Three and Nine Months Ended September 30, 2026
Filed Oct 30, 2026Aurinia Pharmaceuticals Reports Financial Results for the Three and Nine Months Ended September 30, 2026 and Provides Update on Recent Business Progress
Third-quarter total revenue increased 14% to $83.7 million, led by 12% growth in LUPKYNIS net product sales, while nine-month operating cash flow increased 46% to $131.5 million. The company raised total revenue guidance and narrowed net product sales guidance, although third-quarter net income was described as flat and research and development expense increased.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended September 30other | $83.7M | – | 14% |
| Net product sales, three months ended September 30other | $79.4M | – | 12% |
| License, collaboration and royalty revenue, three months ended September 30other | $4.3M | – | 54% |
| Cost of revenue, three months ended September 30other | $8.31M | – | – |
| Selling, general and administrative expense, three months ended September 30other | $24.68M | – | – |
| Research and development expense, three months ended September 30other | $16.61M | – | – |
| Restructuring, three months ended September 30other | — | – | – |
| Other (income) expense, net, three months ended September 30other | −$1.27M | – | – |
| Total operating expenses, three months ended September 30other | $48.34M | – | – |
| Income from operations, three months ended September 30other | $35.36M | – | – |
| Interest income, three months ended September 30other | $4.22M | – | – |
| Interest expense, three months ended September 30other | −$867K | – | – |
| Net income before income taxes, three months ended September 30other | $38.7M | – | 21% |
| Income tax expense, three months ended September 30other | $7.01M | – | – |
| Net income, three months ended September 30other | $31.7M | – | flat |
| Basic earnings per share, three months ended September 30other | $ 0.24 | – | – |
| Diluted earnings per share, three months ended September 30other | $0.23 | – | flat |
| Shares used in computing basic earnings per share, three months ended September 30other | 133,434 | – | – |
| Shares used in computing diluted earnings per share, three months ended September 30other | 135,173 | – | – |
| Total revenue, nine months ended September 30other | $244.6M | – | 19% |
| Net product sales, nine months ended September 30other | $232.4M | – | 18% |
| License, collaboration and royalty revenue, nine months ended September 30other | $12.2M | – | 39% |
| Cost of revenue, nine months ended September 30other | $21.37M | – | – |
| Selling, general and administrative expense, nine months ended September 30other | $70.22M | – | – |
| Research and development expense, nine months ended September 30other | $37.13M | – | – |
| Restructuring, nine months ended September 30other | — | – | – |
| Other (income) expense, net, nine months ended September 30other | −$7.22M | – | – |
| Total operating expenses, nine months ended September 30other | $121.5M | – | – |
| Income from operations, nine months ended September 30other | $123.1M | – | – |
| Interest income, nine months ended September 30other | $11.13M | – | – |
| Interest expense, nine months ended September 30other | −$2.83M | – | – |
| Net income before income taxes, nine months ended September 30other | $131.4M | – | 67% |
| Income tax expense, nine months ended September 30other | $27.95M | – | – |
| Net income, nine months ended September 30other | $103.5M | – | 35% |
| Basic earnings per share, nine months ended September 30other | $ 0.78 | – | – |
| Diluted earnings per share, nine months ended September 30other | $0.76 | – | 38% |
| Shares used in computing basic earnings per share, nine months ended September 30other | 131,967 | – | – |
| Shares used in computing diluted earnings per share, nine months ended September 30other | 135,346 | – | – |
| Cash flows from operating activities, nine months ended September 30other | $131.5M | – | 46% |
| Cash flows from investing activities, nine months ended September 30other | −$112.4M | – | – |
| Cash flows from financing activities, nine months ended September 30other | −$53.20M | – | – |
| Net decrease in cash, cash equivalents and restricted cash, nine months ended September 30other | −$34.07M | – | – |
| Cash, cash equivalents and restricted cash, September 30, 2026other | $46.15M | – | – |
| Short-term investments, September 30, 2026other | 440,735 | – | – |
| Cash, cash equivalents, restricted cash and investments, September 30, 2026other | $486.9M | – | – |
| Finance lease liabilities, current portion, September 30, 2026other | 16,150 | – | – |
| Finance lease liabilities, less current portion, September 30, 2026other | 39,028 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| LUPKYNIS net product sales, three months ended September 30Net product sales of LUPKYNIS | $79.4M | – | 12% |
| License, collaboration and royalty revenue, three months ended September 30License, collaboration and royalty revenue | $4.3M | – | 54% |
| LUPKYNIS net product sales, nine months ended September 30Net product sales of LUPKYNIS | $232.4M | – | 18% |
| License, collaboration and royalty revenue, nine months ended September 30License, collaboration and royalty revenue | $12.2M | – | 39% |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
2026 outlook
- Revenue$325 million to $330 million
- NoteNet product sales: $310 million to $315 million
Capital returns
- For the nine months ended September 30, 2026, the Company repurchased 5.0 million common shares for $74.9 million.
