Aurinia Pharmaceuticals Inc (AUPH)
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Aurinia sells a single drug — LUPKYNIS, the first approved tablet against the kidney inflammation caused by lupus — and is thus the rare, genuinely profitable biotech in our value scanner built on Joel Greenblatt's Magic Formula. Revenue climbed from $158.5 million (2023) to $271.3 million (2025), operating income swung into the black, and the price-to-earnings ratio sits at about 8. We read the annual report (10-K) for 2025 and the quarterly report (10-Q) as of March 31, 2026: a third of the record profit is a one-time tax benefit, all of the revenue hangs on this one drug — and the composition-of-matter patent expires in 2027, with eight generic drugmakers already waiting. A cash count that tells a cheap price-to-earnings ratio from a genuine bargain.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.01 | – | 60 | 32.80 | 2.40 | 30 | 30 |
| 2025: Q1 | 0.17 | – | 63 | 24.20 | 37.40 | 1 | 1 |
| 2025: Q2 | 0.15 | 2,898.60 | 70 | 22.40 | 30.70 | 44 | 44 |
| 2025: Q3 | 0.23 | 135.50 | 74 | 8.40 | 42.90 | 44 | 44 |
| 2025: Q4 | 1.52 | 15,605.70 | 77 | 28.80 | 273.40 | 45 | 45 |
| 2026: Q1 | 0.25 | 48.50 | 78 | 24.40 | 44.20 | 33 | 33 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
LUPKYNIS is growing solidly: net product revenue up from $158.5 million (2023) to $271.3 million (2025), Q1 2026 at $73.6 million (up about 23 percent). As the only approved oral therapy for lupus nephritis it has a genuine usage advantage; the pace of growth is easing, however (36 → 25 → 23 percent).
Unlike many biotechs, Aurinia is genuinely profitable operationally (operating income of $104.9 million in 2025, operating cash flow up 206 percent). But the record net income of $287.2 million contains a $173.0 million one-time, non-cash tax benefit; pre-tax income stood at $114.2 million. The price-to-earnings ratio of 8 thereby looks cheaper than justified.
About $398 million in cash and investments (December 31, 2025), very low debt, Altman Z 9.18, fundamental rating A — no distress. Buyback program topped up in July 2025 to a total of $300 million; capital flows back to shareholders instead of into a second product.
100 percent of product revenue hangs on a single drug — "our only approved product". The composition-of-matter protection for voclosporin expires in October 2027; eight generic drugmakers (among them Teva, Sandoz, Dr. Reddy's, Hikma) have filed approval applications, and Aurinia is suing them. Outcome open.
Market value about $2.2 billion, P/E about 8, P/S about 7, P/B about 4 — optically cheap, but the market is visibly pricing in the 2027 patent risk. In the LN market, BENLYSTA (GSK) and GAZYVA (Genentech) compete as injections (data as of July 8, 2026).
Aurinia is the rare, operationally genuinely profitable biotech in a value scanner: LUPKYNIS, the first approved tablet against the kidney inflammation caused by lupus, has driven revenue to $271.3 million and swung operating income into the black. But a third of the record 2025 profit is a one-time tax benefit, 100 percent of the business hangs on this one product, and the composition-of-matter protection ends in October 2027 — eight generic drugmakers are already waiting. A full till and low debt stand against a dated expiry of the core protection. Not investment advice.
- Membership in the value scanner "Joel Greenblatt: Magic Formula" (not a warning scanner) was confirmed locally and live on July 14, 2026; AUPH shows up in 7 value and quality scanners (Buffett criteria, EBIT-margin ranking, Magic Formula, P/E ranking, Peter Lynch PEG, quality stocks, owner-earnings yield), in no warning scanner.
- All earnings and balance-sheet figures come from the audited annual report 10-K for 2025 (filed 26.02.2026) and the quarterly report 10-Q as of 31.03.2026; the 2025 net income contains a one-time tax benefit of $173.0 million from the release of the valuation allowance on deferred taxes.
- Price and valuation figures are dated July 8, 2026 (about $17.60, about 133 million shares); analyses are evergreen, daily prices are not a buy argument. The composition-of-matter patent on voclosporin expires in October 2027.
About the Company
Aurinia Pharmaceuticals Inc., ein biopharmazeutisches Unternehmen, befasst sich mit der Bereitstellung von Therapien für Menschen mit Autoimmunerkrankungen mit hohem ungedecktem medizinischem Bedarf in den USA und Japan.
| IPO Year | 1999 |
|---|---|
| Next Earnings | 30. Jul 2026 |
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Data as of: July 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.