olivLaw · US equity research
Aurinia Pharmaceuticals Inc. AUPH
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Aurinia Pharmaceuticals is a biopharmaceutical company that sells LUPKYNIS, the first FDA-approved oral therapy for active lupus nephritis, and is developing aritinercept, a dual BAFF/APRIL inhibitor. Product sales grew 21% in the first half of 2026, and the company reiterated 2026 total revenue guidance of 315 to 325 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Aurinia Pharmaceuticals Inc. (AUPH) stock was 17.11 USD (+3.32% on the day), with market capitalisation 2.3 bn USD, P/E 7.5 on diluted EPS of 2.29 USD over the last 12 months, beta 0.70, 52-week range 13.95–18.62 USD. Latest reported quarter (Q3 2026): revenue of 83.7 m USD (+13.9% YoY), net income of 31.7 m USD (+0.5% YoY), diluted EPS 0.23 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 55.9
- strong (55–70)
- Bollinger (20, 2)
- 16.06 – 17.47
- in the upper half of the band · %B 0.75 · band width 8.4%
- SMA 50 / 200
- 16.48 / 15.67
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.13 / 0.16
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.8% | −1.1% | +9.9 pp | — |
| 3 months | +12.6% | −0.5% | +13.1 pp | — |
| 6 months | +5.3% | +4.4% | +0.9 pp | — |
| Year to date | +7.3% | +12.3% | −5.0 pp | — |
| 1 year | +19.9% | +13.5% | +6.4 pp | +19.6% |
| 3 years | +107.9% | +76.4% | +31.5 pp | +33.9% |
| 5 years | −46.5% | +63.7% | −110.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 59.9 m | 62.5 m | 70.0 m | 73.5 m | 77.1 m | 77.7 m | 83.2 m | 83.7 m |
| Cost of revenue | 5.6 m | 8.6 m | 7.1 m | 8.2 m | 8.8 m | 6.5 m | 6.6 m | 8.3 m |
| Research & development | 8.1 m | 5.7 m | 7.4 m | 8.4 m | 10.9 m | 7.5 m | 13.1 m | 16.6 m |
| Operating income | -1.7 m | 21.8 m | 20.1 m | 29.7 m | 33.2 m | 41.4 m | 46.3 m | 35.4 m |
| Depreciation & amortisation | 4.9 m | 4.9 m | 4.9 m ≈ | 4.9 m ≈ | 4.9 m | 4.8 m | 4.8 m ≈ | 4.8 m ≈ |
| Interest expense | 1.1 m | 1.1 m | 1.1 m | 1.1 m | 1.0 m | 1.0 m | 948.0 k | 867.0 k |
| Pre-tax income | 1.2 m | 24.3 m | 22.2 m | 32.0 m | 35.7 m | 43.9 m | 48.8 m | 38.7 m |
| Income tax | -256.0 k | 1.0 m | 643.0 k | 411.0 k | -175.1 m | 9.6 m | 11.4 m | 7.0 m |
| Net income | 1.4 m | 23.3 m | 21.5 m | 31.6 m | 210.8 m | 34.4 m | 37.4 m | 31.7 m |
| Diluted EPS | 0.01 | 0.16 | 0.16 | 0.23 | 1.53 | 0.25 | 0.28 | 0.23 |
| Operating cash flow | 30.1 m | 1.3 m | 44.2 m ≈ | 44.4 m ≈ | 45.7 m | 32.6 m | 52.6 m ≈ | 46.4 m ≈ |
| Share repurchases | 21.8 m | 46.9 m | 42.6 m ≈ | 8.7 m ≈ | 0 | 36.2 m | 38.7 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 38 percentile of its own 8-quarter history (min 6.8, median 13.7, max 179.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 463.0 k | 318.0 k | 50.1 m | 45.6 m | 134.0 m | 175.5 m | 235.1 m | 283.1 m |
| Revenue YoY | +10.8% | −31.3% | +15,660.4% | −9.0% | +193.9% | +31.0% | +34.0% | +20.4% |
| Net income | -53.1 m | -88.4 m | -102.7 m | -181.0 m | -108.2 m | -78.0 m | 5.8 m | 287.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +4,893.1% |
| Diluted EPS | unavailable | -0.95 | -0.87 | -1.40 | -0.76 | -0.54 | 0.04 | 2.07 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +5,075.0% |
| net % | -11,464.1% | -27,794.0% | -204.9% | -396.8% | -80.7% | -44.5% | 2.4% | 101.5% |
| Free cash flow | -51.6 m | -63.7 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 80.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 581.3 m USD
- Total assets
- 751.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 5.25x
- ROE
- 59.9%
- ROA
