2023 Total Revenue of $434 million, Crysvita® revenue of $328 million and Dojolvi® revenue of $71 million
2024 Financial Guidance: Total Revenue between $500 million and $530 million, Crysvita revenue of $375 million to $400 million, and Dojolvi revenue of $75 million to $80 million
Year-end 2023 cash balance of $777 million and 2024 guidance for Net Cash Used in Operations expected to be less than $400 million
NOVATO, Calif., Feb. 15, 2024 (GLOBE NEWSWIRE) — Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE), a biopharmaceutical company focused on the development and commercialization of novel therapies for serious rare and ultrarare genetic diseases, today reported its financial results for the quarter and full year ended December 31, 2023 and reaffirmed its financial guidance for 2024.
“Last year, we made significant progress across our pipeline and look forward to multiple catalysts in 2024 with substantive data in Angelman syndrome that could enable a Phase 3 study, pivotal Phase 3 data from our GSDIa gene therapy program, dose-finding data from our seamless study in Wilson disease, and longer-term Phase 2 data in Osteogenesis Imperfecta,” said Emil D. Kakkis, M.D., Ph.D., chief executive officer and president of Ultragenyx. “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.”
Fourth Quarter and Full Year 2023 Selected Financial Data Tables and Financial Results
Revenues (dollars in thousands), (unaudited)
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Crysvita
Product sales
$
18,379
$
7,698
$
75,697
$
42,678
Revenue in Profit-Share Territory
70,124
66,903
231,574
215,024
Royalty revenue in European Territory
5,612
6,058
20,783
21,692
Total Crysvita Revenue
94,115
80,659
328,054
279,394
Dojolvi
23,286
16,412
70,633
55,612
Mepsevii
7,889
4,798
30,441
20,637
Evkeeza
2,102
—
3,642
—
Daiichi Sankyo
—
1,479
1,479
7,686
Total revenues
$
127,392
$
103,348
$
434,249
$
363,329
Total Revenues
Ultragenyx reported $127 million in total revenue for the fourth quarter 2023, which represents 23% growth compared to the same period in 2022. Fourth quarter 2023 Crysvita revenue was $94 million, which represents 17% growth compared to the same period in 2022. This includes product sales of $18 million from Latin America and Turkey, which represents 139% growth compared to the same period in 2022. Dojolvi revenue in the fourth quarter 2023 was $23 million, which represents 42% growth compared to the same period in 2022.
Total revenue for the year ended December 31, 2023 was $434 million, which represents 20% growth compared to the prior year. Full year 2023 Crysvita revenue was $328 million, which represents 17% growth compared to the same period in 2022. This includes product sales of $76 million from Latin America and Turkey, which represents 77% growth compared to the same period in 2022. Dojolvi revenue in 2023 was $71 million, which represents 27% growth compared to the same period in 2022.
Selected Financial Data (dollars in thousands, except per share amounts), (unaudited)
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Total revenues
$
127,392
$
103,348
$
434,249
$
363,329
Operating expenses:
Cost of sales
12,051
5,319
45,209
28,320
Research and development
160,557
170,808
648,449
705,789
Selling, general and administrative
76,833
72,849
309,799
278,139
Total operating expenses
249,441
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