Aurinia Pharmaceuticals Inc.

AI-generated fair value estimate for this company.

Method: 10-year, 3-stage DCF. Base FCF = $109M (35% FCF margin, derived from H1 2025 operating cash flow of $45.5M on ~$127M H1 2025 revenue, applied to TTM revenue of $311.5M). Revenue/FCF growth assumed 15%/yr years 1-3, 10%/yr years 4-6, 5%/yr years 7-10, terminal growth 3%, discount rate 10%. Sum of discounted FCFs approx $1,175M; PV of terminal value approx $1,521M; enterprise value approx $2,696M. Add net cash of $239.7M = equity value approx $2,936M. Divided by 133.05M shares = $22.07/share.

Reasoning: Aurinia is a commercial-stage biopharma (LUPKYNIS for lupus nephritis) that is now GAAP-profitable and strongly free-cash-flow generative with a clean, quantifiable revenue base, so a standard multi-stage DCF anchored to actual disclosed FCF conversion is the appropriate method rather than a pipeline/NAV approach.