Operating margins have scaled significantly to 53.3% in 2026Q1, driven by a disciplined reduction in SG&A expenses from $50.1M in 2023Q4 to $22.0M.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Nov'00 | Nov'99 | Nov'98 |
|---|
| Sales/Revenue | 298.3M | 283.06M | 235.13M | 175.51M | 134.03M | 45.6M | 50.12M | 318K | 463K | 420K | 173K | 235K | 278K | 948.56K | 6.16M | 927.52K | 3.42M | 4.05M | 3.88M | 2.33M | 3.52M | 1.18M | 1.27M | 7.66M | 11.92M | 5.3M | 902.77K | 1.36M | 781.25K |
| Revenue Growth % | 20.62% | 20.38% | 33.97% | 30.95% | 193.89% | -9% | 15660.38% | -31.32% | 10.24% | 142.77% | -26.38% | -15.47% | -70.69% | -84.6% | 563.9% | -72.88% | -15.59% | 4.52% | 66.05% | -33.72% | 199.06% | -7.51% | -83.38% | -35.71% | 124.97% | 486.77% | -33.53% | 73.85% | - |
| Cost of Goods Sold | 30.6M | 32.66M | 28.25M | 14.15M | 5.66M | 1.09M | 0 | 0 | 41.38M | 1K | 4K | 12K | 37K | 939 | 46.24K | 185.11K | 50.99K | 575.88K | 2.12M | 1.05M | 597.12K | 0 | 0 | 0 | 686.01K | 1.03M | 680.66K | 679.1K | 520.83K |
| COGS % of Revenue | - | 11.54% | 12.01% | 8.06% | 4.23% | 2.39% | - | - | 8937.8% | 0.24% | 2.31% | 5.11% | 13.31% | 0.1% | 0.75% | 19.96% | 1.49% | 14.21% | 54.56% | 44.98% | 16.95% | - | - | - | 5.76% | 19.35% | 75.4% | 50% | 66.67% |
| Gross Profit | 267.7M | 250.39M | 206.88M | 161.37M | 128.37M | 44.51M | 50.12M | 318K | -40.92M | 419K | 169K | 223K | 241K | 947.62K | 6.11M | 742.41K | 3.37M | 3.48M | 1.76M | 1.28M | 2.93M | 1.18M | 1.27M | 7.66M | 11.23M | 4.27M | 222.11K | 679.1K | 260.42K |
| Gross Margin % | 89.74% | 88.46% | 87.99% | 91.94% | 95.77% | 97.61% | 100% | 100% | -8837.8% | 99.76% | 97.69% | 94.89% | 86.69% | 99.9% | 99.25% | 80.04% | 98.51% | 85.79% | 45.44% | 55.02% | 83.05% | 100% | 100% | 100% | 94.24% | 80.65% | 24.6% | 50% | 33.33% |
| Gross Profit Growth % | - | 21.03% | 28.21% | 25.71% | 188.37% | -11.18% | 15660.38% | 100.78% | -9865.87% | 147.93% | -24.22% | -7.47% | -74.57% | -84.49% | 723.21% | -77.97% | -3.07% | 97.32% | 37.16% | -56.09% | 148.37% | -7.51% | -83.38% | -31.78% | 162.89% | 1823.39% | -67.29% | 160.77% | - |
| Operating Expenses | 143.21M | 145.48M | 211.57M | 253.06M | 239.84M | 225.25M | 154.41M | 91.26M | 56.62M | 47.48M | 22.98M | 23.8M | 17.52M | 4.98M | 11.58M | 7.18M | 8.42M | 12.49M | 17.38M | 37.31M | 27.08M | 31.47M | 24.43M | 18.88M | 12.77M | 11.8M | 6.96M | 1.9M | 2.93M |
| OpEx % of Revenue | - | 51.4% | 89.98% | 144.18% | 178.94% | 493.91% | 308.09% | 28698.43% | 12229.16% | 11305.24% | 13284.97% | 10128.94% | 6303.24% | 524.85% | 188.05% | 774.23% | 246.04% | 308.32% | 448.33% | 1598.05% | 768.7% | 2671.49% | 1918.42% | 246.41% | 107.19% | 222.79% | 771.21% | 140% | 375% |
| Selling, General & Admin | 103.48M | 101.79M | 172.03M | 195.04M | 196.37M | 171.44M | 97.27M | 22.34M | 13.67M | 12.1M | 6.97M | 6.26M | 6.89M | 2.23M | 3.9M | 2.74M | 3.27M | 3.61M | 4.54M | 5.71M | 6.19M | 9.78M | 7.85M | 8.33M | 4.97M | 3.05M | 1.77M | 1.02M | 1.37M |
