Marin County’s Ultragenyx Pharmaceutical reports 19% revenue increase in 2023

Ultragenyx Pharmaceutical (Nasdaq: RARE) reported a 23% annual increase in fourth-quarter revenue and a 19% rise for 2023.

Total revenue was $127.3 million for the calendar quarter, a $25 million rise from a year before, and $434.2 million for the year, an increase of almost $80 million.

The Novato-based biomedical company reported a narrower quarterly and annual net loss. For the fourth quarter, it was $123.1 million, down from $151.8 million. For the year, the net loss was $606.6 million, down from $707.4 million.

In the Feb. 15 report, the company attributes much of its profitability to the success of Crysvita, a treatment for skeletal disorders that can cause extreme deformities and delayed growth, the company outlined. This novel therapy brought in $94 million for the fourth quarter, 17% growth, according to the report.

“There were no surprises in our fourth quarter earnings,” spokeswoman Carolyn Wang said.

CEO and President Emil D. Kakkis suggested the successes of 2023 have laid the groundwork for this year’s performance.

“In 2023, we saw increased demand for both Crysvita and Dojolvi and achieved multiple regulatory and reimbursement milestones for our commercial products to support continued revenue growth of approximately 20% in 2024,” he said in a statement.

Dojolvi, with its $23.2 million in revenue, represents about a $7 million hike from the previous year. The treatment tackles oxidation disorders related to metabolism and energy deficiencies.

Operating expenses for the fourth quarter were $249.4 million, a little over the $248.9 million the year before.

Assets at year-end were $1.4 billion in assets.