Aurinia Pharmaceuticals (AUPH) Q4 2025 earnings summary

Executive summary

• LUPKYNIS sales grew 25% year-over-year in 2025, reaching $271.3 million, with strong commercial momentum.

• Advanced aritinercept clinical development, initiating studies in autoimmune diseases and planning further trials in 2026.

• Terminated the VOCAL pediatric study due to recruitment challenges, with plans to discuss pediatric commitments with the FDA.

• Net income for 2025 surged to $287.2 million, primarily due to a significant income tax benefit from the release of a valuation allowance on deferred tax assets.

• 12.2 million common shares were repurchased for $98.2 million during 2025.

Financial highlights

• Q4 2025 total revenue was $77.1 million, up 29% year-over-year; full-year revenue was $283.1 million, up 20%.

• Q4 2025 net product sales were $74.2 million, up 29% year-over-year; full-year net product sales were $271.3 million, up 25%.

• Full-year 2025 net income was $287.2 million, up 4,852% year-over-year, with a $173 million income tax benefit.

• Cash flows from operating activities for 2025 were $135.7 million, up 206% year-over-year; cash and investments at year-end totaled $398 million.

• License, collaboration, and royalty revenue for 2025 was $11.7 million, down 38% due to a prior year milestone payment.

Outlook and guidance

• 2026 total revenue guidance is $315–$325 million, up 11–15% from 2025.

• 2026 net product sales guidance is $305–$315 million, up 12–16% from 2025.

• Guidance incorporates competitive landscape changes, including new entrants like GAZYVA, and assumes continued commercial execution.

• Focus remains on increasing LUPKYNIS adoption and advancing aritinercept clinical programs.