Aurinia Pharmaceuticals Inc. (AUPH) FY2025 10-K Annual Report
Aurinia Pharmaceuticals Inc. (AUPH) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Aurinia Pharmaceuticals Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Development and commercialization of LUPKYNIS, an immunosuppressant drug, plus pipeline advancement of aritinercept
- • Emphasis on aritinercept clinical development with noted risks of delays, effectiveness, and regulatory approval uncertainty
- • Strategic focus this year on patent litigation defense against generic competition, involving paragraph IV ANDA notices and infringement lawsuits
- • Notable quantitative metric: U.S. patents for LUPKYNIS extended through December 2037; ongoing significant patent litigation costs expected
- • Most noteworthy fact: Increased risk exposure due to patent law changes under Leahy-Smith America Invents Act affecting patent protection and litigation dynamics
Management Discussion & Analysis
- • Revenue $283.1M, up 20% YoY; Net product sales $271.3M up 25%, License revenue $11.7M down 38%
- • Gross margin stable at 88%; Operating expenses $178.1M down 26% from $239.8M; Operating income $104.9M vs loss $4.7M
- • Best segment: Net product sales $271.3M up $55.2M; worst: License, collaboration $11.7M down $7.2M
- • Cash $398.0M, up $39.5M; Operating cash flow $135.7M vs $44.4M; Share repurchases $98.2M, no dividend disclosed
- • 2026 SG&A expected flat at ~$101.8M; R&D to increase; Risks from market penetration and raising capital if needed
Risk Factors
- • Regulatory risk: Failure to comply with Medicaid Drug Rebate Program reporting may trigger CMS penalties, FCA allegations, and potential termination risking U.S. reimbursement for LUPKYNIS
- • Geopolitical risk: Reliance on Otsuka for commercialization and supply in the Otsuka Territories; failure by either party may limit LUPKYNIS sales in these ex-U.S. markets
- • Operational risk: Dependence on Lonza contract manufacturing for LUPKYNIS supply, with shared facility capacity posing production and delivery vulnerabilities
- • Competitive risk: LUPKYNIS faces competition from BENLYSTA, GAZYVA, and off-label regimens including tacrolimus, limiting growth potential amid entrenched treatment practices
- • Financial risk: High commercial expenditures to maintain sales/marketing capabilities for LUPKYNIS sales growth increase cost structure and business risk
Aurinia Pharmaceuticals Inc. FY2025 Key Financial MetricsXBRL
Revenue
$283M
▲ +20.4% YoY
Net Income
$287M
▲ +4893.1% YoY
Operating Margin
37.1%
▲ +3906bp YoY
Net Margin
101.5%
▲ +9902bp YoY
ROE
49.4%
▲ +4788bp YoY
Total Assets
$752M
▲ +36.5% YoY
EPS (Diluted)
$2.07
▲ +5075.0% YoY
Operating Cash Flow
$136M
▲ +205.6% YoY
Source: XBRL data from Aurinia Pharmaceuticals Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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