Profit surge as Aurinia (NASDAQ: AUPH) raises 2026 LUPKYNIS outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Aurinia Pharmaceuticals reported strong growth for 2025, driven by its lupus nephritis drug LUPKYNIS. Total revenue reached $283.1 million for the year, up 20% from 2024, with LUPKYNIS net product sales rising 25% to $271.3 million.
The company moved to solid profitability, with 2025 net income of $287.2 million versus $5.8 million a year earlier, helped by a large income tax benefit from releasing a valuation allowance on deferred tax assets. Cash, cash equivalents, restricted cash and investments were $398.0 million as of December 31, 2025, after repurchasing 12.2 million common shares for $98.2 million. For 2026, Aurinia guides to total revenue of $315–$325 million and LUPKYNIS net product sales of $305–$315 million, implying low- to mid-teens percentage growth.
Positive
- Strong 2025 commercial growth: Total revenue rose to $283.1 million, up 20%, with LUPKYNIS net product sales increasing 25% to $271.3 million versus 2024.
- Profitability and cash generation: Net income reached $287.2 million and cash from operating activities climbed to $135.7 million, supporting a $98.2 million repurchase of 12.2 million shares while ending 2025 with $398.0 million in cash and investments.
Negative
- None.
Insights
Strong LUPKYNIS-driven growth, new profitability and upbeat 2026 outlook.
Aurinia is showing meaningful commercial traction. 2025 total revenue grew to
Headline net income of
The balance sheet appears robust, with
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 26, 2026
(Exact name of registrant as specified in its charter)
(State or Other Jurisdiction of Incorporation) | (Commission File No.) | (IRS Employer Identification No.) | ||||||||||||
(250 ) 744-2487
(Address and telephone number of registrant's principal executive offices)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 | Results of Operations and Financial Condition. | ||||
On February 26, 2026, Aurinia Pharmaceuticals Inc. (“Aurinia”) issued a press release announcing its financial results for the three and twelve months ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
The information in this Current Report on Form 8-K and the exhibit hereto are being furnished pursuant to this Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“the Exchange Act”), or otherwise subject to the liability of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, the information included in this Current Report on Form 8-K and the exhibit hereto, that is furnished pursuant to this Item 2.02 shall not be incorporated by reference in any of Aurinia's filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits | ||||
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press release dated February 26, 2026, Aurinia Pharmaceuticals Reports Financial Results for the Three and Twelve Months Ended December 31, 2025 and Provides Update on Recent Business Progress | |||||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 26, 2026
| AURINIA PHARMACEUTICALS INC. | ||||||||
| By: | /s/ Joseph Miller | |||||||
| Name: | Joseph Miller | |||||||
| Title: | Chief Financial Officer | |||||||
| Exhibit 99.1 | ||||||||
 | ||||||||
Aurinia Pharmaceuticals Reports Financial Results for the Three and Twelve Months Ended December 31, 2025 and Provides Update on Recent Business Progress
Full Year 2025 LUPKYNIS Sales Grew 25%
Announces LUPKYNIS Sales Guidance for 2026 of $305 Million to $315 Million
ROCKVILLE, Maryland and EDMONTON, Alberta – February 26, 2026 – Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) today announced financial results for the three and twelve months ended December 31, 2025 and provided an update on recent business progress.
Financial Results
•Total Revenue: For the three and twelve months ended December 31, 2025, total revenue was $77.1 million and $283.1 million, up 29% and 20%, respectively, compared to $59.9 million and $235.1 million, respectively, for the same periods of 2024.
–Net Product Sales: For the three and twelve months ended December 31, 2025, net product sales of LUPKYNIS, the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis, were $74.2 million and $271.3 million, up 29% and 25%, respectively, compared to $57.6 million and $216.2 million, respectively, for the same periods of 2024.
–License, Collaboration and Royalty Revenue: For the three and twelve months ended December 31, 2025, license, collaboration and royalty revenue, which includes manufacturing services, collaboration and royalty revenue from Aurinia’s collaboration partner, Otsuka, was $2.9 million and $11.7 million, up 26% and down 38%, respectively, compared to $2.3 million and $18.9 million, respectively, for the same periods of 2024. The twelve months ended December 31, 2024 included a milestone payment of $10.0 million associated with LUPKYNIS regulatory approval in Japan.
•Net Income: For the three and twelve months ended December 31, 2025, net income was $210.8 million and $287.2 million, up 14957% and 4852%, respectively, compared to $1.4 million and $5.8 million, respectively, for the same periods of 2024. For the three and twelve months ended December 31, 2025, the Company recorded an income tax benefit of $175.1 million and $173.0 million, respectively, primarily due to the release of its valuation allowance on deferred tax assets that the Company now expects to realize. For the three and twelve months ended December 31, 2025, net income before income taxes was $35.7 million and $114.2 million, up 2875% and 1443%, respectively, compared to $1.2 million and $7.4 million, respectively, for the same periods of 2024.
