Aurinia Pharmaceuticals (AUPH)
NASDAQ:AUPH
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Aurinia Pharmaceuticals
(NASDAQ:AUPH)
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Rating:76Outperform
Price Target:
$17.50
▲(8.97% Upside)
Action:ReiteratedDate:04/04/26
The score is driven primarily by the sharp improvement in fundamentals (revenue scale-up, new profitability and strong free cash flow with low leverage). Valuation is supportive with a low P/E, and technicals are broadly positive with the stock above major moving averages, though near-overbought signals limit upside momentum confidence. Earnings call tone and guidance are constructive, but sustainability risks remain due to one-time tax benefits and competitive/regulatory uncertainties; the Kezar acquisition adds pipeline upside with execution risk.
Positive Factors
Revenue Growth & Commercial Traction
Sustained double-digit LUPKYNIS sales growth and explicit 2026 guidance indicate durable market adoption in lupus nephritis. Continued top-line expansion supports scale economics, stronger gross margins, broader clinical uptake, and a more predictable revenue base for reinvestment and commercialization.
Negative Factors
Profitability Driven by One-Time Tax Benefit
A large, non-recurring tax benefit materially inflated 2025 net income and EPS, making reported profitability an unreliable indicator of ongoing operating performance. If one-time benefits are absent in future years, net margins and retained earnings could contract despite steady product sales.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth & Commercial Traction
Sustained double-digit LUPKYNIS sales growth and explicit 2026 guidance indicate durable market adoption in lupus nephritis. Continued top-line expansion supports scale economics, stronger gross margins, broader clinical uptake, and a more predictable revenue base for reinvestment and commercialization.
Read all positive factors
Aurinia Pharmaceuticals (AUPH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.10B
Dividend YieldN/A
Average Volume (3M)1.14M
Price to Earnings (P/E)2.5
Beta (1Y)0.47
Revenue Growth20.62%
EPS GrowthN/A
CountryUS
Employees130
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)1.53
Shares Outstanding132,970,980
10 Day Avg. Volume1,060,319
30 Day Avg. Volume1,137,358
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)3.69
Price to Sales (P/S)7.57
P/FCF Ratio15.83
Enterprise Value/Market Cap1.02
Enterprise Value/Revenue7.53
Enterprise Value/Gross Profit8.51
Enterprise Value/Ebitda14.97
Forecast
1Y Price Target
$16.00Price Target Upside-0.37% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)0.94
Revenue Forecast (FY)$326.80M
Aurinia Pharmaceuticals Business Overview & Revenue Model
Company Description
Aurinia Pharmaceuticals Inc., a commercial-stage biopharmaceutical company, focuses on developing and commercializing therapies to treat various diseases with unmet medical need in the United States and internationally. The company offers LUPKYNIS...
How the Company Makes Money
Aurinia primarily makes money by commercializing LUPKYNIS (voclosporin). Its revenue model is largely prescription-driven: when patients are prescribed LUPKYNIS and the product is dispensed through distribution and specialty pharmacy channels, Aur...
Aurinia Pharmaceuticals Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue by different business segments, highlighting which areas are driving growth and profitability. This helps assess the company's strategic focus and potential areas of risk or opportunity.
Breaks down revenue by different business segments, highlighting which areas are driving growth and profitability. This helps assess the company's strategic focus and potential areas of risk or opportunity.
Data provided by:
The Fly
The FlyAurinia Pharmaceuticals Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call highlights robust commercial momentum for LUPKYNIS with double-digit top-line growth, materially improved cash generation, a strong balance sheet and share repurchases. Management provided constructive 2026 guidance and disclosed promising early clinical results for aritinercept. Offsetting these positives are a significant one-time tax benefit that materially boosted reported net income, termination of a pediatric study (creating regulatory follow-up risk), emerging competition (Gazyva), limited near-term transparency on quarterly performance, and early-stage development uncertainties (ADAs). Overall, the positives—sustained product revenue growth, strong cash flow, and advancing pipeline—outweigh the headwinds, though some risks remain.Positive Updates
Strong LUPKYNIS Commercial Growth
Net product sales of LUPKYNIS for full year 2025 were $271.3M, up 25% year-over-year from $216.2M. Management reported LUPKYNIS sales grew 25% in 2025 and expects 2026 net product sales of $305M–$315M (up 12%–16% vs. 2025).
Negative Updates
Net Income Heavily Influenced by One-Time Tax Benefit
Q4 2025 net income included an income tax benefit of $175.1M and FY2025 included $173M related to the release of a valuation allowance on deferred tax assets. Management notes this benefit primarily drove the large YoY net income and EPS improvements, indicating part of the profitability gain is non-recurring.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong LUPKYNIS Commercial Growth
Net product sales of LUPKYNIS for full year 2025 were $271.3M, up 25% year-over-year from $216.2M. Management reported LUPKYNIS sales grew 25% in 2025 and expects 2026 net product sales of $305M–$315M (up 12%–16% vs. 2025).
