UroGen Pharma (URGN) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $72.5M, up from $24.2M in Q2 2025, driven by ZUSDURI's commercial launch and rapid adoption, with ZUSDURI net product revenue at $50.4M and JELMYTO at $22M.

• Net loss for Q2 2026 narrowed to $14.4M ($0.28/share), a significant improvement from $49.9M ($1.05/share) in Q2 2025.

• Pipeline progress includes UGN-103 (NDA submission planned for Q3 2026), UGN-104 (phase III enrollment to complete by year-end), and UGN-501 (phase I to start in Q4 2026).

• Patent settlements and new allowances extended IP protection for ZUSDURI and UGN-103 to July 2044; JELMYTO patent litigation with Teva resolved, allowing generic entry in September 2030.

• Six-month revenue reached $123.4M, up from $44.5M year-over-year, with net loss narrowing to $37.9M from $93.8M.

Financial highlights

• Gross profit for Q2 2026 was $65.9M, up from $20.7M in Q2 2025.

• Operating expenses for Q2 2026 totaled $65.8M, with R&D at $17.3M, SG&A at $48.4M, and G&A at $15.5M.

• Cash, cash equivalents, and marketable securities totaled $108M as of June 30, 2026.

• Accumulated deficit stood at $997.6M as of June 30, 2026.

• Operating income for Q2 2026 was $0.1M, compared to a loss of $41.4M in Q2 2025.

Outlook and guidance

• JELMYTO 2026 revenue guidance maintained at $97M–$101M, representing 3–7% growth over 2025.

• No full-year ZUSDURI guidance yet; expected to be provided in 2027 as launch trends mature.

• Full-year operating expense guidance increased to $260M–$270M, including $20M–$24M in non-cash share-based compensation.

• Management expects current cash and equivalents to fund operations beyond one year from financial statement issuance.

• Confident in reaching profitability with current capital resources.