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Kiniksa Pharmaceuticals
(NASDAQ:KNSA)
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Rating:79Outperform
Price Target:
$93.00
▲(15.96% Upside)
Action:Reiterated
Date:10/23/26
KNSA scores well primarily due to strong financial performance (improving profitability, strong free cash flow, and an exceptionally low-leverage balance sheet) and a favorable earnings update (raised 2026 revenue guidance and continued ARCALYST momentum with pipeline advancement). Technicals are supportive with the stock trading above key moving averages, but the overall score is capped by a high P/E valuation and noted risks around rising operating expenses and historical volatility in results.
Positive Factors
ARCALYST growth and adoption
Rapid ARCALYST growth, rising patient penetration, and expansion beyond 5,000 prescribers indicate strengthening commercial adoption. The higher 2026 revenue outlook supports the view that demand can continue scaling over the next several quarters.
Negative Factors
Historical earnings volatility
Although current profitability is positive, prior operating losses and unusually variable historical returns make the present earnings run-rate less proven. This inconsistency raises uncertainty about how smoothly margins and cash generation will hold through changing investment and commercialization needs.
Read all positive and negative factors
Positive Factors
Negative Factors
ARCALYST growth and adoption
Rapid ARCALYST growth, rising patient penetration, and expansion beyond 5,000 prescribers indicate strengthening commercial adoption. The higher 2026 revenue outlook supports the view that demand can continue scaling over the next several quarters.
Read all positive factors
Kiniksa Pharmaceuticals Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how revenue is distributed across different business segments, highlighting which areas are driving growth and which may need strategic adjustments.
Shows how revenue is distributed across different business segments, highlighting which areas are driving growth and which may need strategic adjustments.
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The Fly
The FlyKiniksa Pharmaceuticals (KNSA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.22B
Dividend YieldN/A
Average Volume (3M)582.32K
Price to Earnings (P/E)74.5
Beta (1Y)0.38
Revenue Growth58.85%
EPS Growth1646.61%
CountryUS
Employees366
SectorHealthcare
Sector Strength45
IndustryMedical - Pharmaceuticals
Share Statistics
EPS (TTM)1.07
Shares Outstanding48,289,272
10 Day Avg. Volume656,553
30 Day Avg. Volume582,315
Financial Highlights & Ratios
PEG Ratio-0.22
Price to Book (P/B)5.39
Price to Sales (P/S)4.52
P/FCF Ratio120.45
Enterprise Value/Market Cap0.77
Enterprise Value/Revenue5.73
Enterprise Value/Gross Profit10.51
Enterprise Value/Ebitda42.97
Forecast
1Y Price Target
$96.57Price Target Upside20.41% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)1.4
Revenue Forecast (FY)$993.65M
Kiniksa Pharmaceuticals Business Overview & Revenue Model
Company Description
Kiniksa Pharmaceuticals International, plc, a biopharmaceutical company, develops and commercializes medical therapies in the United States, the United Kingdom, and internationally. The company offers ARCALYST, an interleukin-1alpha and 1beta cyto...
How the Company Makes Money
Kiniksa primarily makes money by selling ARCALYST (rilonacept) in the United States. Revenue is generated from product sales to customers in the pharmaceutical supply chain (e.g., specialty distributors/specialty pharmacies) that dispense the ther...
Kiniksa Pharmaceuticals Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call highlighted strong commercial execution for ARCALYST with substantial quarter-over-quarter and year-over-year revenue gains, expanded prescriber adoption, improved collaboration profit, a robust cash position, and positive Phase II data supporting a monthly KPL-387 regimen and initiation of the pivotal Phase III trial. Challenges include rising operating expenses, limited disclosure on some clinical follow-up details, remaining underdiagnosis in the market that requires continued education, and uncertainty around gross-to-net trends and future commercial resource expansion. On balance, the positive commercial and clinical milestones materially outweigh the noted operational and disclosure limitations.Positive Updates
Strong Quarterly Revenue Growth
Net revenue of $243.6 million in Q2 2026, up 55% year-over-year, driven by ARCALYST; growth was >$85 million versus Q2 2025 and >$29 million versus Q1 2026 — the largest quarterly net revenue increase since launch.
Negative Updates
Rising Operating Expenses
Operating expense growth year-over-year driven by higher cost of goods sold (COGS) from ARCALYST revenue growth, increased collaboration expenses, higher R&D (KPL-387 clinical and manufacturing costs), increased preclinical investment and higher SG&A tied to commercialization.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Quarterly Revenue Growth
Net revenue of $243.6 million in Q2 2026, up 55% year-over-year, driven by ARCALYST; growth was >$85 million versus Q2 2025 and >$29 million versus Q1 2026 — the largest quarterly net revenue increase since launch.
