Ultragenyx Pharmaceutical Inc. (RARE) Income Statement
RARE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsRARE revenue and net income
Where RARE's revenue goes
2025Each bar shows an amount and its share of revenue. RARE kept −85.4% of revenue as net income.
RARE profit margins
RARE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +20.1% | +22.8% | +19.9% | — |
| Gross profit | +16.6% | +19.0% | +16.3% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
RARE quarterly EPS vs estimates
Ultragenyx Pharmaceutical beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 3, 2026 (estimate $-0.87).
RARE income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $673.0M | $560.2M | $434.2M | $363.3M | $351.4M | $271.0M | $103.7M | $51.5M | $2.6M | $133,000 |
| Cost of revenue | $109.0M | $76.7M | $45.2M | $28.3M | $16.0M | $6.1M | $9.0M | $1.1M | $1,000 | $183.2M |
| Gross profit | $564.0M | $483.5M | $389.0M | $335.0M | $335.4M | $264.9M | $94.7M | $50.3M | $2.6M | $133,000 |
| Research & development | $750.0M | $697.9M | $648.4M | $705.8M | $497.2M | $412.1M | $357.4M | $294.0M | $231.6M | $183.2M |
| Sales, general & admin | $349.0M | $321.6M | $309.8M | $278.1M | $220.0M | $182.9M | $161.5M | $127.7M | $99.9M | $64.9M |
| Total operating expenses | $1.10B | $1.02B | $958.2M | $983.9M | $717.1M | $595.0M | $518.9M | $421.7M | $331.6M | $248.1M |
| Operating income | −$535.0M | −$536.0M | −$569.2M | −$648.9M | −$381.7M | −$330.1M | −$424.2M | −$371.4M | −$328.9M | −$248.0M |
| Interest income | $25.0M | $36.5M | $26.7M | $11.1M | $1.9M | $7.0M | $13.2M | $9.5M | $4.1M | $3.8M |
| Interest expense | $62.0M | $63.0M | $66.0M | $43.0M | $29.4M | $33.3M | $1.1M | $0 | $0 | $0 |
| Income before taxes | −$571.0M | −$567.6M | −$608.5M | −$701.7M | −$453.0M | −$185.4M | −$399.4M | −$197.1M | −$318.3M | −$245.8M |
| Income taxes | $4.0M | $1.6M | −$1.8M | $5.7M | $1.0M | $1.2M | $3.3M | $514,000 | −$16.2M | $35,000 |
| Net income | −$575.0M | −$569.2M | −$606.6M | −$707.4M | −$454.0M | −$186.6M | −$402.7M | −$197.6M | −$302.1M | −$245.9M |
| EBITDA | −$474.0M | −$469.0M | −$516.5M | −$640.5M | −$410.3M | −$139.8M | −$389.8M | −$177.6M | −$323.1M | −$244.6M |
| EPS (diluted) | −$5.84 | −$6.34 | −$8.33 | −$9.85 | −$6.07 | −$5.71 | −$7.34 | −$7.41 | −$7.11 | −$6.20 |
| Gross margin | 83.8% | 86.3% | 89.6% | 92.2% | 95.4% | 97.7% | 91.3% | 97.8% | 100.0% | 100.0% |
| Operating margin | −79.5% | −95.7% | −131.1% | −178.6% | −108.6% | −121.8% | −409.0% | −721.2% | −12,593.5% | −186,471.4% |
| Net margin | −85.4% | −101.6% | −139.7% | −194.7% | −129.2% | −68.8% | −388.3% | −383.7% | −11,567.3% | −184,867.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $214.0M | $136.0M | $207.0M | $159.9M | $166.5M | $139.3M | $164.9M | $139.5M | $147.0M | $108.8M | $127.4M | $98.1M |
| Cost of revenue | $34.0M | $30.0M | $29.0M | $28.0M | $23.0M | $28.7M | $16.9M | $21.0M | $21.3M | $17.5M | $12.1M | $11.0M |
| Gross profit | $180.0M | $106.0M | $178.0M | $131.9M | $143.5M | $110.6M | $148.0M | $118.5M | $125.7M | $91.3M | $115.3M | $87.1M |
| Research & development | $167.0M | $187.0M | $203.0M | $216.2M | $164.7M | $165.8M | $187.8M | $170.1M | $161.5M | $178.5M | $160.6M | $157.2M |
| Sales, general & admin | $88.0M | $88.0M | $87.9M | $86.6M | $86.6M | $87.8M | $82.5M | $80.4M | $80.6M | $78.2M | $76.8M | $74.9M |
| Total operating expenses | $255.0M | $275.0M | $292.0M | $302.8M | $251.4M | $253.6M | $270.3M | $250.5M | $242.1M | $256.6M | $237.4M | $232.2M |
