Filing Flows › Ultragenyx Pharmaceutical (RARE) › Q1 2026
Ultragenyx Pharmaceutical (RARE) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Ultragenyx Pharmaceutical (RARE) reported revenue of $136M for the first quarter 2026 (Q1 2026), -2% from a year earlier and -34% from the quarter before. Operating margin was -124.3%, net loss $185M (136.0% of revenue).
Ultragenyx Pharmaceutical, Q1 2026: revenue $136M (-2% year over year), operating margin -124.3%, net loss $185M, operating cash flow −$197M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $136M | -34% | -2% |
| Operating profit | −$169M | — | — |
| Net earnings | −$185M | — | — |
| Operating cash flow | −$197M | — | — |
What changed
Revenue was $136.0M in Q1 2026, down 2% year over year and down 34% from the previous quarter. Product was the largest line at 65% of revenue. Product lost $2.0M year over year (down 2%), 67% of the total change.
Operating costs exceeded revenue by $169.0M, an operating margin of -124.3%. Total costs grew 8% against a revenue fall of 2%. The fastest-growing cost line was Research & development (+13%). The quarter ended with a net loss of $185.0M, wider than the previous quarter's $128.6M loss.
Operating cash flow was −$197.0M. Non-cash charges added back $8.0M of depreciation and amortization and $30K of share-based compensation. Working capital and other items used $20.0M. Capital expenditures of $1.0M exceeded it, leaving free cash flow of −$198.0M.
Questions
What was Ultragenyx Pharmaceutical's revenue in the first quarter 2026?
Ultragenyx Pharmaceutical (RARE) reported revenue of $136M for the first quarter 2026 (Q1 2026), -2% from a year earlier and -34% from the quarter before.
Was Ultragenyx Pharmaceutical profitable in the first quarter 2026?
Operating loss was $169M (-124.3% of revenue) and net loss $185M.