Kiniksa Pharmaceuticals (KNSA)
NASDAQ:KNSA
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Kiniksa Pharmaceuticals
(NASDAQ:KNSA)
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Rating:77Outperform
Price Target:
$61.00
▲(35.86% Upside)
Action:UpgradedDate:04/29/26
The score is driven primarily by strong financial performance (profitability, cash generation, and a low-leverage balance sheet) and a positive earnings-call setup with reaffirmed 2026 guidance and continued commercial momentum. Offsetting factors are premium valuation (high P/E, no dividend support) and technical overextension (RSI in overbought territory and slightly negative MACD), which increase near-term pullback risk.
Positive Factors
Strong cash generation & low leverage
Consistent, sizable operating and free cash flow combined with a very conservative debt profile gives durable financial flexibility. This supports organic commercialization, funds near‑term R&D and trials, and materially reduces refinancing and solvency risk over the next 2–6 months.
Negative Factors
Revenue concentration on ARCALYST
Heavy dependence on a single marketed product leaves the company exposed to reimbursement shifts, competitive entrants, and prescriber dynamics. Any material disruption to ARCALYST uptake would quickly pressure revenues, margins, and the company’s ability to fund pipeline investments without external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation & low leverage
Consistent, sizable operating and free cash flow combined with a very conservative debt profile gives durable financial flexibility. This supports organic commercialization, funds near‑term R&D and trials, and materially reduces refinancing and solvency risk over the next 2–6 months.
Read all positive factors
Kiniksa Pharmaceuticals (KNSA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.48B
Dividend YieldN/A
Average Volume (3M)588.08K
Price to Earnings (P/E)40.8
Beta (1Y)0.40
Revenue Growth56.71%
EPS GrowthN/A
CountryUS
Employees315
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.98
Shares Outstanding46,303,276
10 Day Avg. Volume638,724
30 Day Avg. Volume588,075
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 Cap0.92
Enterprise Value/Revenue5.49
Enterprise Value/Gross Profit10.05
Enterprise Value/Ebitda40.78
Forecast
1Y Price Target
$64.00Price Target Upside42.54% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)1.36
Revenue Forecast (FY)$936.62M
Kiniksa Pharmaceuticals Business Overview & Revenue Model
Company Description
Kiniksa Pharmaceuticals, Ltd., a biopharmaceutical company, focuses on discovering, acquiring, developing, and commercializing therapeutic medicines for patients suffering from debilitating diseases with significant unmet medical needs worldwide. ...
How the Company Makes Money
Kiniksa primarily makes money by commercializing ARCALYST (rilonacept) in the United States. Revenue is generated from net product sales, which reflect gross sales to customers (such as specialty distributors/pharmacies) minus items like rebates, ...
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.
Data provided by:
The Fly
The FlyKiniksa Pharmaceuticals Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial and financial momentum driven by ARCALYST, with robust revenue growth (+65% Q4, +62% full year), rapidly expanding collaboration profit (+83% Q4, +96% full year), restored profitability, and meaningful cash generation. Management reiterated confident 2026 guidance ($900–$920M) and highlighted advancing pipeline programs (KPL-387 data expected H2 2026, KPL-1161 clinic entry by year-end). Offsetting items include rising operating expenses, seasonal Q1 headwinds, reliance on ARCALYST concentration, and uncertainty on peak market penetration and future product mix. Overall, positives materially outweigh the negatives, reflecting a constructive outlook contingent on continued execution.Positive Updates
Strong ARCALYST Revenue Growth
ARCALYST product revenue grew 65% year-over-year to $202.1 million in Q4 2025 and 62% year-over-year to $677.6 million for full-year 2025, driven by expanding adoption of IL‑1 alpha and beta inhibition in recurrent pericarditis.
Negative Updates
Higher Operating Expenses
Operating expenses grew year-over-year in Q4 and full-year 2025 due to higher cost of goods sold from ARCALYST volume, increased collaboration expenses tied to collaboration profit, and additional SG&A investments to support commercialization.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong ARCALYST Revenue Growth
ARCALYST product revenue grew 65% year-over-year to $202.1 million in Q4 2025 and 62% year-over-year to $677.6 million for full-year 2025, driven by expanding adoption of IL‑1 alpha and beta inhibition in recurrent pericarditis.
