Aurinia Pharmaceuticals Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 30 October 2026: press release. Guidance figures: 1 raised. The quarter’s numbers.

Key takeaways

Total revenue up 14% in quarter: Total revenue was $83.7 million for the three months, up 14%, and $244.6 million for nine months, up 19%. Source
Net income flat in quarter: Net income was $31.7 million for the quarter, flat year over year, and $103.5 million for nine months, up 35%. Source
Total revenue guidance raised: Full-year total revenue guidance was raised, with the low end up $10 million and the high end up $5 million. Source
Net product sales range narrowed: Full-year net product sales range was narrowed; the low end rose to $310 million and the high end stayed at $315 million. Source
LUPKYNIS sales up 12% in quarter: LUPKYNIS net product sales were $79.4 million for the quarter, up 12%, and $232.4 million for nine months, up 18%. Source
R&D spend nearly doubled: Research and development expense was $16.6 million for the quarter against $8.4 million a year earlier, and $37.1 million for nine months against $21.6 million. Source
Cash and investments reached $486.9M: Cash, equivalents, restricted cash and investments were $486.9 million at September 30, 2026, up from $398.0 million at December 31, 2025. Source
PRESERVE Phase 4 study started: Aurinia recently initiated PRESERVE, a Phase 4 study of LUPKYNIS combined with belimumab, obinutuzumab or anifrolumab in lupus nephritis. Source

“PRESERVE will investigate whether the multi-target approach of combining LUPKYNIS with these biologic agents improves outcomes in patients with lupus nephritis.”
Aurinia Pharmaceuticals Inc., press release

Guidance

Area	Period	Figure	Against last quarter
Total revenue Source	2026 full year	$325 million to $330 million	Raised from $315 million to $325 million
Net product sales Source	2026 full year	$310 million to $315 million

What changed from last quarter

Guidance raised: 2026 total revenue guidance raised: low end up $10 million, high end up $5 million. Source
Guidance raised: 2026 net product sales range narrowed; low end rose from $305 million to $310 million, high end unchanged at $315 million. Source

Revenue, profit and guidance

Total revenue up 14% in quarter: Total revenue was $83.7 million for the three months, up 14%, and $244.6 million for nine months, up 19%. Source
Net income flat in quarter: Net income was $31.7 million for the quarter, flat year over year, and $103.5 million for nine months, up 35%. Source
Diluted EPS flat in quarter: Diluted EPS was $0.23 for the quarter, flat, and $0.76 for nine months, up 38% from $0.55. Source
Total revenue guidance raised: Full-year total revenue guidance was raised, with the low end up $10 million and the high end up $5 million. Source
Net product sales range narrowed: Full-year net product sales range was narrowed; the low end rose to $310 million and the high end stayed at $315 million. Source

Product and royalty revenue

LUPKYNIS sales up 12% in quarter: LUPKYNIS net product sales were $79.4 million for the quarter, up 12%, and $232.4 million for nine months, up 18%. Source
Quarter sales level with June quarter: Quarter net product sales of $79.4 million matched the figure reported for the three months ended June 30, 2026.
License revenue up 54% in quarter: License, collaboration and royalty revenue was $4.3 million for the quarter, up 54%, and $12.2 million for nine months, up 39%. Source

“Aurinia has now initiated clinical development of aritinercept in four potential indications.”
Aurinia Pharmaceuticals Inc., press release

Operating costs and tax

R&D spend nearly doubled: Research and development expense was $16.6 million for the quarter against $8.4 million a year earlier, and $37.1 million for nine months against $21.6 million. Source
Selling and admin costs eased: Selling, general and administrative expense was $24.7 million for the quarter against $26.2 million, while cost of revenue was $8.3 million against $8.2 million. Source
Other income swung to gain: Other income, net was $1.3 million for the quarter, against $0.9 million of expense a year earlier; nine-month other income was $7.2 million. Source
Income tax expense rose: Income tax expense was $7.0 million for the quarter against $0.4 million, and $28.0 million for nine months against $2.1 million. Source

Cash generation and Kezar items

Cash and investments reached $486.9M: Cash, equivalents, restricted cash and investments were $486.9 million at September 30, 2026, up from $398.0 million at December 31, 2025. Source
Operating cash flow up 46%: Cash flows from operating activities were $46.4 million for the quarter, up 4%, and $131.5 million for nine months, up 46%. Source
Kezar contingent payment made: A $3.7 million Net Cash Excess CVR payment went to legacy Kezar shareholders in the nine months; cash acquired in the Kezar acquisition was $5.2 million. Source

