Aurinia Pharmaceuticals Inc (AUPH) Reports 60% Increase in Q3 Net Product Revenue
Net product revenue of $40.8 million for Q3 2023, a 60% increase over Q3 2022
Total net revenue of $130.4 million for the nine months ended September 30, 2023, a 24% increase over the same period in 2022
Achieved European pricing and reimbursement milestone triggering $10 million payment from Otsuka Pharmaceutical Co. Ltd.
Net loss of $13.4 million for Q3 2023, compared to a net loss of $9.0 million for Q3 2022
On November 2, 2023, Aurinia Pharmaceuticals Inc (NASDAQ:AUPH) released its financial results for the third quarter and nine months ended September 30, 2023. The company reported a significant increase in net product revenue, achieving $40.8 million for Q3 2023, a 60% increase over the same period in 2022. The total net revenue for the nine months ended September 30, 2023, was $130.4 million, marking a 24% increase over the prior year.
Financial Highlights
Aurinia's net product revenue for the nine months ended September 30, 2023, was $116.2 million, representing a growth of approximately 55% from the same period in 2022. Total net revenue for the three months ended September 30, 2023, was $54.5 million, slightly lower than the $55.8 million reported for the same period in 2022.
Despite the impressive revenue growth, Aurinia recorded a net loss of $13.4 million for Q3 2023, compared to a net loss of $9.0 million for Q3 2022. For the nine months ended September 30, 2023, the company recorded a net loss of $51.1 million, a significant improvement from the net loss of $82.1 million for the same period in 2022.
Operational Highlights
Aurinia achieved a significant milestone by securing pricing and reimbursement approvals in three of the five major European markets, triggering a $10 million payment from Otsuka Pharmaceutical Co. Ltd. The company also reported that approximately 1,939 patients were on LUPKYNIS therapy at the end of September 2023, representing a 43% increase year over year.
Looking Ahead
For the fiscal year 2023, Aurinia is narrowing its net product revenue guidance to a range of $155 - $160 million for net product sales of LUPKYNIS. As of September 30, 2023, the company had cash, cash equivalents, and restricted cash and investments of $338.5 million, a decrease from $389.4 million at the end of 2022. Despite the decrease, Aurinia believes it has sufficient financial resources to fund its operations for at least the next few years.
Management Commentary
"We are very pleased with our overall results for the first nine months of the year. Reporting another strong quarter of results reinforces our ability to execute and deliver against key metrics. Our team continues to focus on business fundamentals and steady performance," said Peter Greenleaf, President, and Chief Executive Officer of Aurinia. "We continue to deliver new data on LUPKYNIS and grow the overall LN market. In addition, we received a $10.0 million milestone from our collaboration partner outside the U.S. as a result of securing pricing and reimbursement approvals in three of the five major European markets."
Explore the complete 8-K earnings release (here) from Aurinia Pharmaceuticals Inc for further details.
This article first appeared on GuruFocus.
