For more information
Read our latest financial results here. For additional details on our corporate strategy, access our corporate presentation here.
TAKING ACTION FOR SHAREHOLDERS.
We’re driven to make an impact for our patient communities as advocates and partners in innovation. We’re also focused on enhancing value for all stakeholders.
Our commitment to open communication and collaboration with our shareholders is demonstrated by our recent actions – including appointing new board members, streamlining operations, and demonstrating excellence in commercial execution with a goal of cash flow generation and profitability.
Our Board remains open to discussions that can help us deliver long-term value to shareholders.
COMMERCIAL EXECUTION
- Focused on driving LUPKYNIS® revenues through excellence in commercial execution.
- Consistent, strong growth over time in LUPKYNIS sales revenues since commercial launch with an annual growth rate of 53%.
- With a lupus nephritis (LN) patient population that is both under-diagnosed and underserved, and as suggested by the consistent and strong growth in sales, we believe there remains significant untapped potential in the LN market.
STREAMLINED OPERATIONS
- Reduced headcount by approximately 25%, without impacting commercial roles.
- Streamlined operations with a focus on LUPKYNIS® to accelerate cash flow generation, delivering value to shareholders near-term.
STRENGTHENING FINANCIALS
- Streamlined operations, allowing us to become cash flow positive in 2024.
- Implemented a corporate restructure that includes ongoing cost reductions of $55-65 million, with approximately 75% of that to be recognized in 2024.
- Implemented a share repurchase program of up to $150 million.
- Initiatives intended to further strengthen our balance sheet and demonstrate our focus on creating long-term shareholder value.
BOARD REFRESHMENT
- Appointed Karen Smith, M.D., Ph.D., Robert Foster, Pharm. D., Ph.D., and Jeffrey A. Bailey to the Board in 2023, demonstrating the Company’s strong commitment to deeply experienced leadership and sound corporate governance.
- Refreshed Board is well-equipped to oversee and drive the business transformation.