Read all positive updates
Company Guidance
On the call Aurinia provided 2026 guidance of total revenue of $315–$325 million (up 11%–15% vs. 2025) and net product sales of LUPKYNIS of $305–$315 million (up 12%–16% vs. 2025); that outlook is framed by FY‑2025 results of total revenue $283.1M (up 20% vs. $235.1M in 2024, or +26% excluding a $10M 2024 milestone), LUPKYNIS sales $271.3M (up 25% YoY), net income $287.2M (driven in part by a $173M income tax benefit), diluted EPS $2.07, operating cash flow $135.7M (up 206% YoY), cash and investments of $398M, and recent share repurchases of 12.2M shares for $98.2M that reduced fully diluted shares from 149.8M to 139.7M; Q4 highlights included revenue $77.1M, LUPKYNIS sales $74.2M (both +29% YoY), Q4 net income $210.8M (driven by a $175.1M tax benefit), diluted EPS $1.53, and Q4 operating cash flow $45.7M (up 52% YoY).Aurinia Pharmaceuticals Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
83
Very Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 283.06M | 235.13M | 175.51M | 134.03M | 45.60M |
| Gross Profit | 250.39M | 206.88M | 161.37M | 128.37M | 44.51M |
| EBITDA | 127.76M | 31.73M | -63.05M | -103.65M | -177.44M |
| Net Income | 287.20M | 5.75M | -78.02M | -108.18M | -180.97M |
Balance Sheet | |||||
| Total Assets | 751.59M | 550.64M | 548.06M | 470.86M | 543.37M |
| Cash, Cash Equivalents and Short-Term Investments | 398.00M | 358.48M | 350.49M | 389.39M | 466.08M |
| Total Debt | 74.81M | 79.37M | 97.61M | 8.09M | 8.74M |
| Total Liabilities | 170.26M | 173.17M | 170.11M | 65.42M | 64.28M |
| Stockholders Equity | 581.33M | 377.48M | 377.95M | 405.44M | 479.09M |
Cash Flow | |||||
| Free Cash Flow | 135.41M | 44.11M | -34.18M | -79.82M | -159.19M |
| Operating Cash Flow | 135.66M | 44.39M | -33.46M | -79.53M | -157.69M |
| Investing Cash Flow | -32.77M | 39.26M | -6.71M | -60.63M | -103.87M |
| Financing Cash Flow | -106.11M | -49.09M | -5.13M | 2.43M | 221.11M |
Aurinia Pharmaceuticals Technical Analysis
Positive
16.06
Price Trends
14.63
Positive
15.08
Positive
13.21
Positive
Market Momentum
0.38
Negative
61.06
Neutral
82.04
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AUPH, the sentiment is Positive. The current price of 16.06 is above the 20-day moving average (MA) of 14.81, above the 50-day MA of 14.63, and above the 200-day MA of 13.21, indicating a bullish trend. The MACD of 0.38 indicates Negative momentum. The RSI at 61.06 is Neutral, neither overbought nor oversold. The STOCH value of 82.04 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AUPH.
Aurinia Pharmaceuticals Risk Analysis
Aurinia Pharmaceuticals disclosed 32 risk factors in its most recent earnings report. Aurinia Pharmaceuticals reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Aurinia Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.10B | 2.54 | 70.37% | ― | 20.62% | ― | |
70 Outperform | $2.40B | 6.20 | -76.45% | ― | 45.38% | 92.85% | |
56 Neutral | $2.48B | ― | -41.68% | ― | -73.94% | -31.70% | |
54 Neutral | $791.82M | -27.17 | -11.21% | ― | 17.44% | 24.15% | |
53 Neutral | $2.22B | -3.16 | -57.52% | ― | 47.15% | -311.26% | |
53 Neutral | $1.57B | -19.61 | -6.93% | ― | 27.51% | 38.72% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
AUPH
Aurinia Pharmaceuticals
16.06
8.33
107.76%
BCRX
BioCryst
9.41
2.37
33.66%
CLDX
Celldex
32.59
14.80
83.19%
MNKD
MannKind
2.64
-1.99
-42.98%
SRPT
Sarepta Therapeutics
21.79
-32.84
-60.11%
IMCR
Immunocore Holdings
31.47
4.55
16.90%
Aurinia Pharmaceuticals Corporate Events
Business Operations and StrategyM&A Transactions
Aurinia Pharmaceuticals to Acquire Kezar, Expanding Autoimmune Pipeline
Positive
Apr 3, 2026
On March 30, 2026, Aurinia Pharma U.S., Inc. agreed to acquire Kezar Life Sciences via a tender offer at $6.955 in cash per share plus a non‑transferable contingent value right. The CVR will entitle Kezar shareholders to potential additional...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.