Aurinia Pharmaceuticals Inc (NASDAQ:AUPH) is trading significantly lower Monday after the company reported declining fourth-quarter financial results on a year-over-year basis.
Aurinia said fourth-quarter revenue totaled $23.4 million, which was down from revenue of $50.03 million year-over-year. The company reported a quarterly earnings loss of 25 cents per share, which was worse than the loss of 6 cents per share in the fourth quarter of 2020.
"Despite unpredictable COVID realities, varying by geographic region, as well as the typical challenges we would expect to manage in the first year of a product launch, we are very pleased with the progress we have made to ensure awareness, adoption, and access to LUPKYNIS," said Peter Greenleaf, president and CEO of Aurinia.
Aurinia expects net revenue from sales of LUPKYNIS to be between $115 million and $135 million during 2022. The guidance is based on assumptions regarding the impact of COVID-19 on the current business environment and represents an increase of 150% to 200% in net revenue from sales of LUPKYNIS compared to 2021.
Aurinia is a biopharmaceutical company focused on delivering therapies to treat targeted patient populations impacted by serious diseases with high unmet medical needs.
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AUPH Price Action: Aurinia has traded as low as $9.72 and as high as $33.97 over a 52-week period.
The stock was down 30% at $11.37 at time of publication.
Photo: AhmadArdity from Pixabay.
