Aurinia narrows 2Q net loss as Lupkynis sales regain momentum

Aug. 04, 2022 7:49 AM ETAurinia Pharmaceuticals Inc. (AUPH)By: Dulan Lokuwithana, SA News Editor6 Comments

Rolled newspaper with the headline Quarterly Results

Zerbor/iStock via Getty Images

Canadian biotech Aurinia Pharmaceuticals (NASDAQ:AUPH) slipped in the pre-market Thursday after reporting a mixed financial performance for 2Q 2022 despite a sales recovery in the company’s lupus nephritis drug Lupkynis.

Net revenue for the quarter more than quadrupled to $28.2M from $6.6M in the prior-year quarter as the company continued to add Lupkynis patients thanks to steady conversion rates and payor coverage.

In 1Q 2021, Aurinia’s (AUPH) net revenue dropped ~8% sequentially to $21.6M as the COVID-19 impact hurt Lupkynis sales.

During 2Q 2022, the company added 409 patient start forms compared to 415 PSFs in the prior-year period.

While gross margin for the period slipped to ~94% from ~95% in 2Q 2021, the company’s net loss fell ~25% YoY to $35.5M even as SG&A expenses climbed ~16% YoY to $51.5M.

At the end of the quarter, Aurinia (AUPH) reported $391.7M of cash, cash equivalents, and restricted cash and investments, indicating a ~16% decline from 2021-end.

For 2022, the company continues to forecast $115M-$135M net revenue from sales of Lupkynis, unchanged from the previous projection.

Recommended For You

Comments (6)

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.