It has been about a month since the last earnings report for Ultragenyx (RARE). Shares have added about 6.4% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Ultragenyx due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Ultragenyx Pharmaceutical Inc. before we dive into how investors and analysts have reacted as of late.

Ultragenyx's Q2 Earnings Beat Estimates, Revenues Jump Y/Y

Ultragenyxreported second-quarter 2026 loss of 90 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of $1.27. The company had incurred a loss of $1.17 per share in the year-ago quarter.

Total revenues in the second quarter were $214 million, which surged 28.1% year over year due to higher product sales. The top line also beat the Zacks Consensus Estimate of $181 million.

Management stated that second-quarter 2026 revenues were the highest quarterly revenues ever reported by the company.

RARE's Q2 Results in Detail

Crysvita's total revenues were $156 million, up 28.9% year over year. Management noted that Crysvita sales were consistent with expected seasonality in the United States and Canada and ordering patterns in Latin America. Crysvita's net product revenues in the second quarter of 2026 included $94 million from North America, $54 million from Latin America and Turkey, and $8 million from Europe.

Mepsevii product revenues increased 11.1% year over year to $10 million in the reported quarter. Dojolvi product revenues were $27 million, up 17.4%, driven by strong demand. Evkeeza recorded sales of $21 million in the second quarter, up 50%, driven by increased demand from new country launches and early access.

Operating expenses of $289 million in the quarter rose 5.1% year over year due to increased investments in multiple late-stage pipeline programs and marketing costs for approved drugs. Operating expenses included research and development (R&D) expenses of $167 million (up 1.2%), selling, general and administrative (SG&A) expenses of $88 million (up 1.1%) and cost of sales of $34 million (up 47.8%).

Cash, cash equivalents and marketable securities amounted to $436 million as of June 30, 2026, compared with $534 million as of March 31, 2026.

RARE Reiterates 2026 Financial Guidance

Ultragenyx continues to expect total revenues in 2026, excluding potential revenues from new product launches, between $730 million and $760 million.