Aurinia Pharmaceuticals (AUPH) Q1 2026 earnings summary

Executive summary

• Total revenue for Q1 2026 was $77.7 million, a 24% increase year-over-year, driven by increased LUPKYNIS sales volume and market penetration.

• Net product sales of LUPKYNIS reached $73.6 million, up 23% from Q1 2025.

• Net income for Q1 2026 was $34.4 million, up from $23.3 million in the same quarter last year, a 48% increase.

• Cash flows from operating activities surged to $32.6 million from $1.3 million year-over-year.

• Significant management changes occurred in March 2026, including the appointment of a new CEO, COO, and CFO.

Financial highlights

• Gross margin improved to 92% from 86% year-over-year, reflecting lower cost of revenue.

• License, collaboration, and royalty revenue was $4.1 million, up 64% year-over-year.

• Operating expenses totaled $36.3 million, down from $40.6 million, with cost of revenue decreasing 24% to $6.5 million.

• Selling, general and administrative expenses increased to $22.0 million, primarily due to one-time severance and healthcare costs.

• Research and development expenses rose to $7.5 million, reflecting severance and increased development activity.

Outlook and guidance

• 2026 total revenue guidance is $315–$325 million, representing 11–15% growth over 2025.

• 2026 net product sales guidance is $305–$315 million, up 12–16% year-over-year.

• SG&A expenses are expected to remain consistent with 2025 levels.

• R&D expenses are projected to increase as development activities progress.

• The company expects to fund future operations with existing cash and operating cash flows.