Aurinia (NASDAQ: AUPH) raises revenue outlook but third-quarter profit stays flat

What happened

Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) raised its 2026 total revenue guidance to $325 million to $330 million from $315 million to $325 million.

In the quarter ended Sept. 30, revenue rose 14% to $83.7 million from $73.5 million. Net income was flat at $31.7 million against $31.6 million. LUPKYNIS net product sales rose 12% to $79.4 million from $70.6 million. Diluted earnings per share held at $0.23.

Aurinia also narrowed its net product sales guidance, lifting the low end to $310 million from $305 million. Over nine months, revenue rose 19% to $244.6 million and net income rose 35% to $103.5 million.

Key numbers

Metric	Latest	Change	Source
Total revenue, third quarter	$83.7 million	from $73.5 million, +14%	Aurinia earnings release (SEC 8-K Exhibit 99.1)
LUPKYNIS net product sales, third quarter	$79.4 million	from $70.6 million, +12%	Aurinia earnings release (SEC 8-K Exhibit 99.1)
Net income, third quarter	$31.7 million	from $31.6 million	Aurinia earnings release (SEC 8-K Exhibit 99.1)
Net margin, third quarter	37.9%	from 42.9%, -5.1 percentage points	Calculated from SEC 8-K
Cash, equivalents, restricted cash and investments	$486.9 million	from $398.0 million	Aurinia earnings release (SEC 8-K Exhibit 99.1)

Read more: Aurinia Pharmaceuticals (AUPH) company research

Why it matters

Sales growth did not reach the bottom line this quarter. By OptimistFi's calculation, net margin narrowed to 37.9% from 42.9% a year earlier, a drop of 5.1 percentage points.

Income before taxes rose 21% to $38.7 million from $32.0 million. But income tax expense climbed to $7.0 million from $0.4 million. Research and development spending also rose to $16.6 million from $8.4 million.

Cash is building. Aurinia held $486.9 million in cash, equivalents, restricted cash and investments on Sept. 30, up from $398.0 million at Dec. 31, 2025. Nine-month operating cash flow was $131.5 million, against $90.0 million a year earlier. The company spent $74.9 million to buy back 5.0 million shares.

OptimistFi has argued that Aurinia's value rests on scaling LUPKYNIS and turning cost discipline into lasting profit. Rising sales, higher guidance and growing cash support that view. But flat quarterly net income and EPS mean operating leverage has not yet shown up in earnings.

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What's next

Aurinia recently started PRESERVE, a Phase 4 study combining LUPKYNIS with belimumab, obinutuzumab or anifrolumab in lupus nephritis. It plans to enroll about 150 patients at about 50 US sites. The primary endpoint is complete renal response at 6 months.

The company has also started clinical development of aritinercept in four potential indications. The next quarterly report will show whether higher pretax income carries through to net income. It will also show whether LUPKYNIS sales stay inside the narrowed full-year range.

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