Estados financieros detallados de Ultragenyx Pharmaceutical Inc. (RARE): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Ultragenyx Pharmaceutical Inc. registró ingresos de $673.0M en el último ejercicio fiscal, con un CAGR de 5 años del 19.9%.
Márgenes de los últimos 12 meses: margen bruto 83.1%, margen operativo -73.8%, margen neto -81.8%.
Al precio actual de $12.88, RARE presenta beneficios negativos (P/E no significativo) y un ROE del 392.35%. La capitalización bursátil es de $1.3B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $133000 | $2.6M | $51.5M | $103.7M | $271.0M | $351.4M | $363.3M | $434.2M | $560.2M | $673.0M |
| Coste de Ventas | $183.2M | $1000 | $1.1M | $9.0M | $6.1M | $16.0M | $28.3M | $45.2M | $76.7M | $109.0M |
| Beneficio Bruto | -$183.1M | $2.6M | $50.3M | $94.7M | $264.9M | $335.4M | $335.0M | $389.0M | $483.5M | $564.0M |
| I+D | $183.2M | $231.6M | $294.0M | $357.4M | $412.1M | $497.2M | $705.8M | $648.4M | $697.9M | $750.0M |
| Generales y Administrativos | $64.9M | $99.9M | $127.7M | $161.5M | $182.9M | $220.0M | $278.1M | $309.8M | $321.6M | $349.0M |
| Gastos Operativos | $248.1M | $331.6M | $421.7M | $518.9M | $595.0M | $717.1M | $983.9M | $958.2M | $1.02B | $1.10B |
| Beneficio Operativo | -$248.0M | -$328.9M | -$371.4M | -$424.2M | -$330.1M | -$381.7M | -$648.9M | -$569.2M | -$536.0M | -$535.0M |
| EBITDA | -$244.6M | -$312.5M | -$177.6M | -$389.8M | -$139.8M | -$410.3M | -$640.5M | -$516.5M | -$469.0M | -$474.0M |
| Gastos por Intereses | 0 | 0 | 0 | $1.1M | $33.3M | $29.4M | $43.0M | $66.0M | $63.0M | $62.0M |
| Beneficio Antes de Impuestos | -$245.8M | -$318.3M | -$197.1M | -$399.4M | -$185.4M | -$453.0M | -$701.7M | -$608.5M | -$567.6M | -$571.0M |
| Impuestos | $35000 | -$16.2M | $514000 | $3.3M | $1.2M | $1.0M | $5.7M | -$1.8M | $1.6M | $4.0M |
| Beneficio Neto | -$245.9M | -$302.1M | -$197.6M | -$402.7M | -$186.6M | -$454.0M | -$707.4M | -$606.6M | -$569.2M | -$575.0M |
| BPA | $-6.21 | $-7.12 | $-3.97 | $-7.12 | $-3.07 | $-6.70 | $-10.12 | $-8.25 | $-6.29 | $-5.83 |
| BPA Diluido | $-6.21 | $-7.12 | $-3.97 | $-7.12 | $-3.07 | $-6.70 | $-10.12 | $-8.25 | $-6.29 | $-5.83 |
| Acciones en Circulación (Diluidas) | $39.6M | $42.5M | $49.8M | $56.6M | $60.8M | $67.8M | $69.9M | $73.5M | $90.5M | $98.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $159.9M | $207.0M | $136.0M | $214.0M |
| Beneficio Bruto | $131.9M | $178.0M | $106.0M | $180.0M |
| Beneficio Operativo | -$170.9M | -$114.0M | -$169.0M | -$75.0M |
| EBITDA | -$156.8M | -$100.2M | -$155.0M | -$61.0M |
| Beneficio Neto | -$180.4M | -$129.0M | -$185.0M | -$92.0M |
| BPA | $-1.81 | $-1.29 | $-1.84 | $-0.90 |
| BPA Diluido | $-1.81 | $-1.29 | $-1.84 | $-0.90 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $161.1M | $100.5M | $113.4M | $433.6M | $713.5M | $307.6M | $132.9M | $213.6M | $173.7M | $434.0M |
| Inversiones a Corto | $219.0M | $134.0M | $346.3M | $321.6M | $488.0M | $432.6M | $614.8M | $363.6M | $436.3M | $259.0M |
