Business
Aurinia Pharmaceuticals Reports First Quarter 2024 Financial and Operational Results
Achieved $50.3 million in total net revenue and $48.1 million in net product revenue for the first quarter of 2024, representing year over year growth of
About this update from Aurinia Pharmaceuticals Inc
[{"type":"text","content":"\n\nAchieved $50.3 million in total net revenue and $48.1 million in net product revenue for the first quarter of 2024, representing year over year growth of approximately 46% and 40% respectively, and extending the trend of consistent growth in LUPKYNIS® (voclosporin) sales\n\n\n\nRapidly completed restructuring while maintaining focus on commercial execution\n\n\n\nAhead of prior projections, Company expects to be cash flow positive, excluding share repurchases, in second quarter 2024, with estimated cost savings of $50 to $55 million annually\n\n\n\nCompany reiterates 2024 net product revenue guidance of $200 to $220 million\n\n\n\nConference call to be hosted today at 8:30 a.m. ET\n\n\n ROCKVILLE, Md. & EDMONTON, Alberta--(BUSINESS WIRE)--\nAurinia Pharmaceuticals Inc. (NASDAQ: AUPH) (Aurinia or the Company) today issued its financial results for the first quarter ended March 31, 2024. Amounts are expressed in U.S. dollars.\n\n\nTotal net revenue was $50.3 million for the three months ended March 31, 2024 and $34.4 million for the same period in 2023. representing growth of approximately 46%. Net product revenue was $48.1 million for the three months ended March 31, 2024 and $34.3 million for the same period in 2023, representing growth of approximately 40%.\n\n\nAurinia rapidly completed its corporate restructuring in the first quarter, reducing employee headcount by approximately 25%. The Company discontinued its AUR300 research and development program and is exploring alternative approaches for AUR200 to maintain its development momentum. As previously reported, the Company expects to recognize $50 to $55 million in annual cost savings, with 75% of those savings recognized in 2024, excluding a one-time restructuring charge of approximately $7 million incurred in the first quarter. Following the restructuring, the Company expects total annualized operating expenses on a go-forward basis to be in the range of $185 to $195 million, with cash-based operating expenses of approximately $155 to $165 million.\n\n\n“We are pleased to be on track to reach positive free cash flows, excluding share repurchases, in the second quarter of 2024, ahead of prior projections, further strengthening our financial position, and with further balance sheet growth, allowing more strategic flexibility for the Company,” said Peter Greenleaf, Presid...