M | -198.97M | -239.56M | -308.48M | -126.79M | 329.59M | -125.02M | -124.2M | -83.3M | -79.26M | -73.37M | -79.27M | -49.13M | -36.93M | -18.9M | -24.06M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.33 | -3.46 | -4.92 | -6.47 | -2.71 | 7.04 | -2.81 | -3.20 | -2.34 | -2.98 | -2.93 | -3.54 | -2.63 | -2.10 | -1.11 | -1.27 |
| EPS Growth % | 20.05% | 29.67% | 23.96% | -138.75% | -138.49% | 350.53% | 12.19% | -36.75% | 21.48% | -1.71% | 17.23% | -34.6% | -25.24% | -89.19% | 12.6% | - |
| EPS (Basic) | - | -3.46 | -4.92 | -6.47 | -2.71 | 7.17 | -2.81 | -3.20 | -2.34 | -2.98 | -2.93 | -3.54 | -2.63 | -2.10 | -1.11 | -1.27 |
| Diluted Shares Outstanding | 62.74M | 57.5M | 48.65M | 47.67M | 46.74M | 46.84M | 44.47M | 40M | 35.64M | 26.98M | 25.04M | 22.06M | 17.12M | 17.59M | 17.59M | 17.59M |
| Basic Shares Outstanding | 62.74M | 57.5M | 48.65M | 47.67M | 46.74M | 45.99M | 44.47M | 40M | 35.64M | 26.98M | 25.04M | 22.06M | 17.12M | 17.59M | 17.59M | 17.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial binary outcomes
According to recent financial disclosures, uniQure's revenue trajectory remains highly erratic, characterized by a 127.3% year-over-year growth in 2026Q1 that follows significant quarterly fluctuations, reflecting the company's reliance on non-recurring milestone payments rather than a stable, predictable commercial product sales model for its gene therapy portfolio.
The revenue profile is inherently lumpy due to the nature of licensing agreements, which makes period-over-period growth comparisons largely uninformative for assessing underlying business health. Investors should monitor the transition from milestone-dependent income to potential royalty streams, as the current volatility suggests a lack of recurring revenue visibility.
As reported in quarterly filings, uniQure's gross margin has fluctuated wildly from a low of -32.1% in 2023Q4 to a high of 93.9% in 2026Q1, illustrating that these figures are accounting artifacts of milestone recognition rather than indicators of true manufacturing efficiency or sustainable product pricing power.
The extreme variance in gross margins highlights the risks of evaluating a clinical-stage biotech firm using traditional profitability metrics. The high margins observed in certain quarters likely reflect the recognition of upfront licensing payments with minimal associated costs, which masks the underlying cost structure of the company's proprietary AAV5 manufacturing platform.
Based on the company's income statements, R&D remains the dominant expenditure, consistently consuming the vast majority of operating resources, with quarterly R&D spend frequently exceeding $30 million, which underscores the heavy capital requirements necessary to advance the AMT-130 Huntington’s disease program through clinical development.
The persistent high level of R&D spending relative to revenue indicates that the company is in a deep investment phase with no immediate path to operational self-sufficiency. Management's expense discipline appears focused on preserving cash for these critical trials, yet the lack of operating leverage suggests that the current cost structure is unsustainable without further external financing or successful commercialization.
Analysis of the income statement reveals that uniQure continues to report significant net losses, with quarterly figures often exceeding $50 million, while stock-based compensation remains a consistent expense, averaging over $4 million per quarter, which further dilutes shareholder value during this extended period of clinical development.
The quality of earnings is currently poor, as the company is not generating positive net income and relies on equity-based incentives to attract and retain talent. Investors should be wary of the impact of ongoing dilution and the potential for future capital raises to bridge the gap between current cash burn and the achievement of meaningful clinical milestones.
Quick answers to the most common questions about buying QURE stock.
For fiscal year 2025, uniQure N.V. (QURE) reported total revenue of $16.1M.
uniQure N.V. (QURE) reported a net loss of $199.0M for the fiscal year ending 2025.
uniQure N.V. (QURE) reported an operating income of $-187.8M, resulting in an operating profit margin of -1166.8%. This margin reflects the operational efficiency of the business before interest and taxes.
uniQure N.V. (QURE) generated $14.4M in gross profit for the year, representing a gross profit margin of 89.5%. This demonstrates the company's core pricing power and production efficiency.