“Aurinia is a biopharmaceutical company focused on delivering therapies to people living with autoimmune diseases with high unmet medical needs.”
Aurinia Pharmaceuticals Inc., press release

Share repurchases and equity awards

Nine-month buybacks of $74.9M: The company repurchased 5.0 million common shares for $74.9 million in the nine months, the same totals the prior release gave for the six months. Source
Equity award proceeds rose: Proceeds from issuance of common shares for equity awards were $69.6 million for nine months, against $12.6 million, with $33.6 million of tax withholding payments. Source
Shares outstanding rose: Shares issued and outstanding were 133,995 thousand at September 30, 2026, against 132,323 thousand at December 31, 2025. Source

PRESERVE and aritinercept pipeline

PRESERVE Phase 4 study started: Aurinia recently initiated PRESERVE, a Phase 4 study of LUPKYNIS combined with belimumab, obinutuzumab or anifrolumab in lupus nephritis. Source
PRESERVE enrollment and endpoint: Planned enrollment is about 150 patients at about 50 US sites, with complete renal response at 6 months as the primary endpoint. Source
Aritinercept in four indications: Aritinercept, a dual BAFF and APRIL inhibitor, is in clinical development for four potential indications. Source

Coming up, as management said on 30 October 2026

PRESERVE enrollment planned: Planned enrollment is about 150 patients at about 50 US sites; the release gives no enrollment completion date. Source
PRESERVE primary endpoint set: The primary endpoint is the proportion of patients achieving complete renal response at 6 months; no readout date is given. Source
Aritinercept development continues: Clinical development of aritinercept has started in four potential indications; the release gives no timing for next steps. Source

Figures management reported

Figure	Reported
LUPKYNIS net product sales Source	$79.4 million (three months); $232.4 million (nine months)
License, collaboration and royalty revenue Source	$4.3 million (three months); $12.2 million (nine months)
Research and development expense Source	$16.6 million (three months); $37.1 million (nine months)
PRESERVE Phase 4 study Source	Initiated; planned enrollment about 150 patients at about 50 US sites
Aritinercept clinical development Source	Clinical development in four potential indications

Earlier plans management reported on

Not stated: The prior release reiterated 2026 total revenue guidance of $315 million to $325 million, up 11% to 15% on 2025.
Not stated: The prior release reiterated 2026 net product sales guidance of $305 million to $315 million, up 12% to 16% on 2025.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Aurinia Pharmaceuticals Reports Financial Results for the Three and Nine Months Ended

September 30, 2026 and Provides Update on Recent Business Progress

EDMONTON, Alberta - October 30, 2026 - Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) today announced financial results for the three and nine months ended September 30, 2026 and provided an update on recent business progress.

Financial Results

Total Revenue: For the three and nine months ended September 30, 2026, total revenue was $83.7 million and $244.6 million, up 14% and 19%, respectively, from $73.5 million and $205.9 million, respectively, in the same periods of 2025.

- Net Product Sales: For the three and nine months ended September 30, 2026, net product sales of LUPKYNIS, the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis, were $79.4 million and $232.4 million, up 12% and 18%, respectively, from $70.6 million and $197.2 million, respectively, in the same periods of 2025.

- License, Collaboration and Royalty Revenue: For the three and nine months ended September 30, 2026, license, collaboration and royalty revenue was $4.3 million and $12.2 million, up 54% and 39%, respectively, from $2.8 million and $8.8 million, respectively, in the same periods of 2025.

Net Income: For the three and nine months ended September 30, 2026, net income before taxes was $38.7 million and $131.4 million, up 21% and 67%, respectively, from $32.0 million and $78.5 million, respectively, in the same periods of 2025. For the three and nine months ended September 30, 2026, net income was $31.7 million and $103.5 million, flat and up 35%, respectively, from $31.6 million and $76.4 million, respectively, in the same periods of 2025.
Diluted Earnings per Share: For the three and nine months ended September 30, 2026, diluted earnings per share was $0.23 and $0.76, flat and up 38%, respectively, from $0.23 and $0.55, respectively, in the same periods of 2025.
Cash Flows from Operating Activities: For the three and nine months ended September 30, 2026, cash flows from operating activities were $46.4 million and $131.5 million, up 4% and 46%, respectively, from $44.5 million and $90.0 million, respectively, in the same periods of 2025.

