The following is a summary of the Aurinia Pharmaceuticals Inc. (AUPH) Q1 2024 Earnings Call Transcript:
Financial Performance:
Aurinia reported Q1 net revenue of $50.3 million, marking a 46% YoY growth.
Net product revenue reached $48.1 million, equating to approximately 40% YoY growth.
The Company preserved its net product revenue guidance for FY 2024 of $200 million to $220 million.
Under a new restructuring initiative, Aurinia expects to reduce operating expenses by $50 million to $55 million over the next 12 months.
Going forward, the company aims to turn cash flow positive, excluding share repurchases, from Q2 2024.
The company ended the first quarter with cash, cash equivalents, and restricted cash, and investments totaling $320.1 million.
Business Progress:
Aurinia is focused on augmenting loop kinase revenues following a 25% workforce reduction.
In Q1, 448 patient start forms were added, and 148 new patients enrolled, showcasing significant YoY growth.
Aurinia is devising strategies for aggressive lupus nephritis treatment and reduction of proteinuria levels.
The company has launched an awareness campaign, 'Know the Signs,' to educate rheumatologists about the severity of lupus nephritis.
Aurinia is eagerly awaiting approval for LUPKYNIS in Japan, anticipated for H2 2024, which could yield a $10 million windfall and double-digit royalties on net sales.
The FDA granted approval for a label update on LUPKYNIS, signifying its safe and effective use in the long term.
The company purchased about $18.4 million worth of stock, planning to fund future purchases via discretionary purchase and repurchases through cash flows, excluding cash on hand.
IND for their April BAFF inhibitor, AUR200, was approved by the FDA, setting the stage for animal toxicity studies and clinical trials.
Lupus treatment guidelines conformity is seen as a key growth driver in the future.
More details: Aurinia Pharmaceuticals IR
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