Aurinia Pharmaceuticals (NASDAQ:AUPH) stock rose ~8% on Tuesday after Q4 net loss narrowed and revenue grew Y/Y.
Net loss was -$26.05M, compared to -$33.32M in Q4 2021.
Total net revenue grew +21.5% Y/Y to ~$28.44M, however it missed analysts estimates.
Full year 2022 total net revenue increased +193.9% Y/Y to $134.03M.
Net product revenue increased +21.2% Y/Y to $28.33M. For full year, net product revenue grew +127.4% Y/Y to $103.47M.
The increase in sales was mainly due to the jump in the sales of lupus nephritis (LN) therapy Lupkynis, driven predominantly by further penetration in the LN market, according to the company.
"We are focused on operational and commercial execution and are poised for continued growth in and outside the U.S., as we work to change the course of lupus nephritis and other autoimmune diseases," said Aurinia President and CEO Peter Greenleaf.
Gross margin for Q4 was ~95%, and 98% for Q4 2021.
Research and development expenses declined to $9.87M, compared to about $11.15M in Q4 2021.
As of Dec. 31, 2022, the company had cash, cash equivalents and restricted cash and investments of $389.4M, compared to $466.1M at Dec. 31, 2021.
Outlook:
For fiscal year 2023 Aurinia reaffirmed its previous net product revenue outlook of $120M to $140M from sales of Lupkynis, representing a double-digit percentage increase Y/Y.