UroGen Pharma (URGN) Q1 2026 earnings summary

Executive summary

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

• ZUSDURI revenue reached $29.2 million, more than doubling quarter-over-quarter, with strong prescriber and patient adoption following permanent J-code implementation.

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

• Net loss narrowed to $23.6 million ($0.47/share) in Q1 2026 from $43.8 million ($0.92/share) in Q1 2025.

• Cash and equivalents totaled $140.3 million at quarter-end, supported by Pharmakon debt refinancing.

Financial highlights

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

• Gross profit for Q1 2026 was $46.8 million, up from $17.9 million in Q1 2025.

• R&D expenses decreased to $15.6 million from $19.9 million, reflecting prior year acquisition and pre-approval manufacturing costs.

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

• Interest expense increased slightly due to additional borrowings, offset by lower rates; Q1 2026 interest expense was $4.2 million.

Outlook and guidance

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

• No formal 2026 sales guidance for ZUSDURI due to early launch stage, but continued strong growth expected.

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

• Cash runway expected to extend to and through profitability.