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Dec 31, 2025
UroGen Q4 2025 Earnings Report
UroGen Q4 2025 Earnings Report
Key Takeaways
UroGen reported a transformative fourth quarter marked by the initial commercial launch of ZUSDURI and steady growth for JELMYTO. The company successfully refinanced its debt to strengthen its balance sheet and is seeing accelerated physician adoption following the implementation of a permanent J Code for ZUSDURI in early 2026.
ZUSDURI commercial launch is on-track with $15.8 million in net sales during its initial launch period in 2025.
JELMYTO achieved $94 million in full-year sales, with underlying demand growing 7% year-over-year.
A permanent J Code for ZUSDURI became effective January 1, 2026, which is expected to streamline reimbursement and accelerate uptake.
Refinanced existing debt with Pharmakon Advisors, providing $200 million in senior secured term loans to support long-term growth.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
UroGen expects JELMYTO sales growth to continue in 2026 and is focused on the ZUSDURI launch trajectory following the J Code implementation.
Positive Outlook
- Full-year 2026 JELMYTO net product sales expected between $97 million and $101 million.
- Permanent J Code for ZUSDURI effective as of Jan 1, 2026, to drive adoption.
- NDA submission for UGN-103 planned for second half of 2026.
- Potential FDA approval of UGN-103 expected in 2027.
- Phase 3 trial for UGN-104 expected to be fully enrolled by end of 2026.
Challenges Ahead
- Full-year 2026 operating expenses projected to be high, between $240 million and $250 million.
- Company is not yet providing sales guidance for ZUSDURI due to early launch stage.
- Expected non-cash share-based compensation expense of $20 million to $24 million in 2026.
- Ongoing net losses as the company continues to invest in commercialization.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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