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1. Company Snapshot

1.a. Company Description

Aurinia Pharmaceuticals Inc., a commercial-stage biopharmaceutical company, focuses on developing and commercializing therapies to treat various diseases with unmet medical need in the United States and internationally.The company offers LUPKYNIS for the treatment of adult patients with active lupus nephritis.It has a collaboration and license agreement with Otsuka Pharmaceutical Co., Ltd.


The company is headquartered in Victoria, Canada.

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1.b. Last Insights on AUPH

Aurinia Pharmaceuticals' recent performance was driven by strong Q3 earnings, with quarterly earnings of $0.23 per share, surpassing the Zacks Consensus Estimate of $0.16 per share. The company's total revenue grew 8% and 17% for the three and nine months ended September 30, 2025, respectively. AUR200, a pipeline drug targeting dual immune proteins, offers long-term growth potential. Additionally, LUPKYNIS, the first FDA-approved oral therapy for lupus nephritis, demonstrated 22% year-over-year revenue growth. Analysts have revised earnings estimates upward, indicating potential for near-term gains.

1.c. Company Highlights

2. Aurinia Pharmaceuticals' Q3 2025 Earnings: Strong LUPKYNIS Sales Growth Continues

Aurinia Pharmaceuticals reported a robust third quarter, with total revenue reaching $73.5 million, an 8% increase year-over-year, driven primarily by net product sales of LUPKYNIS, which grew 27% to $70.6 million. The company also reported a significant jump in net income to $31.6 million, up 119%, and diluted earnings per share of $0.23, a 130% increase. The strong EPS beat analyst estimates, which were at $0.16. The company's cash flows from operating activities also saw a substantial increase of 162% to $44.5 million.

Publication Date: Nov -21

📋 Highlights
  • LUPKYNIS Sales Growth:: Revenue from LUPKYNIS reached $70.6 million (up 27% YoY), with full-year sales guidance raised to $265–$270 million.
  • Financial Performance:: Net income surged 119% to $31.6 million, with diluted EPS rising 130% to $0.23, driven by 8% total revenue growth to $73.5 million.
  • Clinical Data Advancement:: New LUPKYNIS analyses showed statistically significant risk reduction in renal events or death, reinforcing its efficacy and safety profile.
  • Aritinercept Pipeline:: Dual BAFF/APRIL inhibitor progressed into Phase I with no Grade 3+ adverse events, with clinical trials planned by late 2025 and 20+ potential indications identified.
  • Operational Cash Flow:: Cash from operations jumped 162% to $44.5 million, reflecting strong commercial performance and positioning for future R&D investments.

LUPKYNIS Sales Growth and Guidance

The growth in LUPKYNIS sales was driven by increased adoption following its inclusion in the American College of Rheumatology lupus nephritis treatment guidelines. As a result, the company raised its 2025 LUPKYNIS sales guidance to $265-$270 million. The upward revision in guidance reflects the company's confidence in the continued adoption of LUPKYNIS among rheumatologists and nephrologists, driven by its robust efficacy profile and favorable safety profile.

Advancements in Aritinercept Development

Aurinia is making progress with aritinercept, a dual BAFF/APRIL inhibitor, with plans to initiate clinical studies by the end of 2025. The company is evaluating multiple indications for aritinercept, considering factors such as unmet medical need, the role of APRIL/BAFF in various diseases, and the competitive landscape. With a promising Phase I study showing no treatment-related Grade 3 or higher adverse events, the company is optimistic about the potential of aritinercept in treating autoimmune diseases.

Valuation and Growth Prospects

With a current P/E Ratio of 26.68 and an expected revenue growth rate of 16.5% next year, Aurinia Pharmaceuticals appears to be reasonably valued. The company's ROE of 21.79% and ROIC of 14.6% indicate a strong ability to generate returns on equity and invested capital. As the company continues to drive growth with LUPKYNIS and advances its pipeline with aritinercept, investors may expect sustained performance in the coming years.

3. NewsRoom

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Aurinia Raises Guidance and Shares Are Surging— Is This Why a Major Investor Just Boosted Its Stake?

Dec -02

Source: fool.com

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PMV Pharmaceuticals (NASDAQ:PMVP) versus Aurinia Pharmaceuticals (NASDAQ:AUPH) Financial Comparison

Nov -23

Source: defenseworld.net

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Campbell & CO Investment Adviser LLC Sells 4,307 Shares of Aurinia Pharmaceuticals Inc $AUPH

Nov -17

Source: defenseworld.net

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Can Aurinia (AUPH) Run Higher on Rising Earnings Estimates?

