Ultragenyx Pharmaceutical Inc. RARE

Health CarePharmaceuticalsUnited States of America

Last close 16.30 USD on Nov 2, 2026, −29.1% year to date

Quant rating

Quant rating C Rank 349 of 565 in Health Care

Growth A 45 of 565
Valuation D 491 of 565
Quality B 207 of 565
Revisions D 397 of 565
Momentum D 475 of 565

Wall Street consensus Buy (2.29)Average target 25.74 USD +57.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.6B
Enterprise value: 2.5B
52-week range: 12.73 – 39.45
3-year range: 12.73 – 59.36
Dividend yield: –
Beta (5 years): 0.36
Shares outstanding: 98.6M
Next earnings: Nov 3, 2026

About the company

Ultragenyx Pharmaceutical Inc. is a biopharmaceutical company focused on the identification, acquisition, development, and commercialization of novel products for the treatment of serious rare and ultra-rare genetic diseases. The Company's clinical-stage pipeline consists of four product categories: biologics, small molecules, AAV gene therapy, and nucleic acid product candidates. Its products include Crysvita (burosumab), Mepsevii (vestronidase alfa), Dojolvi (triheptanoin), and Evkeeza (evinacumab). Crysvita is used for the treatment of X-linked hypophosphatemia, or XLH, in adult and pediatric patients one year of age and older. Mepsevii is used for the treatment of children and adults with mucopolysaccharidosis VII, or MPS VII, also known as Sly syndrome. Dojolvi is used for the treatment of pediatric and adult patients severely affected by long-chain fatty acid oxidation disorders, or LC-FAOD. Evkeeza is used for the treatment of homozygous familial hypercholesterolemia, or HoFH.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	673	560	434	363	351	–
Revenue growth	20.1%	29.0%	19.5%	3.4%	29.7%	19.9%
EPS (basic, normalized)	−5.83	−6.29	−8.25	−10.12	−6.70	–
EPS growth	–	–	–	–	–	–
Gross margin	83.8%	86.3%	89.6%	92.2%	95.4%	89.5%
Net margin	−85.4%	−101.6%	−139.7%	−194.7%	−129.2%	−130.1%
ROE	−656.0%	−214.5%	−193.2%	−111.0%	−43.7%	−243.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	292
Current ratio	1.73x
Long-term debt (mil)	1,126
Net debt (mil)	856
Total equity (mil)	−291
Net debt / equity	−2.94x
Net debt / EBITDA	−1.71x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	673	+20.1%	3.7x	−500	−0.7%	−4.9x	−5.83	+7.3%	−2.8x
2026	762	+13.3%	3.2x	−375	+25.1%	−6.6x	−4.32	+25.9%	−3.8x
2027	979	+28.4%	2.5x	−43.5	+88.4%	−56.6x	−0.90	+79.2%	−18.2x
2028	1,110	+13.4%	2.2x	17.8	+141.0%	138.1x	0.06	+106.1%	296.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	762	−0.2%	+0.9%	+2.0%	−4.32	+0.2%	+4.0%	+6.2%
2027	979	−0.2%	−1.2%	−0.9%	−0.90	−15.7%	+17.3%	−5.7%
2028	1,110	+3.6%	−10.8%	−9.8%	0.06	+155.9%	−91.1%	−93.7%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	109	147	139	165	139	166	160	207	136	214
Sales mean (mil)	116	123	136	155	144	162	167	197	159	183
Surprise	−6.2%	+19.4%	+2.7%	+6.1%	−3.2%	+3.0%	−4.1%	+5.1%	−14.3%	+17.1%
EPS reported	−2.03	−1.52	−1.40	−1.39	−1.57	−1.17	−1.81	−1.29	−1.84	−0.90
EPS mean	−1.73	−1.69	−1.45	−1.29	−1.61	−1.30	−1.23	−1.09	−1.51	−1.22
Surprise	−17.2%	+10.3%	+3.5%	−7.7%	+2.7%	+9.9%	−46.6%	−18.1%	−21.9%	+25.9%

Peer comparison Pharmaceuticals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
RARE Ultragenyx Pharmaceutical Inc.	1.6B	−1.71x	−85.4%	−5.52x	−3.8x	−18.2x	−6.6x	−56.6x
AMGN Amgen Inc	251.6B	2.03x	21.0%	21.53x	20.2x	19.0x	13.6x	13.1x
VRTX Vertex Pharmaceuticals Incorporated	140.2B	−1.44x	32.9%	6.92x	29.5x	26.4x	23.3x	20.6x
ALNY Alnylam Pharmaceuticals, Inc.	21.2B	−1.51x	8.4%	5.87x	9.5x	17.3x	15.9x	13.3x
INCY Incyte Corp	24.5B	−2.22x	25.0%	4.34x	36.1x	13.9x	20.6x	8.9x
NBIX Neurocrine Biosciences, Inc.	14.8B	−0.60x	16.7%	4.00x	20.4x	14.6x	14.3x	10.4x
Mean		−0.91x	3.1%	6.19x	18.7x	12.2x	13.5x	1.6x
Median		−1.47x	18.9%	5.10x	20.3x	16.0x	15.1x	11.8x

