What were the key takeaways from Aurinia’s earnings call?

What were the key takeaways from Aurinia's earnings call?

Did Aurinia beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Aurinia year over year?

What guidance did Aurinia's management provide for the next earnings period?

What does Aurinia do and what are its main business segments?

What is the market's earnings forecast for Aurinia next quarter?

What factors drove the changes in Aurinia's revenue and profit?

- **Revenue Beat**: Q3 sales up 27% YoY, pushing 2025 guidance to $275-280M
- **Clinical Win**: LUPKYNIS reduces renal events by 53%, aritinercept Phase I shows strong safety
- **Pipeline Expansion**: Aritinercept moving into 2 autoimmune disease studies by year-end
- **Cash Flow Strength**: +162% YoY operating cash flow to $44.5M

**【CEO Opening Remarks】**
- Q3 2025 LUPKYNIS sales grew 27% YoY, driving updated 2025 revenue guidance to $275-280M (previously $260-270M). 
- Highlighted ACR guidelines adoption as key driver for lupus nephritis treatment persistence.
- Announced expansion of aritinercept clinical development into 2 autoimmune diseases by end-2025.

**【CFO Financial Update】**
- Total Q3 revenue: $73.5M (+8% YoY, +27% ex-milestone)
- Net product sales: $70.6M (+27% YoY)
- Net income: $31.6M (+119% YoY)
- Cash flow from operations: $44.5M (+162% YoY)
- 2025 guidance raised to $275-280M total revenue

**【CMO Scientific Updates】**
- LUPKYNIS Phase III data shows 53% reduction in renal-related events/death risk
- Aritinercept Phase I results:
  - Dose range tested: 5-300mg
  - 150mg dose selected for future studies
  - 48-55% reduction in immunoglobulins
  - No safety concerns across all doses

**【Q&A Highlights】**
- Regulatory: FDA information request resolved with favorable clinical data submission
- Clinical development:
  - Aritinercept trials targeting 2 autoimmune diseases
  - 150mg dose selected for Phase II
- Market dynamics:
  - LUPKYNIS persistence rates improving
  - Gazyva comparison: complementary B-cell vs T-cell targeting

Aurinia Pharmaceuticals Inc. (AUPH) Q3 2025 Earnings Call Transcript

- **Revenue Growth Surpasses Expectations**: Q2 and H1 2025 total revenue up 22% and 23% YoY, driven by LUPKYNIS sales growth of 21% and 23% YoY.
- **Gross Margin Expansion**: Improved to 90% (Q2) and 88% (H1) due to reduced Otsuka sales, compared to 84% and 85% in 2024.
- **Guidance Raised**: Full-year 2025 total revenue guidance increased to $260-270M, reflecting confidence in LUPKYNIS growth and cash flow generation.
- **Aritinercept Momentum**: Phase I SAD study supports Q4-week dosing, with POC studies expected to begin in 2H 2025 for two autoimmune diseases.
- **Cash Flow Strength**: H1 2025 cash flow from operations was $45.5M (excluding restructuring), enabling $11.2M in share repurchases and a $150M buyback expansion.

**【CEO Summary Section】**
- **Revenue Growth**: Total revenue for Q2 and H1 2025 increased 22% and 23% YoY to $70M and $132.5M, respectively. LUPKYNIS net product sales rose 21% and 23% YoY to $66.6M and $126.5M, driven by market penetration.
- **Cash Flow Improvement**: H1 2025 cash flow from operations was $45.5M (excluding restructuring payments), compared to -$2.8M in 2024. Total cash as of June 30, 2025, was $315.1M.
- **Guidance Update**: Full-year 2025 total revenue guidance raised to $260-270M (from $250-260M), with net product sales guidance adjusted to $250-260M.
- **Aritinercept Progress**: Phase I SAD study showed positive results, with plans to initiate POC studies in 2H 2025 for at least two autoimmune diseases.

**【CFO Financial Commentary】**
- **Gross Margin Expansion**: Q2 and H1 2025 gross margins improved to 90% and 88% (from 84% and 85% in 2024), due to reduced Otsuka sales under cost-plus arrangements.
- **Cost Efficiency**: Operating expenses decreased 15% and 26% YoY to $49.9M and $90.5M, reflecting restructuring savings. Net income for H1 2025 was $44.9M vs. -$10M in 2024.
- **Share Repurchase Plan**: $11.2M of common shares repurchased in H1 2025. Board approved $150M expansion of the buyback program, bringing total authorization to $300M.

**【Q&A Key Highlights】**
- **Aritinercept Strategy**: Targeting 20+ B-cell-mediated diseases, with Q4-week dosing schedule justified by SAD study. No indication disclosure for competitive reasons, but plans to enroll in 2H 2025.
- **LUPKYNIS Adoption**: ACR guidelines driving 25%+ growth in rheumatology prescribers and hospital business. Q3 2025 early trends align with historical summer slowdowns, but guidance reflects potential continued growth.
- **R&D Spend Outlook**: No specific guidance on R&D expenses, but cash flow from LUPKYNIS growth supports pipeline development. Management prioritizes cash flow positivity and efficient capital allocation.
- **Exclusivity & Buybacks**: LUPKYNIS exclusivity extends to 2037, with no changes to pediatric trial timeline. Buyback activity will balance pipeline investment and shareholder returns, guided by Board discretion.

