Q2 2024 Ultragenyx Pharmaceutical Inc Earnings Call Transcript
Key Points
- Ultragenyx Pharmaceutical Inc (RARE) reported strong revenue performance, leading to an increase in total revenue guidance for the year.
- Positive Phase III results from the DTX401 gene therapy for glycosidase Type 1a and long-term positive Phase II results from UX 143 antibody for Osteogenesis Imperfecta.
- Successful completion of an end of Phase II meeting with the FDA for GTX-102 for Angelman syndrome, aligning on Phase III study design and key endpoints.
- Strong commercial performance of Crysvita in the U.S. and Latin America, with significant patient additions and new prescribers.
- Ultragenyx Pharmaceutical Inc (RARE) has a robust cash position with $874 million in cash, cash equivalents, and marketable securities as of June 30, 2024.
- Net loss for the second quarter was $132 million, or $1.52 per share, indicating ongoing financial challenges.
- Total operating expenses were high at $263 million, including significant R&D and SG&A expenses.
- Revenue from Dojolvi and Mepsevii remains relatively low compared to Crysvita, indicating potential reliance on a single product for revenue growth.
- Quarter-to-quarter variability in Latin America revenue due to uneven ordering patterns, which could affect financial stability.
- The company is still in the process of finalizing details for multiple regulatory submissions, which could pose risks if there are delays or issues with the FDA.
Thank you. We have issued a press release detailing our financial results, which you can find on our website at ultragenyx.com. Joining me on this call are Emil Kakkis, Chief Executive Officer and President; Erik Harris, Chief Commercial Officer; Howard Horn, Chief Financial Service; and Eric Crombez, Chief Medical Officer.I'd like to remind everyone that during today's call, we will be making forward-looking statements.
These statements are subject to certain risks and uncertainties, and our actual results may differ materially. Please refer to the risk factors discussed in our latest SEC filings. I'll now turn the call over to Emil.
Thanks, Josh, and good afternoon, everyone. We've had an incredible first half of the year and look forward to sharing more with you today. On the commercial front, our strong revenue performance puts us on the trajectory to outperform our prior projections, and so we're raising our total revenue guidance range. We're happy with what this means for access to our drugs globally, and Eric and Howard can share
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