Leerink maintains Aurinia stock Outperform with $10 target

Published 12/05/2025, 14:14
Leerink maintains Aurinia stock Outperform with $10 target

On Monday, Leerink Partners sustained their positive stance on Aurinia Pharmaceuticals (NASDAQ:AUPH), reiterating an Outperform rating and a steady price target of $10.00. Aurinia reported first-quarter net product sales of $60.0 million for their drug Lupkynis, slightly surpassing Leerink’s and the consensus estimates. According to InvestingPro data, the company has demonstrated strong revenue growth of 34% over the last twelve months, with an impressive gross profit margin of 79%. The company’s yearly guidance for 2025 remains unchanged, projecting total net product sales between $240-250 million, marking a 13% increase year-over-year at the midpoint.

Aurinia’s Lupkynis, used to treat lupus nephritis (LN), showed a 4% quarterly growth in sales, which Leerink finds promising, especially considering typical early-year challenges such as insurance adjustments. The firm anticipates sales of $245.2 million for the year, closely aligned with the consensus estimate of $246.3 million. The current sales trajectory suggests that the company’s full-year guidance is within reach, even with the expectation of some seasonal decline in the third quarter.

Leerink also noted the recent update to the American College of Rheumatology LN treatment guidelines, which may benefit Aurinia as their commercial team is concentrating on educating rheumatologists on the advantages of initiating Lupkynis therapy early in the treatment process. More details on this initiative are expected from the company’s call.

In addition to sales performance, Aurinia is anticipating Phase 1 single ascending dose data for AUR200, a treatment designed to inhibit APRIL and BAFF, later this quarter. These results are eagerly awaited as they may provide insights into AUR200’s competitive edge and potential indications for future development.

Aurinia ended the first quarter with a net income of $23.3 million and had a robust financial position, with $312.9 million in cash, cash equivalents, restricted cash, and investments. The company also repurchased 5.8 million shares for $47.4 million during the quarter. InvestingPro data reveals the company maintains a strong current ratio of 4.57 and holds more cash than debt on its balance sheet. The company’s overall financial health score is rated as "GREAT" by InvestingPro, which offers a comprehensive Pro Research Report with detailed analysis of Aurinia and 1,400+ other top stocks, providing crucial insights for informed investment decisions.

In other recent news, Aurinia Pharmaceuticals reported its fourth-quarter 2024 earnings, which did not meet analysts’ expectations. The company posted an earnings per share of $0.01, falling short of the projected $0.03, and its revenue of $59.9 million missed the anticipated $61.7 million. Despite this, Aurinia achieved a 34% year-over-year increase in total revenue for 2024, reaching $235.1 million. The company’s flagship product, LUKINIS, saw net product sales of $216.2 million, marking a 36% increase from the previous year. Aurinia’s stock experienced a decline following the earnings announcement. The company has set a revenue guidance of $250 million to $260 million for 2025, with net product sales expected to range from $240 million to $250 million. Analysts from firms such as TD Cowen and Jefferies have shown interest in the company’s strategy for maximizing LUKINIS sales and its approach to potential generic competition. Aurinia remains focused on expanding its market presence and product offerings, while also advancing its pipeline, particularly with AUR200.

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