Nov -07

Source: zacks.com

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Aurinia Pharmaceuticals Inc. (AUPH) Q3 2025 Earnings Call Transcript

Nov -04

Source: seekingalpha.com

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Aurinia Pharmaceuticals (AUPH) Surpasses Q3 Earnings and Revenue Estimates

Nov -04

Source: zacks.com

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Aurinia Pharmaceuticals Reports Financial Results for the Three and Nine Months Ended September 30, 2025 and Provides Update on Recent Business Progress

Nov -04

Source: businesswire.com

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Wall Street Breakfast Podcast: FDA Executive Controversy

Nov -03

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

Therapeutic Drugs

Expected Growth: 9.27%

Aurinia Pharmaceuticals Inc.'s Therapeutic Drugs segment growth of 9.27% is driven by increasing demand for lupus nephritis treatment, Voraxaze's expanding label, and growing adoption of Voclosporin in the US and Europe. Strong clinical trial results, strategic partnerships, and expanding commercialization efforts also contribute to the segment's growth.

7. Detailed Products

Lupkynis

Lupkynis is a novel, orally administered inhibitor of the enzyme inosine monophosphate dehydrogenase (IMPDH). It is indicated for the treatment of active lupus nephritis (LN) in adult patients.

Voclosporin

Voclosporin is a novel, orally administered calcineurin inhibitor (CNI) that is designed to be a more tolerable and effective treatment option for patients with lupus nephritis.

8. Aurinia Pharmaceuticals Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Aurinia Pharmaceuticals Inc. has a moderate threat of substitutes due to the presence of alternative treatments for lupus nephritis, such as belimumab and voclosporin. However, the company's lead product, voclosporin, has shown superior efficacy and safety profiles compared to existing treatments, reducing the threat of substitutes.

Bargaining Power Of Customers

Aurinia Pharmaceuticals Inc. has a low bargaining power of customers due to the lack of negotiating power among patients and healthcare providers. The company's product, voclosporin, is a novel treatment for lupus nephritis, and patients are likely to accept the treatment option recommended by their healthcare providers.

Bargaining Power Of Suppliers

Aurinia Pharmaceuticals Inc. has a moderate bargaining power of suppliers due to the presence of multiple contract manufacturers and suppliers for the production of voclosporin. However, the company's reliance on a single supplier for the active pharmaceutical ingredient (API) increases the bargaining power of suppliers.

Threat Of New Entrants

Aurinia Pharmaceuticals Inc. faces a high threat of new entrants due to the attractiveness of the lupus nephritis market and the presence of several pharmaceutical companies with pipeline products in development. The company's first-mover advantage and patent protection for voclosporin may mitigate this threat to some extent.

Intensity Of Rivalry

Aurinia Pharmaceuticals Inc. operates in a highly competitive landscape with several pharmaceutical companies developing treatments for lupus nephritis. The company's lead product, voclosporin, faces competition from existing treatments and pipeline products, increasing the intensity of rivalry in the market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 20.52%
Debt Cost 3.95%
Equity Weight 79.48%
Equity Cost 10.75%
WACC 9.36%
Leverage 25.83%

11. Quality Control: Aurinia Pharmaceuticals Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Aurinia Pharmaceuticals

A-Score: 5.4/10

Value: 2.7

Growth: 8.6

Quality: 8.7

Yield: 0.0

Momentum: 9.0

Volatility: 3.3

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Zevra Therapeutics

A-Score: 3.9/10

Value: 4.6

Growth: 4.0

Quality: 5.8

Yield: 0.0

Momentum: 6.5

Volatility: 2.3

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TRACON Pharmaceuticals

A-Score: 3.7/10

Value: 9.6

Growth: 6.9

Quality: 5.2

Yield: 0.0

Momentum: 0.5

Volatility: 0.3

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Arvinas

A-Score: 3.5/10

Value: 8.4

Growth: 4.4

Quality: 5.4

Yield: 0.0

Momentum: 0.5

Volatility: 2.0

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Vericel

A-Score: 3.4/10

Value: 1.0

Growth: 7.9

Quality: 6.1

Yield: 0.0

Momentum: 2.0

Volatility: 3.7

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C4 Therapeutics

A-Score: 2.8/10

Value: 7.8

Growth: 2.4

Quality: 4.7

Yield: 0.0

Momentum: 1.0

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

15.62$

Current Price

15.62$

Potential

-0.00%

Expected Cash-Flows