Despite maintaining robust gross margins of 77.9% in 2026Q1, the company's operating margin remains severely constrained at -124.3% due to heavy R&D spending.
| 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 | 669.43M | 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 % | 13.33% | 20.13% | 29.01% | 19.52% | 3.39% | 29.66% | 161.32% | 101.41% | 1871.48% | 1863.91% | - | - | - | - | - | - |
| Cost of Goods Sold | 109.99M | 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 | 559.44M | 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 % | 83.57% | 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 | 350.27M | 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 | 770.95M | 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 | -561.78M | -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 % | -83.92% | -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 | -535.77M | -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 % | -80.03% | -74.29% | -89.33% | -125.09% | -173.59% | -104.86% | -117.28% | -400.75% | -683.24% | -12370.48% | -183896.99% | - | - | - | - | - |
| EBITDA Growth % | -12.11% | 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) | 26.01M | 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 | -379.36M | -535M | -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 | -29.02M | -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 | 24.17M | 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 | 26.19M | 62M | 63.04M | 66M | 43.02M | 29.42M | 33.29M | 1.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 270K |
| Other Income/Expense | -43.77M | -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 | -605.54M | -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 % | -90.46% | -84.84% | -101.31% | -140.12% | -193.14% | -128.91% | -68.39% | -385.14% | -382.75% | -12187.52% | -184841.35% | - | - | - | - | - |
| Income Tax | 1.82M | 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 % | -0.3% | -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 | -609.36M | -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 % | -91.03% | -85.44% | -101.6% | -139.7% | -194.71% | -129.2% | -68.84% | -388.31% | -383.75% | -11567.34% | -184867.67% | - | - | - | - | - |
| Net Income Growth % | -10.88% | -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) | -609.36M | -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) | -6.06 | -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 % | -3.91% | 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 | 100.6M | 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 | 100.6M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High Cash Burn Rate
As reported in recent financial filings, Ultragenyx experienced a 2.4% year-over-year revenue decline in 2026Q1, highlighting the volatility inherent in its collaboration-heavy revenue model compared to the 29.4% growth observed in 2024Q4, suggesting that reliance on milestone payments creates significant quarterly lumpiness in top-line performance.
The inconsistency in revenue growth appears to stem from the timing of collaboration milestones and the transition of specific commercial rights. Investors should monitor whether the underlying product demand for core therapies can sustain growth without the unpredictable contribution of non-recurring partnership payments.
Based on the company's income statement data, Ultragenyx maintains a robust gross margin profile, peaking at 90.5% in 2023Q4, which reflects the significant pricing power of its ultra-rare disease portfolio despite the high costs associated with specialized manufacturing and clinical-stage viral vector production requirements.
While the gross margin remains structurally high, the wide gap between these margins and the deep operating losses suggests that the company has yet to achieve the necessary scale to absorb its fixed cost base. The ability to maintain these margins will be critical as the company transitions more assets toward commercialization.
According to the provided quarterly data, Ultragenyx's operating margin reached a trough of -151.9% in 2024Q1, indicating that the company's massive R&D investment continues to outpace gross profit generation, preventing the realization of operating leverage despite the high-margin nature of its commercialized rare disease therapies.
The persistent disconnect between revenue growth and operating expenses suggests that the company is prioritizing pipeline expansion over near-term profitability. This strategy warrants further investigation into whether the current R&D intensity is a permanent feature of the business model or a temporary phase of clinical development.
As indicated by the income statement, R&D expenses consistently exceed total revenue, with a peak of $216.2M in 2025Q3, demonstrating that the company's cost structure is heavily weighted toward long-term clinical development rather than the immediate commercialization of its existing, high-margin product portfolio.
Management's expense discipline appears secondary to the aggressive pursuit of its gene therapy pipeline, which requires significant capital allocation. Investors should monitor whether this high R&D burn rate can be moderated as key clinical programs reach maturity or if it will necessitate further dilutive financing.
Based on the reported figures, the company's net loss of $185.0M in 2026Q1, coupled with a maturing cash balance, suggests that the current operating model may be unsustainable without continued access to capital markets, posing a significant risk to shareholders if pipeline milestones face further regulatory delays.
Short-term observers may focus on the company's reliance on equity financing to fund its operations, which creates a perpetual risk of dilution. The lack of a clear path to profitability in the near term implies that the company's valuation is highly sensitive to clinical trial outcomes and interest rate fluctuations.
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.