Ultragenyx (RARE) financial statements
Ultragenyx reported revenue of $673M in fiscal 2025, up 158.0% a year over 9 years.
Net income was -$575M and the operating margin -79.5%, against -186471.4% in 2016.
Free cash flow was -$472M.
The diluted share count rose 149% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ultragenyx's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $133,000 | $3M | $51M | $104M | $271M | $351M | $363M | $434M | $560M | $673M |
| Cost of revenue | — | $1,000 | $1M | $9M | $6M | $16M | $28M | $45M | $77M | $109M |
| Gross profit | — | $3M | $50M | $95M | $265M | $335M | $335M | $389M | $483M | $564M |
| Research and development | $183M | $232M | $294M | $357M | $412M | $497M | $706M | $648M | $698M | $750M |
| Selling, general and admin | $65M | $100M | $128M | $162M | $183M | $220M | $278M | $310M | $321M | $349M |
| Operating income | -$248M | -$329M | -$371M | -$424M | -$330M | -$382M | -$649M | -$569M | -$536M | -$535M |
| Pre-tax income | -$246M | -$318M | -$197M | -$399M | -$185M | -$453M | -$702M | -$609M | -$567M | -$571M |
| Income tax | $35,000 | -$16M | $514,000 | $3M | $1M | $1M | $6M | -$2M | $2M | $4M |
| Net income | -$246M | -$302M | -$198M | -$403M | -$187M | -$454M | -$707M | -$607M | -$569M | -$575M |
| EPS (diluted) | -$6.21 | -$7.12 | -$3.97 | -$7.12 | -$3.07 | -$6.70 | -$10.12 | -$8.25 | -$6.29 | -$5.83 |
| Diluted shares | 40M | 42M | 50M | 57M | 61M | 68M | 70M | 74M | 90M | 99M |
| Gross margin | — | 100.0% | 97.8% | 91.3% | 97.7% | 95.4% | 92.2% | 89.6% | 86.2% | 83.8% |
| Operating margin | -186471.4% | -12593.5% | -721.2% | -409.0% | -121.8% | -108.6% | -178.6% | -131.1% | -95.7% | -79.5% |
| Net margin | -184867.7% | -11567.3% | -383.7% | -388.3% | -68.8% | -129.2% | -194.7% | -139.9% | -101.6% | -85.4% |
Balance sheet
Fiscal years, from Ultragenyx's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $380M | $234M | $460M | $755M | $1.2B | $740M | $748M | $578M | $610M | $680M |
| Receivables | — | $5M | $13M | $33M | $23M | $28M | $40M | $73M | $122M | $158M |
| Inventory | — | $757,000 | $7M | $12M | $13M | $16M | $27M | $34M | $45M | $52M |
| Total current assets | $402M | $270M | $522M | $851M | $1.3B | $857M | $884M | $732M | $817M | $951M |
| Property, plant and equipment | $17M | $22M | $20M | $44M | $74M | $141M | $260M | $291M | $266M | $244M |
| Goodwill | — | $44M | $44M | $44M | $44M | $44M | $44M | $44M | $44M | $44M |
| Total assets | $541M | $491M | $720M | $1.1B | $1.8B | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B |
| Total current liabilities | $60M | $71M | $75M | $103M | $190M | $181M | $261M | $280M | $344M | $384M |
| Total liabilities | $67M | $107M | $111M | $482M | $605M | $600M | $1.2B | $1.2B | $1.2B | $1.6B |
| Shareholders' equity | $474M | $383M | $609M | $654M | $1.2B | $923M | $352M | $275M | $255M | -$80M |
| Net debt | -$161M | -$100M | -$113M | -$434M | -$714M | -$308M | -$133M | -$214M | -$174M | -$421M |
Cash flow
Fiscal years, from Ultragenyx's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$161M | -$254M | -$291M | -$345M | -$132M | -$339M | -$380M | -$475M | -$414M | -$466M |
| Capital spending | $10M | $3M | $4M | $25M | $44M | $73M | $116M | $44M | $7M | $6M |
| Free cash flow | -$171M | -$257M | -$295M | -$370M | -$176M | -$412M | -$497M | -$519M | -$421M | -$472M |
| Stock-based compensation | $48M | $68M | $80M | $82M | $86M | $105M | $130M | $135M | $158M | $153M |
| Free cash flow margin | -128694.0% | -9825.3% | -572.2% | -357.0% | -65.0% | -117.2% | -136.7% | -119.6% | -75.2% | -70.1% |
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Open RARE in InvestinglyQuestions
What was Ultragenyx's revenue in 2025?
$673M in fiscal 2025, from its 10-K filing.
How much free cash flow does Ultragenyx generate?
-$472M in fiscal 2025 (operating cash flow minus capital spending).
From Ultragenyx's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.