Urogen Pharma (URGN)
NASDAQ:URGN
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Urogen Pharma
(NASDAQ:URGN)
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Rating:50Neutral
Price Target:
$34.00
▲(50.84% Upside)
Action:Reiterated
Date:06/02/26
The score is held back primarily by weak financial quality—heavy cash burn, negative equity, and rising debt—despite strong revenue growth and high gross margins. Offsetting this, the latest earnings call highlighted strong early ZUSDURI commercial momentum and improving KPIs, while technical signals are mixed and valuation is constrained by ongoing losses.
Positive Factors
Strong revenue growth & high gross margins
UroGen has expanded revenue materially (from $48M in 2021 to $140.5M TTM) while maintaining very high gross margins (~88–90%). This combination demonstrates durable unit economics and top-line scalability that can support future operating leverage if SG&A growth moderates.
Negative Factors
Weak balance sheet & rising leverage
Persistent negative equity (TTM -$124.3M) and meaningful debt growth (to $197.1M TTM) weaken financial flexibility. Elevated leverage constrains strategic optionality, increases refinancing and covenant risk, and makes the company dependent on external capital until operating profitability and equity rebuild occur.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth & high gross margins
UroGen has expanded revenue materially (from $48M in 2021 to $140.5M TTM) while maintaining very high gross margins (~88–90%). This combination demonstrates durable unit economics and top-line scalability that can support future operating leverage if SG&A growth moderates.
Read all positive factors
Urogen Pharma (URGN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.64B
Dividend YieldN/A
Average Volume (3M)763.95K
Price to Earnings (P/E)―
Beta (1Y)0.99
Revenue Growth52.92%
EPS Growth13.32%
CountryUS
Employees234
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.75
Shares Outstanding48,721,703
10 Day Avg. Volume666,876
30 Day Avg. Volume763,951
Financial Highlights & Ratios
PEG Ratio-0.94
Price to Book (P/B)-10.68
Price to Sales (P/S)10.26
P/FCF Ratio-6.92
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue11.99
Enterprise Value/Gross Profit13.34
Enterprise Value/Ebitda-14.55
Forecast
1Y Price Target
$36.63Price Target Upside62.49% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)-0.9
Revenue Forecast (FY)$263.29M
Urogen Pharma Business Overview & Revenue Model
Company Description
UroGen Pharma Ltd. is a biotechnology firm dedicated to creating and marketing innovative treatments for specialized cancers and diseases affecting the urinary tract. Its proprietary technology includes RTGel, a biocompatible polymer with reverse ...
How the Company Makes Money
UroGen primarily makes money by selling its prescription oncology/urology therapy JELMYTO in the United States and recognizing related net product revenue. Revenue is generated when specialty pharmacies/wholesalers and other healthcare channel par...
Urogen Pharma Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call communicated strong early commercial traction for ZUSDURI with robust revenue growth, improving prescriber metrics, better conversion timelines, and a solid pipeline with near-term regulatory milestones. These positives are tempered by elevated SG&A related to the launch, ongoing net losses, limited current prescriber penetration relative to long-term targets, and continued uncertainty around full-year ZUSDURI revenue. On balance, the company is demonstrating accelerating commercial momentum and advancement of programs while managing costs and liquidity.Positive Updates
Strong Q1 Revenue Growth
Total revenue of $51.0M in Q1 2026 versus $20.3M in Q1 2025, a 152% year-over-year increase driven primarily by the commercial launch of ZUSDURI and JELMYTO.
Negative Updates
High SG&A Spend Related to Launch
Selling, general and administrative expenses rose to $51.5M in Q1 2026 from $35.0M in Q1 2025 (~+47%), driven by ZUSDURI commercial activities, sales force expansion, brand marketing and one-time advisory/refinancing fees; Q1 expected to be the high point for SG&A in 2026.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Q1 Revenue Growth
Total revenue of $51.0M in Q1 2026 versus $20.3M in Q1 2025, a 152% year-over-year increase driven primarily by the commercial launch of ZUSDURI and JELMYTO.