•Diluted Earnings per Share: For the three and twelve months ended December 31, 2025, diluted earnings per share was $1.53 and $2.07, up 15200% and 5075%, respectively, compared to $0.01 and $0.04, respectively, for the same periods of 2024.
•Cash Flows from Operating Activities: For the three and twelve months ended December 31, 2025, cash flows from operating activities were $45.7 million and $135.7 million, up 52% and 206%, respectively, compared to $30.1 million and $44.4 million, respectively, for the same periods of 2024.
Cash Position
As of December 31, 2025, Aurinia had cash, cash equivalents, restricted cash and investments of $398.0 million, compared to $358.5 million at December 31, 2024. For the year ended December 31, 2025, the Company repurchased 12.2 million of its common shares for $98.2 million.
2026 Total Revenue and Net Product Sales Guidance
For 2026, Aurinia expects total revenue of $315 million to $325 million, up 11% to 15% compared to 2025, and net product sales of $305 million to $315 million, up 12% to 16% compared to 2025.
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“We are pleased to have delivered strong LUPKYNIS sales growth in 2025,” stated Peter Greenleaf, President and Chief Executive Officer of Aurinia. “We expect 2026 to be an exciting year for Aurinia. We remain focused on increasing LUPKYNIS adoption among lupus nephritis patients and advancing aritinercept, a dual BAFF/APRIL inhibitor, which has the potential to treat a wide range of autoimmune diseases. We have initiated a clinical study of aritinercept in one autoimmune disease and plan to initiate a clinical study in an additional autoimmune disease in the first half of 2026.”
Webcast & Conference Call Details
A webcast and conference call will be hosted today, February 26th, at 8:30 a.m. ET. The link to the audio webcast is available here. To join the conference call, please dial 877-407-8029/+1 201-689-8029. A replay of the webcast will be available on Aurinia’s website.
About Aurinia
Aurinia is a biopharmaceutical company focused on delivering therapies to people living with autoimmune diseases with high unmet medical needs. In January 2021, the Company introduced LUPKYNIS® (voclosporin), the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis. Aurinia is also developing aritinercept, a dual inhibitor of B cell-activating factor (BAFF) and a proliferation-inducing ligand (APRIL) for the potential treatment of autoimmune diseases.
Forward-Looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities law and forward-looking statements within the meaning of applicable U.S. securities law. We caution investors that forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and involve substantial risks and uncertainties that could cause the actual outcomes to differ materially from what we currently expect. These risks and uncertainties include, but are not limited to, those associated with: LUPKYNIS net product sales, the timing of clinical study results and other risks and uncertainties identified in our filings with the U.S. Securities and Exchange Commission. Forward-looking statements in this press release apply only as of the date made, and we undertake no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. Additional information related to Aurinia, including a detailed list of the risks and uncertainties affecting Aurinia and its business, can be found in Aurinia’s most recent Annual Report on Form 10-K and its other public filings available by accessing the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedarplus.ca or the U.S. Securities and Exchange Commission’s Electronic Document Gathering and Retrieval System (EDGAR) website at www.sec.gov/edgar, and on Aurinia’s website at www.auriniapharma.com.
