UroGen Pharma (URGN) Q2 2026 earnings summary

Executive summary

• ZUSDURI generated $50.4 million in Q2 net product revenue, up 73% QoQ, as account activation, prescriber growth and repeat use expanded.

• Total Q2 revenue was $72.5 million, up from $24.2 million a year earlier; net loss narrowed to $14.4 million from $49.9 million.

• UGN-103 NDA submission remains on track for Q3 2026; a newly allowed patent is expected to protect ZUSDURI and UGN-103 into July 2044.

Financial highlights

• Total Q2 revenue was $72.5 million versus $24.2 million in Q2 2025, primarily driven by ZUSDURI commercialization.

• Gross profit was $65.9 million versus $20.7 million in Q2 2025; Q2 operating income was $0.1 million versus an operating loss of $41.4 million.

• R&D expense was $17.3 million versus $18.9 million year over year; SG&A was $48.4 million versus $43.2 million, reflecting commercial investment.

• Net loss was $14.4 million, or $0.28 per share, versus $49.9 million, or $1.05 per share, in Q2 2025.

• Cash, cash equivalents and marketable securities totaled $108 million as of June 30, 2026; accumulated deficit was $997.6 million.

Outlook and guidance

• 2026 JELMYTO net product revenue guidance remains $97 million-$101 million, representing stated growth of 3%-7% over 2025.

• 2026 operating expense guidance increased to $260 million-$270 million, including $20 million-$24 million of non-cash share-based compensation.

• No formal ZUSDURI revenue guidance has been provided; management expects to assess demand through year-end and may introduce guidance for 2027.

• Management expects ZUSDURI QoQ growth to continue in Q3 but not accelerate; quarterly variability and possible summer seasonality remain considerations.

• Management said existing capital resources can fund operations to and through profitability; financial statements also state cash and equivalents will fund operations beyond one year.