Aurinia Pharmaceuticals ( (AUPH) ) has released its Q3 earnings. Here is a breakdown of the information Aurinia Pharmaceuticals presented to its investors.
Aurinia Pharmaceuticals is a biopharmaceutical company focused on developing therapies for autoimmune diseases, with its flagship product LUPKYNIS being the first FDA-approved oral therapy for active lupus nephritis.
In its recent earnings report, Aurinia Pharmaceuticals reported substantial growth in revenue and product sales for the third quarter and first nine months of 2024. The company also announced a strategic restructuring aimed at sharpening its focus on its leading product, LUPKYNIS, and the development of AUR200.
Aurinia achieved $67.8 million in total net revenue and $55.5 million in net product revenue in the third quarter of 2024, marking year-over-year increases of 24% and 36%, respectively. The company’s robust performance is attributed to increased sales of LUPKYNIS, which saw a 25% growth in U.S. market penetration. Aurinia also reported a positive cash flow from operations, amounting to $17 million in the third quarter.
The strategic restructuring plan involves a significant reduction in the workforce by approximately 45%, expected to result in annualized cash-based operating expense savings of over $40 million. This move is intended to streamline operations and enhance focus on high-growth areas and the development of AUR200, a promising therapy for autoimmune diseases.
Looking ahead, Aurinia remains optimistic about its financial outlook, reiterating its net product revenue guidance of $210 to $220 million for the fiscal year 2024. The company aims to leverage its streamlined structure to drive continued growth in its LUPKYNIS business and accelerate the progress of its AUR200 pipeline.