| Cuentas por Cobrar | 0 | $5.2M | $12.7M | $32.8M | $23.1M | $44.4M | $40.4M | $73.4M | $121.8M | $159.0M |
| Inventario | 0 | $757000 | $7.1M | $11.5M | $13.0M | $16.2M | $26.8M | $34.0M | $45.0M | $52.0M |
| Activos Corrientes | $498.1M | $244.5M | $522.4M | $851.0M | $1.30B | $856.6M | $883.9M | $732.2M | $817.1M | $951.0M |
| Inmovilizado Material | $17.1M | $21.8M | $20.0M | $74.7M | $114.0M | $176.2M | $259.7M | $290.6M | $265.9M | $267.0M |
| Fondo de Comercio | 0 | $44.4M | $44.4M | $44.4M | $44.4M | $44.4M | $44.4M | $44.4M | $44.4M | $44.0M |
| Activos Intangibles | 0 | $141.5M | $129.2M | $129.0M | $131.1M | $130.8M | $160.1M | $166.3M | $178.3M | $176.0M |
| Activos Totales | $540.6M | $490.8M | $719.6M | $1.14B | $1.76B | $1.52B | $1.55B | $1.49B | $1.50B | $1.53B |
| Cuentas por Pagar | $5.4M | $8.9M | $12.3M | $12.9M | $12.9M | $17.1M | $43.3M | $42.1M | $38.8M | $31.0M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $81.0M |
| Pasivos Corrientes | $60.3M | $71.0M | $74.7M | $103.3M | $189.6M | $181.4M | $261.2M | $280.4M | $344.2M | $384.0M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.17B |
| Pasivos Totales | $66.7M | $107.3M | $110.7M | $481.7M | $605.2M | $599.8M | $1.19B | $1.22B | $1.24B | $1.60B |
| Reservas | -$530.5M | -$832.7M | -$1.03B | -$1.43B | -$1.62B | -$2.07B | -$2.78B | -$3.39B | -$3.96B | -$4.53B |
| Patrimonio Neto | $474.0M | $383.5M | $608.9M | $653.8M | $1.15B | $922.6M | $352.5M | $275.4M | $255.3M | -$80.0M |
| Deuda Total | 0 | 0 | 0 | $37.0M | $48.2M | $42.0M | $31.6M | $43.2M | $40.3M | $1.28B |
| Deuda Neta | -$498.1M | -$244.5M | -$459.7M | -$718.2M | -$1.15B | -$698.2M | -$716.2M | -$534.0M | -$569.7M | $583.0M |
| Capital Circulante | $437.9M | $173.5M | $447.6M | $747.7M | $1.11B | $675.2M | $622.7M | $451.7M | $473.0M | $567.0M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $212.3M | $434.0M | $175.0M | $125.0M |
| Activos Totales | $1.19B | $1.53B | $1.30B | $1.26B |
| Pasivos Totales | $1.17B | $1.60B | $1.52B | $1.55B |
| Patrimonio Neto | $9.2M | -$80.0M | -$236.0M | -$291.0M |
| Deuda Total | $884.8M | $1.28B | $1.20B | $1.20B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$245.9M | -$302.1M | -$197.6M | -$402.7M | -$186.6M | -$454.0M | -$707.4M | -$606.6M | -$569.2M | -$575.0M |
| Amortizaciones | $3.4M | $5.8M | $19.5M | $8.5M | $12.3M | $13.2M | $18.2M | $26.0M | $35.5M | $35.0M |
| Compensación en Acciones | $48.3M | $68.0M | $80.1M | $82.0M | $85.7M | $105.0M | $130.4M | $135.2M | $158.0M | $153.0M |
| Cambio en Capital Circulante | $26.3M | -$20.2M | -$24.8M | -$15.9M | $104.7M | -$63.2M | $60.2M | -$15.1M | $13.9M | -$23.0M |
| Flujo de Caja Operativo | -$161.0M | -$253.8M | -$290.6M | -$345.4M | -$132.2M | -$338.7M | -$380.5M | -$474.8M | -$414.2M | -$466.0M |
| Inversiones (CapEx) | -$10.2M | -$2.8M | -$4.1M | -$24.8M | -$43.9M | -$73.1M | -$146.1M | -$46.8M | -$7.5M | -$6.0M |
