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UroGen Pharma (URGN) 6 Nov 24 2024 Q3 Earnings call transcript

AInvestWednesday, Nov 6, 2024 9:31 pm ET
2min read

UroGen Pharma's third quarter 2024 earnings call presented a robust picture of the company's strategic advancements and financial health. The call, led by CEO Elizabeth Barrett, showcased the company's commitment to transforming the treatment landscape for urothelial cancers, with a particular focus on low-grade intermediate risk non-muscle invasive bladder cancer.

Regulatory Milestones and Market Opportunities

A significant highlight of the call was the submission and acceptance of the New Drug Application (NDA) for UGN-102, UroGen's groundbreaking therapy for low-grade intermediate risk non-muscle invasive bladder cancer. The FDA's acceptance of the NDA with a PDUFA target date of June 13, 2025, represents a pivotal step towards bringing a novel solution to patients and potentially reducing recurrent rates while extending the time between treatments. The market opportunity for UGN-102 is estimated to be transformative for the company, with a potential addressable market of over $5 billion and more than 80,000 patients annually in the U.S.

Commercial Progress and Strategic Priorities

UroGen's commercial strategy is centered on enhancing patient outcomes and reshaping treatment paradigms in neurologic oncology. The company's pre-commercial activities are underway, aimed at positioning UGN-102 for a robust launch. The appointment of Chris Degnan as Chief Financial Officer and David Lin as Chief Commercial Officer are strategic moves to bolster the leadership team in preparation for the commercialization of UGN-102.

Clinical and Pipeline Developments

UroGen's clinical pipeline is also progressing steadily. The ENVISION trial, which serves as the pivotal trial for UGN-102, demonstrated a clinically meaningful complete response rate and a strong duration of response. Dosing for UGN-103, UroGen's next-generation therapy for low-grade intermediate risk non-muscle invasive bladder cancer, commenced in October. The company's immuno-oncology candidate, UGN-301, is also under development, with a Phase I clinical study ongoing to evaluate its safety and efficacy.

Financial Overview and Outlook

The financials presented during the call reflected a solid performance, with JELMYTO delivering net product revenue of $25.2 million in the third quarter, marking a 21% year-over-year increase. Despite gross to net headwinds, UroGen expects to deliver low double-digit revenue growth for JELMYTO for the full year 2024. The company's financials are well-positioned to support its strategic objectives, with a cash and cash equivalents and marketable securities balance of $254.2 million as of September 30, 2024.

Conclusion

UroGen Pharma's third quarter 2024 earnings call underscored the company's innovative approach to addressing unmet needs in urothelial cancers and its commitment to bringing transformative therapies to patients. With a robust clinical pipeline, strategic leadership appointments, and a strong financial position, UroGen is poised for significant growth and value creation in the years ahead. As the company navigates the path to regulatory approvals and commercial success, it remains focused on its mission to change the practice for bladder cancer and deliver meaningful value to its shareholders.

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