Aurinia Pharmaceuticals Reports Q3 Beat, Plans to Cut Workforce by 45%; Shares Rise

MT Newswires Live11-07

Aurinia Pharmaceuticals (AUPH) shares were up more than 10% in recent trading Thursday after the company reported better-than-expected Q3 net income and revenue.

The company reported Q3 net income Thursday of $0.10 per diluted share, swinging from a net loss of $0.09 per share a year earlier.

Analysts polled by Capital IQ expected earnings of $0.02 per share.

Net revenue for the quarter ended Sept. 30 was $67.8 million, compared with $54.5 million a year earlier.

Analysts polled by Capital IQ expected $57.7 million.

The company said it will implement strategic restructuring, which includes reducing its workforce by about 45%, to focus on the commercial strategy for its Lupkynis treatment for lupus nephritis. This restructuring is estimated to yield over $40 million in annualized savings and $15 million to $19 million one-time charge in Q4.

Price: 8.33, Change: +0.81, Percent Change: +10.77

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