Aurinia Pharmaceuticals Announces Strong Financial Performance for Q4 and Full Year 2024, Provides Corporate Updates
Fourth Quarter and Full-Year 2024 Financial Performance Highlights
Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH), a leading biopharmaceutical company focused on advancing therapies for autoimmune diseases, announced its financial results for the fourth quarter and full year ended December 31, 2024. The company also provided an update on its recent corporate progress, including key developments in its research and development (R&D) pipeline.
Fourth Quarter 2024 Financial Results
Revenue Performance
Aurinia reported total revenue of $59.9 million for the fourth quarter of 2024, marking a 33% increase compared to the $45.1 million generated in the same period of 2023. This strong revenue growth was primarily driven by increased sales of LUPKYNIS, the company’s flagship product and the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis.
- Net Product Sales: The company recorded $57.6 million in net product sales of LUPKYNIS, reflecting a 36% year-over-year (YoY) growth from the $42.3 million reported in Q4 2023. This robust performance highlights the continued adoption and demand for the drug.
- License, Collaboration, and Royalty Revenue: Revenue from licensing agreements, collaboration efforts, and royalties, including manufacturing services revenue and payments from its collaboration partner, Otsuka, totaled $2.3 million, down 18% from $2.8 million in Q4 2023. The decline in this revenue segment was primarily due to variable timing of milestone payments and manufacturing services revenue recognition.
Profitability and Cash Flow
- Net Income (Loss): Aurinia posted a net income of $1.4 million for Q4 2024, a remarkable improvement compared to the net loss of $(26.9) million in Q4 2023. This shift to profitability underscores the company’s effective financial management and growing product sales.
- Operating Cash Flow: The company generated $30.1 million in cash flow from operating activities, more than doubling the $14.3 million reported in the fourth quarter of 2023, reflecting increased efficiency in financial operations and better cash management.
Full-Year 2024 Financial Results
For the full fiscal year 2024, Aurinia reported total revenue of $235.1 million, representing a 34% YoY increase compared to the $175.5 million in 2023. The significant rise in revenue was primarily fueled by the ongoing expansion of LUPKYNIS sales and continued support from the company’s partnerships.
- Net Product Sales: Total sales of LUPKYNIS reached $216.2 million for the year, marking a 36% growth from $158.5 million in 2023. The increasing adoption of LUPKYNIS among healthcare providers and patients contributed to this upward trend.
- License, Collaboration, and Royalty Revenue: This category contributed $18.9 million in 2024, showing an 11% increase from $17.0 million in 2023. The rise in revenue was primarily attributed to milestone payments and ongoing royalties from Otsuka.
- Net Income (Loss): Aurinia recorded a net income of $5.8 million for 2024, in stark contrast to the net loss of $(78.0) million reported in 2023, reinforcing the company’s ability to achieve sustainable profitability.
- Operating Cash Flow: The company generated $44.4 million in operating cash flow during 2024, a significant turnaround from the $(33.5) million cash outflow in 2023, indicating improved operational efficiency and financial discipline.
Strong Cash Position and Share Repurchase Program
As of December 31, 2024, Aurinia maintained a strong cash position of $358.5 million, including cash, cash equivalents, restricted cash, and investments. This reflects a slight increase from the $350.7 million recorded at the end of 2023. The company’s financial stability positions it well for future growth and expansion opportunities.
Additionally, Aurinia repurchased 6.1 million of its common shares throughout 2024, amounting to a total expenditure of $41.0 million as part of its strategic capital allocation plan aimed at enhancing shareholder value.
2025 Financial Guidance
Looking ahead, Aurinia has provided guidance for total revenue in the range of $250 million to $260 million for the full year 2025. The company expects net product sales of $240 million to $250 million, reflecting continued growth in demand for LUPKYNIS and the potential expansion of its market share in the treatment of lupus nephritis.
Research and Development (R&D) Update
Aurinia continues to expand its research efforts, focusing on innovative treatments for autoimmune diseases. A key milestone in 2024 was the initiation of a Phase 1 clinical trial for AUR200, a novel dual inhibitor targeting B cell activating factor (BAFF) and a proliferation-inducing ligand (APRIL).
- Scientific Rationale: BAFF and APRIL are cytokines that play a crucial role in B cell proliferation and activity, which are frequently upregulated in autoimmune diseases. By inhibiting these pathways, AUR200 aims to reduce B cell activation and inflammation associated with autoimmune disorders.
- Preclinical Findings: Data from preclinical studies have demonstrated that AUR200 effectively suppresses B cell proliferation and significantly reduces IgA and IgM antibody production. Furthermore, it has exhibited pharmacokinetic and pharmacodynamic properties that suggest the potential for once-monthly dosing.
- Clinical Development: The Phase 1 study, initiated in September 2024, aims to evaluate the safety, tolerability, and pharmacokinetics of AUR200. Initial results from this trial are expected in Q2 2025.
Management Commentary
Peter Greenleaf, President and Chief Executive Officer of Aurinia, expressed confidence in the company’s trajectory:
“We are pleased to have delivered strong LUPKYNIS sales growth in 2024. This performance reflects our commitment to addressing the unmet needs of lupus nephritis patients and expanding access to our innovative treatment. Looking forward, we anticipate an exciting year ahead, with continued commercial success and progress in our pipeline. Our Phase 1 study of AUR200 represents a significant step in our commitment to developing therapies for autoimmune diseases.”
Webcast & Conference Call Details
To discuss these results and corporate updates in greater detail, Aurinia will host a webcast and conference call today, February 27, 2025, at 8:30 a.m. ET. The link to the audio webcast is available on the company’s website.
- Dial-in Information:
- U.S. Participants: 877-407-9170
- International Participants: +1 201-493-6756
- Webcast Replay: A replay of the webcast will be made available on Aurinia’s website for future reference
