Shares of Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE) plummeted over 5% in after-hours trading on Tuesday, despite the company reporting better-than-expected third-quarter earnings and revenue results.

For the quarter ended September 30, 2024, Ultragenyx reported a net loss of $1.40 per diluted share, narrower than the $2.23 loss in the same period a year ago and beating analysts' average estimate of a $1.48 loss. Revenue rose 42% year-over-year to $139.5 million, exceeding the consensus forecast of $135.3 million.

However, investors appeared to be disappointed by the company's full-year revenue guidance range of $530 million to $550 million, which fell short of some analysts' expectations. Additionally, there may have been concerns about the company's operating expenses, which reached $271 million in the third quarter, or other factors not fully disclosed in the initial earnings release.