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PRINCETON, N.J. - UroGen Pharma Ltd. (NASDAQ:URGN) reported fourth quarter earnings that fell short of analyst expectations, sending shares down 4% in early trading Thursday.
The biotech company, which develops treatments for urothelial and specialty cancers, posted a loss of $0.80 per share for the quarter, $0.03 worse than the $0.77 loss analysts had forecast. Revenue came in at $24.56 million, below the consensus estimate of $28.24 million.
UroGen’s flagship product JELMYTO, used to treat low-grade upper tract urothelial cancer, generated net product revenue of $24.6 million in Q4, up from $23.5 million in the same period last year. The company noted underlying demand revenue increased 15% YoY, partially offset by lower sales related to the CREATES Act.
For the full year 2024, JELMYTO achieved net product revenue of $90.4 million, compared to $82.7 million in 2023. UroGen attributed this to 12% growth in underlying demand revenue for the year.
"2024 was a pivotal year for UroGen with achievements across our commercial business and pipeline," said Liz Barrett, President and CEO of UroGen. She highlighted progress with UGN-102 for bladder cancer, including the submission of a new drug application ahead of schedule.
The company ended the year with $241.7 million in cash, cash equivalents and marketable securities.
Looking ahead, UroGen expects full-year 2025 JELMYTO net product revenues between $94 million to $98 million, representing 8% to 12% YoY growth. Operating expenses are projected at $215 million to $225 million.
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