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Ultragenyx Pharmaceutical (RARE) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Ultragenyx Pharmaceutical (RARE) Q3 2026 earnings results →
Q3 2026 Revenue up 8% year over year to $173M · 68¢ of every $1 of revenue lost · operating margin -63.6%
Ultragenyx Pharmaceutical made $173M in Q3 2026 (+8% Y/Y): Product $105M, Royalty $68.0M. Operating margin -63.6%, net loss $118M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $173.0M in Q3 2026, up 8% year over year and down 19% from the previous quarter. Product was the largest line at 61% of revenue. Product added $10.0M year over year (up 11%), 77% of the total change.
Operating costs exceeded revenue by $110.0M, an operating margin of -63.6%. Total costs fell 15% while revenue rose 8%. The fastest-growing cost line was Other operating costs (+14%). The quarter ended with a net loss of $118.0M, wider than the previous quarter's $92.0M loss.
Operating cash flow was −$43.0M. Non-cash charges added back $9.0M of depreciation and amortization and $34.0M of share-based compensation. Working capital and other items added $32.0M. Capital expenditures of $2.0M exceeded it, leaving free cash flow of −$45.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $173M | +8% | -63.6% | −$118M | −$43.0M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $214M | +28% | -35.0% | −$92.0M | −$97.0M |
| Q1 2026 | 10-Q | May 6, 2026 | $136M | -2% | -124.3% | −$185M | −$197M |
| Q4 2025 | 10-K | Feb 18, 2026 | $207M | +26% | -54.7% | −$129M | −$99.8M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $160M | +15% | -106.9% | −$180M | −$91.2M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $167M | +14% | -64.7% | −$115M | −$109M |
| Q1 2025 | 10-Q | May 7, 2025 | $139M | +28% | -102.9% | −$151M | −$166M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Ultragenyx Pharmaceutical
Ultragenyx is a biopharmaceutical company committed to bringing novel therapies to patients for the treatment of serious rare and ultra-rare genetic diseases. The company has built a diverse portfolio of approved medicines and treatment candidates aimed at addressing diseases with high unmet medical need and clear biology, for which there are typically no approved therapies treating the underlying disease. The company is led by a management team experienced in the development and commercialization of rare disease therapeutics. Ultragenyx’s strategy is predicated upon time- and cost-efficient drug development, with the goal of delivering safe and effective therapies to patients with the utmost urgency.
In its own words, from its 8-K, filed Aug 4, 2026.
Ultragenyx Pharmaceutical against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +8%. Operating margin: -63.6% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| RARE Ultragenyx Pharmaceutical | Q3 2026 | $173M | +8% | -63.6% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Ultragenyx Pharmaceutical 10-Q on SEC EDGAR · CIK 1515673 · Pharmaceutical Preparations
13F: who owns RARE and who is buying
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results