UroGen Pharma Ltd.

Total revenue was $72.5 million in Q2 2026, up from $24.2 million in Q2 2025. ZUSDURI generated $50.4 million in net product revenue, which management said was 73% growth over Q1. JELMYTO revenue was $22 million versus $21.7 million in Q1. Research and development expense was $17.3 million versus $18.9 million a year ago, while selling, general and administrative expense was $48.4 million versus $43.2 million. The company reported a net loss of $14.4 million, or $0.28 per basic and diluted share, compared with a net loss of $49.9 million, or $1.05 per share, in Q2 2025. Cash, cash equivalents and marketable securities were $108 million at June 30, 2026. For guidance, UroGen reaffirmed JELMYTO revenue of $97 million to $101 million for 2026, said it is not yet issuing full-year ZUSDURI guidance, and increased full-year operating expense guidance to $260 million to $270 million, including about $20 million to $24 million of noncash share-based compensation expense.

Liz Barrett emphasized that the quarter reflected continued ZUSDURI launch momentum and that the company is only “scratching the surface” of the opportunity. She highlighted broadening adoption across community practices, growing repeat use, and better conversion from enrollment to treatment, while saying reimbursement is no longer a meaningful barrier. Her tone was upbeat but measured, stressing that growth should continue but likely remain linear near term rather than accelerate sharply in Q3.

Chris Degnan walked through the financials and tied the results to ZUSDURI’s launch, with revenue growth lifting total revenue to $72.5 million and narrowing the net loss to $14.4 million. He noted that SG&A rose to $48.4 million because of sales force expansion, brand marketing and commercial operating costs, while R&D fell to $17.3 million because prior-year ZUSDURI manufacturing costs were booked there before FDA approval. He also said the company raised operating expense guidance to $260 million to $270 million to fund ZUSDURI promotion, patient awareness, UGN-103 and UGN-501, but said this does not change confidence in reaching profitability with current capital resources.

Analysts pressed on how fast ZUSDURI is penetrating community practices, how long until the company will provide ZUSDURI revenue guidance, and whether the launch is spilling over into JELMYTO. Management said community adoption is still early, that a large share of the addressable market is in community practices, and that the biggest growth lever is getting large group practices fully integrated. On guidance, management said it wants to see demand trends play out through the rest of the year before giving formal ZUSDURI guidance, likely starting next year. On JELMYTO, Liz Barrett said they have not seen a meaningful “halo effect,” and noted competitor trials may be drawing patients that otherwise might have been JELMYTO candidates.