Revenue accelerated 199.2% year-over-year to $72.5M in Q2 2026, with gross margins stable at 90.9%, yet SG&A of $48.4M continues to absorb gains, though operating income turned positive at $111K.
UroGen Pharma Ltd. (URGN) annual income statement — 13-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 |
|---|
| Sales/Revenue | 188.73M | 109.79M | 90.4M | 82.71M | 64.36M | 48.04M | 11.8M | 18K | 1.13M | 8.16M | 17.53M | 0 | 0 | 0 |
| Revenue Growth % | 100.27% | 21.45% | 9.29% | 28.52% | 33.96% | 307.17% | 65450% | -98.4% | -86.17% | -53.46% | - | - | - | - |
| Cost of Goods Sold | 17.28M | 12.45M | 8.88M | 9.36M | 7.65M | 5.16M | 1.01M | 0 | 1.8M | 600K | 28K | 113K | 0 | 0 |
| COGS % of Revenue | - | 11.34% | 9.82% | 11.32% | 11.89% | 10.73% | 8.55% | - | 159.84% | 7.35% | 0.16% | - | - | - |
| Gross Profit | 171.46M | 97.34M | 81.52M | 73.35M | 56.7M | 42.88M | 10.79M | 18K | -675K | 7.56M | 17.5M | -113K | 0 | 0 |
| Gross Margin % | 90.85% | 88.66% | 90.18% | 88.68% | 88.11% | 89.27% | 91.45% | 100% | -59.84% | 92.65% | 99.84% | - | - | - |
| Gross Profit Growth % | - | 19.41% | 11.13% | 29.36% | 32.22% | 297.45% | 59844.44% | 102.67% | -108.93% | -56.82% | 15588.5% | - | - | - |
| Operating Expenses | 238.11M | 222.2M | 178.3M | 138.89M | 135.74M | 135.18M | 137.53M | 109.5M | 76.5M | 27.51M | 16.7M | 12.41M | 4.36M | 3.39M |
| OpEx % of Revenue | - | 202.39% | 197.24% | 167.92% | 210.92% | 281.37% | 1165.6% | 608311.11% | 6782.36% | 337.19% | 95.29% | - | - | - |
| Selling, General & Admin | 176.85M | 155.1M | 0 | 93.27M | 82.84M | 0 | 90.22M | 60.2M | 39.57M | 8.81M | 6.42M | 1.9M | 890K | 1.05M |
| SG&A % of Revenue | - | 141.27% | - | 112.77% | 128.72% | - | 764.63% | 334438.89% | 3508.07% | 108% | 36.61% | - | - | - |
| Research & Development | 61.26M | 67.11M | 57.15M | 45.61M | 52.91M | 47.64M | 47.31M | 49.3M | 36.93M | 18.7M | 10.29M | 10.52M | 4.01M | 2.33M |
| R&D % of Revenue | - | 61.12% | 63.21% | 55.15% | 82.21% | 99.17% | 400.97% | 273872.22% | 3274.29% | 229.19% | 58.68% | - | - | - |
| Other Operating Expenses | 0 | 0 | 121.15M | 0 | 0 | 87.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -66.65M | -124.86M | -96.78M | -65.54M | -79.04M | -92.29M | -126.74M | -109.48M | -77.18M | -19.95M | 798K | -12.41M | -4.37M | -3.39M |
| Operating Margin % | -35.32% | -113.73% | -107.06% | -79.23% | -122.82% | -192.11% | -1074.15% | -608211.11% | -6842.2% | -244.55% | 4.55% | - | - | - |
| Operating Income Growth % | - | -29.01% | -47.68% | 17.09% | 14.36% | 27.18% | -15.77% | -41.85% | -286.87% | -2600% | 106.43% | -184.05% | -28.92% | - |
| EBITDA | -64.61M | -122.45M | -96.45M | -63.83M | -77.22M | -91.46M | -124.69M | -108.15M | -76.76M | -19.74M | 1.01M | -12.3M | -4.34M | -3.37M |
| EBITDA Margin % | -34.23% | -111.54% | -106.7% | -77.17% | -119.99% | -190.38% | -1056.83% | -600855.56% | -6805.23% | -242.01% | 5.77% | - | - | - |
| EBITDA Growth % | 47.1% | -26.96% | -51.11% | 17.34% | 15.57% | 26.65% | -15.29% | -40.89% | -288.81% | -2052.82% | 108.22% | -183.41% | -28.72% | - |
| D&A (Non-Cash Add-back) | 2.05M | 2.41M | 329K | 1.71M | 1.82M | 831K | 2.04M | 1.32M | 417K | 207K | 213K | 113K | 30K | 18K |
