Aurinia Q2 2024 Earnings Report
Key Takeaways
Aurinia Pharmaceuticals reported a strong second quarter with a 38% increase in total net revenue, reaching $57.2 million. The company also generated $15.8 million in free cash flow and narrowed its 2024 net product revenue guidance to $210 to $220 million. Additionally, Aurinia is advancing its AUR200 pipeline asset for autoimmune diseases and anticipates regulatory approval of LUPKYNIS in Japan in the second half of the year.
Total net revenue reached $57.2 million, a 38% year-over-year increase.
Net product revenue was $55.0 million, representing a 34% year-over-year growth.
Generated $15.8 million in free cash flow.
Cash, cash equivalents, restricted cash and investments totaled $330.7 million as of June 30, 2024.
Aurinia
Aurinia
Aurinia Revenue by Segment
Forward Guidance
The Company is narrowing its net product revenue guidance range to $210 to $220 million for the fiscal year 2024.
Positive Outlook
- Company expects to recognize $50 to $55 million in annual cost savings following the restructuring, with approximately 75% of that recognized in 2024
- The Company anticipates Japanese regulatory authorities' approval of LUPKYNIS in the second half of this year
- Upon approval, the Company expects to receive a milestone payment of $10 million with low double-digit royalties on net sales once launched
- Company anticipates funding AUR200 development program with available cash flow
- Company expects to fund any future discretionary share repurchases from cash flows from operations and cash currently on hand