| SG&A % of Revenue | - | 35.96% | 73.16% | 111.12% | 146.51% | 375.92% | 194.09% | 7024.53% | 2953.35% | 2880% | 4028.9% | 2665.11% | 2478.42% | 235.25% | 63.37% | 295.88% | 95.53% | 89.09% | 117.08% | 244.64% | 175.82% | 830.56% | 616.39% | 108.76% | 41.67% | 57.64% | 196.39% | 75% | 175% |
| Research & Development | 34.23M | 32.51M | 20.79M | 49.64M | 44.99M | 51.14M | 50.33M | 52.87M | 41.38M | 33.93M | 14.53M | 15.98M | 9.11M | 1.93M | 5.51M | 3.48M | 3.99M | 7.65M | 11.44M | 29.7M | 19M | 19.45M | 13.52M | 9.12M | 7.11M | 8.41M | 4.78M | 1.43M | 1.43M |
| R&D % of Revenue | - | 11.48% | 8.84% | 28.28% | 33.57% | 112.13% | 100.42% | 16624.53% | 8937.8% | 8078.57% | 8401.16% | 6800.85% | 3277.7% | 203.86% | 89.47% | 374.76% | 116.63% | 188.83% | 295.17% | 1272.02% | 539.48% | 1650.88% | 1061.59% | 119.08% | 59.63% | 158.76% | 529.29% | 105% | 183.33% |
| Other Operating Expenses | 881K | 11.18M | 18.76M | 8.38M | -1.52M | 2.67M | 6.81M | 16.06M | 2.06M | 195K | -1.63M | -337K | -848K | -4.21M | 2.17M | 4.02M | -424.93K | 2.45M | 478.23K | 1.9M | 1.88M | 2.24M | 3.06M | 1.42M | 701.89K | 338.57K | 411K | -543.28K | 130.21K |
| Operating Income | 124.49M | 104.91M | -4.69M | -91.69M | -111.47M | -180.74M | -104.29M | -90.94M | -56.16M | -47.06M | -22.81M | -23.58M | -17.28M | -5.51M | -5.47M | -6.44M | -5.05M | -10.05M | -16.36M | -36.02M | -24.15M | -30.29M | -23.16M | -11.22M | -1.54M | -7.53M | -6.74M | -1.22M | -2.67M |
| Operating Margin % | 41.73% | 37.06% | -1.99% | -52.24% | -83.17% | -396.31% | -208.09% | -28598.43% | -12129.16% | -11205.48% | -13187.28% | -10034.04% | -6216.55% | -580.4% | -88.8% | -694.19% | -147.53% | -247.91% | -422% | -1543.04% | -685.66% | -2571.49% | -1818.42% | -146.41% | -12.95% | -142.14% | -746.61% | -90% | -341.67% |
| Operating Income Growth % | - | 2338.4% | 94.89% | 17.74% | 38.32% | -73.3% | -14.68% | -61.94% | -19.33% | -106.29% | 3.25% | -36.44% | -213.91% | -0.68% | 15.07% | -27.6% | 49.77% | 38.59% | 54.59% | -49.15% | 20.26% | -30.79% | -106.46% | -627.01% | 79.51% | -11.71% | -451.4% | 54.21% | - |
| EBITDA | 143.9M | 114.18M | 14.76M | -80.04M | -108.76M | -177.97M | -102.92M | -89.77M | -54.59M | -45.61M | -21.34M | -22.02M | -15.76M | -4.69M | -4.62M | -5.48M | -3.9M | -8.77M | -14.96M | -34.61M | -25.02M | -28.32M | -20.91M | -9.88M | -861.97K | -7.2M | -6.33M | -1.02M | -2.41M |
| EBITDA Margin % | 48.24% | 40.34% | 6.28% | -45.61% | -81.15% | -390.25% | -205.35% | -28230.19% | -11791.14% | -10858.81% | -12332.37% | -9371.06% | -5669.42% | -494.65% | -74.98% | -590.6% | -114% | -216.45% | -385.84% | -1482.35% | -710.28% | -2404.17% | -1641.67% | -128.97% | -7.23% | -135.89% | -701.08% | -75% | -308.33% |
