2Q Earnings Preview with Color from Mgmt Call This Morning; PT to $44

Research evidence excerpt

2Q Earnings Preview with Color from Mgmt Call This Morning; PT to $44

0.80 US$0.81

to grow citing that as of 1Q there were 256 unique Zusduri prescribers of the total

~8000 target physicians. In terms of where Zusduri is being used within patients' 52-Week High / Low US$37.88 / US$12.73

Shares Out (mil) 50.2 treatment journeys, they confirmed physicians tend to start Zusduri in patients with

Market Cap. (mil) US$1,847.4

multiple recurrences, or those who are ineligible/refuse surgery, but estimate adjuvant Avg Daily Vol (000) 795

use of Zusduri could be ~50% of current utilization. Moreover, URGN mgmt pointed to Div Yield 0.00%

multiple factors driving sustained investor interest over 2Q including: (i) clear 1Q growth Fiscal Year End Dec

addressing the "show-me" mentality on the Zusduri franchise, (ii) providing clarity on

the TEVA lawsuit, (iii) the impressive 36-month durability data for Zusduri with mDOR Price Performance - 1 Year

not yet reached, (iv) channel checks confirming positive physician feedback, utilization USD

trends, etc, as well as (v) a positive broader macro backdrop. Finally, mgmt reiterated 40

that they are comfortable with cash to and through profitability. 35

• Reiterating Overweight rating on URGN and raising PT to $44. URGN's Zusduri has

a unique value proposition in IR-NMIBC as (i) the only currently approved product for LG- 25

IR-NMIBC patients, (ii) a primary therapy/ surgical alternative that (iii) has >3year mDOR 20

(still NR at 36mo) and (iv) only 6-weekly instillations. We continue to think Zusduri is well- 15

positioned to capture meaningful share in this large market (~59,000 recurrent patients/ 10

year per URGN estimates). URGN shares continue to reflect only modest uptake in the Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26