AUPHHIGH SIGNALFINANCIAL10-K

AUPH delivered exceptional financial performance with revenue jumping 285% to $283M and net income surging 810% to $287M, while simultaneously returning nearly $100M to shareholders through buybacks.

This represents a dramatic transformation from a development-stage biotech to a highly profitable commercial company, with LUPKYNIS sales driving the massive revenue acceleration. The company's ability to generate $136M in operating cash flow while increasing R&D spending 56% demonstrates strong operational leverage and confidence in reinvesting for growth.

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FINANCIAL ANALYSIS

AUPH experienced explosive growth across all key financial metrics, with revenue increasing 285% to $283M and net income skyrocketing 810% to $287M, reflecting the successful commercialization of LUPKYNIS. Operating cash flow more than tripled to $136M, enabling the company to nearly double share buybacks to $98M while still growing total assets 37% to $752M and stockholders' equity 54% to $581M. The financial transformation signals AUPH's evolution from a cash-burning biotech into a highly profitable commercial enterprise with strong cash generation capabilities.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+810.3%
$31.6M→$287.2M

Net income grew 810.3% — bottom-line growth signals improving overall business health.

Revenue
P&L
+285.3%
$73.5M→$283.1M

Strong top-line growth of 285.3% — accelerating demand or successful expansion into new markets.

Operating Income
P&L
+252.7%
$29.7M→$104.9M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Operating Cash Flow
Cash Flow
+205.6%
$44.4M→$135.7M

Operating cash flow surged 205.6% — exceptional cash generation, highest quality earnings signal.

Share Buybacks
Cash Flow
+143.9%
$40.2M→$98.2M

Share repurchases increased 143.9% — management returning capital, signals confidence in intrinsic value.

R&D Expense
P&L
+56.4%
$20.8M→$32.5M

R&D investment increased 56.4% — signals commitment to future product development, though near-term margin impact.

Stockholders Equity
Balance Sheet
+54%
$377.5M→$581.3M

Equity base grew 54% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+36.5%
$550.6M→$751.6M

Asset base grew 36.5% — expansion through organic growth, acquisitions, or capital deployment.

Inventory
Balance Sheet
+16.5%
$39.2M→$45.7M

Inventory built 16.5% — monitor whether demand supports this build or if write-downs may follow.

Current Assets
Balance Sheet
+10.2%
$446.6M→$492.0M

Current assets grew 10.2% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
As of February 25, 2026, there were 132,970,979 of the registrant s common shares outstanding.
PART I In this Annual Report, references to we, us, our, Aurinia or the Company, refer to Aurinia Pharmaceuticals Inc., an Alberta, Canada corporation, together with our wholly owned subsidiary, Aurinia Pharma U.S., Inc., a Delaware corporation, on a consolidated basis.
Aurinia is also developing aritinercept, a dual inhibitor of B cell-activating factor ( BAFF ) and a proliferation-inducing ligand ( APRIL ) for the potential treatment of autoimmune diseases.
Net Product Sales Aurinia sells LUPKYNIS to two specialty pharmacies and a specialty distributor in the United States ( U.S.
), and Aurinia sells LUPKYNIS inventory to its collaboration partner, Otsuka Pharmaceutical Co., Ltd.
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REMOVED
As of February 25, 2025, there were 137,339,016 of the registrant s common shares outstanding.
PART I In this Annual Report, references to we, us, our, Aurinia or "the Company," refer to Aurinia Pharmaceuticals Inc., an Alberta, Canada corporation, together with our wholly owned subsidiaries, Aurinia Pharma U.S., Inc., a Delaware corporation, and Aurinia Pharma Limited, a United Kingdom ( U.K.
Aurinia is also developing AUR200, a dual inhibitor of B cell activating factor ( BAFF ) and a proliferation inducing ligand ( APRIL ) for the potential treatment of autoimmune diseases.
Net Product Sales Aurinia sells LUPKYNIS to two specialty pharmacies and a specialty distributor in the U.S., and Aurinia sells LUPKYNIS inventory to its collaboration partner, Otsuka Pharmaceutical Co., Ltd.
For the year ended December 31, 2024, net product sales were $216.2 million, up 36% from $158.5 million in 2023.
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