General Investor Inquiries
ir@auriniapharma.com
2
AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(in thousands)
| December 31, 2025 | December 31, 2024 | |||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash, cash equivalents and restricted cash | $ | 80,213 | $ | 83,433 | ||||||||||
| Short-term investments | 317,784 | 275,043 | ||||||||||||
| Accounts receivable, net | 41,454 | 36,544 | ||||||||||||
Inventory | 45,690 | 39,228 | ||||||||||||
Prepaid expenses and deposits | 5,746 | 11,219 | ||||||||||||
| Other current assets | 1,080 | 1,129 | ||||||||||||
| Total current assets | 491,967 | 446,596 | ||||||||||||
Deferred tax assets, net | 176,194 | — | ||||||||||||
| Finance right-of-use lease assets | 73,865 | 92,072 | ||||||||||||
| Intangible assets, net | 3,761 | 4,355 | ||||||||||||
| Operating right-of-use lease assets | 3,596 | 4,068 | ||||||||||||
| Property and equipment, net | 2,111 | 2,731 | ||||||||||||
| Other noncurrent assets | 93 | 823 | ||||||||||||
| Total assets | $ | 751,587 | $ | 550,645 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 3,313 | $ | 5,187 | ||||||||||
Accrued expenses | 66,621 | 64,971 | ||||||||||||
Finance lease liabilities, current portion | 16,523 | 14,046 | ||||||||||||
Deferred revenue | 3,720 | 11,002 | ||||||||||||
Operating lease liabilities, current portion | 1,067 | 1,026 | ||||||||||||
Other current liabilities | 2,480 | 1,531 | ||||||||||||
| Total current liabilities | 93,724 | 97,763 | ||||||||||||
| Finance lease liabilities, less current portion | 52,322 | 58,554 | ||||||||||||
| Deferred revenue, less current portion | 12,648 | 1,699 | ||||||||||||
| Deferred compensation and other noncurrent liabilities | 6,662 | 9,408 | ||||||||||||
| Operating lease liabilities, less current portion | 4,900 | 5,743 | ||||||||||||
| Total liabilities | 170,256 | 173,167 | ||||||||||||
Shareholders' equity | ||||||||||||||
Common shares - no par value, Unlimited shares authorized, 132,323 and 140,883 shares issued and outstanding at December 31, 2025 and 2024, respectively | 1,120,035 | 1,187,696 | ||||||||||||
| Additional paid-in capital | 111,263 | 126,999 | ||||||||||||
| Accumulated other comprehensive loss | (599) | (647) | ||||||||||||
| Accumulated deficit | (649,368) | (936,570) | ||||||||||||
| Total shareholders' equity | 581,331 | 377,478 | ||||||||||||
| Total liabilities and shareholders’ equity | $ | 751,587 | $ | 550,645 | ||||||||||
3
AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
| Three months ended | Years ended | |||||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||||
Net product sales | $ | 74,173 | $ | 57,582 | $ | 271,345 | $ | 216,186 | ||||||||||||||||||
License, collaboration and royalty revenue | 2,941 | 2,285 | 11,710 | 18,947 | ||||||||||||||||||||||
| Total revenue | 77,114 | 59,867 | 283,055 | 235,133 | ||||||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||||||
Cost of revenue | 8,799 | 5,552 | 32,665 | 28,248 | ||||||||||||||||||||||
| Selling, general and administrative | 29,255 | 37,032 | 101,794 | 172,028 | ||||||||||||||||||||||
| Research and development | 10,895 | 8,107 | 32,505 | 20,785 | ||||||||||||||||||||||
Restructuring | — | 15,351 | 1,647 | 23,106 | ||||||||||||||||||||||
| Other (income) expense, net | (5,074) | (4,506) | 9,530 | (4,347) | ||||||||||||||||||||||
Total operating expenses | 43,875 | 61,536 | 178,141 | 239,820 | ||||||||||||||||||||||
| Income (loss) from operations | 33,239 | (1,669) | 104,914 | (4,687) | ||||||||||||||||||||||
Interest income | 3,498 | 3,988 | 13,573 | 16,970 | ||||||||||||||||||||||
Interest expense | (1,047) | (1,146) | (4,330) | (4,835) | ||||||||||||||||||||||
Net income before income taxes | 35,690 | 1,173 | 114,157 | 7,448 | ||||||||||||||||||||||
| Income tax (benefit) expense | (175,104) | (256) | (173,045) | 1,696 | ||||||||||||||||||||||
Net income | $ | 210,794 | $ | 1,429 | $ | 287,202 | $ | 5,752 | ||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||||
Basic | $ | 1.60 | $ | 0.01 | $ | 2.14 | $ | 0.04 | ||||||||||||||||||
Diluted | $ | 1.53 | $ | 0.01 | $ | 2.07 | $ | 0.04 | ||||||||||||||||||
Shares used in computing earnings per share | ||||||||||||||||||||||||||
| Basic | 131,942 | 142,179 | 134,367 | 143,057 | ||||||||||||||||||||||
| Diluted | 138,160 | 147,675 | 138,700 | 146,194 | ||||||||||||||||||||||
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AURINIA PHARMACEUTICALS INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | ||||||||
| Years ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 287,202 | $ | 5,752 | $ | (78,020) | ||||||||||||||
| Adjustments to reconcile consolidated net income (loss) to cash flows from operating activities: | ||||||||||||||||||||
Deferred income tax benefit | (176,194) | — | — | |||||||||||||||||
| Amortization and depreciation | 19,449 | 19,445 | 11,647 | |||||||||||||||||