Cash Position

As of September 30, 2026, Aurinia had cash, cash equivalents, restricted cash and investments of $486.9 million, compared to $398.0 million at December 31, 2025. For the nine months ended September 30, 2026, cash outflows from financing activities were $53.2 million, which primarily included the repurchase of 5.0 million of the Company’s common shares for $74.9 million, partially offset by proceeds from issuance of common shares for equity awards, net of tax withholding payments, of $35.9 million.

2026 Total Revenue and Net Product Sales Guidance

Aurinia is increasing its total revenue guidance for 2026 from a range of $315 million to $325 million to a range of $325 million to $330 million. Aurinia is narrowing its net product sales guidance for 2026 from a range of $305 million to $315 million to a range of $310 million to $315 million.

Recent Development Progress

LUPKYNIS

Aurinia has recently initiated PRESERVE, a Phase 4, multicenter study investigating the combination of LUPKYNIS and belimumab, obinutuzumab or anifrolumab in patients with lupus nephritis. Belimumab is a B cell-activating factor (BAFF) inhibitor indicated for the treatment of both systemic lupus erythematosus (SLE) and lupus nephritis. Obinutuzumab is a CD20-directed cytolytic antibody indicated for the treatment of lupus nephritis. Anifrolumab is a type 1 interferon receptor antagonist indicated for the treatment of SLE. PRESERVE will investigate whether the multi-target approach of combining LUPKYNIS with these biologic agents improves outcomes in patients with lupus nephritis. Planned enrollment is approximately 150 patients across approximately 50 sites in the US. The Study’s primary endpoint is the proportion of patients achieving complete renal response (CRR) at 6 months.

Aritinercept

Aritinercept is a dual inhibitor of B cell-activating factor (BAFF) and a proliferation-inducing ligand (APRIL) for the potential treatment of autoimmune diseases. Aurinia has now initiated clinical development of aritinercept in four potential indications.

About Aurinia

Aurinia is a biopharmaceutical company focused on delivering therapies to people living with autoimmune diseases with high unmet medical needs. In January 2021, the Company introduced LUPKYNIS® (voclosporin), the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis. 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.

Forward-Looking Statements

Forward-looking statements notice

This press release contains forward-looking information within the meaning of applicable Canadian securities law and forward-looking statements within the meaning of applicable U.S. securities law. We caution investors that forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and involve substantial risks and uncertainties that could cause the actual outcomes to differ materially from what we currently expect. These risks and uncertainties include, but are not limited to, those associated with: LUPKYNIS net product sales, the timing of clinical study results and other risks and uncertainties identified in our filings with the U.S. Securities and Exchange Commission. Forward-looking statements in this press release apply only as of the date made, and we undertake no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. Additional information related to Aurinia, including a detailed list of the risks and uncertainties affecting Aurinia and its business, can be found in Aurinia’s most recent Annual Report on Form 10-K and its other public available filings available by accessing the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedarplus.ca or the U.S. Securities and Exchange Commission’s Electronic Document Gathering and Retrieval System (EDGAR) website at www.sec.gov/edgar, and on Aurinia’s website at www.auriniapharma.com.

