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Third Quarter 2025 LUPKYNIS Sales Grew 27%
LUPKYNIS Sales Guidance for 2025 Raised to $265 Million to $270 Million
Aritinercept Advances Toward Clinical Studies in Two Autoimmune Diseases
Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) today announced financial results for the three and nine months ended September 30, 2025, and provided an update on recent business progress.
Financial Results
- Total Revenue: For the three and nine months ended September 30, 2025, total revenue was $73.5 million and $205.9 million, up 8% and 17%, respectively, from $67.8 million and $175.3 million, respectively, for the same periods of 2024.
- Net Product Sales: For the three and nine months ended September 30, 2025, net product sales of LUPKYNIS, the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis, were $70.6 million and $197.2 million, up 27% and 24%, respectively, from $55.5 million and $158.6 million, respectively, for the same periods of 2024.
- License, Collaboration and Royalty Revenue: For the three and nine months ended September 30, 2025, license, collaboration and royalty revenue, which includes manufacturing services revenue from Aurinia's collaboration partner, Otsuka, was $2.8 million and $8.8 million, respectively, compared to $12.3 million and $16.7 million, respectively, in the same periods of 2024. The 2024 periods included a milestone payment of $10.0 million associated with LUPKYNIS regulatory approval in Japan.
- Net Income: For the three and nine months ended September 30, 2025, net income was $31.6 million and $76.4 million, up 119% and 1677%, respectively, compared to $14.4 million and $4.3 million, respectively, for the same periods of 2024.
- Diluted Earnings per Share: For the three and nine months ended September 30, 2025, diluted earnings per share was $0.23 and $0.55, up 130% and 1733%, respectively, compared to $0.10 and $0.03, respectively, for the same periods of 2024.
- Cash Flows from Operating Activities: For the three and nine months ended September 30, 2025, cash flows from operating activities were $44.5 million and $90.0 million, up 162% and 529%, respectively, compared to $17.0 million and $14.3 million, respectively, for the same periods of 2024.
Cash Position
As of September 30, 2025, Aurinia had cash, cash equivalents, restricted cash and investments of $351.8 million, compared to $358.5 million at December 31, 2024. For the nine months ended September 30, 2025, the Company repurchased 12.2 million of its common shares for $98.2 million.
Full Year 2025 Total Revenue and Net Product Sales Guidance
For 2025, Aurinia is increasing total revenue guidance from a range of $260 million to $270 million to a range of $275 million to $280 million and net product sales guidance from a range of $250 million to $260 million to a range of $265 million to $270 million.
"LUPKYNIS sales experienced continued momentum following last year's update to the American College of Rheumatology lupus nephritis treatment guidelines, which recommend the incorporation of drugs like LUPKYNIS into first-line therapy in order to preserve kidney function," stated Peter Greenleaf, President and Chief Executive Officer of Aurinia. "Additionally, we are excited about the positive results from our Phase 1 study of aritinercept, a dual inhibitor of B cell-activating factor (BAFF) and a proliferation-inducing ligand (APRIL) and look forward to initiating clinical studies in two autoimmune diseases by the end of this year."
Webcast & Conference Call Details
A webcast and conference call will be hosted today, November 4, at 8:30 a.m. ET. The link to the audio webcast is available here . To join the conference call, please dial 877-407-9170/+1 201-493-6756. A replay of the webcast will be available on Aurinia's website.
About Aurinia
Aurinia is a biopharmaceutical company focused on delivering therapies to people living with autoimmune diseases with high unmet medical needs. In January 2021, the Company introduced LUPKYNIS ® (voclosporin), the first FDA‑approved oral therapy for the treatment of adult patients with active lupus nephritis. Aurinia is also developing aritinercept, a dual inhibitor of B cell-activating factor (BAFF) and a proliferation-inducing ligand (APRIL) for the potential treatment of autoimmune diseases.
Forward-Looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities law and forward-looking statements within the meaning of applicable U.S. securities law. We caution investors that forward-looking statements are based on management's expectations and assumptions as of the date of this press release and involve substantial risks and uncertainties that could cause the actual outcomes to differ materially from what we currently expect. These risks and uncertainties include, but are not limited to, those associated with: LUPKYNIS net product sales, the timing of clinical study results and other risks and uncertainties identified in our filings with the U.S. Securities and Exchange Commission. Forward-looking statements in this press release apply only as of the date made, and we undertake no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. Additional information related to Aurinia, including a detailed list of the risks and uncertainties affecting Aurinia and its business, can be found in Aurinia's most recent Annual Report on Form 10-K and its other public available filings available by accessing the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedarplus.ca or the U.S. Securities and Exchange Commission's Electronic Document Gathering and Retrieval System (EDGAR) website at www.sec.gov/edgar , and on Aurinia's website at www.auriniapharma.com .
