Aurinia Pharmaceuticals Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with net product sales reaching $216.2 million, a 36% rise from $158.5 million in 2023. This growth is attributed to a higher volume of LUPKYNIS (voclosporin) sold, driven by increased market penetration for the treatment of active lupus nephritis. The company also noted a positive shift in cash flow, with $44.4 million generated from operating activities compared to a negative cash flow of $(33.5) million in the previous year.
The company underwent strategic restructuring in 2024, which included a 25% reduction in workforce in February and an additional 45% cut in November. These changes were aimed at focusing resources on the growth of LUPKYNIS and the development of AUR200, a new treatment for autoimmune diseases. The restructuring efforts resulted in a decrease in selling, general, and administrative expenses, which fell to $172 million from $195 million in 2023. Research and development expenses also decreased significantly, from $49.6 million in 2023 to $20.8 million in 2024, primarily due to the discontinuation of the AUR300 development program.
Aurinia's collaboration with Otsuka Pharmaceutical Co., Ltd. continues to be a key component of its strategy, with the company recognizing $18.9 million in license, collaboration, and royalty revenue, an 11% increase from the previous year. This revenue includes milestone payments and royalties from the commercialization of LUPKYNIS in various international markets. As of December 31, 2024, Aurinia maintained a strong cash position of $358.5 million, slightly up from $350.7 million in 2023, and repurchased 6.1 million shares for $41 million during the year.
Looking ahead, Aurinia anticipates continued growth in net product sales of LUPKYNIS, supported by its effective sales and marketing organization. The company is also focused on advancing AUR200 through clinical development, with initial results from a safety study expected in the second quarter of 2025. However, the company acknowledges potential risks, including competition from other treatments and the need for ongoing regulatory compliance, which could impact future performance.
Overall, Aurinia's financial results reflect a positive trajectory, bolstered by strategic decisions aimed at enhancing operational efficiency and expanding its product offerings in the autoimmune disease market.
About Aurinia Pharmaceuticals Inc.
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