Aurinia Pharmaceuticals (AUPH) stock surged over 7% in pre-market trading after the company reported impressive financial results for the third quarter of 2024 and announced a strategic restructuring plan.
The biopharmaceutical firm reported adjusted earnings per share of $0.10 for Q3 2024, marking a remarkable 900% beat over the analyst consensus estimate of $0.01. Aurinia's quarterly revenue of $67.8 million also significantly exceeded Wall Street's expectations of $57.69 million, growing at a robust 24% year-over-year.
Aurinia's strong performance was driven by continued momentum in sales of its lupus drug LUPKYNIS, with the company reiterating its 2024 net product revenue guidance range of $210 million to $220 million.
Furthermore, Aurinia unveiled a strategic restructuring plan to sharpen its focus on LUPKYNIS growth and the development of its pipeline candidate AUR200, a potential best-in-class therapy for autoimmune diseases. The restructuring, which includes a workforce reduction of approximately 45%, is expected to generate annualized cash-based operating expense savings of more than $40 million.
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