Revenue growth is robust (28.5% YoY in 2026Q2) and gross margins are high (84.1%), yet operating losses persist at -$75.0M, reflecting R&D intensity that exceeds revenue.
Ultragenyx Pharmaceutical Inc. (RARE) annual income statement — 15-year revenue, gross profit & net income history
| 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 | 716.93M | 673M | 560.23M | 434.25M | 363.33M | 351.41M | 271.03M | 103.71M | 51.49M | 2.61M | 133K | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 17.5% | 20.13% | 29.01% | 19.52% | 3.39% | 29.66% | 161.32% | 101.41% | 1871.48% | 1863.91% | - | - | - | - | - | - |
| Cost of Goods Sold | 120.99M | 109M | 76.73M | 45.21M | 28.32M | 16.01M | 6.13M | 9.01M | 1.15M | 1K | 183.2M | 1.38M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 16.2% | 13.7% | 10.41% | 7.79% | 4.56% | 2.26% | 8.69% | 2.23% | 0.04% | 137747.37% | - | - | - | - | - |
| Gross Profit | 595.94M | 564M | 483.5M | 389.04M | 335.01M | 335.4M | 264.9M | 94.71M | 50.35M | 2.61M | -183.07M | -1.38M | 0 | 0 | 0 | 0 |
| Gross Margin % | 83.12% | 83.8% | 86.3% | 89.59% | 92.21% | 95.44% | 97.74% | 91.31% | 97.77% | 99.96% | -137647.37% | - | - | - | - | - |
| Gross Profit Growth % | - | 16.65% | 24.28% | 16.13% | -0.12% | 26.61% | 179.71% | 88.1% | 1828.34% | 101.43% | -13127.67% | - | - | - | - | - |
| Operating Expenses | 1.12B | 1.1B | 1.02B | 958.25M | 983.93M | 717.13M | 595.02M | 518.88M | 421.72M | 331.55M | 248.14M | 147.74M | 56.78M | 32.28M | 15.98M | 6.56M |
| OpEx % of Revenue | - | 163.3% | 181.97% | 220.67% | 270.81% | 204.08% | 219.54% | 500.3% | 818.96% | 12693.45% | 186571.43% | - | - | - | - | - |
| Selling, General & Admin | 351.62M | 349M | 321.61M | 309.8M | 278.14M | 219.98M | 182.93M | 161.52M | 127.72M | 99.91M | 64.94M | 33M | 10.81M | 4.45M | 3.34M | 1.84M |
| SG&A % of Revenue | - | 51.86% | 57.41% | 71.34% | 76.55% | 62.6% | 67.5% | 155.74% | 248.03% | 3825% | 48824.06% | - | - | - | - | - |
| Research & Development | 773.21M | 750M | 697.87M | 648.45M | 705.79M | 497.15M | 412.08M | 357.36M | 294M | 231.64M | 183.2M | 114.74M | 45.97M | 27.83M | 12.64M | 4.72M |
| R&D % of Revenue | - | 111.44% | 124.57% | 149.33% | 194.26% | 141.48% | 152.04% | 344.56% | 570.93% | 8868.45% | 137747.37% | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.95M | 0 | 2.17M | -200K | 0 | 0 | 0 | -22K |
| Operating Income | -528.89M | -535M | -535.97M | -569.21M | -648.92M | -381.74M | -330.12M | -424.17M | -371.37M | -328.94M | -248.01M | -147.74M | -56.78M | -32.28M | -15.98M | -6.56M |
| Operating Margin % | -73.77% | -79.49% | -95.67% | -131.08% | -178.6% | -108.63% | -121.8% | -408.98% | -721.18% | -12593.49% | -186471.43% | - | - | - | - | - |
| Operating Income Growth % | - | 0.18% | 5.84% | 12.28% | -69.99% | -15.64% | 22.17% | -14.22% | -12.9% | -32.63% | -67.87% | -160.2% | -75.89% | -101.94% | -143.64% | - |
| EBITDA | -495.5M | -500M | -500.43M | -543.2M | -630.7M | -368.5M | -317.86M | -415.63M | -351.83M | -323.12M | -244.58M | -146.35M | -56.09M | -31.84M | -15.67M | -6.53M |
| EBITDA Margin % | -69.11% | -74.29% | -89.33% | -125.09% | -173.59% | -104.86% | -117.28% | -400.75% | -683.24% | -12370.48% | -183896.99% | - | - | - | - | - |
| EBITDA Growth % | -5.5% | 0.09% | 7.87% | 13.87% | -71.15% | -15.93% | 23.53% | -18.13% | -8.89% | -32.11% | -67.12% | -160.91% | -76.2% | -103.14% | -140.11% | - |