| EBIT | -72.76M | -138.07M | -95.68M | -62.06M | -78.03M | -109.37M | -124.75M | -109.48M | -77.18M | -19.95M | 798K | -12.41M | -4.37M | -3.39M |
| Net Interest Income | -30.62M | -27.88M | -3.62M | -12.07M | -7.5M | -17.08M | 1.63M | 4.33M | 1.87M | 125K | 1K | 0 | 0 | 0 |
| Interest Income | 3.96M | 5.96M | 8.9M | 2.64M | 938K | 365K | 1.99M | 4.62M | 1.87M | 125K | 1K | 0 | 120K | 83K |
| Interest Expense | 34.58M | 33.85M | 12.52M | 14.71M | 8.44M | 17.44M | 357K | 284K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -31.45M | -28.55M | -27.26M | -32.79M | -28.99M | -17.08M | 1.63M | 4.33M | 1.65M | -31K | -2.74M | -279K | -107K | 83K |
| Pretax Income | -98.11M | -153.42M | -124.04M | -98.32M | -108.03M | -109.37M | -125.11M | -105.15M | -75.53M | -19.98M | -1.94M | -12.69M | -4.48M | -3.31M |
| Pretax Margin % | -51.98% | -139.74% | -137.22% | -118.87% | -167.86% | -227.66% | -1060.34% | -584144.44% | -6696.1% | -244.93% | -11.07% | - | - | - |
| Income Tax | -472K | 78K | 2.83M | 3.92M | 1.75M | 1.45M | 3.37M | 0 | 125K | 19K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.48% | -0.05% | -2.28% | -3.99% | -1.62% | -1.32% | -2.7% | 0% | -0.17% | -0.1% | 0% | 0% | 0% | 0% |
| Net Income | -97.64M | -153.49M | -126.87M | -102.24M | -109.78M | -110.82M | -128.48M | -105.15M | -75.66M | -20M | -1.94M | -12.69M | -4.56M | -3.31M |
| Net Margin % | -51.73% | -139.81% | -140.35% | -123.61% | -170.58% | -230.67% | -1088.94% | -584144.44% | -6707.18% | -245.16% | -11.07% | - | - | - |
| Net Income Growth % | 37% | -20.98% | -24.09% | 6.87% | 0.94% | 13.75% | -22.2% | -38.98% | -278.28% | -930.4% | 84.7% | -178.45% | -37.84% | - |
| Net Income (Continuing) | -97.64M | -153.49M | -126.87M | -102.24M | -109.78M | -110.82M | -128.48M | -105.15M | -75.66M | -20M | -1.94M | -12.69M | -4.48M | -3.31M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -1.94 | -3.19 | -2.96 | -3.55 | -4.79 | -4.96 | -5.90 | -4.90 | -4.80 | -2.06 | -0.16 | -5.51 | -1.98 | -1.56 |
| EPS Growth % | 40.36% | -7.77% | 16.62% | 25.89% | 3.43% | 15.93% | -20.41% | -2.08% | -133.01% | -1187.5% | 97.1% | -178.28% | -26.92% | - |
| EPS (Basic) | - | -3.19 | -2.96 | -3.55 | -4.79 | -4.96 | -5.90 | -4.90 | -4.80 | -2.06 | -0.16 | -5.51 | -1.98 | -1.56 |
| Diluted Shares Outstanding | 50.38M | 48.12M | 42.88M | 28.83M | 22.81M | 22.35M | 21.78M | 20.53M | 15.75M | 9.72M | 11.97M | 2.3M | 2.3M | 2.12M |
| Basic Shares Outstanding | 50.38M | 48.12M | 42.88M | 28.83M | 22.81M | 22.35M | 21.78M | 20.53M | 15.75M | 9.72M | 11.97M | 2.3M | 2.3M | 2.12M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying URGN stock.
For fiscal year 2025, UroGen Pharma Ltd. (URGN) reported total revenue of $109.8M.
UroGen Pharma Ltd. (URGN) reported a net loss of $153.5M for the fiscal year ending 2025.
UroGen Pharma Ltd. (URGN) reported an operating income of $-124.9M, resulting in an operating profit margin of -113.7%. This margin reflects the operational efficiency of the business before interest and taxes.
UroGen Pharma Ltd. (URGN) generated $97.3M in gross profit for the year, representing a gross profit margin of 88.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High burn and dilution risk
Metrics are mathematically derived from official filings.
