AUPHAurinia Pharmaceuticals Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (1.5×), margins widening, and elite returns on assets.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
High-quality, exceptional returns on the assets themselves, not leverage. ROE 44% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is AUPH?
Aurinia Pharmaceuticals Inc. keeps 48% of every revenue dollar as operating profit, against −82% for the median Biotechnology name.
Operating margin · Biotechnology median −82% · 12 months to Q2 2026
- Cash conversion
- 1.47×
Cash conversion · 1.84× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −2.9%
Share count, year on year · bought back, each share owns more of the company
- R&D as % of revenue
- 13%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −208% |
| FY2021 | −396% |
| FY2022 | −83% |
| FY2023 | −52% |
| FY2024 | −2.0% |
| FY2025 | 37% |
Details›
- Gross margin12 months to Q2 2026
- 90%
- Operating margin12 months to Q2 2026
- 48%
- Net margin12 months to Q2 2026
- 101%
- R&D as % of revenue
- 13%
- Revenue, trailing twelve months
- $312M
- Net income, trailing twelve months
- $314M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from AUPH and who it buys from, as the companies report it.
- Two specialty pharmacies87%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; AUPH’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.