ROCKVILLE, Md. & EDMONTON, Alberta - Aurinia Pharmaceuticals Inc. (NASDAQ:AUPH) reported significant growth in its preliminary unaudited net product revenue, highlighting a 49% increase for the fourth quarter of 2023 compared to the previous year. The biopharmaceutical company announced these figures as part of its year-end financial update, showcasing a rise from approximately $28.3M in the fourth quarter of 2022 to roughly $42M in the same period of 2023.
For the full year, Aurinia's net product revenue climbed by about 53%, from $103.5M in 2022 to approximately $159M in 2023. The company's total net revenue for the year also saw a substantial hike, reaching approximately $176M, a 31% increase from $134.0M in the previous year.
The company's cash reserves, including cash equivalents, restricted cash, and investments, stood at approximately $351M as of December 31, 2023. Looking ahead, Aurinia aims to achieve cash flow positivity in the second half of 2024 and forecasts net product revenue for the year to be in the range of $200 to $220M.
Aurinia's performance was bolstered by the market response to LUPKYNIS, its FDA-approved oral therapy for adult patients with active lupus nephritis (LN). The patient base for LUPKYNIS therapy expanded to around 2,066 by the end of December 2023, marking an increase from 1,525 at the end of the previous year.
The company's strategic review, initiated in late June 2023, continues to explore options that may include a sale, merger, or other strategic transaction, with no further updates at this time.
Aurinia's leadership attributes the company's growth to the successful differentiation and support of LUPKYNIS as a foundational therapy for LN, bolstered by studies and commercialization efforts across Europe and a recent filing for approval in Japan.
The information in this article is based on a press release statement from Aurinia Pharmaceuticals Inc.
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