Ultragenyx Pharmaceutical, Inc. (NASDAQ:RARE) Q2 2023 Earnings Conference Call August 3, 2023 5:00 PM ET
Company Participants
Joshua Higa - Director, IR & Corporate Communications
Emil Kakkis - Founder, President, CEO & Director
Eric Crombez - Chief Medical Officer & EVP
Aaron Olsen - SVP, Corporate Strategy & Finance
Erik Harris - EVP & Chief Commercial Officer
Conference Call Participants
Gena Wang - Barclays Bank
Liisa Bayko - Evercore ISI
Maurice Raycroft - Jefferies
Tommie Reerink - Goldman Sachs Group
Joon Lee - Truist Securities
Joori Park - Leerink Partners
Kristen Kluska - Cantor Fitzgerald
Dae Gon Ha - Stifel, Nicolaus & Company
Yaron Werber - TD Cowen
Nicole Gabreski - Piper Sandler & Co.
Yigal Nochomovitz - Citigroup
Operator
Good afternoon, and welcome to the Ultragenyx Second Quarter 2023 Financial Results Conference Call. [Operator Instructions]. It is now my pleasure to turn the call over to Joshua Higa, Vice President of Investor Relations.
Joshua Higa
Thank you. We have issued a press release telling our financial results, which you can find on our website at ultragenyx.com. Joining me on this call are Emil Kakkis, Chief Executive Officer and President; Erik Harris, Chief Commercial Officer; Eric Crombez, Chief Medical Officer; Aaron Olsen, Senior Vice President of Corporate Strategy and Finance; and Ted Huizenga, Chief Accounting Officer.
I'd like to remind everyone that during today's call, we will be making forward-looking statements. These statements are subject to certain risks and uncertainties, and our actual results may differ materially.
Please refer to the risk factors discussed in our latest SEC filings. I'll now turn the call over to Emil.
Emil Kakkis
Thanks, Josh, and good afternoon, everyone. It has been a year of increasing momentum marked by advances in our lead clinical programs which we expect to result in multiple important data catalysts over the next few quarters. At the same time, our excellent commercial offers continue to drive meaningful revenue growth across the portfolio, including Crysvita revenue in North America with our partner, , and in Latin America as well.
I'll spend a few minutes discussing the osteogenesis imperfecta and Angelman syndrome programs before turning the call over to Erik Harris to talk through our commercial update.
Beginning with OI. In June, we reported exciting data from the Phase II dose-finding portion of the pivotal orbit study, showing statistically significant increase in levels of serum P1NP, a sensitive marker bone formation. The bone production response to these patients was extraordinary. This led to a rapid bone-building effect following just 3 months of treatment with setrusumab resulting in nearly 10% increase in lumbar bone mineral density. At baseline, these patients had very limited bone density with an average Z score in the 20 mg cohort of minus 2.12, which means the bone mineral density with 2 standard rations below the mean of normal patients for their age.