Aurinia Pharmaceuticals NASDAQ: AUPH reported fourth-quarter and full-year 2025 results on its latest earnings call, highlighting continued growth from its lupus nephritis therapy LUPKYNIS and outlining revenue expectations for 2026. Management also provided updates on its clinical-stage biologic candidate aritinercept and discussed commercial dynamics in lupus nephritis, including evolving guidelines and competitive developments.
2025 results show LUPKYNIS-led growth and a large tax benefit
Chief Financial Officer Joe Miller said total revenue in the fourth quarter of 2025 rose to $77.1 million, up 29% from $59.9 million in the same period of 2024. Net product sales of LUPKYNIS in the quarter were $74.2 million, also up 29% from $57.6 million a year earlier.
Aurinia posted net income of $210.8 million for the fourth quarter, compared with $1.4 million in the prior-year quarter. Miller attributed a significant portion of the increase to an income tax benefit of $175.1 million, “primarily due to the release of its valuation allowance on deferred tax assets that the company now expects to realize.” Net income before income taxes was $35.7 million, up from $1.2 million a year earlier, and diluted earnings per share were $1.53 versus $0.01 in the fourth quarter of 2024. Cash flows from operating activities in the quarter totaled $45.7 million, up from $30.1 million in the prior-year period.
For the full year ended Dec. 31, 2025, Aurinia reported total revenue of $283.1 million, up 20% from $235.1 million in 2024. Miller noted that 2024 revenue included a one-time $10 million milestone payment tied to LUPKYNIS regulatory approval in Japan; excluding that milestone, Aurinia said total revenue increased 26% year over year. Full-year net product sales of LUPKYNIS were $271.3 million, up 25% from $216.2 million in 2024.
Net income for 2025 was $287.2 million, compared with $5.8 million in 2024, again driven in part by an income tax benefit of $173 million tied to the valuation allowance release. Net income before income taxes was $114.2 million, up from $7.4 million in 2024. Diluted EPS for the year was $2.07, up from $0.04, and operating cash flow increased to $135.7 million from $44.4 million in 2024.
Balance sheet and share repurchases
Miller said Aurinia ended 2025 with $398 million in cash equivalents, restricted cash and investments, up from $358.5 million at the end of 2024. The company also repurchased 12.2 million common shares for $98.2 million during 2025, reducing fully diluted shares outstanding from 149.8 million to 139.7 million.
2026 guidance and management’s view of commercial drivers
Management issued 2026 guidance calling for total revenue of $315 million to $325 million, which Aurinia said would represent 11% to 15% growth compared to 2025. The company expects net product sales of $305 million to $315 million, up 12% to 16% versus 2025.
During the Q&A, CEO Peter Greenleaf addressed questions about the assumptions behind guidance, emphasizing continued focus on LUPKYNIS efficacy data and efforts to influence diagnostics and earlier treatment. Greenleaf pointed to the AURORA extension study and a biopsy study, as well as the introduction of ACR and EULAR guidelines that, in his view, encourage more aggressive diagnostics to identify proteinuria earlier among lupus patients. He said the company was not providing a “steer for the quarter” and described early-year trends as consistent with historical patterns, directing listeners to first-quarter 2025 trends as a reference point.
Greenleaf also described continued momentum across several commercial dimensions. While Aurinia no longer provides certain “individual commercial metrics,” he said the company is seeing growth across patients, “very solid and continued adherence to the product and persistency,” and consistency in the mix of business as reflected in average price per commercial patient per year.
Prescriber mix, guidelines, and competition
On prescriber dynamics, Greenleaf said the business is “pretty evenly broken between rheumatology and nephrology,” but “does favor the rheumatologist slightly,” and that tilt toward rheumatology has increased over the last two years. He framed rheumatology as central to earlier diagnosis and earlier intervention, since patients are typically diagnosed with systemic lupus erythematosus before lupus nephritis is identified.
Greenleaf argued that guideline-driven improvements have room to expand further. He said guidelines recommend that lupus patients receive urine analysis to check for proteinuria at every visit, adding that this “probably happens less than 50% of the time.” He also said treatment to target, once certain thresholds are met, is not consistently implemented based on payer and database information, and he highlighted guideline language around keeping patients on therapy for three to five years.
Asked about competitive impact following Gazyva’s approval in lupus nephritis, Greenleaf said Aurinia has not seen a near-term impact and described business performance as consistent. He added that guidance reflects “a lot of factors,” including new competition and guideline implementation. Greenleaf said management believes additional therapies can expand awareness and diagnosis, helping grow the overall market, while also arguing LUPKYNIS has a competitive profile tied to rapid reduction in proteinuria at three to six months.
Chief Medical Officer Dr. Greg Keenan added that Aurinia’s pivotal trial showed a 50% reduction in proteinuria within one month of starting LUPKYNIS and that, while the primary endpoint was designed at 12 months, “goals were achieved, for the most part, by six months’ time.” He contrasted that with Gazyva’s trial endpoint at week 76. Keenan also emphasized that LUPKYNIS targets T-cells and has a podocyte protection effect, describing these mechanisms as complementary to B-cell targeted agents.
Aritinercept update timing and pediatric program changes
Greenleaf said Aurinia has initiated a clinical study of aritinercept in one autoimmune disease and plans to initiate a second study in another autoimmune disease in the first half of 2026. He described aritinercept as a dual BAFF/APRIL inhibitor that was well tolerated at all tested dose levels in a phase 1 single ascending dose study, with single doses leading to “robust and long-lasting reductions in immunoglobulin,” supporting once-monthly dosing. He said the company plans to disclose the indications for the two studies in the second quarter of 2026.
Responding to questions about anti-drug antibodies (ADAs), Keenan said Aurinia has seen ADAs at low titers at doses from 25 mg and above in healthy volunteers, but did not see an association with injection-site reactions or changes in pharmacokinetic or pharmacodynamic profiles in those with positive ADAs compared to those without.
On the pediatric lupus nephritis commitment, Keenan said the VOCAL study was terminated because “due to technical issues” it was “very, very difficult to recruit patients” as designed. He said the company plans to negotiate with the FDA on next steps for meeting pediatric commitments in lupus nephritis. Greenleaf added that Aurinia has data from work completed to date as well as in-market treatment data in adolescent and pediatric patients that it can provide to the agency, and he emphasized that lupus nephritis is not a prominent pediatric condition and represents a small burden and business opportunity in that age group.
About Aurinia Pharmaceuticals NASDAQ: AUPH
Aurinia Pharmaceuticals Inc is a clinical‐stage biopharmaceutical company focused on developing and commercializing therapies for autoimmune diseases. The company's proprietary molecule, voclosporin, is designed to selectively inhibit calcineurin and reduce inflammation associated with autoimmune responses. Aurinia operates research and development facilities in Canada and the United States, leveraging collaborations with academic institutions and contract research organizations to advance its clinical pipeline.
The company's lead product, voclosporin (marketed as LUPKYNIS), received approval from the U.S.
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