Read all positive updates
Company Guidance
Kiniksa reiterated full‑year 2026 ARCALYST net revenue guidance of $900–920 million and said it expects to remain cash‑flow positive under its current plan after ending 2025 with $414.1 million in cash and $170.4 million of net cash generation for the year; ARCALYST product revenue grew 65% YoY to $202.1 million in Q4 and 62% to $677.6 million for full‑year 2025, ARCALYST collaboration profit rose 83% YoY to $140 million in Q4 and 96% to $459 million for the year, and the company reported Q4 net income of $14.2 million (FY net income $59.0 million vs. a $43.2 million loss in 2024). Commercial metrics highlighted >4,150 prescribers (≈29% or >1,200 wrote for ≥2 patients), average therapy duration approaching ~3 years, penetration in the 2+ recurrence target ≈18% (vs ~15% mid‑2025 and 13% end‑2024) of a ~14,000 patient pool, ~20% of prescriptions in first recurrence (≈26,000 annual first‑recurrence population), and an expectation to continue expanding utilization in 2026 despite typical Q1 seasonal headwinds; clinical guidance included ongoing KPL‑387 Phase II enrollment with data due H2 2026, plans to be in clinic with KPL‑1161 by year‑end, and an anticipated KPL‑387 patient launch timeframe in 2028–2029.Kiniksa Pharmaceuticals Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
90
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 754.04M | 677.56M | 423.24M | 270.26M | 220.18M | 38.54M |
| Gross Profit | 411.95M | 370.15M | 362.33M | 213.74M | 197.28M | 29.44M |
| EBITDA | 101.53M | 90.42M | -43.92M | -22.86M | 12.18M | -154.28M |
| Net Income | 73.06M | 59.01M | -43.19M | 14.08M | 183.36M | -157.92M |
Balance Sheet | ||||||
| Total Assets | 825.28M | 763.63M | 580.55M | 526.32M | 459.67M | 232.80M |
| Cash, Cash Equivalents and Short-Term Investments | 468.09M | 414.07M | 243.63M | 206.37M | 190.61M | 182.20M |
| Total Debt | 9.03M | 9.50M | 9.86M | 12.26M | 5.92M | 6.05M |
| Total Liabilities | 219.59M | 196.03M | 142.12M | 87.48M | 63.52M | 47.76M |
| Stockholders Equity | 605.69M | 567.61M | 438.44M | 438.84M | 396.15M | 185.04M |
Cash Flow | ||||||
| Free Cash Flow | 164.23M | 25.41M | 25.41M | 13.17M | 5.70M | -146.71M |
| Operating Cash Flow | 165.86M | 25.69M | 25.69M | 13.30M | 5.81M | -126.30M |
| Investing Cash Flow | -169.37M | 37.67M | 37.67M | -29.56M | -8.08M | 128.63M |
| Financing Cash Flow | 36.33M | 12.27M | 12.27M | 1.50M | 2.52M | 5.88M |
Kiniksa Pharmaceuticals Technical Analysis
Neutral
44.90
Price Trends
46.01
Negative
43.94
Positive
39.44
Positive
Market Momentum
0.02
Positive
41.38
Neutral
17.24
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KNSA, the sentiment is Neutral. The current price of 44.9 is below the 20-day moving average (MA) of 46.82, below the 50-day MA of 46.01, and above the 200-day MA of 39.44, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 41.38 is Neutral, neither overbought nor oversold. The STOCH value of 17.24 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for KNSA.
Kiniksa Pharmaceuticals Risk Analysis
Kiniksa Pharmaceuticals disclosed 62 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $4.48B | 40.77 | 13.26% | ― | 56.71% | ― | |
76 Outperform | $1.90B | 23.98 | 19.84% | ― | 21.51% | 8.01% | |
66 Neutral | $5.91B | -19.24 | -50.66% | ― | ― | 26.67% | |
60 Neutral | $5.74B | -19.42 | -22.87% | ― | 254.70% | -80.13% | |
58 Neutral | $3.32B | 2.92 | -7.31% | ― | 120.01% | 78.83% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
43 Neutral | $2.62B | -9.69 | -32.80% | ― | ― | -68.57% |
* Healthcare Sector Average
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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.