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Aurinia Pharmaceuticals Inc. (AUPH) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $283M (+20.4% year over year) and net income of $287M.

Top risk flagged: 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

FY2025 key financial metrics · XBRL

Revenue: $283M; +20.4% YoY
Net income: $287M; +4893.1% YoY
Operating margin: 37.1%; +39.1 pp YoY
EPS (diluted): $2.07; +5075.0% YoY
ROE: 49.4%; +47.9 pp YoY
Operating cash flow: $136M; +205.6% YoY

Source: XBRL data from the Aurinia Pharmaceuticals Inc. (AUPH) FY2025 10-K on SEC EDGAR. USD.

Aurinia Pharmaceuticals Inc. FY2025 10-K analysis

AI summary of each section, grounded in the filing text

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

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