Aurinia Q3 2022 Earnings Report
Key Takeaways
Aurinia Pharmaceuticals Inc. reported a total net revenue of $55.8 million for Q3 2022, which includes a $30.0 million milestone from Otsuka. The company is adjusting its net product revenue guidance to $100-105 million from sales of LUPKYNIS for 2022 and issuing preliminary net product revenue guidance for 2023 in the range of $120-140 million.
Net revenue for Q3 2022 was $55.8 million, including a $30.0 million milestone from Otsuka related to European Approval of LUPKYNIS.
Net product revenue guidance adjusted to $100-105 million from sales of LUPKYNIS for 2022.
Preliminary net product revenue guidance for 2023 is in the range of $120-140 million from sales of LUPKYNIS.
Approximately $400 million of cash, cash equivalents, restricted cash and investments as of October 31, 2022.
Aurinia
Aurinia
Aurinia Revenue by Segment
Forward Guidance
Aurinia adjusts net product revenue guidance to $100-105 million from sales of LUPKYNIS for 2022 and issues preliminary net product revenue guidance for 2023 in the range of $120-140 million.
Positive Outlook
- Aurinia expects to achieve continued important regulatory milestones in additional geographies in 2022 and 2023.
- LUPKYNIS is the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis (LN).
- Company believes that it has sufficient financial resources to fund its operations for at least the next few years.
- Aurinia is diligently working on its defense to the IPR.
- Additional clinical data, including updates from AURORA 1 and AURORA 2, are expected to be presented at upcoming conferences
Challenges Ahead
- Experienced a slight decline in new patient start forms over the second quarter ended June 30, 2022, which is potentially the result of reduced lupus nephritis diagnoses and patient visits in the quarter.
- Aurinia is adjusting its net revenue guidance to $100-105 million from sales of LUPKYNIS for 2022.
- The IPR is related to a patent claiming LUPKYNIS dosing protocol that extends patent protection on LUPKYNIS in the United States to 2037.
- A determination on patentability, relative to the IPR, is expected on or prior to July 26, 2023.
- Aurinia’s actual future financial and operational results may differ from its expectations