Aurinia Pharmaceuticals (NASDAQ:AUPH) reported preliminary Q4 net product revenue of approximately $42 million, reflecting an increase from $28.3 million in the same period the previous year. The preliminary Q4 total net revenue for the quarter ending December 31 amounted to around $45 million, compared to $28.4 million in the corresponding period a year earlier. Analysts polled by Capital IQ had anticipated $44.2 million.

For the full year, Aurinia expects net product revenue of about $159 million, marking a rise from $103.5 million in the previous year. The projected total net revenue for the full year is approximately $176 million, compared to $134 million a year ago. Capital IQ analysts had forecasted 2023 revenue of $174.7 million.

As of December 31, the company reported cash, cash equivalents, restricted cash, and investments totaling $351 million. Aurinia anticipates achieving positive cash flow on a go-forward basis in the second half of 2024. The company expects net product revenue for 2024 to be in the range of $200 million to $220 million. Following this announcement, Aurinia shares saw an increase of over 5% in recent trading.