Aurinia Pharmaceuticals(US:AUPH)2025-02-27 22:27Financial Data and Key Metrics Changes - For Q4 2024, total revenue was $59.9 million, up 33% from $45.1 million in Q4 2023 [8][16] - For the full year 2024, total revenue was $235.1 million, up 34% from $175.5 million in 2023 [8][16] - Net product sales of LUPKYNIS for Q4 2024 were $57.6 million, up 36% compared to $42.3 million in Q4 2023 [9] - For the full year 2024, net product sales were $216.2 million, up 36% from $158.5 million in 2023 [9] - Cash flow from operations for Q4 2024 was $30.1 million, compared to $14.3 million in Q4 2023 [10] - As of December 31, 2024, cash and investments totaled $358.5 million [11] Business Line Data and Key Metrics Changes - The increase in LUPKYNIS sales was driven by greater market penetration and an increase in the number of cartons sold to specialty pharmacies [9] - Gross margin for Q4 2024 was 91%, compared to 88% in Q4 2023 [20] - Total operating expenses for Q4 2024 were $61.5 million, down from $74.8 million in Q4 2023 [20][21] - Net income for Q4 2024 was $1.4 million, compared to a net loss of $26.9 million in Q4 2023 [21] Market Data and Key Metrics Changes - The company is focusing on expanding its business at academic medical centers and lupus centers, targeting key rheumatology prescriber segments [12] - The new ACR lupus nephritis treatment guidelines are expected to drive positive momentum for LUPKYNIS [13] - The company aims to improve continuity of care for lupus nephritis patients by growing its hospital business [14] Company Strategy and Development Direction - The company has a commercial strategy focused on four key growth drivers: expanding business at academic centers, leveraging new treatment guidelines, reinforcing clinical data, and improving patient care continuity [12][13][14] - The company expects total revenue for 2025 to be in the range of $250 million to $260 million and net product sales to be between $240 million and $250 million [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of LUPKYNIS and the overall business, citing a solid position entering 2025 [14] - The company is advancing the development of AUR200, with initial results expected in Q2 2025 [15] Other Important Information - The company has repurchased approximately 9.7 million shares for about $70 million since the launch of its share repurchase program [18] - The increase in cost of revenue for the full year 2024 was primarily due to the amortization of the finance right-of-use lease asset [19] Q&A Session Summary Question: Maximizing LUPKYNIS Opportunity - Management highlighted a focus on high-prescribing rheumatology offices and the importance of the new ACR guidelines in driving treatment urgency [30][31] Question: AUR200 Data Expectations - Management expects to disclose pharmacodynamics and pharmacokinetic data from the ongoing study, which will inform the next steps in development [32] Question: LUPKYNIS Growth Beyond 2025 - Management refrained from providing long-term guidance but indicated that historical trends would inform future projections [38] Question: Guidance and Commercial Outlook - Management stated that the guidance for 2025 is based on current market conditions and historical performance [48] Question: AUR200 Dosing Frequency - Management indicated that the potency of AUR200 may allow for less frequent dosing, but specifics will be determined after the ongoing studies [62]