Q4 2025 Urogen Pharma Ltd Earnings Call Transcript
Key Points
- UroGen Pharma Ltd (URGN) successfully launched ZUSDURI, achieving $15.8 million in revenue for 2025, with expectations of over $1 billion in peak revenue.
- The permanent J-code for ZUSDURI, effective January 1, 2026, has removed a key barrier to adoption, facilitating more predictable patient access.
- JELMYTO generated $94 million in net product revenue for 2025, reflecting continued demand growth.
- UGN-103 demonstrated compelling complete response results in the Phase III UTOPIA trial, with plans to submit an NDA in the second half of 2026.
- The refinancing of the term loan with Pharmakon Advisors has strengthened UroGen's balance sheet, providing additional nondilutive capital to support strategic initiatives.
- UroGen Pharma Ltd (URGN) reported a net loss of $153.5 million for the year ended December 31, 2025, compared to a net loss of $126.9 million in 2024.
- Research and development expenses increased to $67.1 million in 2025, driven by higher manufacturing costs and ongoing clinical trials.
- Selling, general, and administrative expenses rose to $155.1 million in 2025, primarily due to ZUSDURI commercial activities and sales force expansion.
- Interest expense on the term loan facility with Pharmakon Advisors increased to $15.3 million in 2025.
- Despite the positive launch indicators, UroGen is not providing formal sales guidance for ZUSDURI in 2026, indicating uncertainty in early-stage adoption.
Good day, and thank you for standing by. Welcome to UroGen Pharma's fourth-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.
I'd now like to hand the conference over to Vincent Perrone, Senior Director of Investor Relations. Please go ahead.
Thank you. Good morning, everyone, and welcome to UroGen Pharma's full year 2025 financial results and business update conference call. Earlier this morning, we issued two press releases. The first providing an overview of the refinancing of our debt facility with Pharmakon Advisors, and the second providing an overview of our recent corporate highlights and financial results for the fourth-quarter and year ended December 31, 2025.
Both releases can be accessed on the Investors portion of our website at investors.urogen.com. Joining me today are Liz Barrett, President and Chief Executive Officer; Dr. Mark Schoenberg, Chief Medical Officer; David Lin, Chief Commercial Officer; and Chris
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