Aurinia Pharmaceuticals Inc. (AUPH) Q2 2025 Earnings Call Transcript

- **Q1 2025 Revenue Beat**: 24% YoY growth to $62.5M, driven by 25% LUPKYNIS sales increase.
- **Cash Flow Turnaround**: Positive $1.3M from operations vs -$18.6M YoY, enabling $47.4M share buybacks.
- **AUR200 Milestone**: Phase 1 SAD data expected by end-June to guide future regulatory path.
- **Competitive Edge**: LUPKYNIS' 3-6 month efficacy vs. 2-year B-cell agents positions it as first-line therapy.
- **Financial Efficiency**: 36% YoY OpEx reduction to $40.6M via restructuring; gross margin stable at 86%.


**【CEO Opening Remarks】**
- Q1 2025 total revenue: $62.5M (+24% YoY), driven by LUPKYNIS net product sales of $60M (+25% YoY). 
- Cash flow from operations: $1.3M (vs -$18.6M YoY), with $312.9M cash on hand.
- Repurchased 5.8M shares ($47.4M) during Q1, bringing total buybacks to $108.5M since Q1 2024.
- Reaffirmed 2025 guidance: Total revenue $250-260M, LUPKYNIS sales $240-250M.
- Phase 1 AUR200 data expected by end-June 2025.

**【CFO Financial Breakdown】**
- Gross margin: 86% (vs 85% YoY), stable due to scale benefits.
- Operating expenses: $40.6M (vs $63.6M YoY), down 36% due to restructuring savings.
- Net income: $23.3M ($0.17 EPS) vs $10.7M loss YoY.
- R&D pipeline focus: AUR200 advancement offset by AUR300 program termination.

**【Q&A Key Highlights】**
1. **LUPKYNIS Growth Drivers**: 
   - 25% YoY sales growth from new patient adds, persistency, and rheumatologist-led prescribing.
   - Q1 typically not seasonally low; historical 2Q/3Q softness expected.
2. **AUR200 Development**: 
   - Single-ascending dose (SAD) trial data to include PK/PD, safety, and biomarker trends.
   - Regulatory strategy will prioritize speed vs. traditional pathways post-data review.
3. **Competitive Landscape**: 
   - Roche's Gazyva (obinutuzumab) PDUFA date in Oct 2025; LUPKYNIS' 3-6 month efficacy vs. 2-year B-cell agent timelines.
   - ANDA filers face 30-month patent stay; Aurinia committed to defending IP.
4. **Tariff & Pricing Risks**: 
   - API sourced in Switzerland, but US stockpile covers several years; minimal near-term tariff impact.
   - Watching federal pricing policies, though ~50% of LUPKYNIS sales are commercial payor.


Aurinia Pharmaceuticals (AUPH)-12 May 25-2025 Q1 Earnings call transcript

- **Revenue Surge**: Q4 2024 total revenue up 33%, LUPKYNIS sales +36% YoY driven by LN market penetration.
- **Cash Flow Turnaround**: Full-year 2024 operating cash flow $44.4M vs -$33.5M YoY, ending with $358.5M cash.
- **2025 Growth Plan**: $250-260M revenue target backed by 4 strategic pillars: academic centers, ACR guidelines, clinical data leadership, hospital expansion.
- **Pipeline Momentum**: AUR200 Phase 1 data Q2 2025 could enable lower dose/frequency regimen for autoimmune diseases.
- **Sustainability**: 2025+ LUPKYNIS growth expected to remain in low double digits, supported by exclusive IP until 2037.

**【CEO Summary Section】**
- **Revenue Growth**: Q4 2024 total revenue $59.9M (+33% YoY), full-year $235.1M (+34% YoY). LUPKYNIS net sales $57.6M (+36% QoQ), full-year $216.2M (+36% YoY). 
- **Cash Flow Improvement**: Q4 2024 operating cash flow $30.1M vs $14.3M YoY. Full-year $44.4M vs -$33.5M YoY. Ending cash $358.5M.
- **2025 Guidance**: Total revenue $250-260M, LUPKYNIS $240-250M. Growth drivers: academic centers, ACR guidelines, clinical data differentiation, hospital expansion.
- **Pipeline Update**: AUR200 Phase 1 SAD results expected Q2 2025. Dual BAFF/APRIL inhibitor targeting autoimmune diseases.

**【CFO Financial Commentary】**
- **Profitability**: Q4 2024 net income $1.4M vs loss $26.9M YoY. Full-year net income $5.8M vs loss $78M YoY.
- **Cost Efficiency**: Q4 2024 operating expenses $61.5M vs $74.8M YoY. Full-year $239.8M vs $267.2M YoY. Share buybacks $70M since Q1 2024.
- **Gross Margin**: Q4 2024 91% vs 88% YoY. Full-year 88% vs 92% YoY.

**【Key Q&A Highlights】**
- **Growth Outlook**: 2025+ LUPKYNIS growth expected to remain in low double digits based on historical trends.
- **AUR200 Development**: SAD study to inform MAD design. Potential for lower dose/frequency based on preclinical potency.
- **Exclusivity**: LUPKYNIS patent protection extended to 2037. Actively defending against generics.
- **Market Penetration**: >50% of LUPKYNIS scripts from rheumatologists, increasing share in academic centers.

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