Aurinia Pharmaceuticals reported higher revenue and operating cash flow for the first nine months of 2026, driven mainly by sales of its lupus nephritis drug LUPKYNIS. The company also raised its full-year total revenue outlook and tightened its forecast range for product sales.
For the quarter ended Sept. 30, revenue grew 14% from a year earlier, while net income and diluted earnings per share were essentially unchanged. Cash and investments rose to $486.9 million, even as Aurinia repurchased shares during the first nine months.
Key details
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Revenue increased: Third-quarter revenue was $83.7 million, up from $73.5 million a year earlier. Revenue for the first nine months reached $244.6 million, up 19% from $205.9 million.
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LUPKYNIS remained the main revenue source: Net product sales were $79.4 million for the quarter, up 12%, and $232.4 million for the first nine months, up 18%.
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Other revenue also grew: License, collaboration and royalty revenue totaled $4.3 million in the quarter and $12.2 million for the first nine months, increases of 54% and 39%, respectively.
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Quarterly earnings were flat; year-to-date earnings rose: Net income was $31.7 million for the quarter, compared with $31.6 million a year earlier. For the first nine months, net income rose 35% to $103.5 million. Income before taxes increased 21% to $38.7 million in the quarter and 67% to $131.4 million for the first nine months.
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Diluted earnings per share were $0.23 for the quarter, unchanged from a year earlier. For the first nine months, diluted earnings per share increased 38%, to $0.76 from $0.55.
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Operating cash flow rose: Cash generated from operating activities was $46.4 million in the quarter, up 4%, and $131.5 million for the first nine months, up 46%.
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Cash and investments increased: Aurinia had $486.9 million in cash, cash equivalents, restricted cash and investments at Sept. 30, compared with $398.0 million at the end of 2025.
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The company repurchased shares: Financing activities used $53.2 million of cash during the first nine months. That included $74.9 million spent to buy back 5.0 million common shares, partly offset by $35.9 million in proceeds from shares issued for equity awards, net of tax withholding payments.
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Full-year revenue guidance was raised: Aurinia now expects 2026 total revenue of $325 million to $330 million, up from its prior range of $315 million to $325 million.
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The product-sales outlook was narrowed: The company now expects 2026 net product sales of $310 million to $315 million, compared with its previous range of $305 million to $315 million.
The updated outlook raises the low end of Aurinia’s product-sales forecast while keeping the high end unchanged. The increase in total revenue guidance lifts both ends of its previous range.