Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) reported fourth‑quarter 2025 results that surpassed expectations across the board. Total revenue reached $77.1 million, up 29% from $59.9 million in the same quarter a year earlier, driven by a 29% increase in net product sales of its lupus therapy LUPKYNIS, which generated $74.2 million. Collaboration and royalty revenue added $2.9 million, matching the prior year’s figure and supporting the company’s diversified income stream.
Adjusted earnings per share climbed to $1.53, a dramatic beat over the consensus estimate of $0.15–$0.21. The surge was largely attributable to a one‑time tax benefit from the release of a valuation allowance on deferred tax assets, which lifted net income from $1.4 million in Q4 2024 to $12.3 million in Q4 2025. Operating cash flow rose to $45.7 million, reflecting strong cash generation from the core product line and efficient working‑capital management.
The company completed a $98.2 million share‑repurchase program, buying back 12.2 million shares, underscoring its commitment to returning value to shareholders while maintaining a robust cash‑flow profile. Management highlighted that the quarter’s performance was driven by expanding prescriber adoption following the American College of Rheumatology guideline update and a broader specialty‑pharmacy distribution network.
For 2026, Aurinia raised its total revenue guidance to $315 million–$325 million, an 11%–15% increase from the 2025 level, and projected net product sales of $305 million–$315 million. The guidance reflects confidence in continued LUPKYNIS uptake and the launch of new clinical studies for its aritinercept pipeline, a dual BAFF/APRIL inhibitor aimed at a broader autoimmune disease portfolio. CEO Peter Greenleaf noted, "We are pleased to have delivered strong LUPKYNIS sales growth in 2025," and added, "We expect 2026 to be an exciting year for Aurinia."
The results reinforce Aurinia’s position as a profitable specialty pharmaceutical with a strong cash‑flow profile and a clear path to future growth, while the tax benefit and guidance raise signal management’s optimism about the company’s trajectory and the potential of its pipeline.
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