| Aurinia Pharmaceuticals Inc. AND SUBSIDIARY C ONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) | ||||||||
|
|
| September 30, |
| December 31, | ||||
|
|
| (Unaudited) |
|
| ||||
| ASSETS |
|
|
|
| ||||
| Current assets: |
|
|
|
| ||||
| Cash, cash equivalents and restricted cash |
| $ | 73,189 |
|
| $ | 83,433 |
|
| Short-term investments |
|
| 278,619 |
|
|
| 275,043 |
|
| Accounts receivable, net |
|
| 30,728 |
|
|
| 36,544 |
|
| Inventory, net |
|
| 44,793 |
|
|
| 39,228 |
|
| Prepaid expenses and deposits |
|
| 11,107 |
|
|
| 11,219 |
|
| Other current assets |
|
| 301 |
|
|
| 1,129 |
|
| Total current assets |
|
| 438,737 |
|
|
| 446,596 |
|
| Finance right-of-use lease assets |
|
| 78,813 |
|
|
| 92,072 |
|
| Intangible assets, net |
|
| 3,901 |
|
|
| 4,355 |
|
| Operating right-of-use lease assets |
|
| 3,718 |
|
|
| 4,068 |
|
| Property and equipment, net |
|
| 2,266 |
|
|
| 2,731 |
|
| Other noncurrent assets |
|
| 93 |
|
|
| 823 |
|
| Total assets |
| $ | 527,528 |
|
| $ | 550,645 |
|
|
|
|
|
|
| ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
| ||||
| Current liabilities: |
|
|
|
| ||||
| Accounts payable |
| $ | 2,214 |
|
| $ | 5,187 |
|
| Accrued expenses |
|
| 49,536 |
|
|
| 64,971 |
|
| Finance lease liabilities, current portion |
|
| 16,309 |
|
|
| 14,046 |
|
| Deferred revenue |
|
| 4,602 |
|
|
| 11,002 |
|
| Operating lease liabilities, current portion |
|
| 1,057 |
|
|
| 1,026 |
|
| Other current liabilities |
|
| 2,502 |
|
|
| 1,531 |
|
| Total current liabilities |
|
| 76,220 |
|
|
| 97,763 |
|
| Finance lease liabilities, less current portion |
|
| 55,727 |
|
|
| 58,554 |
|
| Deferred revenue, less current portion |
|
| 12,249 |
|
|
| 1,699 |
|
| Deferred compensation and other noncurrent liabilities |
|
| 12,442 |
|
|
| 9,408 |
|
| Operating lease liabilities, less current portion |
|
| 5,119 |
|
|
| 5,743 |
|
| Total liabilities |
|
| 161,757 |
|
|
| 173,167 |
|
| Shareholders' equity |
|
|
|
| ||||
| Common shares - no par value, unlimited shares authorized, 131,841 and 140,883 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively |
|
| 1,116,797 |
|
|
| 1,187,696 |
|
| Additional paid-in capital |
|
| 109,885 |
|
|
| 126,999 |
|
| Accumulated other comprehensive loss |
|
| (749 | ) |
|
| (647 | ) |
| Accumulated deficit |
|
| (860,162 | ) |
|
| (936,570 | ) |
| Total shareholders' equity |
|
| 365,771 |
|
|
| 377,478 |
|
| Total liabilities and shareholders' equity |
| $ | 527,528 |
|
| $ | 550,645 |
|
| Aurinia Pharmaceuticals Inc. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) | ||||||||||||||||
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| Three Months Ended |
| Nine Months Ended | ||||||||||||
|
|
| September 30, |
| September 30, | ||||||||||||
|
|
|
| 2025 |
|
|
| 2024 |
|
|
| 2025 |
|
|
| 2024 |
|
| Revenue |
|
|
|
|
|
|
|
| ||||||||
| Net product sales |
| $ | 70,627 |
|
| $ | 55,503 |
|
| $ | 197,172 |
|
| $ | 158,604 |
|
| License, collaboration and royalty revenue |
|
| 2,841 |
|
|
| 12,268 |
|
|
| 8,769 |
|
|
| 16,662 |
|
| Total revenue |
|
| 73,468 |
|
|
| 67,771 |
|
|
| 205,941 |
|
|
| 175,266 |
|
| Operating expenses |
|
|
|
|
|
|
|
| ||||||||
| Cost of revenue |
|
| 8,177 |
|
|
| 6,035 |
|
|
| 23,866 |
|
|
| 22,696 |
|
| Selling, general and administrative |
|
| 26,182 |
|
|
| 42,367 |
|
|
| 72,539 |
|
|
| 134,996 |
|
| Research and development |
|
| 8,435 |
|
|
| 3,047 |
|
|
| 21,610 |
|
|
| 12,678 |
|
| Restructuring |
|
| — |
|
|
| — |
|
|
| 1,647 |
|
|
| 7,755 |
|
| Other expense, net |
|
| 929 |
|
|
| 4,574 |
|
|
| 14,604 |
|
|
| 159 |
|
| Total operating expenses |
|
| 43,723 |
|
|
| 56,023 |
|
|
| 134,266 |
|
|
| 178,284 |
|
| Income (loss) from operations |
|
| 29,745 |
|
|
| 11,748 |
|
|
| 71,675 |
|
|