| D&A (Non-Cash Add-back) | 33.39M | 35M | 35.54M | 26.01M | 18.22M | 13.24M | 12.26M | 8.54M | 19.54M | 5.83M | 3.42M | 1.38M | 684K | 444K | 313K | 34K |
| EBIT | -506.39M | -509M | -504.55M | -542.46M | -658.71M | -423.56M | -152.07M | -398.31M | -197.1M | -318.34M | -248.01M | -147.74M | -56.78M | -35.07M | -16.33M | -6.58M |
| Net Interest Income | -52.77M | -37M | -26.54M | -39.32M | -31.94M | -27.49M | -26.25M | 12.1M | 9.54M | 4.07M | 3.79M | 0 | 0 | 0 | 0 | -266K |
| Interest Income | 23.38M | 25M | 36.51M | 26.69M | 11.07M | 1.93M | 7.04M | 13.24M | 9.54M | 4.07M | 3.79M | 2.32M | 608K | 216K | 1K | 4K |
| Interest Expense | 76.15M | 62M | 63.04M | 66M | 43.02M | 29.42M | 33.29M | 1.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 270K |
| Other Income/Expense | -53.65M | -36M | -31.61M | -39.26M | -52.81M | -71.24M | 144.76M | 24.73M | 174.28M | 10.6M | 2.17M | 2.12M | -3.02M | -2.79M | -349K | -288K |
| Pretax Income | -582.54M | -571M | -567.59M | -608.46M | -701.73M | -452.98M | -185.36M | -399.44M | -197.1M | -318.34M | -245.84M | -145.62M | -59.8M | -35.07M | -16.33M | -6.85M |
| Pretax Margin % | -81.25% | -84.84% | -101.31% | -140.12% | -193.14% | -128.91% | -68.39% | -385.14% | -382.75% | -12187.52% | -184841.35% | - | - | - | - | - |
| Income Tax | 3.87M | 4M | 1.6M | -1.82M | 5.7M | 1.04M | 1.21M | 3.28M | 514K | -16.2M | 35K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.66% | -0.7% | -0.28% | 0.3% | -0.81% | -0.23% | -0.65% | -0.82% | -0.26% | 5.09% | -0.01% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -586.41M | -575M | -569.18M | -606.64M | -707.42M | -454.02M | -186.57M | -402.73M | -197.61M | -302.14M | -245.87M | -145.62M | -59.8M | -35.07M | -16.33M | -6.85M |
| Net Margin % | -81.79% | -85.44% | -101.6% | -139.7% | -194.71% | -129.2% | -68.84% | -388.31% | -383.75% | -11567.34% | -184867.67% | - | - | - | - | - |
| Net Income Growth % | -10.04% | -1.02% | 6.17% | 14.25% | -55.81% | -143.36% | 53.67% | -103.8% | 34.6% | -22.88% | -68.85% | -143.5% | -70.52% | -114.71% | -138.49% | - |
| Net Income (Continuing) | -586.41M | -575M | -569.18M | -606.64M | -707.42M | -454.02M | -186.57M | -402.73M | -197.61M | -302.14M | -245.87M | -145.62M | -59.8M | -35.07M | -16.33M | -6.85M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 7M | 7M | 7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.75 | -5.83 | -6.29 | -8.25 | -10.12 | -6.70 | -3.07 | -7.12 | -3.97 | -7.12 | -6.21 | -3.96 | -2.08 | -1.21 | -0.71 | -0.30 |
| EPS Growth % | -5.61% | 7.31% | 23.76% | 18.48% | -51.04% | -118.24% | 56.88% | -79.35% | 44.24% | -14.65% | -56.82% | -90.38% | -71.9% | -70.42% | -136.67% | - |
| EPS (Basic) | - | -5.83 | -6.29 | -8.25 | -10.12 | -6.70 | -3.07 | -7.12 | -3.97 | -7.12 | -6.21 | -3.96 | -2.08 | -1.21 | -0.71 | -0.30 |
| Diluted Shares Outstanding | 101.9M | 98.6M | 90.54M | 73.54M | 69.91M | 67.8M | 60.85M | 56.58M | 49.78M | 42.45M | 39.59M | 36.78M | 28.76M | 29.06M | 23.06M | 23.06M |
| Basic Shares Outstanding | 101.9M | 98.6M | 90.54M | 73.54M | 69.91M | 67.8M | 60.85M | 56.58M | 49.78M | 42.45M | 39.59M | 36.78M | 28.76M | 29.06M | 23.06M | 23.06M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RARE stock.
For fiscal year 2025, Ultragenyx Pharmaceutical Inc. (RARE) reported total revenue of $673.0M.
Ultragenyx Pharmaceutical Inc. (RARE) reported a net loss of $575.0M for the fiscal year ending 2025.
