What Ultragenyx Pharmaceutical Inc. told the SEC could break it.

Ultragenyx acquires most of its drug substances and drug products from single sources (KKC, Regeneron, IOI Oleo, etc.); loss of a single-source supplier could cause significant expense, supply disruption or delayed commercialization.

“We acquire most of the drug substances and drug products for our products and product candidates from single sources. If any single source supplier breaches an agreement with us, or terminates the agreement in response to an alleged breach by us, ceases operations, is acquired, enters into exclusive arrangements with a competitor or otherwise becomes unable or unwilling to fulfill its supply obligations,”

Ultragenyx's headquarters and a lab are in the earthquake-prone San Francisco Bay Area, and its sole Crysvita supplier KKC is in Japan; the company carries no earthquake insurance, so a major quake could severely disrupt operations.

“Our corporate headquarters and one of our laboratories are located in the San Francisco Bay Area, and our collaboration partner for Crysvita, KKC, is located in Japan, which have both in the past experienced severe earthquakes and other natural disasters. We do not carry earthquake insurance.”

The U.S. administration has imposed tariffs on pharmaceutical products and in September 2025 announced potential future tariffs of up to 100% on branded/patented pharmaceuticals imported into the U.S. unless the company is building U.S. capacity — relevant since Ultragenyx's products are made by CMOs in Western Europe and Japan.

“In September 2025, the Administration announced that future tariffs of up to 100% could be implemented affecting branded or patented pharmaceutical products coming into the U.S., unless the importing company is building U.S.”