Aurinia Pharmaceuticals (AUPH) Q4 2025 earnings summary

Executive summary

• LUPKYNIS sales grew 25% year-over-year in 2025, reaching $271.3 million and driving total revenue up 20% to $283.1 million.

• Net income for 2025 surged to $287.2 million, primarily due to operational growth and a significant income tax benefit from the release of valuation allowance on deferred tax assets.

• Cash position at year-end 2025 was $398.0 million, up from $358.5 million at the end of 2024.

• 12.2 million shares were repurchased for $98.2 million, reducing fully diluted shares outstanding by 10.1 million.

• Continued advancement of aritinercept, with new clinical studies initiated and more updates expected in 2026.

Financial highlights

• Q4 2025 total revenue: $77.1 million (+29% YoY); net product sales: $74.2 million (+29% YoY).

• Full-year 2025 total revenue: $283.1 million (+20% YoY); net product sales: $271.3 million (+25% YoY).

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

• Q4 2025 net income: $210.8 million (+14,957% YoY), including a $175.1 million income tax benefit.

• Full-year 2025 net income: $287.2 million (+4,852% YoY), with a $173 million income tax benefit.

Outlook and guidance

• 2026 total revenue guidance: $315–$325 million (+11%–15% YoY); net product sales: $305–$315 million (+12%–16% YoY).

• Guidance incorporates competitive landscape changes, ongoing implementation of new treatment guidelines, and a focus on increasing LUPKYNIS adoption and advancing aritinercept clinical programs.