Read all positive updates
Company Guidance
On the call Kiniksa raised its full‑year 2026 revenue guidance to $980–$995 million (up from prior targets of $930M and an interim $945M) after reporting Q2 ARCALYST net revenue of $243.6M—up >$29M sequentially and >$85M year‑over‑year (55% YoY). Collaboration profit grew 68% YoY to $176.1M; operating income was $27.2M and net income $25.4M; cash ended Q2 at $525.9M, reflecting roughly $58M of net cash generation for the period. Gross‑to‑net YTD was 7.2% (down from 8.6% in Q1); ARCALYST penetration in the multiple‑recurrence population rose to ~21% (vs ~18% at end‑2025); the prescriber base exceeded 5,000 with ~450 new prescribers and ~150 additional repeat prescribers in Q2 (≈29% of prescribers have written for ≥2 patients). On the pipeline, KPL‑387 300 mg monthly was advanced into pivotal Phase III (PASTORALE) with an ~85‑participant run‑in contemplated and a potential 2028–2029 launch (Phase II medians: time‑to‑treatment and time‑to‑pain response 4 days, 95% CI 3–6; median CRP normalization 8 days, 95% CI 7–9), and KPL‑1161 remains on track for a Phase I start by year‑end.Kiniksa Pharmaceuticals Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
83
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 840.85M | 677.56M | 423.24M | 270.26M | 220.18M | 38.54M |
| Gross Profit | 458.15M | 370.15M | 362.33M | 213.74M | 197.28M | 29.44M |
| EBITDA | 112.09M | 90.42M | -34.46M | -14.31M | 13.43M | -154.18M |
| Net Income | 80.66M | 59.01M | -43.19M | 14.08M | 183.36M | -157.92M |
Balance Sheet | ||||||
| Total Assets | 896.11M | 763.63M | 580.55M | 526.32M | 459.67M | 232.80M |
| Cash, Cash Equivalents and Short-Term Investments | 525.93M | 414.07M | 243.63M | 206.37M | 190.61M | 182.20M |
| Total Debt | 8.90M | 9.50M | 9.86M | 12.26M | 5.92M | 6.05M |
| Total Liabilities | 241.96M | 196.03M | 142.12M | 87.48M | 63.52M | 47.76M |
| Stockholders Equity | 654.15M | 567.61M | 438.44M | 438.84M | 396.15M | 185.04M |
Cash Flow | ||||||
| Free Cash Flow | 183.10M | 25.41M | 25.41M | 13.17M | 5.70M | -146.71M |
| Operating Cash Flow | 185.23M | 25.69M | 25.69M | 13.30M | 5.81M | -126.30M |
| Investing Cash Flow | -239.06M | 37.67M | 37.67M | -29.56M | -8.08M | 128.63M |
| Financing Cash Flow | 31.67M | 12.27M | 12.27M | 1.50M | 2.52M | 5.88M |
Kiniksa Pharmaceuticals Technical Analysis
Positive
80.20
Price Trends
78.08
Positive
70.13
Positive
58.63
Positive
Market Momentum
1.01
Negative
54.45
Neutral
63.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KNSA, the sentiment is Positive. The current price of 80.2 is above the 20-day moving average (MA) of 77.76, above the 50-day MA of 78.08, and above the 200-day MA of 58.63, indicating a bullish trend. The MACD of 1.01 indicates Negative momentum. The RSI at 54.45 is Neutral, neither overbought nor oversold. The STOCH value of 63.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for KNSA.
Kiniksa Pharmaceuticals Risk Analysis
Kiniksa Pharmaceuticals disclosed 66 risk factors in its most recent earnings report. Kiniksa Pharmaceuticals reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Kiniksa Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $6.22B | 74.49 | 13.65% | ― | 58.85% | 1646.61% | |
78 Outperform | $12.59B | 223.62 | 8.37% | ― | 16.02% | -59.24% | |
63 Neutral | $3.25B | 24.77 | 149.64% | ― | 2233.65% | ― | |
52 Neutral | $37.66M | -2.06 | -21.10% | ― | 489.78% | 45.39% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $11.88M | -1.33 | -127.78% | ― | 17.83% | 73.13% | |
44 Neutral | $35.84M | -2.98 | -158.83% | ― | ― | ― |
* Healthcare Sector Average
KNSA
Kiniksa Pharmaceuticals
80.79
42.02
108.38%
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NSRX
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Kiniksa Pharmaceuticals Corporate Events
Executive/Board Changes
Kiniksa Pharmaceuticals Elevates Ross Moat to President
Positive
Oct 22, 2026
On October 17, 2026, Kiniksa Pharmaceuticals appointed long-time executive Ross Moat as President and Chief Operating Officer, effective immediately, with Moat continuing to report to Chairman and Chief Executive Officer Sanj K. Patel. The move el...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.