- 44.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 50.1 m | 45.6 m | 134.0 m | 175.5 m | 235.1 m | 283.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 0 | 1.1 m | 5.7 m | 14.1 m | 28.2 m | 32.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 50.1 m ≈ | 44.5 m ≈ | 128.4 m ≈ | 161.4 m ≈ | 206.9 m ≈ | 250.4 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Research & development | 50.3 m | 51.1 m | 45.0 m | 49.6 m | 20.8 m | 32.5 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 97.3 m | 173.5 m | 196.4 m | 195.0 m | — | — | SEC (XBRL)· 15 Feb 2024verified |
| Operating income | -104.3 m | -180.7 m | -111.5 m | -91.7 m | -4.7 m | 104.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 1.4 m | 2.8 m | 2.7 m | 11.6 m | 19.4 m | 19.4 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -102.9 m ≈ | -178.0 m ≈ | -108.8 m ≈ | -80.0 m ≈ | 14.8 m ≈ | 124.4 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | — | 0 | 0 | 2.8 m | 4.8 m | 4.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -102.8 m | -180.2 m | -106.4 m | -77.5 m | 7.4 m | 114.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -94.0 k | 760.0 k | 1.8 m | 551.0 k | 1.7 m | -173.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -102.7 m | -181.0 m | -108.2 m | -78.0 m | 5.8 m | 287.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -0.87 | -1.40 | -0.76 | -0.54 | 0.04 | 2.07 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 118.5 m | 129.4 m | 141.9 m | 143.2 m | 146.2 m | 138.7 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 272.4 m | 231.6 m | 94.1 m | 48.8 m | 83.4 m | 80.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 13.9 m | 19.3 m | 24.8 m | 39.7 m | 39.2 m | 45.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 419.4 m | 513.3 m | 442.5 m | 424.8 m | 446.6 m | 492.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 4.8 m | 4.4 m | 3.7 m | 3.4 m | 2.7 m | 2.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 9.3 m | 8.4 m | 6.4 m | 5.0 m | 4.4 m | 3.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 463.7 m | 543.4 m | 470.9 m | 548.1 m | 550.6 m | 751.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 24.8 m | 34.9 m | 40.0 m | 4.3 m | 5.2 m | 3.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 32.0 m | 40.6 m | 46.1 m | 77.2 m | 97.8 m | 93.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 55.9 m | 64.3 m | 65.4 m | 170.1 m | 173.2 m | 170.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 407.8 m † | 479.1 m † | 405.4 m † | 378.0 m † | 377.5 m † | 581.3 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -69.9 m | -157.7 m | -79.5 m | -33.5 m | 44.4 m | 135.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Investing cash flow | -158.2 m | -103.9 m | -60.6 m | -6.7 m | 39.3 m | -32.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 194.4 m | 221.1 m | 2.4 m | -5.1 m | -49.1 m | -106.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | — | — | 0 | 0 | 40.2 m | 98.2 m | SEC (XBRL)· 26 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.3 bn USD
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 40.33 – 99.43 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E40.33 – 99.43 (Mid 52.58)15 companies used · median multiple 23.0x · quartiles 17.6x – 43.4xABBV, ABT, ALNY, BMY, JNJ, LAB, LLY, PBYI, PFE, REGN, RPRX, TGTX, UTHR, VRTX, ZTS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 97.7% | 97 (vs peers) | 15% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 28.3% | 100 (on a fixed band) | 20% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 40.4x | 100 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 6.1x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 7.5x | 94 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.3% | 47 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial97/100 · 1/3 factors with a value
- Returns· partial47/100 · 1/2 factors with a value
- Valuation· partial94/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Aurinia Pharmaceuticals Inc. (AUPH). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 283.1 m USD in 2025; YoY growth 20.4%; net margin 97.7%; ROE 61.4%.
