UroGen Pharma Ltd.

urogen.com

What Do They Do?

Develops and sells medicines that deliver cancer drugs into the urinary tract for physicians treating upper-tract and bladder cancers.

How Do They Make Money?

National specialty distributors buy Jelmyto and Zusduri; sales are recorded when the products are delivered to the treating physician or mixing pharmacy.

revenue

Segment	Share	Revenue	How money arrives
Jelmyto Sold outright	86% FY2022: 100%		Sold outright
Zusduri Sold outright	14%		Sold outright

Who Are Their Customers?

The products are sold through two national specialty distributors, while the sales team works with physicians and practices to promote the medicines and set up service lines.

Customers above 10% of revenue, FY2025

of revenue from one customer

Do Revenues Turn Into Profits?

No. It lost $153.5M in FY2025.

Operating income, FY2025

−114% of revenue

▲ +29% (Loss) vs FY2024 (−$96.8M, −107%)

Net income, FY2025

−140% of revenue

▲ +21% (Loss) vs FY2024 (−$126.9M, −140%)

Free cash flow, FY2025

−148% of revenue

▲ +68% (Loss) vs FY2024 (−$97.1M, −107%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +199%; vs $24.2M in Q2 FY2025
Net income: ▼ −71% (Loss); vs −$49.9M in Q2 FY2025

Jelmyto share of revenue vs 100.0% in Q2 FY2025

Aug 20, 2026 Obtained options to license a hydrogel cancer platform The agreement provides an exclusive option for worldwide rights to develop and commercialize TumoCure for advanced head and neck cancer.
Jun 2, 2026 Agreed to license Teva to sell generic Jelmyto The license allows sales beginning September 15, 2030, if approved, and ends the pending Jelmyto patent litigation.

Growing. Revenue grew 2.3x in 4 years, from $48M in FY2021 to $109.8M in FY2025, about 23% a year.

Revenue over time

Jelmyto Zusduri

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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