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How Ultragenyx Pharmaceutical (RARE) makes money

Ultragenyx Pharmaceutical (RARE) made $173M of revenue in the third quarter 2026 (Q3 2026), +8% from a year earlier. Product brought in $105M (61%); Royalty brought in $68.0M (39%).

Drawing the Sankey…

Ultragenyx Pharmaceutical revenue by segment, Q3 2026Ultragenyx Pharmaceutical revenue by segment, Q3 2026Product$105MRoyalty$68.0M
Ultragenyx Pharmaceutical: revenue by line, Q1 2025 to Q3 2026Ultragenyx Pharmaceutical: revenue by line, Q1 2025 to Q3 2026ProductRoyaltyProduct: $105M latest$105MRoyalty: $68.0M latest$68.0MQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Product went from 66% of revenue in Q1 2025 to 61% in Q3 2026, the largest shift in the mix.
Ultragenyx Pharmaceutical revenue by quarterUltragenyx Pharmaceutical revenue by quarter$139MQ1 2025$167MQ2 2025$160MQ3 2025$207MQ4 2025$136MQ1 2026$214MQ2 2026$173MQ3 2026

Revenue by segment, Q3 2026

SegmentRevenueShareQ/QY/Y
Product$105M60.7%-6%+11%
Royalty$68.0M39.3%-33%+5%

Where each dollar of revenue goes

LineQ3 2026% of revenue
Revenue$173M100.0%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 2026$173M+8%
Q2 2026$214M+28%
Q1 2026$136M-2%
Q4 2025$207M+26%
Q3 2025$160M+15%
Q2 2025$167M+14%
Q1 2025$139M+28%

From Ultragenyx Pharmaceutical's 10-Q filed Nov 4, 2026 (on EDGAR).

Questions

How does Ultragenyx Pharmaceutical make money?

Ultragenyx Pharmaceutical (RARE) made $173M of revenue in the third quarter 2026 (Q3 2026), +8% from a year earlier. Product brought in $105M (61%); Royalty brought in $68.0M (39%).

What is Ultragenyx Pharmaceutical's biggest business?

Product: $105M in the third quarter 2026, 61% of revenue, +11% from a year earlier.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.