Revenue Inflection Driven by ZUSDURI Launch
Revenue surged 199.2% year-over-year to $72.5M in Q2 2026, per the latest quarterly report, reflecting initial ZUSDURI momentum that appears to be accelerating sequentially.
The sequential progression from $20.3M in Q1 2025 to $72.5M in Q2 2026 shows a clear acceleration, with the most recent quarter alone contributing a 42% sequential increase. This suggests the launch is gaining traction beyond Jelmyto's earlier flat trajectory, though the sustainability depends on whether this reflects genuine patient demand or initial channel stocking. The revenue growth rate of 199.2% is exceptional, but investors should monitor whether this pace can be maintained as the launch matures.
Gross Margin Stability Amid Scaling
Gross margin remained consistently above 85%, reaching 90.9% in Q2 2026, as reported in financial statements, indicating pricing power that appears resilient despite the commercial ramp.
The gross margin has hovered between 85.3% and 91.9% over the past ten quarters, showing minimal erosion despite a 3.7x revenue increase. This stability suggests the RTGel platform's manufacturing costs are not scaling proportionally, which may indicate a favorable cost structure as volumes grow. However, the operating margin remains deeply negative at -113.7% TTM, implying that the gross profit is being entirely consumed by SG&A and R&D, a pattern typical of a launch-phase biotech.
Operating Leverage Still Elusive
Despite revenue tripling, operating income improved only marginally from -$25.7M in Q1 2024 to $111K in Q2 2026, based on reported figures, suggesting fixed costs are absorbing all revenue gains.
The path to operating breakeven appears to be driven by revenue growth outpacing SG&A, which rose from $27.3M to $48.4M over the same period. The Q2 2026 operating income of $111K is the first positive quarter, but it is razor-thin and may not be sustainable if SG&A continues to climb with UGN-102's anticipated launch. The 0.2% operating margin in Q2 2026 versus -171.2% a year earlier shows dramatic improvement, yet the company remains highly sensitive to any revenue shortfall.
Losses Narrowing but SBC Dilutes
Net loss improved to -$14.4M in Q2 2026 from -$49.9M a year earlier, per the income statement, yet stock-based compensation of $5.3M continues to pressure reported EPS.
The EPS improvement from -$1.05 to -$0.28 is notable, but SBC represents roughly 37% of the net loss, indicating that a meaningful portion of the deficit is non-cash. The tax rate appears negligible, with net income closely tracking operating income, which simplifies analysis but also means no tax shield is available. Investors should adjust for SBC to assess true cash burn, which remains substantial despite the narrowing GAAP losses.
SG&A Dominates Cost Structure
SG&A of $48.4M in Q2 2026 exceeded R&D by nearly 3x, as disclosed in quarterly filings, highlighting the heavy investment in commercial infrastructure for the ZUSDURI launch.
The cost structure has shifted from R&D-heavy to SG&A-heavy, with SG&A growing from $27.3M in Q1 2024 to $48.4M in Q2 2026, while R&D has remained relatively flat around $15-20M. This suggests management is prioritizing market penetration over pipeline expansion, which may be appropriate given the near-term revenue opportunity. However, the SG&A intensity implies that any slowdown in revenue growth would quickly erode the fragile operating profitability achieved in Q2 2026.
Q2 2026 Marks Operational Turning Point
The first positive operating income of $111K in Q2 2026, following nine consecutive quarters of losses, represents a pivotal inflection driven by the ZUSDURI launch, per the latest earnings report.
This quarter stands out because revenue jumped 42% sequentially and 199% year-over-year, crossing a threshold where gross profit ($65.9M) nearly covered total operating expenses ($65.8M). The inflection appears to be a direct result of the ZUSDURI launch, which management has positioned as a foundational therapy for NMIBC. The lasting impact will depend on whether this operating breakeven can be sustained and expanded, as the company still faces significant cash burn and potential dilution.
Sustainability of Launch Momentum Questioned
The EPS miss of -$0.28 versus $0.1 estimate in Q2 2026, despite revenue beat, suggests the launch may be consuming more resources than anticipated, per the earnings release.
Short-sellers could argue that the revenue surge is partly due to channel stocking, given the buy-and-bill model's inherent volatility, and that the operating breakeven is fragile. The raised guidance despite the EPS miss may indicate management is sacrificing profitability for market share, which could lead to prolonged cash burn and the need for dilutive financing. Additionally, the competitive response from TURBT procedures and potential reimbursement pressure on J-codes could undermine the adoption curve, making the current valuation appear stretched.