Aurinia Pharmaceuticals Inc
AUPH Healthcare Biotechnology
Aurinia Pharmaceuticals Inc’s revenue for fiscal 2025 (year ended December 2025) was $283.1 million, up 20.4% from fiscal 2024. In the quarter to June 2026, revenue grew 18.9%, EPS grew 81.3%, free cash flow grew 19.1% and total debt fell 25.9%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Aurinia Pharmaceuticals Inc (AUPH) Beneish M-score
Aurinia Pharmaceuticals Inc's Beneish M-score for fiscal 2025 is −0.88; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −0.88 | 1.51 |
| FY2024 | −2.38 | (0.92) |
| FY2023 | −1.46 | 0.16 |
| FY2022 | −1.62 | (16.98) |
| FY2021 | 15.36 | (121.53) |
| FY2020 | 136.89 | 139.06 |
| FY2019 | −2.18 | (0.13) |
| FY2018 | −2.04 | 0.36 |
| FY2017 | −2.40 | (0.31) |
| FY2016 | −2.09 | 1.18 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.94 | — | 0.87 | |
| Gross margin index | 0.99 | — | 0.53 | |
| Asset quality index | 1.86 | — | 0.75 | |
| Sales growth index | 1.20 | — | 1.07 | |
| Depreciation index | 0.97 | — | 0.11 | |
| SG&A index | 0.49 | — | −0.08 | |
| Total accruals to total assets | 0.20 | — | 0.94 | |
| Leverage index | 0.68 | — | −0.22 | |
| Beneish M-score | Flagged by the model | −0.88 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| FTRE Fortrea Holdings Inc. compare | −4.6× |
| HRMY Harmony Biosciences Holdings, Inc. compare | −3.0× |
| RXRX Recursion Pharmaceuticals, Inc. compare | −1.7× |
| AUPH Aurinia Pharmaceuticals Inc | −0.9× |
| NVAX Novavax, Inc. compare | 0.4× |
| CLDX Celldex Therapeutics, Inc. compare | 6.8× |
| IRON Disc Medicine, Inc. compare | — |
| VRDN Viridian Therapeutics, Inc. compare | — |
| SLS SELLAS Life Sciences Group, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI