Marin County rare disease drug maker Ultragenyx reports Q2 revenues up 94%
Ultragenyx Pharmaceutical Inc. (RARE) on Thursday reported a loss of $99.2 million in its second quarter.
On a per-share basis, the Novato-based company said it had a loss of $1.72. Losses, adjusted for non-recurring gains, were $1.85 per share.
“The U.S. launch of Crysvita continues to be strong with the number of patients on reimbursed therapy increasing significantly this quarter and the number of unique prescribers continuing to grow steadily,” said Emil D. Kakkis, M.D., Ph.D., CEO and president, in the financial-results announcement. “Earlier this week we submitted the New Drug Application for UX007, which marks significant progress in bringing this important therapy to patients, and we are advancing our gene therapy platform with updates expected from the two clinical-stage programs in the third quarter.”
The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of $1.73 per share.
The biotechnology company posted revenue of $24.1 million in the period, exceeding Street forecasts. Eight analysts surveyed by Zacks expected $21.7 million. Revenues a year before were $12.8 million.
Ultragenyx shares have increased 39% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $60.43, a drop of 24% in the last 12 months.
North Bay Business Journal contributed to this report.