Aurinia Pharmaceuticals (AUPH) Jefferies 2024 Global Healthcare Conference summary

Commercial performance and financial outlook

• LUPKYNIS generated nearly $176 million in revenue last year, with 2024 guidance set at $200–$220 million.

• First quarter results are on track with projections, and the company expects to be cash flow positive in Q2, with $50–$60 million in operating free cash flow projected over the next 12 months.

• $320 million in cash is held with no debt, and $560 million in net operating losses can offset future revenue.

• Otsuka partnership has provided $100 million in non-dilutive capital, with a $10 million milestone expected if Japanese approval is secured by year-end.

• Japan is seen as a lucrative market, and global expansion efforts are ongoing.

Market development and patient engagement

• Lupus nephritis remains underdiagnosed and undertreated, with less than 50% of lupus patients receiving proper urine screening.

• Improved diagnosis and adherence to guidelines could double the market size over the next several years.

• The company is investing in physician and patient education, with campaigns to boost disease awareness and treatment adherence.

• Patient support includes direct drug shipment, nurse case managers, and high-touch follow-up to ensure persistence.

• Persistency at 12 and 18 months has reached an all-time high of 56%, with ongoing efforts to standardize restarts for patients who discontinue therapy.

Product differentiation and clinical data

• LUPKYNIS is the only FDA-approved drug meeting 3- and 6-month proteinuria reduction targets per guidelines.

• Demonstrates rapid and sustained proteinuria reduction, with a favorable safety profile and no observed kidney harm over three years.

• The drug is a next-generation calcineurin inhibitor with dual mechanisms, supported by robust clinical and real-world data.

• Patents extend to 2037, with composition of matter protection until July 2028.

• Ongoing studies include a real-world registry, pediatric trials, and additional safety assessments.