Technical analysis

1M+7.1%
3M−34.6%
1Y−52.9%
3Y−55.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ultragenyx Pharmaceutical Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	673	560	434	363	351	271
Cost of revenue	109	76.7	45.2	28.3	16.0	6.1
Gross profit	564	484	389	335	335	265
Selling, general & administrative expenses	349	322	310	278	220	183
Research & development	742	692	645	703	497	412
Depreciation/amortization	8.0	5.5	3.8	3.2	0.3	0.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	−535	−536	−569	−649	−382	−330
Net interest income (expense)	−37.0	−27.6	−38.9	−51.2	−69.6	144
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.0	−4.0	−0.3	−1.6	−1.7	0.6
Net income before taxes	−571	−568	−608	−702	−453	−185
Provision for taxes	4.0	1.6	−1.8	5.7	1.0	1.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−575	−569	−607	−707	−454	−187
Extraordinary items	–	–	–	–	–	–
Net income	−575	−569	−607	−707	−454	−187
EBIT, normalized	−535	−536	−569	−649	−382	−330
EBITDA, normalized	−500	−500	−543	−631	−369	−318
Basic EPS, normalized	−5.83	−6.29	−8.25	−10.12	−6.70	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ultragenyx Pharmaceutical Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	680	610	577	748	740	1,202
Receivables	159	124	74.5	46.8	44.4	32.7
Total inventory	52.0	45.0	34.0	26.8	16.2	13.0
Prepaid expenses	47.0	31.7	44.5	61.7	55.7	37.2
Other current assets	13.0	6.8	2.0	0.9	0	10.8
Total current assets	951	817	732	884	857	1,295
Property, plant & equipment	244	291	314	286	176	114
Goodwill	44.0	44.4	44.4	44.4	44.4	44.4
Intangibles	176	178	166	160	131	131
Long-term investments	57.0	135	200	155	294	166
Note receivable	–	–	–	–	–	–
Other long-term assets	60.0	37.2	33.8	16.8	20.6	8.8
Total assets	1,532	1,503	1,491	1,545	1,522	1,760
Liabilities
Accounts payable	31.0	38.8	42.1	43.3	17.1	12.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	277	251	209	216	156	117
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	7.0	49.8	29.2	0.2	0.6	0.5
Other current liabilities	69.0	4.3	0	1.5	7.6	59.2
Total current liabilities	384	344	280	261	181	190
Long-term debt	1,147	820	862	875	352	336
Minority interest	7.0	7.0	–	–	–	–
Other liabilities	74.0	77.2	72.8	56.3	66.3	79.2
Total liabilities	1,612	1,248	1,216	1,193	600	605
Shareholders' equity
Preferred stock	0	0	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	4,451	4,213	3,662	3,140	2,997	2,773
Retained earnings (accumulated deficit)	−4,532	−3,957	−3,388	−2,781	−2,074	−1,620
Treasury stock	−8.0	−3.6	−0.4	–	–	–
Other equity	8.9	3.0	1.1	−6.6	−1.4	0.7
Total equity	−80.0	255	275	352	923	1,154
Total liabilities & shareholders' equity	1,532	1,503	1,491	1,545	1,522	1,760

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ultragenyx Pharmaceutical Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−575	−569	−607	−707	−454	−187
Depreciation, depletion & amortization	35.0	35.5	26.0	18.2	13.2	12.3
Deferred taxes	–	0	−1.6	−1.6	0	–
Non-cash items	97.0	106	121	249	165	−62.6
Changes in working capital	−23.0	13.9	−13.5	61.9	−63.2	105
Cash from operations	−466	−414	−475	−380	−339	−132
Investing activities
Capital expenditures	−21.0	−20.0	−46.8	−146	−73.1	−43.9
Other investing cash flows	257	2.2	215	−146	−122	−135
Cash from investing	236	−17.8	168	−292	−195	−179
Financing activities
Financing cash flow items	392	7.0	0	490	−0.5	−0.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	86.0	392	388	10.8	119	601
Cash from financing	478	399	388	501	119	600
Foreign exchange effects	4.0	−2.5	0.5	−1.1	−1.2	1.1
Net change in cash	252	−35.2	81.8	−172	−417	290
Free cash flow	−487	−434	−522	−527	−412	−176

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.