The estimated value range is 40.33–99.43 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 52.58 USD, the price of 17.11 USD leaves a potential of 207.3% (value / price − 1) and a margin of safety of 67.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 97.7%
- Revenue CAGR 3Y: 28.3%
- Interest coverage: 40.4x
- Current ratio: 6.1x
- P/E (TTM): 7.5x
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,334.0 bn | 46.0 | 86.1% | 31.9% | +44.7% | +32% / +140% |
| JNJJohnson & Johnson | 665.2 bn | 41.9 | 20.0% | 16.2% | +6.0% | +34% / +79% |
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| TGTXTg Therapeutics, Inc. | 9.4 bn | 22.5 | 100.3% | 55.2% | +87.3% | +85% / +381% |
| BLRXBioLineRx Ltd | 4.9 bn | — | -12.8% | -171.7% | −95.9% | −46% / −97% |
| AUPHAurinia Pharmaceuticals Inc. | 2.3 bn | 7.5 | 61.4% | 97.7% | +20.4% | +20% / +108% |
| AGIOAgios Pharmaceuticals, Inc. | 1.9 bn | — | -34.3% | -418.2% | +48.0% | +7% / +41% |
| SLSSELLAS Life Sciences Group, Inc. | 1.8 bn | — | -39.6% | — | −100.0% | +464% / +779% |
| SVRASavara Inc | 957.4 m | — | -105.5% | — | unavailable | −26% / +21% |
| PBYIPuma Biotechnology, Inc. | 551.8 m | 20.5 | 22.0% | 11.6% | −0.9% | +112% / +174% |
| STTKShattuck Labs, Inc. | 516.9 m | — | -39.2% | -5,256.8% | −82.5% | +145% / +163% |
1- and 3-year price returns: for AUPH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 11.45 Total return -33% · Per year -33% | 20.15 Total return 18% · Per year 18% | 30.23 Total return 77% · Per year 77% |
| 3 years | 13.58 Total return -21% · Per year -7% | 26.65 Total return 56% · Per year 16% | 43.53 Total return 154% · Per year 37% |
| 5 years | 16.11 Total return -6% · Per year -1% | 35.25 Total return 106% · Per year 16% | 62.68 Total return 266% · Per year 30% |
- Exit P/E± 6.66
- Net margin± 4.66
- Annual revenue growth± 3.48
- Annual dilution± 0.39
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (30 Oct 2026 · results), 10-Q (30 Oct 2026).
In brief
Aurinia Pharmaceuticals is a biopharmaceutical company that sells LUPKYNIS, the first FDA-approved oral therapy for active lupus nephritis, and is developing aritinercept, a dual BAFF/APRIL inhibitor. Product sales grew 21% in the first half of 2026, and the company reiterated 2026 total revenue guidance of 315 to 325 million USD 23.
SWOT
Strengths
- A unique oral product approved for active lupus nephritis, with a high gross margin and steady sales growth 12.
- A solid cash position, with growing cash and investments and strong operating cash flow 123.
- A development platform with aritinercept, a candidate in four potential indications, which diversifies the portfolio 2.
Weaknesses
- Very heavy dependence on a single product, LUPKYNIS, for nearly all sales revenue 1.
- Licensing and collaboration revenue is volatile and depends on meeting contractual obligations to Otsuka 12.
- Research costs have risen and aritinercept does not yet generate revenue, so profitability depends on LUPKYNIS 1.
Opportunities
- The ACR guideline on early treatment could expand adoption of the therapy among patients with lupus nephritis 1.
- The PRESERVE study, which combines LUPKYNIS with other biologics, could widen use of the product if results are favourable 2.
- Developing aritinercept across several autoimmune diseases could open markets beyond lupus nephritis 23.
Risks
- Dependence on a single producthigh
The company's success depends almost entirely on LUPKYNIS, so any slowdown in sales would directly affect results 1.
- Patent litigationhigh
Paragraph IV notices from several generic companies challenge the patents protecting the product until 2037 1.
- Pricing pressuremedium
Mandatory discounts and rebates to government programmes and private payors could reduce net revenue 1.
- Product liability exposuremedium
Serious adverse reactions and gravely ill patients could lead to lawsuits that affect reputation and finances 1.
- Reliance on Otsukalow
Revenue from the Otsuka territories depends on meeting supply obligations and on the partner's commercial success 1.
Investment thesis
What would need to be true (bull case)
- If LUPKYNIS sales growth continues and 2026 guidance is met, the company could strengthen profitability and fund aritinercept development 23.
- High gross margin and strong operating cash flow provide flexibility for buybacks and investment 12.
- The ACR guideline and ongoing studies could expand the market for LUPKYNIS if clinical evidence holds 12.
What would break the thesis
- If patent litigation is lost, generic entry could significantly reduce sales before 2037 1.
- Dependence on a single product makes the company vulnerable to changes in clinical practice or pricing pressure 1.
