Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) has reported a 49% growth in preliminary unaudited net product revenue for the fourth quarter of 2023, reaching approximately $42 million, compared to $28.3 million for the same period in 2022. The full-year 2023 net product revenue also saw significant growth, reaching approximately $159 million, a 53% increase from the previous year. The company's total net revenue for the fourth quarter and full year 2023 also demonstrated robust growth, with approximately $45 million and $176 million, respectively.
The company's unaudited cash, cash equivalents, restricted cash, and investments stood at approximately $351 million as of December 31, 2023. Looking ahead, Aurinia Pharmaceuticals Inc. is targeting to be cash flow positive in the second half of 2024, indicating a positive outlook for the company.
Peter Greenleaf, President, and CEO of Aurinia expressed pride in the company's performance and growth throughout 2023. He stated, "We are extremely proud of the strong performance and growth for Lupkynis throughout 2023, including publication and presentation of the aurora 2 extension study and the renal biopsy sub-study, both of which further differentiate and support Lupkynis as foundation therapy in treating patients with active lupus nephritis."
Regarding the company's strategic review, Greenleaf mentioned that the board of directors and the executive leadership team remain committed to running a comprehensive process that reflects the best interests of the company, shareholders, and other key stakeholders.
Aurinia Pharmaceuticals Inc. is eyeing a promising outlook for 2024, with net product revenue guidance in the range of $200 - $220 million and a focus on becoming cash flow positive in the second half of the year.
The full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $463 | $318 | $50,118 | $45,605 | $134,030 | $158,853 |
| Revenue Growth | n/a | -31.32% | 15660.38% | -9.0% | 193.89% | 18.52% |
| Operating Margins | -11683% | -28598% | -208% | -396% | -83% | -56% |
| Net Margins | -13849% | -27794% | -204% | -397% | -81% | -49% |
| Net Income (k) | -$64,120 | -$88,385 | -$102,680 | -$180,966 | -$108,180 | -$77,191 |
| Free Cash Flow (k) | -$51,685 | -$63,670 | -$75,526 | -$157,995 | -$79,821 | -$37,876 |
| Capital Expenditures | $74 | $85 | $5,668 | $303 | $292 | $553 |
| Current Ratio | 18.3 | 27.9 | 13.11 | 12.63 | 9.6 | 5.77 |
