Aurinia Pharmaceuticals (AUPH) Q4 2025 earnings summary

Executive summary

• LUPKYNIS sales grew 25% year-over-year in 2025, reaching $271.3 million, with strong commercial momentum and robust patient growth.

• Total revenue for 2025 was $283.1 million, up 20% from 2024, primarily driven by LUPKYNIS sales.

• Net income for 2025 surged to $287.2 million, up 4,852% year-over-year, mainly due to a significant income tax benefit from the release of a valuation allowance on deferred tax assets.

• Advanced aritinercept clinical development, initiating studies in autoimmune diseases and planning further trials in 2026.

• Terminated VOCAL pediatric studies due to recruitment challenges, with plans to discuss pediatric commitments with the FDA.

Financial highlights

• Q4 2025 total revenue was $77.1 million, up 29% year-over-year; net product sales of LUPKYNIS were $74.2 million, up 29%.

• Full-year 2025 net product sales were $271.3 million, up 25% year-over-year.

• License, collaboration, and royalty revenue for 2025 was $11.7 million, down 38% due to a prior year milestone payment.

• Q4 2025 net income was $210.8 million, up 14,957% year-over-year, driven by a $175.1 million income tax benefit.

• Full-year 2025 net income before taxes was $114.2 million, up 1,443% year-over-year.

Outlook and guidance

• 2026 total revenue guidance is $315 million–$325 million, up 11%–15% from 2025.

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

• Guidance incorporates new competition, guideline implementation, and historical growth trends.

• Focus remains on increasing LUPKYNIS adoption and advancing aritinercept clinical programs.