Aurinia Pharmaceuticals Inc. reported a significant increase in financial performance for the first quarter of 2026, with total revenue reaching $77.7 million, a 24% increase from $62.5 million in the same period of 2025. This growth was primarily driven by net product sales of LUPKYNIS, which amounted to $73.6 million, up 23% from $60.0 million year-over-year. The company also saw a rise in license, collaboration, and royalty revenue, which increased by 64% to $4.1 million, attributed to manufacturing services provided to Otsuka Pharmaceutical Co., Ltd. for the European and Japanese markets.
Operating expenses for the quarter decreased to $36.3 million from $40.6 million in the prior year, reflecting a reduction in costs associated with revenue and other expenses. Notably, the cost of revenue fell by 24% to $6.5 million, contributing to a gross margin improvement to 92%, compared to 86% in the previous year. The company reported a net income of $34.4 million, a substantial increase from $23.3 million in the first quarter of 2025, resulting in earnings per share of $0.26, up from $0.17.
Aurinia's balance sheet as of March 31, 2026, showed total assets of $724.0 million, a decrease from $751.6 million at the end of 2025. The decline was primarily due to a reduction in cash and cash equivalents, which fell to $41.0 million from $80.2 million. The company’s total liabilities also decreased to $156.4 million from $170.3 million, reflecting a strategic focus on managing expenses and liabilities. Shareholders' equity stood at $567.6 million, down from $581.3 million, influenced by share repurchases under the company's ongoing buyback program.
In terms of operational developments, Aurinia continues to expand its market presence with LUPKYNIS, which is now sold through two specialty pharmacies and a specialty distributor in the U.S., as well as through Otsuka in international markets. The company has also made strategic moves, including a definitive merger agreement to acquire Kezar Life Sciences, Inc. for $6.955 per share, which is expected to close in the second quarter of 2026. This acquisition aims to enhance Aurinia's portfolio in autoimmune and cancer therapeutics.
Looking ahead, Aurinia anticipates continued growth driven by the commercialization of LUPKYNIS and the integration of Kezar Life Sciences. The company expects to fund its operations through existing cash and cash flows from operating activities, while also considering additional capital raises if necessary. The management remains optimistic about the future, emphasizing the potential for increased market penetration and product adoption in the autoimmune disease sector.
About Aurinia Pharmaceuticals Inc.
Aurinia Pharmaceuticals Inc. is a biopharmaceutical company specializing in therapies for autoimmune diseases with high unmet needs. Its core product, LUPKYNIS (voclosporin), is the first FDA-approved oral treatment for adult lupus nephritis, marketed in the U.S. and licensed internationally. Aurinia develops novel immunosuppressants like AUR200 targeting B cell pathways. The company operates through direct sales and partnerships, leveraging proprietary patents and contract manufacturing to serve patients and healthcare providers globally.
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