Ultragenyx Cuts 10% Workforce, Misses Q4 EPS Despite 25% Revenue Growth
Ultragenyx posted a Q4 net loss of $1.29 per share on $207M in revenue, a 25% increase that beat forecasts despite missing EPS. It announced a 10% workforce cut, $50M in restructuring charges, and said FDA requested additional documentation for Sanfilippo syndrome gene therapy, while forecasting 2026 sales of $730M-$760M.
1. Q4 Results and Revenue Performance
Ultragenyx reported a fourth-quarter net loss of $1.29 per share, wider than the $1.14 consensus, on revenue of $207 million, up 25% year-over-year. Product sales included $145 million from Crysvita, $32 million from Dojolvi and $17 million from Evkeeza.
2. FDA Incomplete Response Letter
The company received an Incomplete Response Letter from the FDA for its resubmitted UX111 gene therapy application for Sanfilippo syndrome type A, which requests additional CMC documentation prior to approval.
3. Strategic Restructuring Plan
Ultragenyx initiated a strategic restructuring that includes a 10% workforce reduction (approximately 130 employees) and $50 million in restructuring charges, aiming to align resources with high-impact programs and drive cost discipline through 2027.
4. 2026 Financial Outlook
Management forecasts 2026 sales of $730 million to $760 million, with Crysvita revenue of $500 million to $520 million and Dojolvi revenue of $100 million to $110 million, while combined R&D and SG&A expenses are expected to remain flat to slightly down versus 2025.