Filing Flows › Ultragenyx Pharmaceutical (RARE) › Q3 2025
Ultragenyx Pharmaceutical (RARE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Ultragenyx Pharmaceutical (RARE) reported revenue of $160M for the third quarter 2025 (Q3 2025), +15% from a year earlier and -4% from the quarter before. Operating margin was -106.9%, net loss $180M (112.8% of revenue).
Ultragenyx Pharmaceutical, Q3 2025: revenue $160M (+15% year over year), operating margin -106.9%, net loss $180M, operating cash flow −$91.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $160M | -4% | +15% |
| Operating profit | −$171M | — | — |
| Net earnings | −$180M | — | — |
| Operating cash flow | −$91.2M | — | — |
What changed
Revenue was $159.9M in Q3 2025, up 15% year over year and down 4% from the previous quarter. Product was the largest line at 59% of revenue. Product added $17.7M year over year (up 23%), 87% of the total change.
Operating costs exceeded revenue by $170.9M, an operating margin of -106.9%. Total costs grew 22% against revenue growth of 15%. The fastest-growing cost line was Other operating costs (+33%). The quarter ended with a net loss of $180.4M, wider than the previous quarter's $115.0M loss.
Operating cash flow was −$91.2M. Non-cash charges added back $8.2M of depreciation and amortization and $37.0M of share-based compensation. Working capital and other items added $44.0M. Capital expenditures of $1.3M exceeded it, leaving free cash flow of −$92.4M.
Questions
What was Ultragenyx Pharmaceutical's revenue in the third quarter 2025?
Ultragenyx Pharmaceutical (RARE) reported revenue of $160M for the third quarter 2025 (Q3 2025), +15% from a year earlier and -4% from the quarter before.
Was Ultragenyx Pharmaceutical profitable in the third quarter 2025?
Operating loss was $171M (-106.9% of revenue) and net loss $180M.