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Aurinia Provides Preliminary Unaudited Fourth Quarter and Full-Year 2023 Net Revenue Results, Full Year Revenue up 31% to $176 Million
Wednesday, January 10, 2024Company Profile | Follow Company
Preliminary unaudited total net revenue for the fourth quarter and full year 2023 of approximately $45 million and $176 million
Approximately $351 million of cash, cash equivalents, restricted cash and investments as of December 31, 2023 (unaudited)
Net product revenue guidance for 2024 in the range of $200 -$220 million; targeting to be cash flow positive in the second half of 2024
Victoria, BC, January 10, 2024--(T-Net)--Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) (Aurinia or the Company) today provided an update on its 2023 fourth quarter and full year business performance.
Preliminary unaudited net product revenue was approximately $42 million for the three months ended December 31, 2023, and $28.3 million for the same period in 2022, representing growth of approximately 49%.
Preliminary unaudited net product revenue was approximately $159 million for the full year, and $103.5 million for the same period in 2022, representing growth of approximately 53%.
Preliminary unaudited total net revenue was approximately $45 million for the three months ended December 31, 2023 and $28.4 million for the same period 2022, representing growth of approximately 59%.
Preliminary unaudited total net revenue was approximately $176 million for the year and $134.0 million for the same period 2022, representing growth of approximately 31%.
The Company had unaudited cash, cash equivalents, restricted cash and investments of approximately $351 million as of December 31, 2023. The Company is expecting to become cash flow positive on a go forward basis in the second half of 2024.
As previously announced, the Company initiated a robust strategic review at the end of June 2023 and is continuing to review all strategic options for the Company, which include a variety of possibilities including, but not limited to, a potential sale, merger, or other strategic transaction.
At this time, there are no further updates on the matter, other than that the process is continuing. The Board of Directors and the Executive Leadership team said in a release that they remain committed to running a fulsome process that reflects the best interests of the Company, their shareholders, and other key stakeholders, including their patients, healthcare providers, and their employees.
Peter Greenleaf, Chief Executive Officer, Director, Aurinia Pharmaceuticals Inc.
"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. Our collaboration partner, Otsuka Pharmaceuticals Co., Ltd. filed for approval of LUPKYNIS to treat lupus nephritis (LN) with Japanese authorities, received pricing and reimbursement approvals in the UK, Italy, and Spain, and are continuing their commercialization efforts across Europe. At the end of the year, we also advanced our pipeline with the submission of an Investigational New Drug application to the FDA for AUR200, a potential next generation therapy for B-cell mediated autoimmune diseases. We are looking forward to continuing our momentum throughout 2024," said Peter Greenleaf, President, and CEO of Aurinia.
Preliminary Fourth Quarter 2023 LUPKYNIS Product Metrics
About Lupus Nephritis
LN is a serious manifestation of SLE, a chronic and complex autoimmune disease. About 200,000-300,000 people live with SLE in the U.S. and about one-third of these people are diagnosed with lupus nephritis at the time of their SLE diagnosis. About 50 percent of all people with SLE may develop lupus nephritis. If poorly controlled, LN can lead to permanent and irreversible tissue damage within the kidney. Black and Asian individuals with SLE are four times more likely to develop LN and individuals of Hispanic ancestry are approximately twice as likely to develop the disease when compared with Caucasian individuals. Black and Hispanic individuals with SLE also tend to develop LN earlier and have poorer outcomes when compared to Caucasian individuals.
About Aurinia
Aurinia is a fully integrated biopharmaceutical company focused on delivering therapies to treat targeted patient populations with a high unmet medical need that are impacted by autoimmune, kidney and rare diseases. In January 2021, the Company introduced LUPKYNIS® (voclosporin), the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis (LN). The Company's head office is in Edmonton, Alberta and its U.S. commercial office is in Rockville, Maryland. The Company focuses its development efforts globally.
Forward-Looking Statements Certain statements made in this press release may constitute forward-looking information within the meaning of applicable Canadian securities law and forward-looking statements within the meaning of applicable United States securities law. These forward-looking statements or information include but are not limited to statements or information with respect to: Aurinia's estimates as to annual net revenue; Aurinia's estimates as to the number of patients with SLE in the U.S. and the proportion of those persons who will develop LN; Aurinia being confident that it is well-poised for growth; Aurinia's belief that it has sufficient financial resources to fund its current plans; the expected timing for the EMA CHMP opinion and EMA decision relating to the EMA MAA; and the planned timing for reporting top-line results from the ongoing AURORA-2 continuation study. [ MORE ] |
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