Full Year 2025 LUPKYNIS Sales Grew 25%
Announces LUPKYNIS Sales Guidance for 2026 of $305 Million to $315 Million
ROCKVILLE, Md. & EDMONTON, Alberta--(BUSINESS WIRE)--February 26, 2026--
Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) today announced financial results for the three and twelve months ended December 31, 2025 and provided an update on recent business progress.
Financial Results
-- Total Revenue: For the three and twelve months ended December 31, 2025,
total revenue was $77.1 million and $283.1 million, up 29% and 20%,
respectively, compared to $59.9 million and $235.1 million, respectively,
for the same periods of 2024.
-- Net Product Sales: For the three and twelve months ended
December 31, 2025, net product sales of LUPKYNIS, the first
FDA-approved oral therapy for the treatment of adult patients with
active lupus nephritis, were $74.2 million and $271.3 million, up
29% and 25%, respectively, compared to $57.6 million and $216.2
million, respectively, for the same periods of 2024.
-- License, Collaboration and Royalty Revenue: For the three and
twelve months ended December 31, 2025, license, collaboration and
royalty revenue, which includes manufacturing services,
collaboration and royalty revenue from Aurinia's collaboration
partner, Otsuka, was $2.9 million and $11.7 million, up 26% and
down 38%, respectively, compared to $2.3 million and $18.9 million,
respectively, for the same periods of 2024. The twelve months
ended December 31, 2024 included a milestone payment of $10.0
million associated with LUPKYNIS regulatory approval in Japan.
-- Net Income: For the three and twelve months ended December 31, 2025,
net income was $210.8 million and $287.2 million, up 14957% and 4852%,
respectively, compared to $1.4 million and $5.8 million, respectively,
for the same periods of 2024. For the three and twelve months ended
December 31, 2025, the Company recorded an income tax benefit of $175.1
million and $173.0 million, respectively, primarily due to the release of
its valuation allowance on deferred tax assets that the Company now
expects to realize. For the three and twelve months ended December 31,
2025, net income before income taxes was $35.7 million and $114.2 million,
up 2875% and 1443%, respectively, compared to $1.2 million and $7.4
million, respectively, for the same periods of 2024.
-- Diluted Earnings per Share: For the three and twelve months ended
December 31, 2025, diluted earnings per share was $1.53 and $2.07, up
15200% and 5075%, respectively, compared to $0.01 and $0.04, respectively,
for the same periods of 2024.
-- Cash Flows from Operating Activities: For the three and twelve months
ended December 31, 2025, cash flows from operating activities were $45.7
million and $135.7 million, up 52% and 206%, respectively, compared to
$30.1 million and $44.4 million, respectively, for the same periods of
2024.
Cash Position
As of December 31, 2025, Aurinia had cash, cash equivalents, restricted cash and investments of $398.0 million, compared to $358.5 million at December 31, 2024. For the year ended December 31, 2025, the Company repurchased 12.2 million of its common shares for $98.2 million.
2026 Total Revenue and Net Product Sales Guidance
For 2026, Aurinia expects total revenue of $315 million to $325 million, up 11% to 15% compared to 2025, and net product sales of $305 million to $315 million, up 12% to 16% compared to 2025.
"We are pleased to have delivered strong LUPKYNIS sales growth in 2025," stated Peter Greenleaf, President and Chief Executive Officer of Aurinia. "We expect 2026 to be an exciting year for Aurinia. We remain focused on increasing LUPKYNIS adoption among lupus nephritis patients and advancing aritinercept, a dual BAFF/APRIL inhibitor, which has the potential to treat a wide range of autoimmune diseases. We have initiated a clinical study of aritinercept in one autoimmune disease and plan to initiate a clinical study in an additional autoimmune disease in the first half of 2026."
Webcast & Conference Call Details
A webcast and conference call will be hosted today, February 26th, at 8:30 a.m. ET. The link to the audio webcast is available here. To join the conference call, please dial 877-407-8029/+1 201-689-8029. A replay of the webcast will be available on Aurinia's website.
