Business
Aurinia Pharmaceuticals Reports First Quarter 2023 Financial and Operational Results
$34.4 million in net revenue for the first quarter of 2023; an increase of 59% over the first quarter of the prior year Increases 2023 revenue guidance range
About this update from Aurinia Pharmaceuticals Inc
[{"type":"text","content":"\n$34.4 million in net revenue for the first quarter of 2023; an increase of 59% over the first quarter of the prior year\n\n\nIncreases 2023 revenue guidance range to $135 - $155 million from net product sales of LUPKYNIS\n\n\nSignificant progress across Commercial, R&D and Intellectual Property\n\n\nConference call to be hosted today at 8:30 a.m. ET\n\n\n EDMONTON, Alberta--(BUSINESS WIRE)--\nAurinia Pharmaceuticals Inc. (NASDAQ: AUPH) (Aurinia or the Company) today issued its financial results for first quarter ended March 31, 2023. Amounts are expressed in U.S. dollars.\n\n\nTotal net revenue was $34.4 million for the quarter ended March 31, 2023, compared to $21.6 million in the prior year quarter ended March 31, 2022, representing significant growth of 59% year over year. Total net product revenue was $34.3 million for the quarter ended March 31, 2023, compared to $21.5 million in the prior year quarter ended March 31, 2022.\n\n\n“We are very pleased with our results in the first quarter of 2023 as it represents our most successful quarter to date,” said Peter Greenleaf, President, and Chief Executive Officer of Aurinia. “With our continued focus on commercial execution, we saw the impact of our marketing and selling efforts directly in the quarter. This, coupled with the recent release of the renal biopsy data, and the newly issued method of use patent serve to further substantiate LUPKYNIS in the LN market.”\n\n\nFor the fiscal year 2023, the Company is increasing its net product revenue guidance to a range of $135 - $155 million from $120 - $140 million for net product sales of LUPKYNIS. The guidance range is based on assumptions regarding historical patient start form (PSF) run rates, consistent conversion rates, time to convert, persistency, and pricing.\n\n\nFirst Quarter 2023 and Recent Highlights\n\n\n\nThere were approximately 1,731 patients on LUPKYNIS therapy at March 31, 2023, compared with 1,071 at March 31, 2022.\n\n\n\nAurinia added 466 PSFs during the three months ended March 31, 2023, compared to 461 during the three months ended March 31, 2022, and 406 in the three months ended December 31, 2022. An increase of 1% and 15%, respectively.\n\n\n\nThrough Friday, April 28, 2023, the Company recorded 604 PSFs since January 1, 2023.\n\n\n\nConversion rates remain consistent with the prior quarter, with approxim...