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Here are a few brief analogies for Aurinia Pharmaceuticals (AUPH):

• Like an early-stage Vertex Pharmaceuticals, but exclusively focused on lupus nephritis instead of cystic fibrosis.
• A specialized biotech, similar to a focused Amgen, with its primary commercial product targeting lupus nephritis.

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• LUPKYNIS (voclosporin): An oral prescription medication used for the treatment of adult patients with active lupus nephritis.

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Aurinia Pharmaceuticals (AUPH) sells primarily to other companies rather than directly to individuals. As a pharmaceutical company, its primary customers are major wholesale pharmaceutical distributors who then distribute LUPKYNIS (voclosporin) to pharmacies, hospitals, and other healthcare providers.

Based on their SEC filings, the major customer companies that accounted for substantially all of Aurinia Pharmaceuticals' revenue are:

• AmerisourceBergen Drug Corporation (NYSE: ABC)
• McKesson Corporation (NYSE: MCK)
• Cardinal Health, Inc. (NYSE: CAH)

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• Recipharm OT Chemistry AB (RECI B)
• Siegfried AG (SFZN)
• Thermo Fisher Scientific Inc. (TMO)
• Catalent Pharma Solutions LLC (CTLT)

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Peter Greenleaf, President, Chief Executive Officer and Director
Mr. Greenleaf has served as President, Chief Executive Officer, and Director of Aurinia since 2019. He previously served as CEO and Director of Cerecor Inc. from 2018 to 2019. From 2014 to 2018, he was CEO and Chairman of Sucampo Pharmaceuticals, Inc., which was acquired by Mallinckrodt plc for $1.2 billion. He also held roles as Chairman of BioDelivery Sciences International, Inc. and Director of Antares Pharma, Inc., both of which were acquired by other pharmaceutical companies. Earlier in his career, he was CEO and Director of Histogenics Corporation (2013-2014) and served as President of MedImmune, Inc. (now AstraZeneca PLC), and President of MedImmune Ventures, Inc., a venture capital fund within AstraZeneca Group. Mr. Greenleaf currently serves as an Advisory for Petrichor Healthcare Capital Management LP, a private equity firm, and as Chairman of Revolo Biotherapeutics Ltd. and Maryland Venture Fund.

Joe Miller, Chief Financial Officer
Mr. Miller has served as Chief Financial Officer of Aurinia since 2020. Prior to joining Aurinia, he served as Chief Financial Officer, Principal Executive Officer, and Corporate Secretary at Cerecor Inc. from 2018 to 2020, where he oversaw acquisitions and led the divestiture of the company's commercial portfolio. From 2015 to 2018, he was Vice President of Finance at Sucampo Pharmaceuticals, Inc., which was acquired by Mallinckrodt plc for $1.2 billion in 2018. His earlier experience includes various finance and management positions at QIAGEN N.V., Eppendorf, Inc., and KPMG LLP.

Max Donley, Chief Operating Officer
Mr. Donley has served as Chief Operating Officer of Aurinia since 2024, and previously as Executive Vice President, Operations and Strategy from 2019 to 2024. Before Aurinia, he was Global Head of Human Resources, Information Technology, and Facilities at Senseonics Holdings, Inc. From 2014 to 2018, he was Executive Vice President of Global Human Resources, Information Technology, and Corporate Strategy at Sucampo Pharmaceuticals, Inc., through its acquisition by Mallinckrodt plc. He also served as Executive Vice President, Human Resources and Corporate Affairs at MedImmune, Inc. (now AstraZeneca PLC) from 2000 to 2013.

Dr. Volker Knappertz, Executive Vice President of Research & Development
Dr. Knappertz joined Aurinia in July 2022 as Executive Vice President of Research & Development. Prior to Aurinia, he was Executive Vice President of Research & Development and Chief Medical Officer at GW Pharmaceuticals, where he played a key role in the transformation of the company and securing FDA approval for Epidiolex. GW Pharmaceuticals was later acquired by Jazz Pharmaceuticals. He also held leadership positions at Teva Pharmaceuticals, AstraZeneca, and Bayer, contributing to several drug approvals and business development deals. Dr. Knappertz is a US board-certified neurologist.

Stephen Robertson, Executive Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer
Mr. Robertson has served as Executive Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer since 2020. Before joining Aurinia, he was a Partner at Borden Ladner Gervais LLP from 2014 to 2020. He also served as an Adjunct Professor at the Allard School of Law at the University of British Columbia from 2015 to 2020.

