Ultragenyx Pharmaceutical Inc. Revenue Disclosure
The following table disaggregates total revenues from external customers by product sales, royalty revenue, and collaboration and license revenue (in millions):
|
Year Ended December 31, |
|
|||||||||
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Product sales: |
|
|
|
|
|
|
|
|
|||
Crysvita |
$ |
177 |
|
|
$ |
135 |
|
|
$ |
75 |
|
Dojolvi |
|
96 |
|
|
|
88 |
|
|
|
71 |
|
Evkeeza |
|
59 |
|
|
|
32 |
|
|
|
4 |
|
Mepsevii |
|
37 |
|
|
|
30 |
|
|
|
30 |
|
Total product sales |
|
369 |
|
|
|
285 |
|
|
|
180 |
|
Crysvita royalty revenue |
|
304 |
|
|
|
275 |
|
|
|
183 |
|
Collaboration and license revenue: |
|
|
|
|
|
|
|
|
|||
Crysvita collaboration revenue in Profit-Share Territory |
|
— |
|
|
|
— |
|
|
|
70 |
|
Other |
|
— |
|
|
|
— |
|
|
|
1 |
|
Total collaboration and license revenue |
|
— |
|
|
|
— |
|
|
|
71 |
|
Total revenues |
$ |
673 |
|
|
$ |
560 |
|
|
$ |
434 |
|
The following table disaggregates total revenues based on geographic location (in millions):
|
Year Ended December 31, |
|
|||||||||
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
North America |
$ |
377 |
|
|
$ |
340 |
|
|
$ |
307 |
|
Latin America |
|
170 |
|
|
|
131 |
|
|
|
77 |
|
Europe, Middle East, and Africa |
|
108 |
|
|
|
80 |
|
|
|
48 |
|
Asia-Pacific |
|
18 |
|
|
|
9 |
|
|
|
2 |
|
Total revenues |
$ |
673 |
|
|
$ |
560 |
|
|
$ |
434 |
|
The following table presents the activity and ending balances for product sales related accruals and allowances (in millions):
|
Year Ended December 31, |
|
|||||||||
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Balance of product sales reserve at beginning of year |
$ |
33 |
|
|
$ |
17 |
|
|
$ |
11 |
|
Provisions |
|
50 |
|
|
|
38 |
|
|
|
19 |
|
Payments |
|
(30 |
) |
|
|
(21 |
) |
|
|
(13 |
) |
Adjustments |
|
4 |
|
|
|
(1 |
) |
|
|
— |
|
Balance of product sales reserve at end of year |
$ |
57 |
|
|
$ |
33 |
|
|
$ |
17 |
|
The Company’s largest accounts receivable balance was from a collaboration partner, KKC, and was 62% and 70% of the total accounts receivable balance as of December 31, 2025 and 2024, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 15, 2022 | |
| 2020 | Feb 12, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 20, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.