Ultragenyx Pharmaceutical Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in total revenues, which reached $139.5 million for the three months ended September 30, 2024, compared to $98.1 million for the same period in 2023. This growth was driven by a substantial rise in product sales, which amounted to $77.3 million, up from $42.3 million year-over-year. For the nine months ended September 30, 2024, total revenues were $395.4 million, reflecting a 29% increase from $306.9 million in the prior year.
The company's royalty revenue also saw an increase, totaling $62.2 million for the third quarter of 2024, compared to $55.7 million in the same quarter of 2023. Notably, Crysvita sales surged by 96% to $112.3 million for the nine months ended September 30, 2024, driven by higher demand in Latin America and the launch of Evkeeza in Japan and EMEA markets.
Despite the revenue growth, Ultragenyx reported a net loss of $133.5 million for the third quarter of 2024, an improvement from a net loss of $159.6 million in the same quarter of 2023. For the nine-month period, the net loss was $435.8 million, down from $483.4 million in the previous year. The decrease in losses was attributed to higher revenues, although total operating expenses increased to $271.5 million for the third quarter, up from $243.1 million in 2023.
The company’s total assets rose to $1.54 billion as of September 30, 2024, compared to $1.49 billion at the end of 2023, while total liabilities decreased to $1.18 billion. Stockholders’ equity increased to $346.8 million, up from $275.4 million at the end of 2023.
Strategically, Ultragenyx made significant moves, including the contribution of intellectual property rights to Amlogenyx Inc. in July 2024, receiving shares in return. The company also completed two public offerings in 2023 and 2024, raising a total of approximately $707.5 million. As of September 30, 2024, Ultragenyx had $824.7 million in available cash, cash equivalents, and marketable debt securities, which is expected to support its operations for at least the next twelve months.
The company continues to face challenges, including ongoing operating losses and the need for additional capital to fund its clinical studies and commercialization efforts. Future funding requirements will depend on various factors, including clinical study costs and regulatory interactions.
About Ultragenyx Pharmaceutical Inc.
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