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Key Risks to Aurinia Pharmaceuticals (AUPH)

1. Heavy Reliance on a Single Product: Aurinia Pharmaceuticals is heavily dependent on its sole approved product, Lupkynis (voclosporin), for nearly all of its revenue. Any adverse developments related to Lupkynis, such as regulatory issues, reimbursement challenges, or safety concerns, could severely impact the company's financial performance and overall business stability.
2. Increasing Competition for Lupkynis: The market for lupus nephritis treatments is becoming increasingly competitive. The recent approval of Roche's Gazyva in October 2025 presents a significant threat, as it is a newly approved competitor that could capture market share from Lupkynis. Additionally, other emerging therapies, including CAR-T treatments and biologics, are in development and could further erode Lupkynis's market position.
3. Patent Litigation and Potential Loss of Exclusivity for Lupkynis: Aurinia is facing ongoing patent challenges from generic drug manufacturers, including Sandoz, Dr. Reddy's, and Teva, which initiated Paragraph IV ANDA notices in May 2025. The outcomes of these lawsuits are uncertain, and an unfavorable decision could lead to an earlier-than-expected loss of market exclusivity for Lupkynis, significantly impacting future revenue streams. While a dosing protocol patent extends to 2037, the composition of matter patent is listed to expire in October 2025, and both have faced challenges.

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The potential approval and market entry of novel therapies for lupus nephritis currently in late-stage development, such as Novartis's ianalumab (BAFF receptor antagonist) which is in Phase 3 trials.

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• The global lupus nephritis market was valued at approximately USD 1.24 billion in 2023 and is projected to reach USD 2.17 billion by 2032, demonstrating a Compound Annual Growth Rate (CAGR) of 6.3%. Other estimates place the global market value at USD 2.02 billion in 2023, with a projected growth to around USD 3.21 billion by 2030 at a CAGR of 6.8%. Another source indicates a global market value of USD 2.21 billion in 2025, expected to reach USD 6.28 billion by 2035 with a CAGR of 11%.
• In the top 7 markets (U.S., EU4 - Germany, Spain, Italy, and France, UK, and Japan), the lupus nephritis market reached a value of USD 2.4 billion in 2024. This market is expected to grow to USD 6.0 billion by 2035, exhibiting a CAGR of 8.7% during 2025-2035.
• The United States represents a significant portion of this market, accounting for approximately 85% of the total market size in the 7MM (United States, EU4, UK, and Japan) in 2024. The lupus nephritis treatment industry in the United States is predicted to grow at a CAGR of 12.5% during 2025 to 2035.

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Aurinia Pharmaceuticals (AUPH) is anticipated to experience future revenue growth driven by several key factors over the next 2-3 years:

1. Continued Growth of LUPKYNIS in Lupus Nephritis: LUPKYNIS (voclosporin) is expected to maintain strong sales momentum for the treatment of lupus nephritis. The company has repeatedly raised its 2025 revenue guidance, citing the continued strong demand and the drug's inclusion in the American College of Rheumatology (ACR) lupus nephritis treatment guidelines, which recommend its incorporation into first-line therapy. This guideline update encourages earlier and more aggressive treatment with therapies like LUPKYNIS to preserve kidney function.
2. Increased Patient Persistency for LUPKYNIS: The persistency rate of patients on LUPKYNIS therapy has shown an upward trend, indicating that patients are remaining on the treatment for longer durations. This improved adherence contributes to more sustained and predictable revenue streams for the company.
3. International Expansion of LUPKYNIS: Aurinia's partnership with Otsuka Pharmaceutical Co. for the commercialization of LUPKYNIS in various territories, including Japan, is a driver of revenue growth. Milestone payments associated with regulatory approvals in these regions, such as the one for Japan in 2024, contribute to total revenue, and continued sales by Otsuka in their commercialized territories are expected.
4. Advancement of Aritinercept (AUR200) into Clinical Studies for New Autoimmune Indications: Aurinia is actively progressing its pipeline, with plans to initiate clinical studies for aritinercept, a dual inhibitor of BAFF and APRIL, in two autoimmune diseases by the end of 2025. The company anticipates disclosing further details about its development plan for this new asset in early 2026, which could open new revenue streams if successful.
5. Strategic Price Adjustments for LUPKYNIS: While not a primary driver, the company has implemented small, incremental price increases for LUPKYNIS over time, which contribute to the overall net revenue per patient.

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Share Repurchases

• In the first six months of 2025, Aurinia repurchased 11.2 million shares for $90.8 million.
• Since the buyback program began in February 2024, the company has repurchased a total of 18.3 million shares for $138.4 million as of July 2025.
• As of September 30, 2025, Aurinia repurchased 12.2 million common shares for $98.2 million during the first nine months of 2025.

Share Issuance

• Proceeds from the issuance of common shares under the Employee Stock Purchase Plan (ESPP) were $401,000 for the nine months ended September 30, 2025.
• For the nine months ended September 30, 2025, the company reported $2,062,000 from the issuance of common shares from the exercise of stock options and vesting of RSUs.

Capital Expenditures

• Aurinia completed a capital expenditure program for the Monoplant totaling $23.7 million, with an $11.8 million payment in February 2021 and an $11.9 million payment in late June 2023.
• Capital expenditures were $0.40 million in the first six months of 2025, $0.28 million in 2024, $0.72 million in 2023, $0.29 million in 2022, $1.50 million in 2021, and $7.34 million in 2020.