| Operating income | −$75.0M | −$169.0M | −$114.0M | −$170.9M | −$107.9M | −$142.9M | −$122.3M | −$132.0M | −$116.4M | −$165.3M | −$122.0M | −$145.1M |
| Interest income | $5.0M | $6.0M | $6.5M | $5.9M | $5.8M | $6.8M | $9.6M | $10.7M | $7.4M | $8.8M | $8.6M | $5.9M |
| Interest expense | $22.0M | $21.0M | $19.0M | $14.1M | $14.0M | $14.3M | $15.5M | $15.7M | $16.0M | $15.8M | $17.3M | $17.7M |
| Income before taxes | −$91.0M | −$184.0M | −$128.0M | −$179.5M | −$114.0M | −$149.8M | −$133.4M | −$133.2M | −$130.7M | −$170.2M | −$126.9M | −$159.0M |
| Income taxes | $1.0M | $1.0M | $1.0M | $873,000 | $947,000 | $1.3M | −$19,000 | $303,000 | $858,000 | $455,000 | −$3.7M | $650,000 |
| Net income | −$92.0M | −$185.0M | −$129.0M | −$180.4M | −$115.0M | −$151.1M | −$133.4M | −$133.5M | −$131.6M | −$170.7M | −$123.2M | −$159.6M |
| EBITDA | −$61.0M | −$155.0M | −$100.2M | −$156.8M | −$91.0M | −$126.4M | −$108.8M | −$108.7M | −$105.9M | −$145.5M | −$101.3M | −$134.1M |
| EPS (diluted) | −$0.90 | −$1.54 | −$1.29 | −$1.81 | −$1.17 | −$1.57 | −$1.39 | −$1.40 | −$1.52 | −$2.03 | −$1.52 | −$2.23 |
| Gross margin | 84.1% | 77.9% | 86.0% | 82.5% | 86.2% | 79.4% | 89.8% | 84.9% | 85.5% | 83.9% | 90.5% | 88.8% |
| Operating margin | −35.0% | −124.3% | −55.1% | −106.9% | −64.8% | −102.6% | −74.2% | −94.6% | −79.1% | −151.9% | −95.8% | −148.0% |
| Net margin | −43.0% | −136.0% | −62.3% | −112.8% | −69.0% | −108.5% | −80.9% | −95.7% | −89.5% | −156.8% | −96.7% | −162.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in RARE's financial statements (latest annual report filed February 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
RARE financial results
In fiscal year 2025 (ended December 31, 2025), Ultragenyx Pharmaceutical reported revenue of $673.0 million, up 20.1% from the year before. It had a net loss of $575.0 million, a net profit margin of −85.4%. Diluted earnings per share came to −$5.84. Over five years revenue grew at an average rate of 19.9% a year.
See the RARE stock overview for the latest quote and news, or the RARE chart for price history and technical indicators.
RARE income statement FAQ
What is Ultragenyx Pharmaceutical's annual revenue?
Ultragenyx Pharmaceutical reported total revenue of $673.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 20.1% from $560.2 million the previous year.
Is Ultragenyx Pharmaceutical profitable?
No. Ultragenyx Pharmaceutical reported a net loss of $575.0 million in fiscal 2025, a net profit margin of −85.4%; its operating margin was −79.5%.
What is Ultragenyx Pharmaceutical's gross margin?
Ultragenyx Pharmaceutical's gross margin was 83.8% in fiscal 2025: for every $100 of revenue, Ultragenyx Pharmaceutical kept $84 after the direct cost of its products and services.
How much does Ultragenyx Pharmaceutical spend on research and development?
Ultragenyx Pharmaceutical spent $750.0 million on research and development in fiscal 2025, 111.4% of revenue.
How fast is Ultragenyx Pharmaceutical growing?
Revenue grew 19.9% a year on average over the last five fiscal years, from $271.0 million to $673.0 million.
What are Ultragenyx Pharmaceutical's earnings per share?
Ultragenyx Pharmaceutical earned $-5.84 per diluted share in fiscal 2025, compared with $-6.34 a year earlier.
When will Ultragenyx Pharmaceutical report its next earnings?
Ultragenyx Pharmaceutical is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 after the market closes.
When does Ultragenyx Pharmaceutical's fiscal year end?
Ultragenyx Pharmaceutical's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 18, 2026.