Shares of Aurinia Pharmaceuticals (NASDAQ: AUPH) tanked in pre-market trading on Thursday as new patient enrollment for Lupkynis declined in Q3 versus the second quarter. As a result, the fully integrated biopharmaceutical company has also adjusted its “net revenue guidance to $100-105 million from sales of LUPKYNIS for 2022.”
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Peter Greenleaf, President and CEO of Aurinia commented, “During the third quarter, we demonstrated progress across many key commercial metrics for LUPKYNIS, including an increased total number of patients on therapy, improved patient start form conversion rates and processing speed, and sustained patient adherence, in comparison to the second quarter ended June 30, 2022. Unfortunately, we experienced a slight decline in new patient start forms over the second quarter ended June 30, 2022, which is potentially the result of reduced lupus nephritis diagnoses and patient visits in the quarter.”
For 2023, Aurinia has forecasted net revenues from product sales of Lupkynis in the range of $120 to $140 million. Lupkynis is the company’s first FDA-approved oral therapy for Lupus Nephritis. Lupus Nephritis is an autoimmune disease.
The company reported revenues of $55.8 million versus $14.7 million in the same period last year and surpassing analysts’ estimates by $19.4 million. Loss per share narrowed in Q3 to $0.06 per share versus $0.39 in the same period last year, beating Street estimates of loss of $0.23 per share.