About Aurinia
Aurinia is a biopharmaceutical company focused on delivering therapies to people living with autoimmune diseases with high unmet medical needs. In January 2021, the Company introduced LUPKYNIS$(R)$ (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 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
CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, 2025 December 31, 2024
------------------- ---------------------
ASSETS
Current assets:
Cash, cash equivalents
and restricted cash $ 80,213 $ 83,433
Short-term investments 317,784 275,043
Accounts receivable,
net 41,454 36,544
Inventory 45,690 39,228
Prepaid expenses and
deposits 5,746 11,219
Other current assets 1,080 1,129
-------------- --------------
Total current assets 491,967 446,596
-------------- --------------
Deferred tax assets, net 176,194 --
Finance right-of-use lease
assets 73,865 92,072
Intangible assets, net 3,761 4,355
Operating right-of-use lease
assets 3,596 4,068
Property and equipment, net 2,111 2,731
Other noncurrent assets 93 823
-------------- --------------
Total assets $ 751,587 $ 550,645
============== ==============
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,313 $ 5,187
Accrued expenses 66,621 64,971
Finance lease
liabilities, current
portion 16,523 14,046
Deferred revenue 3,720 11,002
Operating lease
liabilities, current
portion 1,067 1,026
Other current
liabilities 2,480 1,531
-------------- --------------
Total current liabilities 93,724 97,763
-------------- --------------
Finance lease liabilities,
less current portion 52,322 58,554
Deferred revenue, less
current portion 12,648 1,699
Deferred compensation and
other noncurrent
liabilities 6,662 9,408
Operating lease liabilities,
less current portion 4,900 5,743
-------------- --------------
Total liabilities 170,256 173,167
-------------- --------------
Shareholders' equity
Common shares - no par
value, Unlimited shares
authorized, 132,323 and
140,883 shares issued and
outstanding at December 31,
2025 and 2024,
respectively 1,120,035 1,187,696
Additional paid-in capital 111,263 126,999
Accumulated other
comprehensive loss (599) (647)
Accumulated deficit (649,368) (936,570)
-------------- --------------
Total shareholders' equity 581,331 377,478
-------------- --------------
Total liabilities and
shareholders' equity $ 751,587 $ 550,645
============== ==============
AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three months ended Years ended
--------------------- -----------------------
December December December December
31, 2025 31, 2024 31, 2025 31, 2024
---------- --------- ---------- -----------
(unaudited)
Revenue
Net product
sales $ 74,173 $ 57,582 $ 271,345 $216,186
License,
collaboration
and royalty
revenue 2,941 2,285 11,710 18,947
-------- ------- -------- -------
Total revenue 77,114 59,867 283,055 235,133
-------- ------- -------- -------
Operating expenses
Cost of revenue 8,799 5,552 32,665 28,248
Selling, general
and
administrative 29,255 37,032 101,794 172,028
Research and
development 10,895 8,107 32,505 20,785
Restructuring -- 15,351 1,647 23,106
Other (income)
expense, net (5,074) (4,506) 9,530 (4,347)
-------- ------- -------- -------
Total operating
expenses 43,875 61,536 178,141 239,820
-------- ------- -------- -------
Income (loss) from
operations 33,239 (1,669) 104,914 (4,687)
-------- ------- -------- -------
Interest income 3,498 3,988 13,573 16,970
Interest expense (1,047) (1,146) (4,330) (4,835)
-------- ------- -------- -------
Net income before
income taxes 35,690 1,173 114,157 7,448
Income tax (benefit)
expense (175,104) (256) (173,045) 1,696
-------- ------- -------- -------
Net income $ 210,794 $ 1,429 $ 287,202 $ 5,752
======== ======= ======== =======
Earnings per share
Basic $ 1.60 $ 0.01 $ 2.14 $ 0.04
======== ======= ======== =======
Diluted $ 1.53 $ 0.01 $ 2.07 $ 0.04
======== ======= ======== =======
Shares used in
computing earnings
per share
Basic 131,942 142,179 134,367 143,057
Diluted 138,160 147,675 138,700 146,194
AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Years ended December 31,
------------------------------------
2025 2024 2023
---------- ---------- ------------
Cash flows from operating
activities:
Net income (loss) $ 287,202 $ 5,752 $ (78,020)
Adjustments to
reconcile consolidated
net income (loss) to
cash flows from
operating activities:
Deferred income
tax benefit (176,194) -- --
Amortization and
depreciation 19,449 19,445 11,647
Share-based
compensation 14,678 31,596 45,311
Foreign exchange
loss (gain) on
revaluation of
Monoplant finance
lease liability 9,685 (5,910) 5,949
Net amortization
of premiums and
discounts on
investments (10,179) (12,731) (12,141)
Non-cash
write-down of
inventory -- -- 916
Other, net (200) 788 (1,515)
Net changes in
operating assets
and liabilities:
Accounts
receivable,
net (4,910) (12,455) (10,606)
Inventory (6,462) 477 (15,869)
Prepaid
expenses and
other
current
assets 5,522 (1,834) 4,399
Other
noncurrent
operating
assets 730 31 (16)
Accounts
payable (1,874) 860 1,240
Accrued
expenses and
other
liabilities (4,655) 13,330 12,154
Deferred
revenue 3,668 5,789 3,763
Operating
lease
liabilities (802) (750) (673)
-------- -------- --------
Cash flows from operating
activities 135,658 44,388 (33,461)
-------- -------- --------
Cash flows from investing
activities:
Proceeds from the sale
and maturities of
investments 494,134 585,418 529,376
Purchases of
investments (526,650) (545,832) (523,500)
Upfront lease payments -- (43) (11,864)
Purchases of property,
equipment and
intangible assets (252) (281) (718)
-------- -------- --------
Cash flows from investing
activities (32,768) 39,262 (6,706)
-------- -------- --------
Cash flows from financing
activities:
Repurchase of common
shares (98,156) (40,239) --
Principal portion of
finance lease
payments (13,136) (11,989) (10,025)
Proceeds from issuance
of common shares from
exercise of stock
options and vesting of
RSUs and performance
awards 14,190 8,186 5,324
Proceeds from issuance
of common shares under
ESPP 756 1,084 1,850
Taxes paid related to
net settlement of
exercises of stock
options and vesting of
RSUs and performance
awards (9,764) (6,134) (2,279)
-------- -------- --------
Cash flows from financing
activities (106,110) (49,092) (5,130)
-------- -------- --------
Net (decrease) increase in
cash, cash equivalents and
restricted cash (3,220) 34,558 (45,297)
Cash, cash equivalents and
restricted cash, beginning
of the period 83,433 48,875 94,172
-------- -------- --------
Cash, cash equivalents and
restricted cash, end of the
period $ 80,213 $ 83,433 $ 48,875
======== ======== ========
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CONTACT: General Investor Inquiries
ir@auriniapharma.com
(END) Dow Jones Newswires
February 26, 2026 06:00 ET (11:00 GMT)
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