URGN Q3 FY26 earnings call: key takeaways

• STURI generated $68 million in net product revenue, up 35% sequentially (4:31)
• Outlook: full-year Jalmito net product revenue guidance updated to approximately $90 million (24:38)

Results vs expectations

What changed since last quarter

• The company raised full-year Jalmito net product revenue guidance to approximately $90 million, citing a one-time gross-to-net adjustment and competitive pressures. (24:38)
• URGN maintained full-year operating expense guidance of $260 million to $270 million. (24:38)
• The CEO emphasized the importance of direct-to-consumer campaigns and expanding adoption in community practices to drive growth. (40:59)

Guidance

What analysts pressed on

• Whether the shift to primary therapy for Zesturi could impact long-term adoption and reimbursement. (47:07)
• Concerns about the impact of clinical trials on Jalmito's market share and revenue. (35:35)
• Questions about the timeline and strategy for transitioning from Zesturi to UGN-103. (48:44)

In their words

• We believe this differentiated approach provides patients an opportunity to have more recurrence-free and treatment-free living. (5:07)
• We are building a company positioned for sustained growth through commercial execution, lifecycle expansion, and continued innovation. (12:27)
• We believe the ability to deliver durable disease control while reducing the need for repeated surgical interventions... Mark (13:40)