Filing Flows › Ultragenyx Pharmaceutical (RARE) › Q2 2025
Ultragenyx Pharmaceutical (RARE) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Ultragenyx Pharmaceutical (RARE) reported revenue of $167M for the second quarter 2025 (Q2 2025), +14% from a year earlier and +20% from the quarter before. Operating margin was -64.7%, net loss $115M (68.9% of revenue).
Ultragenyx Pharmaceutical, Q2 2025: revenue $167M (+14% year over year), operating margin -64.7%, net loss $115M, operating cash flow −$109M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $167M | +20% | +14% |
| Operating profit | −$108M | — | — |
| Net earnings | −$115M | — | — |
| Operating cash flow | −$109M | — | — |
What changed
Revenue was $167.0M in Q2 2025, up 14% year over year and up 20% from the previous quarter. Royalty was the largest line at 51% of revenue. Royalty added $12.5M year over year (up 17%), 62% of the total change.
Operating costs exceeded revenue by $108.0M, an operating margin of -64.7%. Total costs grew 4% against revenue growth of 14%. The quarter ended with a net loss of $115.0M, narrower than the previous quarter's $151.0M loss.
Operating cash flow was −$109.0M. Non-cash charges added back $9.0M of depreciation and amortization and $39.0M of share-based compensation. Working capital and other items used $42.0M. Capital expenditures of $2.5M exceeded it, leaving free cash flow of −$111.5M.
Questions
What was Ultragenyx Pharmaceutical's revenue in the second quarter 2025?
Ultragenyx Pharmaceutical (RARE) reported revenue of $167M for the second quarter 2025 (Q2 2025), +14% from a year earlier and +20% from the quarter before.
Was Ultragenyx Pharmaceutical profitable in the second quarter 2025?
Operating loss was $108M (-64.7% of revenue) and net loss $115M.