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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.
Aurinia
Aurinia
Aurinia Revenue by Segment
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CapyFin.com 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