Business & Tech
Novato Biotech Posts $700M Loss In 2022
But Ultragenyx on Thursday offered upbeat guidance for this year, forecasting a revenue bump of at least $60 million.
NOVATO, CA — A Marin biotech took a $700 million loss in 2022, but issued upbeat guidance for this year.
Novato-based Ultragenyx reported losses for the year totaling $707.4 million for the year, including $151.8 million in losses for the fourth quarter, the company announced in a news release.
Ultragenyx develops novel therapies for serious rare and ultrarare genetic diseases.
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The company is forecasting a revenue bump for 2023 of at least $60 million. The company projects 2023 revenue in the $425 million to $450 million range. It reported $363 million in revenue for 2022.
“In 2022, we continued to reach more patients around the world as we successfully commercialized multiple products to treat rare diseases,” Ultragenyx President and CEO Emil D. Kakkis said in a news release.
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“2023 will be a year of meaningful development progress for us as we focus on data generation from two of our key programs, UX143 in osteogenesis imperfecta and GTX-102 in Angelman syndrome, and the continued advancement of our late-stage gene therapy programs.”
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