| EBITDA Growth % | 188.56% | 673.71% | 118.44% | 26.41% | 38.89% | -72.93% | -14.64% | -64.44% | -19.7% | -113.77% | 3.12% | -39.72% | -235.91% | -1.63% | 15.72% | -40.48% | 55.54% | 41.36% | 56.78% | -38.32% | 11.65% | -35.44% | -111.6% | -1046.3% | 88.03% | -13.74% | -521.33% | 57.71% | - |
| D&A (Non-Cash Add-back) | 19.41M | 9.27M | 19.45M | 11.65M | 2.71M | 2.76M | 1.37M | 1.17M | 1.56M | 1.46M | 1.48M | 1.56M | 1.52M | 813.32K | 851.4K | 960.82K | 1.15M | 1.27M | 1.4M | 1.42M | -867.36K | 1.97M | 2.25M | 1.34M | 680.93K | 331.03K | 411K | 203.73K | 260.42K |
| EBIT | 142.38M | 118.49M | 12.28M | -74.69M | -106.35M | -180.21M | -104.29M | -90.94M | -55.91M | -47.06M | -22.81M | -23.58M | -19.39M | -6.47M | -9.68M | -2.41M | -5.37M | -7.51M | -15.62M | -35.88M | -23.21M | -30.29M | -23.16M | -11.22M | -1.54M | -7.53M | -6.74M | -1.29M | -2.21M |
| Net Interest Income | 4.88M | 9.24M | 12.13M | 14.22M | 5.12M | 529K | 1.52M | 2.7M | 2.23M | 1.04M | 27K | 50K | 35K | -100K | -94.03K | 8.81K | -236.96K | -990.35K | -183.67K | -141.37K | -268.53K | -381.44K | 0 | -34.7K | 0 | 0 | 463.76K | 0 | 0 |
| Interest Income | 13.52M | 13.57M | 16.97M | 17M | 5.12M | 529K | 1.52M | 2.7M | 2.23M | 1.04M | 27K | 50K | 65K | 3K | 7K | 9.79K | 12K | 38.2K | 661.58K | 0 | 0 | 0 | 0 | -1 | 0 | 0 | 478.74K | 0 | 0 |
| Interest Expense | 8.64M | 4.33M | 4.83M | 2.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30K | 103K | 101.03K | 979 | 12K | 1.03M | 845.25K | 141.37K | 268.53K | 381.44K | 0 | 34.7K | 0 | 0 | 14.98K | 0 | 0 |
| Other Income/Expense | 9.24M | 9.24M | 12.13M | 14.22M | 5.12M | 529K | 1.52M | 2.7M | 2.23M | -23.73M | -481K | 4.97M | -2.14M | -1.07M | -4.27M | 3.9M | -412.93K | 2.45M | -1.75M | 2.2M | 1.3M | 1.21M | 602.26K | -3.3M | 1.25M | 180.28K | 468.97K | 0 | 325.52K |
| Pretax Income | 133.73M | 114.16M | 7.45M | -77.47M | -106.35M | -180.21M | -102.77M | -88.24M | -64.05M | -70.79M | -23.3M | -18.61M | -16.65M | -6.4M | -9.74M | -2.41M | -5.46M | -7.6M | -15.88M | -33.82M | -22.85M | -29.07M | -22.56M | -14.52M | -294.1K | -7.35M | -6.27M | 0 | -2.34M |
| Pretax Margin % | 44.83% | 40.33% | 3.17% | -44.14% | -79.35% | -395.15% | -205.06% | -27748.74% | -13833.05% | -16855.24% | -13465.32% | -7917.87% | -5988.13% | -674.95% | -158.15% | -259.56% | -159.6% | -187.51% | -409.67% | -1448.7% | -648.76% | -2468.35% | -1771.13% | -189.52% | -2.47% | -138.74% | -694.66% | - | -300% |
| Income Tax | -164.48M | -173.04M | 1.7M | 551K | 1.83M | 760K | -94K | 144K | 73K | 0 | 0 | 0 | 30K | -3.86M | 55.28K | 4.02M | 100.98K | 1.03M | 741.17K | 0 | -858 | 861 | 3.33K | 126.47K | 71.78K | 55.28K | 13.68K | 0 | -130.21K |
| Effective Tax Rate % | -122.99% | -151.59% | 22.77% | -0.71% | -1.72% | -0.42% | 0.09% | -0.16% | -0.11% | 0% | 0% | 0% | -0.18% | 60.23% | -0.57% | -167.13% | -1.85% | -13.54% | -4.67% | 0% | 0% | -0% | -0.01% | -0.87% | -24.41% | -0.75% | -0.22% | - | 5.56% |
