In This Article:
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Total Net Revenue: $67.8 million for Q3 2024, up 24% from $54.5 million in Q3 2023.
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Net Product Revenue: $55.5 million for Q3 2024, up 36% from $40.8 million in Q3 2023.
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Cash Flow from Operations: $17 million generated in Q3 2024.
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Cash and Investments: $348.7 million as of September 30, 2024.
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Gross Margin: 91% for Q3 2024, compared to 88% in Q3 2023.
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SG&A Expenses: $42.4 million for Q3 2024, down from $47.8 million in Q3 2023.
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R&D Expenses: $3 million for Q3 2024, down from $13.6 million in Q3 2023.
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Net Income: $14.4 million for Q3 2024, or $0.10 per share, compared to a net loss of $13.4 million in Q3 2023.
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Patient Growth: 25% increase in total patients on LUPKYNIS therapy, with approximately 2,422 patients as of September 30, 2024.
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Restructuring Initiative: Workforce reduction by approximately 45%, with expected annualized cash-based operating expense savings of more than $40 million.
Release Date: November 07, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Aurinia Pharmaceuticals Inc (NASDAQ:AUPH) reported a 24% increase in total net revenue for Q3 2024 compared to the same period in 2023.
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Net product revenue grew by 36% year-over-year for both the third quarter and the first nine months of 2024.
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The company generated approximately $17 million in cash flow from operations in Q3 2024, reflecting strong operational execution.
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Aurinia Pharmaceuticals Inc (NASDAQ:AUPH) achieved a 25% growth in total patients on LUPKYNIS therapy year-over-year.
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Japanese regulatory authorities approved LUPKYNIS for treating Lupus nephritis, triggering a $10 million milestone payment.
Negative Points
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Aurinia Pharmaceuticals Inc (NASDAQ:AUPH) announced a restructuring plan that includes a 45% workforce reduction.
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The company anticipates post-restructuring annualized cash-based operating expense savings of more than $40 million, indicating significant cost-cutting measures.
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There is uncertainty regarding the competitive positioning and future growth drivers for AUR200.
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The company is facing challenges with patient restarts and hospital capture, which are critical for future growth.
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There is a potential risk of lower sales in Q4 due to year-end insurance changes and holiday periods.
Q & A Highlights
Q: Can you explain the reasons behind the restructuring and its implications for AUR200? A: The restructuring is based on a comprehensive review of our business drivers, focusing on areas that deliver growth and value. It is not a sign of reduced confidence in our business. We are confirming our 2024 guidance and believe that by focusing, we can maintain or improve growth rates. For AUR200, we plan to disclose pharmacokinetic profiles and relevant biomarker data from the phase one trials next year. - Peter Greenleaf, CEO