Aurinia Pharmaceuticals Inc. (AUPH) reported third quarter 2024 adjusted earnings per share of $0.10, crushing the analyst consensus estimate of $0.01. The company's quarterly revenue of $67.8 million also handily beat Wall Street's expectations of $57.69 million.
The strong quarterly results marked a 24.37% year-over-year increase in sales compared to the same period last year. Aurinia's Q3 earnings per share exceeded estimates by a staggering 900%, while revenue surpassed projections by over 17%.
Earnings that significantly exceed market expectations tend to be viewed as a major positive for a company and can spark buying interest in the stock. Aurinia's blowout Q3 numbers appear to be the catalyst driving the pre-market surge of over 6.5% in the pharmaceutical firm's shares.
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