- Purchase of common shares under Share Repurchase Plan: $ (74,880) for the nine months ended September 30, 2026, compared to $ (98,156) for the nine months ended September 30, 2025.
- Proceeds from issuance of common shares for equity awards: $ 69,559 for the nine months ended September 30, 2026, compared to $ 12,583 for the nine months ended September 30, 2025.
- Tax withholding payments related to net settlements of equity awards: $ (33,640) for the nine months ended September 30, 2026, compared to $ (9,400) for the nine months ended September 30, 2025.
What drove it
- LUPKYNIS net product sales were $79.4 million for the three months ended September 30, 2026 and $232.4 million for the nine months ended September 30, 2026.
- License, collaboration and royalty revenue was $4.3 million for the three months ended September 30, 2026 and $12.2 million for the nine months ended September 30, 2026.
- Aurinia initiated PRESERVE, a Phase 4, multicenter study investigating LUPKYNIS in combination with belimumab, obinutuzumab or anifrolumab in patients with lupus nephritis.
- Aurinia initiated clinical development of aritinercept in four potential indications.
Concerns
- Research and development expense was $ 16,613 for the three months ended September 30, 2026, compared to $ 8,435 for the same period of 2025.
- Income tax expense was $ 7,012 for the three months ended September 30, 2026, compared to $ 411 for the same period of 2025.
- Net income was described as flat at $31.7 million for the three months ended September 30, 2026, compared to $31.6 million for the same period of 2025.
- Cash flows from investing activities were $ (112,365) for the nine months ended September 30, 2026.
What to watch
- Delivery against 2026 total revenue guidance of $325 million to $330 million.
- Delivery against 2026 net product sales guidance of $310 million to $315 million.
- LUPKYNIS net product sales growth.
- PRESERVE enrollment, planned at approximately 150 patients across approximately 50 sites in the US, and its primary endpoint of complete renal response at 6 months.
- Clinical development of aritinercept in four potential indications.
Balance sheet and cash flow
- Cash, cash equivalents, restricted cash and investments were $486.9 million as of September 30, 2026, compared to $398.0 million at December 31, 2025.
- Cash flows from operating activities were $46.4 million and $131.5 million for the three and nine months ended September 30, 2026, compared to $44.5 million and $90.0 million in the same periods of 2025.
- Cash flows from investing activities were $ (112,365) for the nine months ended September 30, 2026, compared to $ 3,987 for the nine months ended September 30, 2025.
- Cash flows from financing activities were $ (53,196) for the nine months ended September 30, 2026, compared to $ (104,221) for the nine months ended September 30, 2025.
- Finance lease liabilities were 16,150 in the current portion and 39,028 less current portion as of September 30, 2026.
Analysis
Third-quarter revenue was $83.7 million, up 14% from $73.5 million. LUPKYNIS net product sales were $79.4 million, up 12% from $70.6 million, while license, collaboration and royalty revenue was $4.3 million, up 54% from $2.8 million. For the nine-month period, total revenue was $244.6 million, up 19%, and LUPKYNIS net product sales were $232.4 million, up 18%.
Operating results improved on the nine-month comparison. Income from operations was $ 123,126, versus $ 71,675, as total operating expenses were $ 121,498 versus $ 134,266. In the third quarter, however, total operating expenses were $ 48,336 versus $ 43,723, with research and development expense of $ 16,613 versus $ 8,435. Third-quarter income from operations was $ 35,363 compared with $ 29,745.
Third-quarter net income was $31.7 million, described as flat from $31.6 million, and diluted earnings per share was $0.23, also flat. Net income before income taxes increased 21% to $38.7 million, while income tax expense was $ 7,012 compared with $ 411. Nine-month net income was $103.5 million, up 35%, and diluted earnings per share was $0.76, up 38%.
Cash flows from operating activities were $46.4 million for the third quarter and $131.5 million for the nine months, up 4% and 46%, respectively. Cash, cash equivalents, restricted cash and investments totaled $486.9 million as of September 30, 2026. During the nine months, the company repurchased 5.0 million common shares for $74.9 million, while cash flows from financing activities were $ (53,196).
Management increased 2026 total revenue guidance from $315 million to $325 million to $325 million to $330 million. It narrowed 2026 net product sales guidance from $305 million to $315 million to $310 million to $315 million. Development activity includes the initiation of PRESERVE and clinical development of aritinercept in four potential indications.
Not in the filing
stated, not guessed- GAAP or non-GAAP basis was not explicitly identified in the filing for the reported results.
- Non-GAAP revenue, earnings, earnings per share, operating income, or cash flow measures were not provided.
- Gross profit and gross margin were not provided.
- Free cash flow was not provided.
- Quarterly cash flows from investing activities and financing activities were not provided.
- Dividend information was not provided.
- Prior-quarter comparisons were not provided.
- Guidance for gross margin, operating expenses, tax rate, earnings, earnings per share, or cash flow was not provided.
- Prior-release outlook section was not provided, so no comparison of actual results with prior guidance is included.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.