| Adquisiciones | 0 | -$142.8M | 0 | -$11.8M | 0 | 0 | -$75.0M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$171.2M | -$256.6M | -$294.6M | -$370.2M | -$176.1M | -$411.8M | -$526.6M | -$521.6M | -$421.7M | -$472.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$91.4M | -$99.8M | -$197.0M | -$97.0M |
| Inversiones (CapEx) | -$1.3M | -$938000 | -$1.0M | -$1.0M |
| Flujo de Caja Libre | -$92.7M | -$100.8M | -$198.0M | -$98.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $37.0M | $37.3M | $30.0M | $34.0M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +1863.9% | +1871.5% | +101.4% | +161.3% | +29.7% | +3.4% | +19.5% | +29.0% | +20.1% |
| Crecimiento Beneficio Neto (anual) | | -22.9% | +34.6% | -103.8% | +53.7% | -143.4% | -55.8% | +14.2% | +6.2% | -1.0% |
| Crecimiento BPA (anual) | | -14.7% | +44.2% | -79.3% | +56.9% | -118.2% | -51.0% | +18.5% | +23.8% | +7.3% |
| Cambio en Acciones (anual) | | +7.2% | +17.2% | +13.7% | +7.5% | +11.4% | +3.1% | +5.2% | +23.1% | +8.9% |
| Crecimiento FCF (anual) | | -49.9% | -14.8% | -25.6% | +52.4% | -133.8% | -27.9% | +1.0% | +19.2% | -11.9% |
| Margen Bruto | -137647.4% | 100.0% | 97.8% | 91.3% | 97.7% | 95.4% | 92.2% | 89.6% | 86.3% | 83.8% |
| Margen Operativo | -186471.4% | -12593.5% | -721.2% | -409.0% | -121.8% | -108.6% | -178.6% | -131.1% | -95.7% | -79.5% |
| Margen EBITDA | -183897.0% | -11964.5% | -344.8% | -375.8% | -51.6% | -116.8% | -176.3% | -118.9% | -83.7% | -70.4% |
| Margen Neto | -184867.7% | -11567.3% | -383.7% | -388.3% | -68.8% | -129.2% | -194.7% | -139.7% | -101.6% | -85.4% |
| Margen FCF | -128694.0% | -9825.3% | -572.2% | -357.0% | -65.0% | -117.2% | -144.9% | -120.1% | -75.3% | -70.1% |
| Tasa Impositiva Efectiva | -0.0% | 5.1% | -0.3% | -0.8% | -0.7% | -0.2% | -0.8% | 0.3% | -0.3% | -0.7% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-4.32 | $-6.05 | $-5.92 | $-6.54 | $-2.89 | $-6.07 | $-7.53 | $-7.09 | $-4.66 | $-4.79 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $39.6M | $42.5M | $49.8M | $56.6M | $60.8M | $67.8M | $69.9M | $73.5M | $90.5M | $98.6M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 392.35% |
| Rentabilidad sobre capital invertido | -53.48% |
| Rentabilidad sobre activos | -46.39% |
| Margen bruto | 83.12% |
| Margen operativo | -73.77% |
| Margen neto | -81.79% |
Salud financiera
| Deuda / Patrimonio | -4.13 |
| Ratio corriente | 1.73 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -3.56 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -11.32 | -6.51 | -10.95 | -6.00 | -45.09 | -12.55 | -4.58 | -5.80 | -6.69 | -3.95 |
| P/VC | 5.87 | 5.13 | 3.55 | 3.70 | 7.30 | 6.18 | 9.19 | 12.77 | 14.92 | -28.35 |
| P/V | 20927.48 | 753.82 | 42.03 | 23.30 | 31.08 | 16.22 | 8.92 | 8.10 | 6.80 | 3.37 |
| Margen Bruto | -137647.4% | 100.0% | 97.8% | 91.3% | 97.7% | 95.4% | 92.2% | 89.6% | 86.3% | 83.8% |
| Margen Operativo | -186471.4% | -12593.5% | -721.2% | -409.0% | -121.8% | -108.6% | -178.6% | -131.1% | -95.7% | -79.5% |
| Margen Neto | -184867.7% | -11567.3% | -383.7% | -388.3% | -68.8% | -129.2% | -194.7% | -139.7% | -101.6% | -85.4% |