UroGen Pharma (URGN) Q1 2026 earnings summary

Executive summary

• Achieved $51 million in Q1 2026 revenue, up 152% year-over-year, driven by ZUSDURI's commercial launch and JELMYTO growth.

• ZUSDURI revenue reached $29.2 million, more than doubling quarter-over-quarter, with 256 unique prescribers and 103 repeat prescribers by Q1 end.

• JELMYTO delivered $21.7 million in Q1 revenue, maintaining stable demand and new user growth.

• Permanent J-code implementation in January 2026 accelerated ZUSDURI's commercial uptake and reimbursement confidence.

• Entered into a $250 million senior secured term loan agreement, refinancing $125 million of prior debt and providing $200 million at closing.

Financial highlights

• Total Q1 2026 revenue: $51 million vs. $20.3 million in Q1 2025 (152% increase).

• Net loss narrowed to $23.6 million ($0.47/share) from $43.8 million ($0.92/share) year-over-year.

• R&D expenses decreased to $15.6 million from $19.9 million, reflecting lower acquisition and manufacturing costs.

• SG&A expenses rose to $51.5 million from $35 million, driven by ZUSDURI commercial activities and advisory costs.

• Cash and equivalents totaled $140.3 million as of March 31, 2026.

Outlook and guidance

• JELMYTO 2026 revenue guidance: $97–$101 million, implying 3–7% annual growth.

• No formal 2026 sales guidance for ZUSDURI due to early launch stage.

• Full-year 2026 operating expenses expected at $240–$250 million, including $20–$24 million in non-cash share-based compensation.

• Continued strong ZUSDURI growth expected throughout 2026, with increasing community practice adoption.

• NDA submission for UGN-103 planned for H2 2026; six-month durability data expected mid-2026.