| (3,018 | ) |
| Interest income |
|
| 3,316 |
|
|
| 4,267 |
|
|
| 10,075 |
|
|
| 12,982 |
|
| Interest expense |
|
| (1,099 | ) |
|
| (1,208 | ) |
|
| (3,283 | ) |
|
| (3,689 | ) |
| Net income before income taxes |
|
| 31,962 |
|
|
| 14,807 |
|
|
| 78,467 |
|
|
| 6,275 |
|
| Income tax expense |
|
| 411 |
|
|
| 457 |
|
|
| 2,059 |
|
|
| 1,952 |
|
| Net income |
| $ | 31,551 |
|
| $ | 14,350 |
|
| $ | 76,408 |
|
| $ | 4,323 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Earnings per share |
|
|
|
|
|
|
|
| ||||||||
| Basic |
| $ | 0.24 |
|
| $ | 0.10 |
|
| $ | 0.57 |
|
| $ | 0.03 |
|
| Diluted |
| $ | 0.23 |
|
| $ | 0.10 |
|
| $ | 0.55 |
|
| $ | 0.03 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Shares used in computing earnings per share |
|
|
|
|
|
|
|
| ||||||||
| Basic |
|
| 131,808 |
|
|
| 143,051 |
|
|
| 135,163 |
|
|
| 143,353 |
|
| Diluted |
|
| 136,008 |
|
|
| 145,651 |
|
|
| 138,959 |
|
|
| 145,010 |
|
| Aurinia Pharmaceuticals Inc. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) | ||||||||
|
|
| Nine Months Ended September 30, | ||||||
|
|
|
| 2025 |
|
|
| 2024 |
|
| Cash flows from operating activities: |
|
|
|
| ||||
| Net income |
| $ | 76,408 |
|
| $ | 4,323 |
|
| Adjustments to reconcile net income to cash flows from operating activities: |
|
|
|
| ||||
| Share-based compensation |
|
| 7,950 |
|
|
| 22,650 |
|
| Amortization and depreciation |
|
| 14,585 |
|
|
| 14,583 |
|
| Foreign exchange loss (gain) on revaluation of Monoplant finance lease liability |
|
| 9,318 |
|
|
| (718 | ) |
| Net amortization of premiums and discounts on investments |
|
| (7,844 | ) |
|
| (9,752 | ) |
| Other, net |
|
| 4,852 |
|
|
| 220 |
|
| Net changes in operating assets and liabilities: |
|
|
|
| ||||
| Accounts receivable, net |
|
| 5,816 |
|
|
| (12,394 | ) |
| Inventory, net |
|
| (5,565 | ) |
|
| 991 |
|
| Prepaid expenses and other current assets |
|
| 940 |
|
|
| (6,001 | ) |
| Other noncurrent operating assets |
|
| 730 |
|
|
| (12 | ) |
| Accounts payable |
|
| (2,973 | ) |
|
| 4,551 |
|
| Accrued expenses and other liabilities |
|
| (17,777 | ) |
|
| (4,139 | ) |
| Deferred revenue |
|
| 4,150 |
|
|
| 522 |
|
| Lease liabilities |
|
| (600 | ) |
|
| (550 | ) |
| Cash flows from operating activities |
|
| 89,990 |
|
|
| 14,274 |
|
| Cash flows from investing activities: |
|
|
|
| ||||
| Proceeds from the sale and maturities of investments |
|
| 348,785 |
|
|
| 461,448 |
|
| Purchases of investments |
|
| (344,618 | ) |
|
| (461,140 | ) |
| Purchases of property, equipment and intangible assets |
|
| (180 | ) |
|
| (225 | ) |
| Upfront lease payment |
|
| — |
|
|
| (44 | ) |
| Cash flows from investing activities |
|
| 3,987 |
|
|
| 39 |
|
| Cash flows from financing activities: |
|
|
|
| ||||
| Repurchase of common shares |
|
| (98,156 | ) |
|
| (18,435 | ) |
| Principal portion of finance lease payments |
|
| (9,649 | ) |
|
| (8,959 | ) |
| Proceeds from issuance of common shares from exercise of stock options and vesting of RSUs and performance awards |
|
| 12,583 |
|
|
| 6,537 |
|
| Proceeds from issuance of common shares under ESPP |
|
| 401 |
|
|
| 703 |
|
| Taxes paid related to net settlement of exercises of stock options and vesting of RSUs and performance awards |
|
| (9,400 | ) |
|
| (5,892 | ) |
| Cash flows from financing activities |
|
| (104,221 | ) |
|
| (26,046 | ) |
| Net decrease in cash, cash equivalents and restricted cash |
|
| (10,244 | ) |
|
| (11,733 | ) |
| Cash, cash equivalents and restricted cash, beginning of the period |
|
| 83,433 |
|
|
| 48,875 |
|
| Cash, cash equivalents and restricted cash, end of the period |
| $ | 73,189 |
|
| $ | 37,142 |
|
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General Investor Inquiries
ir@auriniapharma.com