Read all positive updates
Company Guidance
Management reiterated unchanged 2026 guidance: JELMYTO net product revenues of $97–101 million (≈3–7% YoY growth) and no formal 2026 sales guidance for ZUSDURI, while full‑year operating expenses are expected to be $240–250 million (including $20–24 million of noncash share‑based compensation). They reported Q1 results that underpin the outlook: total revenue $51.0M (ZUSDURI $29.2M, JELMYTO $21.7M), net loss $23.6M ($0.47/share), R&D $15.6M and SG&A $51.5M, with cash, cash equivalents and marketable securities of $140.3M as of March 31; commercial KPIs showed 256 unique prescribers (up from 102), 103 repeat prescribers (up from 32), PEF‑to‑start cycle improved to ~30–35 days in Q1 (from 45–60 days in Q4, with a steady‑state target of 2–3 weeks), open access to >95% of covered lives, and a hospital/community mix shifting from ~60/40 toward ~50/50—management also highlighted a $5 billion addressable market and the potential for ZUSDURI to reach peak annual revenues in excess of $1 billion.Urogen Pharma Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
17
Very Negative
Cash Flow
14
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 140.49M | 109.79M | 90.40M | 82.71M | 64.36M | 48.04M |
| Gross Profit | 126.24M | 97.34M | 81.52M | 73.35M | 56.70M | 42.88M |
| EBITDA | -115.78M | -135.66M | -95.35M | -60.35M | -76.21M | -108.54M |
| Net Income | -133.22M | -153.49M | -126.87M | -102.24M | -109.78M | -110.82M |
Balance Sheet | ||||||
| Total Assets | 253.69M | 200.46M | 285.71M | 178.31M | 135.62M | 119.75M |
| Cash, Cash Equivalents and Short-Term Investments | 141.60M | 120.46M | 236.69M | 136.97M | 99.96M | 89.14M |
| Total Debt | 197.09M | 128.33M | 123.39M | 99.39M | 99.12M | 398.00K |
| Total Liabilities | 377.94M | 305.93M | 294.51M | 243.52M | 224.98M | 111.33M |
| Stockholders Equity | -124.25M | -105.47M | -8.80M | -65.21M | -89.36M | 8.41M |
Cash Flow | ||||||
| Free Cash Flow | -166.03M | -162.73M | -97.06M | -76.57M | -87.81M | -85.64M |
| Operating Cash Flow | -165.74M | -162.44M | -96.77M | -76.38M | -87.56M | -84.89M |
| Investing Cash Flow | 66.83M | 61.56M | -20.61M | -953.00K | 1.06M | 4.07M |
| Financing Cash Flow | 105.09M | 39.92M | 194.62M | 116.93M | 97.13M | 72.32M |
Urogen Pharma Technical Analysis
Positive
22.54
Price Trends
26.79
Positive
23.23
Positive
22.10
Positive
Market Momentum
1.45
Negative
73.01
Negative
95.64
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For URGN, the sentiment is Positive. The current price of 22.54 is below the 20-day moving average (MA) of 29.04, below the 50-day MA of 26.79, and above the 200-day MA of 22.10, indicating a bullish trend. The MACD of 1.45 indicates Negative momentum. The RSI at 73.01 is Negative, neither overbought nor oversold. The STOCH value of 95.64 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for URGN.
Urogen Pharma Risk Analysis
Urogen Pharma disclosed 81 risk factors in its most recent earnings report. Urogen Pharma reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Urogen Pharma Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $898.80M | 5.49 | 129.32% | ― | 2889.93% | ― | |
56 Neutral | $1.84B | -18.12 | -56.07% | ― | 3.42% | -11.04% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $1.64B | -12.65 | 121.52% | ― | 52.92% | 13.32% | |
50 Neutral | $867.74M | -5.68 | 39.24% | ― | 150.30% | 59.74% | |
49 Neutral | $808.32M | -12.12 | -28.90% | ― | 68.64% | 50.57% | |
49 Neutral | $1.25B | -2.59 | -167.71% | ― | -100.00% | -128.73% |
* Healthcare Sector Average
URGN
Urogen Pharma
33.57
19.27
134.76%
GERN
Geron
1.26
-0.16
-11.27%
ABUS
Arbutus Biopharma
4.55
1.14
33.43%
PHAT
Phathom Pharmaceuticals
10.88
1.41
14.89%
TSHA
Taysha Gene Therapies
6.42
3.93
157.83%
ZBIO
Zenas BioPharma, Inc.
19.78
10.31
108.87%
Urogen Pharma Corporate Events
Business Operations and StrategyLegal Proceedings
UroGen, Teva Settle Jelmyto Patent Dispute, License Generic
Positive
Jun 2, 2026
On June 2, 2026, UroGen Pharma announced it has entered into a settlement and license agreement with Teva Pharmaceuticals that resolves ongoing U.S. patent litigation over Jelmyto, which stemmed from Teva’s attempt to secure FDA approval for...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.