Investor Inquiries

ir@auriniapharma.com

AURINIA PHARMACEUTICALS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

	September 30, 2026	December 31, 2025
	(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and restricted cash	$46,145	$80,213
Short-term investments	440,735	317,784
Accounts receivable, net	47,414	41,454
Inventory	43,728	45,690
Prepaid expenses and deposits	5,915	5,746
Other current assets	3,949	1,080
Total current assets	587,886	491,967
Deferred tax assets, net	170,652	176,194
Finance right-of-use lease assets	60,795	73,865
Intangible assets, net	3,169	3,761
Property and equipment, net	1,737	2,111
Operating right-of-use lease assets	1,372	3,596
Other noncurrent assets	93	93
Total assets	$825,704	$751,587
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$3,014	$3,313
Accrued expenses	63,299	66,621
Finance lease liabilities, current portion	16,150	16,523
Deferred revenue	10,413	3,720
Operating lease liabilities, current portion	1,808	1,067
Other current liabilities	1,321	2,480
Total current liabilities	96,005	93,724
Finance lease liabilities, less current portion	39,028	52,322
Deferred tax benefits	23,128	-
Deferred revenue, less current portion	7,157	12,648
Operating lease liabilities, less current portion	1,677	4,900
Other noncurrent liabilities	1,190	6,662
Total liabilities	168,185	170,256
Shareholders' equity
Common shares - no par value, unlimited shares authorized, 133,995 and 132,323 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively	1,127,503	1,120,035
Additional paid-in capital	77,044	111,263
Accumulated other comprehensive loss	(1,132)	(599)
Accumulated deficit	(545,896)	(649,368)
Total shareholders' equity	657,519	581,331
Total liabilities and shareholders' equity	$825,704	$751,587

AURINIA PHARMACEUTICALS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2026	2025	2026	2025
Revenue
Net product sales	$79,418	$70,627	$232,393	$197,172
License, collaboration and royalty revenue	4,281	2,841	12,231	8,769
Total revenue	83,699	73,468	244,624	205,941
Operating expenses
Cost of revenue	8,306	8,177	21,366	23,866
Selling, general and administrative	24,684	26,182	70,221	72,539
Research and development	16,613	8,435	37,133	21,610
Restructuring	-	-	-	1,647
Other (income) expense, net	(1,267)	929	(7,222)	14,604
Total operating expenses	48,336	43,723	121,498	134,266
Income from operations	35,363	29,745	123,126	71,675
Interest income	4,219	3,316	11,127	10,075
Interest expense	(867)	(1,099)	(2,827)	(3,283)
Net income before income taxes	38,715	31,962	131,426	78,467
Income tax expense	7,012	411	27,954	2,059
Net income	$31,703	$31,551	$103,472	$76,408
Earnings per share
Basic	$0.24	$0.24	$0.78	$0.57
Diluted	$0.23	$0.23	$0.76	$0.55
Shares used in computing earnings per share
Basic	133,434	131,808	131,967	135,163
Diluted	135,173	136,008	135,346	138,959

AURINIA PHARMACEUTICALS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

	Nine Months Ended September 30,
	2026	2025
Cash flows from operating activities:
Net income	$103,472	$76,408
Adjustments to reconcile net income to cash flows from operating activities:
Deferred income tax	28,670	-
Share-based compensation	8,097	7,950
Amortization and depreciation	14,491	14,585
Foreign exchange (gain) loss on revaluation of Monoplant finance lease liability	(2,605)	9,318
Net amortization of premiums and discounts on investments	(6,141)	(7,844)
Other, net	(1,498)	4,852
Net changes in operating assets and liabilities:
Accounts receivable, net	(5,960)	5,816
Inventory	1,962	(5,565)
Prepaid expenses and other current assets	(2,983)	940
Other noncurrent operating assets	-	730
Accounts payable	(2,172)	(2,973)
Accrued expenses and other liabilities	(4,372)	(17,777)
Deferred revenue	1,202	4,150
Operating lease liabilities	(670)	(600)
Cash flows from operating activities	131,493	89,990
Cash flows from investing activities:
Proceeds from the sale and maturities of investments	297,650	348,785
Purchases of investments	(415,164)	(344,618)
Net cash and cash equivalents acquired in acquisition of Kezar	5,212	-
Purchases of property, equipment and intangible assets	(63)	(180)
Cash flows from investing activities	(112,365)	3,987
Cash flows from financing activities:
Purchase of common shares under Share Repurchase Plan	(74,880)	(98,156)
Payments of principal portion of Monoplant finance lease liability	(10,902)	(9,649)
Proceeds from issuance of common shares for equity awards	69,559	12,583
Payment of Net Cash Excess CVR to legacy Kezar shareholders	(3,696)	-
Proceeds from issuance of common shares under ESPP	363	401
Tax withholding payments related to net settlements of equity awards	(33,640)	(9,400)
Cash flows from financing activities	(53,196)	(104,221)
Net decrease in cash, cash equivalents and restricted cash	(34,068)	(10,244)
Cash, cash equivalents and restricted cash, beginning of the period	80,213	83,433
Cash, cash equivalents and restricted cash, end of the period	$46,145	$73,189