Voclosporin

Full Year 2025 LUPKYNIS Sales Grew 25% Announces LUPKYNIS Sales Guidance for 2026 of $305 Million to $315 Million ROCKVILLE, Md. & EDMONTON, Alberta--(BUSINESS WIRE)--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. “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 or the U.S. Securities and Exchange Commission’s Electronic Document Gathering and Retrieval System (EDGAR) website at , and on Aurinia’s website at . 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 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 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 Contacts General Investor Inquiries ir@auriniapharma.com