Ultragenyx Pharmaceutical Inc. (RARE) reported an operating income of $-535.0M, resulting in an operating profit margin of -79.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Ultragenyx Pharmaceutical Inc. (RARE) generated $564.0M in gross profit for the year, representing a gross profit margin of 83.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cash runway and dilution risk
Metrics are mathematically derived from official filings.
Revenue Growth Volatile but Positive
Revenue grew 28.5% year-over-year in 2026Q2, but quarterly fluctuations are pronounced, with 2026Q1 declining 2.4%. According to recent SEC filings, the growth is driven by product sales and collaboration revenue.
The 28.5% growth in 2026Q2 is a rebound from the -2.4% contraction in 2026Q1, indicating lumpiness likely due to milestone timing and Crysvita profit-sharing. Over the past year, revenue has grown from $108.8M in 2024Q1 to $214.0M in 2026Q2, a 96.7% increase, but the quarterly pattern suggests volatility rather than steady acceleration. This may reflect the company's reliance on partnership milestones and the timing of patient starts for its ultra-rare therapies.
Gross Margin Expansion but Operating Losses Persist
Gross margin improved to 84.1% in 2026Q2 from 77.9% in 2026Q1, but operating margin remains deeply negative at -35.0%. As reported in financial statements, the high gross margin reflects orphan drug pricing power.
The gross margin expansion to 84.1% in 2026Q2 is a positive sign, indicating better product mix or lower COGS per unit. However, operating margin of -35.0% is still far from breakeven, with R&D and SG&A expenses consuming 119.2% of revenue. The company's ability to maintain high gross margins is critical, but the heavy investment in R&D for gene therapy programs continues to pressure profitability.
Operating Leverage Absent as Costs Outpace Revenue
Despite 20.1% revenue growth over the trailing twelve months, operating losses widened to -$75.0M in 2026Q2. Based on EDBL's reported figures, R&D and SG&A expenses remain elevated, preventing operating leverage.
Revenue growth has not translated into operating leverage; R&D expenses alone were $167.0M in 2026Q2, nearly matching revenue. SG&A has remained relatively stable around $88M, but the combined cost structure exceeds gross profit, leading to persistent operating losses. The lack of operating leverage suggests that the company is still in heavy investment mode, and investors should monitor whether cost growth moderates as pipeline assets mature.
Net Losses Driven by Operating and Non-Operating Items
Net loss of -$92.0M in 2026Q2 is deeper than operating loss of -$75.0M, indicating additional non-operating charges. According to recent financial disclosures, stock-based compensation of $34.0M adds to cash burn.
The net loss exceeds the operating loss by $17.0M, suggesting interest expense or other non-operating items. Stock-based compensation of $34.0M in 2026Q2 is a significant non-cash expense, representing 15.9% of revenue, which dilutes shareholders and reduces reported earnings quality. The persistent negative EPS, with a diluted EPS of -$0.90, reflects the company's pre-profit status and reliance on external capital.
R&D Dominates Cost Structure, SG&A Stable
R&D expenses of $167.0M in 2026Q2 are the largest cost line, exceeding revenue, while SG&A remains around $88M. As reported in financial statements, R&D intensity is high due to gene therapy pipeline development.
R&D spending is the primary driver of operating losses, with quarterly R&D ranging from $161.5M to $216.2M over the past ten quarters. SG&A has been relatively stable, indicating disciplined commercial spending, but R&D is growing as the company advances multiple gene therapy programs. The high R&D intensity is typical for a mid-cap biotech, but the lack of near-term revenue from these programs means costs will continue to outpace revenue.
2026Q2 Marks a Revenue Inflection Point
Revenue jumped to $214.0M in 2026Q2, the highest in the period, with a 28.5% year-over-year growth. Based on EDBL's reported figures, this quarter shows a significant improvement in top-line performance.
The $214.0M revenue in 2026Q2 is a clear inflection point, representing a 57.4% increase from the prior quarter and the highest quarterly revenue in the dataset. This surge may be driven by a one-time milestone payment or a step-up in Crysvita profit-sharing, as the gross margin also improved to 84.1%. However, the sustainability of this revenue level is uncertain, as 2026Q1 saw a decline, and the company's reliance on partnership revenue introduces volatility.
Cash Burn and Dilution Risk Loom
With a cash balance of $434M and a quarterly operating loss of $75M, the company has limited runway. According to recent SEC filings, the high burn rate may necessitate dilutive financing within 12-18 months.
The company's cash position of $434M against a quarterly operating loss of $75M implies a cash runway of roughly 5-6 quarters, assuming no additional revenue growth. The persistent negative operating and net margins, despite revenue growth, suggest that the company is not approaching profitability. Investors should monitor the pace of cash consumption and the potential for equity dilution or partnership deals to extend the runway.