Ultragenyx Pharmaceutical (RARE) opened Q1 2026 with revenue of US$136 million and basic EPS of US$1.84 loss, while trailing twelve month figures show revenue of US$670 million and basic EPS of US$6.11 loss. Over recent quarters, revenue has moved between US$139.3 million in Q1 2025 and US$207.3 million in Q4 2025, as basic EPS losses ranged from US$1.17 to US$1.81 per quarter. This gives investors a clear view of how top line growth is running ahead of earnings. For anyone watching margins and the path toward profitability, this set of results highlights a business still investing heavily, with the trade off between revenue scale and EPS pressure front and center.

See our full analysis for Ultragenyx Pharmaceutical.

With the latest numbers on the table, the next step is to see how this earnings print lines up against the dominant narratives around Ultragenyx Pharmaceutical's growth potential, risks, and path to better margins.

Losses stay heavy with US$609 million LTM net loss

• Over the trailing twelve months, Ultragenyx reported a net loss of US$609 million on US$670 million of revenue, with basic EPS at a loss of US$6.11, showing that the gap between sales and profitability is still wide across the full year, not just in a single quarter.
• Bears focus on this persistent loss profile and argue that high spending could weigh on shareholders for longer than expected, and the latest figures give them plenty to point to:
  • Quarterly net losses have stayed large, from US$114.9 million in Q2 2025 to US$185 million in Q1 2026, which lines up with the cautious view that R&D and other costs remain high.
  • Trailing twelve month data also highlights negative shareholders’ equity, which critics see as a key balance sheet risk alongside the history of losses widening over about five years.

On this view, skeptics argue that the path to profitability could be bumpy, and that balance sheet strength is as important as any single milestone in the pipeline. 🐻 Ultragenyx Pharmaceutical Bear Case

Low 3.8x P/S against peers’ 10.8x and 20.6x

• Ultragenyx trades on a P/S multiple of 3.8x compared with 10.8x for the broader US biotechs group and 20.6x for peers, so on trailing sales the stock has been priced more conservatively than much of its sector.
• Bullish investors see this discount as a key part of their argument, and the recent data gives them some support but also some questions to address:
  • Revenue over the last year is reported at US$670 million, with analysts citing around 25.1% yearly revenue growth in their models, which bulls say justifies looking twice at a P/S that sits well below the industry and peer averages.
  • At the same time, the DCF fair value of US$269.58 is very large compared with the current share price of US$25.93, and bulls point to that gap as a sign that market pricing has not caught up with their growth and margin assumptions.

If you want to see how optimistic investors connect this valuation gap to future revenue and earnings projections, it is worth reading the full bullish story. 🐂 Ultragenyx Pharmaceutical Bull Case

Projected ~69.85% earnings growth vs ongoing Q1 losses

• Analysts’ models reference earnings growth of about 69.85% per year and an expectation of profitability within three years, yet the latest quarter still shows a basic EPS loss of US$1.84 and a net loss of US$185 million, so the current income statement is a long way from those projections.
• Consensus narrative leans on a growing rare disease market and advancing late stage programs, and the reported figures show both alignment and tension with that story:
  • On the supportive side, trailing twelve month revenue of US$670 million and quarterly revenue moving within a US$136 million to US$207.3 million band suggest that Ultragenyx is already operating at a meaningful scale that analysts can plug into their growth models.
  • On the other hand, the trailing twelve month EPS loss of US$6.11 and the series of quarterly EPS losses ranging from US$1.17 to US$1.84 highlight how much margin improvement would be needed to match the shift from current losses to future positive earnings that those forecasts describe.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Ultragenyx Pharmaceutical on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Seen enough to sense how split the current story is between risks and rewards? Act while the details are fresh in your mind and weigh both sides through the 2 key rewards and 2 important warning signs

See What Else Is Out There

Ultragenyx is still carrying heavy losses with US$609 million LTM net loss, negative shareholders’ equity, and no clear relief yet in quarterly EPS figures.

If you want ideas where the balance sheet risk looks less demanding than this profile, check out the solid balance sheet and fundamentals stocks screener (45 results) to compare alternatives right now.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.