John Kevin
Aurinia Pharmaceuticals (NASDAQ:AUPH) traded ~5% higher pre-market Thursday after the Canadian biotech increased its full-year guidance and posted better-than-expected financials for Q2 2023, which according to its CEO Peter Greenleaf was the company’s best quarter to date.
“Building on three successful quarters in a row, this represents our most successful quarter to date from a net revenue perspective,” Greenleaf remarked.
During the period, Aurinia’s (AUPH) net revenue jumped ~47% YoY to $41.5M driven by a higher uptake for its lupus nephritis therapy, Lupkynis.
Patients on Lupkynis rose ~50% from a year ago to reach about 1,911 as the company added 451 patient start forms (PSFs) during the quarter compared to 409 in the prior-year period.
However, Aurinia (AUPH) recorded $11.5M of net loss for the quarter, indicating a decrease of 68% from Q2 2022 as its gross margin improved to 96% from 94% and SG&A expenses, including share-based compensation, contracted ~9% YoY to $47.1M from the prior year period.
Meanwhile, cash and equivalents fell ~10% from 2022 year-end to $350.7M as the company spent on commercialization activities, post-approval commitments, capital expenditure, and other requirements.
Citing net product sales of Lupkynis based on prescription data such as PSF run rates, Aurinia (AUPH) raised its full-year guidance to $150M–$160M compared to $154.4M in the consensus.