| Share-based compensation | 14,678 | 31,596 | 45,311 | |||||||||||||||||
Foreign exchange loss (gain) on revaluation of Monoplant finance lease liability | 9,685 | (5,910) | 5,949 | |||||||||||||||||
| Net amortization of premiums and discounts on investments | (10,179) | (12,731) | (12,141) | |||||||||||||||||
Non-cash write-down of inventory | — | — | 916 | |||||||||||||||||
| Other, net | (200) | 788 | (1,515) | |||||||||||||||||
| Net changes in operating assets and liabilities: | ||||||||||||||||||||
| Accounts receivable, net | (4,910) | (12,455) | (10,606) | |||||||||||||||||
Inventory | (6,462) | 477 | (15,869) | |||||||||||||||||
| Prepaid expenses and other current assets | 5,522 | (1,834) | 4,399 | |||||||||||||||||
Other noncurrent operating assets | 730 | 31 | (16) | |||||||||||||||||
| Accounts payable | (1,874) | 860 | 1,240 | |||||||||||||||||
Accrued expenses and other liabilities | (4,655) | 13,330 | 12,154 | |||||||||||||||||
Deferred revenue | 3,668 | 5,789 | 3,763 | |||||||||||||||||
| Operating lease liabilities | (802) | (750) | (673) | |||||||||||||||||
| Cash flows from operating activities | 135,658 | 44,388 | (33,461) | |||||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Proceeds from the sale and maturities of investments | 494,134 | 585,418 | 529,376 | |||||||||||||||||
| Purchases of investments | (526,650) | (545,832) | (523,500) | |||||||||||||||||
Upfront lease payments | — | (43) | (11,864) | |||||||||||||||||
Purchases of property, equipment and intangible assets | (252) | (281) | (718) | |||||||||||||||||
| Cash flows from investing activities | (32,768) | 39,262 | (6,706) | |||||||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
Repurchase of common shares | (98,156) | (40,239) | — | |||||||||||||||||
Principal portion of finance lease payments | (13,136) | (11,989) | (10,025) | |||||||||||||||||
| Proceeds from issuance of common shares from exercise of stock options and vesting of RSUs and performance awards | 14,190 | 8,186 | 5,324 | |||||||||||||||||
Proceeds from issuance of common shares under ESPP | 756 | 1,084 | 1,850 | |||||||||||||||||
| Taxes paid related to net settlement of exercises of stock options and vesting of RSUs and performance awards | (9,764) | (6,134) | (2,279) | |||||||||||||||||
| Cash flows from financing activities | (106,110) | (49,092) | (5,130) | |||||||||||||||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (3,220) | 34,558 | (45,297) | |||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of the period | 83,433 | 48,875 | 94,172 | |||||||||||||||||
Cash, cash equivalents and restricted cash, end of the period | $ | 80,213 | $ | 83,433 | $ | 48,875 | ||||||||||||||
5
FAQ
How did Aurinia Pharmaceuticals (AUPH) perform financially in 2025?
Aurinia delivered strong 2025 results, with total revenue of $283.1 million, up 20% year over year. Net income jumped to $287.2 million from $5.8 million in 2024, reflecting improved operations and a significant income tax benefit.
What were Aurinia Pharmaceuticals’ 2025 LUPKYNIS net product sales?
LUPKYNIS net product sales reached $271.3 million in 2025, growing 25% from $216.2 million in 2024. The drug remained the company’s primary revenue driver, with quarterly net product sales of $74.2 million in the fourth quarter of 2025.
What 2026 revenue guidance did Aurinia Pharmaceuticals (AUPH) provide?
For 2026, Aurinia expects total revenue of $315–$325 million, implying 11–15% growth over 2025. The company also guides LUPKYNIS net product sales to $305–$315 million, representing anticipated growth of 12–16% compared to 2025 levels.
What was Aurinia Pharmaceuticals’ cash position at year-end 2025?
As of December 31, 2025, Aurinia held $398.0 million in cash, cash equivalents, restricted cash and investments, up from $358.5 million a year earlier, despite repurchasing 12.2 million common shares for $98.2 million during 2025.
How profitable was Aurinia Pharmaceuticals (AUPH) on a per-share basis in 2025?
For 2025, Aurinia reported diluted earnings per share of $2.07, up from $0.04 in 2024. Basic earnings per share were $2.14, reflecting the company’s shift to strong profitability alongside growing LUPKYNIS sales.
Did Aurinia Pharmaceuticals return capital to shareholders in 2025?
Yes. Aurinia repurchased 12.2 million of its common shares for $98.2 million during 2025. This buyback occurred while the company remained well-capitalized, ending the year with $398.0 million in cash, equivalents, restricted cash and investments.
What were Aurinia Pharmaceuticals’ operating cash flows in 2025?
Cash flows from operating activities were $135.7 million for 2025, up sharply from $44.4 million in 2024. This improvement reflects stronger underlying business performance and supports the company’s ability to fund operations and share repurchases.
Filing Exhibits & Attachments
4 documents
Aurinia Pharmace