| Net Income | 298.21M | 287.2M | 5.75M | -78.02M | -108.18M | -180.97M | -102.68M | -88.39M | -64.12M | -70.79M | -23.3M | -18.61M | -16.65M | -2.55M | -9.74M | -2.41M | -3.66M | -7.6M | -15.88M | -33.82M | -22.85M | -29.08M | -22.56M | -14.65M | -365.88K | -7.4M | -6.28M | -1.22M | -2.21M |
| Net Margin % | 99.97% | 101.47% | 2.45% | -44.45% | -80.71% | -396.81% | -204.88% | -27794.03% | -13848.81% | -16855.24% | -13465.32% | -7917.87% | -5988.13% | -268.42% | -158.13% | -259.56% | -107.02% | -187.51% | -409.67% | -1448.7% | -648.73% | -2468.42% | -1771.39% | -191.17% | -3.07% | -139.78% | -696.18% | -90% | -283.33% |
| Net Income Growth % | 648.43% | 4893.08% | 107.37% | 27.88% | 40.22% | -76.24% | -16.17% | -37.84% | 9.42% | -203.89% | -25.19% | -11.77% | -553.83% | 73.85% | -304.47% | 34.23% | 51.82% | 52.16% | 53.04% | -48% | 21.4% | -28.88% | -54.03% | -3903.12% | 95.06% | -17.82% | -414.15% | 44.78% | - |
| Net Income (Continuing) | 298.21M | 287.2M | 5.75M | -78.02M | -108.18M | -180.97M | -102.68M | -88.39M | -64.12M | -70.79M | -23.3M | -18.61M | -16.65M | -2.66M | -9.74M | -2.41M | -5.56M | -8.54M | -15.88M | -33.82M | -22.85M | -29.08M | -22.56M | -14.65M | -365.88K | -7.4M | -6.28M | -1.22M | -2.21M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.17 | 2.07 | 0.04 | -0.54 | -0.76 | -1.40 | -0.87 | -1.33 | -0.76 | -0.92 | -0.66 | -0.58 | -0.57 | -0.40 | -2.74 | -0.70 | -1.44 | -3.17 | -7.47 | -16.34 | -13.56 | -18.39 | -14.96 | -10.41 | -0.28 | -7.22 | -8.39 | -2.25 | -4.56 |
| EPS Growth % | 675.58% | 5167.18% | 107.28% | 28.95% | 45.71% | -60.92% | 34.59% | -75% | 17.39% | -39.39% | -13.79% | -1.75% | -42.5% | 85.4% | -291.43% | 51.39% | 54.57% | 57.56% | 54.28% | -20.5% | 26.26% | -22.93% | -43.71% | -3617.86% | 96.12% | 13.95% | -272.89% | 50.66% | - |
| EPS (Basic) | - | 2.14 | 0.04 | -0.54 | -0.76 | -1.40 | -0.87 | -1.33 | -0.76 | -0.92 | -0.66 | -0.58 | -0.57 | -0.40 | -2.74 | -0.70 | -1.44 | -3.17 | -7.47 | -16.34 | -13.73 | -18.51 | -14.97 | -10.41 | -0.32 | -7.22 | -8.39 | -2.25 | -4.56 |
| Diluted Shares Outstanding | 137.64M | 138.7M | 146.19M | 143.24M | 141.91M | 129.37M | 118.47M | 93.02M | 84.78M | 76.95M | 35.28M | 32.15M | 29.16M | 6.34M | 3.55M | 3.46M | 2.55M | 2.39M | 2.12M | 2.07M | 1.69M | 1.58M | 1.51M | 1.41M | 1.29M | 1.03M | 749K | 542.95K | 485.71K |
| Basic Shares Outstanding | 132.38M | 134.37M | 143.06M | 143.24M | 141.91M | 129.37M | 118.47M | 93.02M | 84.78M | 76.92M | 35.28M | 32.15M | 28.99M | 6.34M | 3.55M | 3.46M | 2.55M | 2.39M | 2.12M | 2.07M | 1.66M | 1.57M | 1.51M | 1.41M | 1.15M | 1.03M | 749K | 542.95K | 485.71K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Single-product revenue concentration
As reported in financial statements, Aurinia's quarterly revenue growth has decelerated from a peak of 58.6% in 2023Q4 to 24.4% by 2026Q1, reflecting the transition from initial market penetration to a more mature, albeit slower, adoption phase for its primary asset, Lupkynis.
