Revenue grew from $57.2M in 2024Q2 to $83.7M in 2026Q3 with gross margin near 90.1%, but operating margin fluctuated between -2.8% and 55.7%, so investors should monitor whether margin expansion is durable.
Aurinia Pharmaceuticals Inc. (AUPH) annual income statement — 28-year revenue, gross profit & net income history
| 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 | 321.74M | 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 % | 21.04% | 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 | 29.84M | 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 | 291.9M | 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 % | 90.73% | 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 | 135.53M | 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 | 99.48M | 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 | 48.03M | 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 | -2.72M | 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 | 156.37M | 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 % | 48.6% | 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 | 175.72M | 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 % | 54.62% | 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 % | 96.44% | 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) | 19.36M | 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 | 176.46M | 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 | 6.38M | 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 | 15.72M | 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 | 9.34M | 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 | 10.75M | 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 | 167.12M | 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 % | 51.94% | 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 | -147.15M | -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 % | -88.05% | -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 | 314.27M | 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 % | 97.68% | 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 % | 303.75% | 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) | 314.27M | 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) | 2.32 | 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 % | 316.36% | 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 | 135.17M | 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 | 133.43M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Quarterly profit volatility and one-off items
Metrics are mathematically derived from official filings.
Revenue Growth Sustaining Above Ten Percent
Based on reported figures, AUPH's quarterly revenue climbed from $57.2M in 2024Q2 to $83.7M in 2026Q3, with year-over-year growth of 13.9% in the latest quarter, indicating continued but moderating expansion.
Year-over-year growth has decelerated from peaks above 35% in 2024 to a range of roughly 8% to 24% through 2025 and 2026, suggesting the initial commercial ramp is maturing. The data does not break out volume versus pricing or organic versus inorganic drivers, so the durability of this growth warrants further investigation before extrapolating it. Investors should monitor whether sequential gains continue to flatten.
Gross Margin Holding Near Ninety Percent
As reported in financial statements, AUPH's gross margin has stayed between 84.4% and 92.1% across the last ten quarters, with the latest quarter at 90.1%, reflecting a high-margin product mix.
The consistently high gross margin implies strong pricing power relative to the cost of goods, which is typical of specialty therapeutics rather than manufacturing businesses. The dip to 84.4% in 2024Q2 and the modest compression in 2026Q3 may reflect product mix or inventory timing, though the data alone cannot confirm the cause. Margin stability at this level appears sustainable as long as competitive dynamics remain unchanged.
Operating Margin Swings Despite Revenue Growth
According to recent SEC filings, AUPH's operating margin ranged from negative 2.8% to 55.7% over the period, with operating income of $35.4M in 2026Q3 against $83.7M of revenue.
Operating income has not scaled smoothly with revenue, as SG&A expenses rose from roughly $20M to over $29M per quarter while gross profit grew, pointing to uneven overhead absorption. The 2024 quarters with near-zero operating income suggest that commercial spending was temporarily outpacing gross profit. Operating leverage appears to be emerging in 2026 but has not yet been demonstrated consistently.
Net Income Distorted by Non-Operating Items
Based on AUPH's reported figures, net income swung to $210.8M in 2025Q4 from $33.2M in operating income, implying a large non-operating or tax-related gain that does not reflect core profitability.
The gap between operating income and net income in 2025Q4 and the elevated EPS of $1.53 in that quarter indicate that reported earnings are heavily influenced by items outside the core business. Stock-based compensation has been material at several points, including $8.9M in 2024Q4, which dilutes the quality of the profit trend. Investors should treat the single-quarter EPS spike as non-recurring unless further disclosure establishes otherwise.
Quarterly Profit Trend Lacks Consistency
Based on reported figures, AUPH's net margin fell from 37.9% in 2026Q3 to 2.7% in 2025Q4, illustrating how sharply reported profitability can reverse between quarters.
A bearish reading would emphasize that the profitability inflection rests on a limited number of quarters and that the 2025Q4 outlier masks weaker underlying trends. Rising R&D and SG&A alongside decelerating revenue growth could compress margins if commercial momentum fades. Investors should monitor whether operating margins can hold above 40% without relying on non-operating support.