- Research and development costs are rising, and aritinercept is still early-stage with a high risk of failure 12.
What to watch
- Delivery of 2026 net product sales guidance2026
- First data from the PRESERVE study2027
- Progress of aritinercept studies in new indicationsQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (30 Oct 2026 · results), 10-Q (30 Oct 2026).
The business
Aurinia focuses on therapies for people with autoimmune diseases that have high unmet medical needs. Its main product, LUPKYNIS (voclosporin), is sold directly in the United States through its own commercial organization and through partner Otsuka for Europe and Japan 1. The company also has aritinercept in clinical development 12.
In fiscal 2025 net product sales were 271.3 million USD and total revenue was 283.1 million USD 1. Figures for the first half of 2026 show continued growth, with total revenue of 160.9 million USD 3.
The financial position strengthened: at June 30, 2026 the company held cash and investments of 443.1 million USD, and it repurchased shares in 2025 123. This gives flexibility to develop aritinercept if LUPKYNIS sales growth continues.
Segments
LUPKYNIS
LUPKYNIS is the only oral therapy approved by the FDA for active lupus nephritis in adults and accounts for nearly all product sales 1. In the first half of 2026 net product sales rose 21% over the same period of 2025 2.
Aritinercept
Aritinercept is a dual BAFF/APRIL inhibitor in development for autoimmune diseases, and the company has started clinical development in four potential indications 23. It does not yet contribute revenue, and its success depends on clinical study results.
Licensing and Otsuka collaboration
License, collaboration and royalty revenue comes from the Otsuka agreement for voclosporin in Japan and Europe, along with manufacturing services provided through the Lonza Monoplant 12. This segment is smaller than direct sales but grew in the first half of 2026 2.
Market context
Trends
- Growing LUPKYNIS penetrationtailwind
Rising cartons sold to specialty pharmacies suggest ongoing adoption of the therapy 12. If this pace holds, it could support the 2026 guidance 3.
- ACR guideline on early treatmenttailwind
The November 2024 ACR guideline update stresses early and aggressive treatment to preserve kidney function 1. This may favour therapies that reduce proteinuria quickly.
- Generic patent litigationheadwind
Several companies have filed ANDAs for generic versions, and the company has sued each of them for patent infringement 1. The outcome could determine when generic entry in the U.S. occurs.
- Pricing and reimbursement pressuremixed
Third-party payors and government programmes demand discounts from list prices, and policy changes can affect net sales 1. This factor is mixed: it could limit growth but also supports access to treatment.
Competitive position
LUPKYNIS is the only oral therapy approved for lupus nephritis, but it competes with the injectables BENLYSTA and GAZYVA and with off-label MMF and corticosteroid treatment, possibly with tacrolimus 1. For aritinercept, competition comes from other dual BAFF/APRIL inhibitors in development or already approved 1.
Competitive structure differs by indication: in lupus nephritis, competitors use different mechanisms, while in broader autoimmune disease aritinercept faces several candidates with the same mechanism 12. Clinical study results will determine each product's relative position.
- GSK plc (BENLYSTA)
Belimumab, an injectable also approved for lupus nephritis and marketed by GSK plc, is the main direct competitor in the LN treatment class 1.
- Genentech (GAZYVA)
Obinutuzumab, marketed by Genentech, is approved for lupus nephritis and is a competing injectable option 1.
- Otsuka Pharmaceutical
The company's collaboration partner in Japan and Europe, which markets voclosporin there and could also play a role in competition over the longer term 1.
- Developers of dual BAFF/APRIL inhibitors
Candidates such as povetacicept, atacicept and telitacicept compete with aritinercept in autoimmune diseases 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Aurinia’s (AUPH) Profits Surge While Its One Drug Just Got CompanyYahoo Finance — News · 16 Sept 2026 · EN
- Could Aurinia Pharmaceuticals (AUPH) Stock Win Big After its LUPKYNIS Patent Settlement With Teva Pharmaceuticals (TEVA)?Yahoo Finance — News · 28 Aug 2026 · EN
The latest news item in our archive is from 16 Sept 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report30 Oct 2026
- Current report30 Oct 2026Results of operations · Financial statements and exhibits
- Current report19 Aug 2026Other events
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report04 Jun 2026Shareholder vote · Financial statements and exhibits
- Current report11 May 2026Acquisition or disposition of assets · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement21 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Aurinia Pharmaceuticals Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Aurinia Pharmaceuticals Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Aurinia Pharmaceuticals Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.