Aurinia Pharmaceuticals Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The value signal is genuine and more robust than at many another biotech — an operationally profitable, growing one-product business with a well-stuffed till. But two things put the low price-to-earnings ratio into perspective: a third of the record 2025 profit is a one-time tax benefit, and all of the revenue hangs on one drug whose composition-of-matter patent expires in October 2027 — eight generic drugmakers are already lining up. The case is a bet that LUPKYNIS survives the patent trials and that the pipeline (aritinercept) delivers a second leg in time. If the patent protection holds and the pipeline follows through, the bet can pay off; if copycats arrive from 2027 on and a second product is missing, it hits the whole business. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Product & growth
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).
Profitability & earnings quality
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.
Balance sheet & financing
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.
Concentration risk & patent clock
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.
Valuation & competition
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).
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at AUPH since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 11.10 $ to 18.60 $ · Last price: 17.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Aurinia Pharmaceuticals Inc AUPH | 2.1 | 8.1 | 9.6 | 77.9 | 53.3 | 20.4 | 37.9 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 31.8 | 19.6 | 59.1 | 23.0 | 9.6 | 35.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 0 | -23 | -23 | -0.66 | -19 | 36 | 57 |
| 2017 | 0 | -47 | -71 | -0.92 | -41 | 166 | 190 |
| 2018 | 0 | -56 | -64 | -0.76 | -52 | 113 | 146 |
| 2019 | 0 | -91 | -88 | -0.95 | -64 | 299 | 324 |
| 2020 | 50 | -104 | -103 | -0.87 | -70 | 408 | 464 |
| 2021 | 46 | -181 | -181 | -1.40 | -158 | 479 | 543 |
| 2022 | 134 | -111 | -108 | -0.76 | -80 | 405 | 471 |
| 2023 | 176 | -92 | -78 | -0.54 | -33 | 378 | 548 |
| 2024 | 235 | -5 | 6 | 0.04 | 44 | 377 | 551 |
| 2025 | 283 | 105 | 287 | 2.07 | 136 | 581 | 752 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| 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 |
| 2026: Q2 | 0.28 | 86.70 | 83 | 18.90 | 45.00 | 53 | 53 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 29 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Quality & Balance Sheet
- Buffett Criteria (Buffettology)
- Buffett: Owner Earnings Yield
- CEO Buys
- Fundamental Rank (A / A+)
- Insider Buying (Net)
- Institutional + Insiders Building Positions
- Institutional Accumulation
- Institutions + CEO Buying
- Levermann
Aktien.Guide
Breakout & Setup
Earnings & Surprises
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Chris Perruna: Within 15% of Highs
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Power Trend
- Stan Weinstein: Stage 2
Research
Risk & Weakness
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.94 | 0.90 – 1.01 | 329 | -54.4% | 5 |
| 12/31/2027 | 1.07 | 0.51 – 1.64 | 384 | 13.0% | 6 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 1.0% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $173.6M |
|---|---|
| Market cap | $2.13B |
| Free cash flow in year ten | $192.3M |
| Terminal value as a share of market value | 47.5% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 14.07.2026 gegen die Geschäftsberichte (10-K) 2025 (eingereicht 26.02.2026) und 2024 (27.02.2025) sowie die vier jüngsten Quartalsberichte (10-Q) bis zum 31.03.2026. In keinem der sechs ausgewerteten SEC-Filings von Aurinia Pharmaceuticals kommt künstliche Intelligenz vor — die Zeichenketten „artificial intelligence“ und „machine learning“ tauchen kein einziges Mal auf. Das Geschäft dreht sich vollständig um die Autoimmunkrankheit Lupus: das einzige zugelassene Produkt LUPKYNIS (voclosporin), die erste orale Therapie gegen Lupusnephritis, und den in Entwicklung befindlichen BAFF/APRIL-Hemmer aritinercept. Es gibt keine KI-Umsatzquelle, keinen belegten operativen KI-Einsatz und kein konkretes KI-Geschäftsrisiko fürs eigene Modell. Nach dem Kriterienkatalog bleibt es damit bei „Neutral“ (dokumentierter Negativ-Befund).
View the full file — quotes, sources, reviewed filings
„Aurinia is a biopharmaceutical company focused on delivering therapies to people living with autoimmune diseases with high unmet medical needs. In January 2021, the Company introduced LUPKYNIS (voclosporin), the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis (“LN”)."
Aurinia ist ein biopharmazeutisches Unternehmen, das sich auf Therapien für Menschen mit Autoimmunerkrankungen mit hohem ungedecktem medizinischem Bedarf konzentriert. Im Januar 2021 führte das Unternehmen LUPKYNIS (voclosporin) ein, die erste von der FDA zugelassene orale Therapie zur Behandlung erwachsener Patienten mit aktiver Lupusnephritis (LN).
10-K · 2026-02-26 · View SEC filing
„Aurinia is also developing aritinercept, a dual inhibitor of B cell-activating factor (“BAFF”) and a proliferation-inducing ligand (“APRIL”) for the potential treatment of autoimmune diseases."
Aurinia entwickelt außerdem aritinercept, einen dualen Hemmer des B-Zell-aktivierenden Faktors (BAFF) und eines proliferationsauslösenden Liganden (APRIL) zur möglichen Behandlung von Autoimmunerkrankungen.
10-K · 2026-02-26 · View SEC filing
Filings Reviewed: 10-K 2026-02-26 · 10-K 2025-02-27 · 10-Q 2026-05-07 · 10-Q 2025-11-04 · 10-Q 2025-07-31 · 10-Q 2025-05-12
Rated on July 14, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 28.3%
- More than 10% revenue growth is expected for the coming year 19.3%
- Share count grows by less than 3% a year -0.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 68.2%
- Gross margin at 40% or higher and without meaningful erosion 88.5%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 323 m net cash
- Operating cash flow covers the profits of the last three years -68 m
- Return on capital at 15% or higher, or up versus two years ago 16.0%
- Insiders hold at least 10% or are net buyers 7.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 128.0%
- Exp. sales growth 3Y > 5% 16.5%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -28.2%
- Net debt < 4x EBIT -3.1x
- EBIT positive, 10Y straight 1
- Max. EBIT decline < 50% 0.0%
- Return on equity > 15% 49.7%
- ROCE > 15% 15.9%
- Expected return > 10% -23.7%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Robertson Stephen P. | Chief Legal Officer | Sell | 11,939 | 15.95 | 190,427 |
| Aug 21, 2026 | Robertson Stephen P. | Chief Legal Officer | Sell | 20,975 | 16.97 | 355,946 |
The company
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.
- CEO Insider Trades (12 Mo.)
- buying own stock
- Employees
- 128
- Headquarters
- Edmonton, AB
- Address
- #140, 14315 – 118 Avenue, T5L 4S6 Edmonton, Canada
- Phone
- 250 744 2487
- Website
- auriniapharma.com
- IPO Date
- 01/26/1999
- ISIN
- CA05156V1022
- Stock Split
- 1:50 on 10/23/2013
Management
| Name | Title | Birth Year |
|---|---|---|
| Kevin C. Tang | Chairman & CEO | 1967 |
| Stephen P. Robertson | Chief Legal Officer, Corporate Secretary & Chief Compliance Officer | 1982 |
| Peter S. Greenleaf M.B.A. | Consultant | 1970 |
| Michael S. Hearne CPA | Chief Financial Officer | 1963 |
| Ryan Cole | Chief Operating Officer | 1987 |
| Thomas Wei | Chief Scientific Officer | 1976 |
| Stewart M. Kroll | Chief Development Officer | 1959 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 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.