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Aurinia
🇨🇦 NASDAQ:AUPH
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•
Dec 31, 2023

Aurinia Q4 2023 Earnings Report

Aurinia reported Q4 2023 earnings with revenue growth and strategic focus on LUPKYNIS.

Key Takeaways

Aurinia Pharmaceuticals Inc. reported a strong fourth quarter and full-year 2023, with a focus on driving commercial execution of LUPKYNIS and implementing operational changes to enhance shareholder value. The company reaffirmed its 2024 net product revenue guidance and announced a share repurchase program of up to $150 million.

Total net revenue for Q4 2023 was $45.1 million, a 59% increase compared to Q4 2022.

Net product revenue for Q4 2023 was $42.3 million, a 49% increase compared to Q4 2022.

The company had $350.7 million in cash, cash equivalents, restricted cash, and investments as of December 31, 2023.

Aurinia is discontinuing development of AUR200 and AUR300 to focus on LUPKYNIS and expects $50-55 million in annual cost savings.

Total Revenue
$45.1M
Previous year: $28.4M
+58.6%
EPS
-$0.19
Previous year: -$0.18
+5.6%
Gross Profit
$39.7M
Previous year: $27.1M
+46.6%
Cash and Equivalents
$48.9M
Previous year: $94.2M
-48.1%
Free Cash Flow
$14.8M
Total Assets
$548M
Previous year: $471M
+16.4%

Aurinia

Aurinia

Aurinia Revenue by Segment

Forward Guidance

Aurinia reaffirms its 2024 net product revenue guidance of $200 - $220 million, discontinue future development of AUR200 and AUR300 research and development programs ,and expects operational cost savings of approximately $50 - $55 million annually.

Positive Outlook

  • Reaffirms 2024 net product revenue guidance of $200 - $220 million
  • Expected operational cost savings of approximately $50 - $55 million annually
  • Focus on driving commercial execution of the LUPKYNIS business
  • Initiation of a share repurchase program of up to $150 million
  • The company believes that it has sufficient financial resources to fund its operations for at least the next few years

Challenges Ahead

  • One-time charge in the first quarter of 2024 of approximately $11 - $15 million due to discontinuing development of AUR200 and AUR300
  • Anticipates reducing employee headcount by at least 25% by the end of the first quarter of 2024
  • There is no assurance the Exemptive Relief will be granted on the terms applied for or at all
  • The maximum amount of the share repurchase program is subject to receipt of regulatory approval in Canada
  • Aurinia’s actual future financial and operational results may differ from its expectations

Company Overview

Full financial data and analysis

View Aurinia