UroGen Pharma (URGN) TD Cowen 46th Annual Health Care Conference summary

Strategic overview and recent performance

• Achieved strong year-end results, exceeding Q4 expectations and building momentum into Q1, with both commercial products contributing to growth.

• Permanent J-code implementation on January 1 significantly improved physician confidence in reimbursement, accelerating adoption and revenue generation.

• Over 800 accounts activated, with a focus on converting these to prescribing accounts and increasing repeat prescribers.

• Patient Enrollment Forms (PEFs) are a key demand indicator, but conversion from PEF to new patient start takes 45-60 days; efforts are underway to shorten this timeline.

• Repeat prescribers and physician champions are driving broader adoption, with some doctors treating multiple patients and reporting high response rates.

Market dynamics and growth outlook

• Acceleration in Q1 attributed to the J-code, with ZUSDURI surpassing JELMYTO in key metrics such as PEFs, new patient starts, and doses.

• Growth trajectory expected to mirror or exceed Activa’s 220% post J-code growth rate in the first six months, with even better performance anticipated in the second half of the year.

• Large, underserved patient population confirmed, with significant opportunity for expansion as more physicians adopt the therapy.

• Guidance updates are planned after observing two quarters of post J-code data, with current performance supporting consensus estimates.

Financial position and capital strategy

• Recent debt refinancing secured on favorable terms, reflecting improved company profile and risk, and providing additional flexibility for R&D and pipeline acceleration.

• Refinancing does not alter the path to profitability; current cash position is sufficient, with added headroom to support long-term growth initiatives.