The deceleration in top-line expansion suggests that the initial wave of early adopters has been captured, and future growth is now increasingly dependent on expanding the patient base within a competitive landscape. Investors should monitor whether the current growth rate can be sustained without significantly increasing customer acquisition costs, as the company faces persistent pressure from off-label alternatives.
Based on recent SEC filings, the company has successfully pivoted from operating losses in early 2024 to a 53.3% operating margin in 2026Q1, driven by a disciplined reduction in SG&A expenses which fell from $50.1M in 2023Q4 to $22.0M in the most recent quarter.
This shift indicates that management has effectively transitioned from a high-burn commercial launch phase to a more streamlined operational model. The ability to scale operating income faster than gross profit suggests that the fixed costs of the sales force are now being leveraged more efficiently against a larger revenue base.
According to the provided income statement data, the reported net margin of 101.47% in 2025Q4 appears to be an outlier, likely stemming from non-recurring accounting adjustments rather than core operational performance, which typically fluctuates between 20% and 45% in more normalized periods.
The extreme variance in net income suggests that investors should focus on operating income as a more reliable proxy for underlying business health. The presence of such significant non-operating items warrants further investigation into the nature of these tax or milestone-related gains to avoid overestimating the company's sustainable earnings power.
As indicated by the company's recent financial disclosures, the strategic decision to terminate early-stage pipeline programs has allowed for a meaningful reduction in R&D spending, which dropped from $10.2M in 2023Q4 to $7.5M in 2026Q1, directly supporting the bottom line.
This expense discipline reflects a pivot toward capital preservation and a focus on maximizing the cash flow of the core Lupkynis asset. While this approach improves short-term profitability, it may limit the company's long-term terminal value by reducing the potential for future product diversification.
Based on reported figures, the reliance on a single product for nearly all revenue, combined with the potential for aggressive gross-to-net adjustments, suggests that the current 88% gross margin may be vulnerable to future payer-driven pricing pressure and increased competition in the lupus nephritis market.
Short-sellers may focus on the risk that the company is buying market share through discounting, which would not be immediately apparent in top-line growth figures. If payer scrutiny intensifies, the company's ability to maintain these high margins could be challenged, potentially leading to rapid margin compression.
Quick answers to the most common questions about buying AUPH stock.
For fiscal year 2025, Aurinia Pharmaceuticals Inc. (AUPH) reported total revenue of $283.1M. This represents a 36131.0% increase compared to $0.8M in 1998.
Aurinia Pharmaceuticals Inc. (AUPH) is profitable, generating $287.2M in net income for the fiscal year ending 2025 with a net profit margin of 101.5%.
Aurinia Pharmaceuticals Inc. (AUPH) reported an operating income of $104.9M, resulting in an operating profit margin of 37.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Aurinia Pharmaceuticals Inc. (AUPH) generated $250.4M in gross profit for the year, representing a gross profit margin of 88.5%. This demonstrates the company's core pricing power and production efficiency.