Aurinia Q3 2021 Earnings Report
Key Takeaways
Aurinia Pharmaceuticals reported a net revenue of $14.7 million for the third quarter of 2021, a 122% increase from the second quarter of 2021. The company also added two preclinical assets to its pipeline and saw steady increases in LUPKYNIS patient start forms and conversion rates.
Secured 412 patient start forms in Q3, with over 1,265 total as of November 3, 2021.
Increased PSF conversion rates to over 68%, up from 50% in Q2.
Confirmed LUPKYNIS coverage through payer policies for 65% of total lives in the market, with confirmed coverage in plans covering 87% of total lives.
Added two novel pipeline assets: AUR200 and AUR300.
Aurinia
Aurinia
Aurinia Revenue by Segment
Forward Guidance
Aurinia maintains its previously stated annual revenue estimate in the range of $40 to $50 million for 2021.
Positive Outlook
- Continue to execute on LUPKYNIS commercialization strategies.
- Saw steady increases in patient start forms and patients on treatment toward the end of the quarter.
- Continue to see upward momentum through October.
- Data presentations at key medical meetings will help bolster awareness of and confidence in LUPKYNIS.
- Expect final results of the continuation study to be announced by the end of 2021.
Challenges Ahead
- Challenge of the COVID-19 Delta variant.
- Slight seasonal slowdown.
- Decrease in cash and cash equivalents due to commercial infrastructure spend.
- Increase in SG&A expenses due to expansion of commercial and administrative functions.
- Potential difficulties in completing the commercialization of voclosporin.
Revenue & Expenses
Visualization of income flow from segment revenue to net income