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Kiniksa Pharmaceuticals
(NASDAQ:KNSA)
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Rating:81Outperform
Price Target:
$92.00
▲(46.40% Upside)
Action:Reiterated
Date:07/29/26
KNSA scores well primarily on strong financial performance (solid TTM profitability, very low leverage, and robust free cash flow) and a positive earnings update (raised 2026 revenue guidance with continued ARCALYST momentum and Phase III advancement). Technical trend is also favorable with price well above key moving averages. The main restraint is valuation, with a high P/E that leaves less margin for execution slips or margin pressure from rising operating expenses.
Positive Factors
Balance Sheet Health
Kiniksa's minimal leverage and large equity base provide durable financial flexibility to fund commercialization, clinical programs, and potential M&A without reliance on dilutive equity or expensive debt. This permanently lowers solvency risk and supports multi‑year investment in growth initiatives.
Negative Factors
Rising Operating Expenses
Sustained increases in COGS, R&D and commercialization spend can compress operating leverage and limit margin expansion as the company scales. If expense growth outpaces revenue gains, durable profitability and incremental free cash flow could be constrained over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Health
Kiniksa's minimal leverage and large equity base provide durable financial flexibility to fund commercialization, clinical programs, and potential M&A without reliance on dilutive equity or expensive debt. This permanently lowers solvency risk and supports multi‑year investment in growth initiatives.
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.
Data provided by:
The Fly
The FlyKiniksa Pharmaceuticals (KNSA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.80B
Dividend YieldN/A
Average Volume (3M)854.87K
Price to Earnings (P/E)69.5
Beta (1Y)0.47
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. Volume498,082
30 Day Avg. Volume854,867
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$96.57Price Target Upside53.68% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)1.39
Revenue Forecast (FY)$940.12M
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 from product revenue generated by selling ARCALYST (rilonacept). This revenue is driven by demand in its approved indications, with sales influenced by factors such as patient uptake, payer coverage and reimbursement,...
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
90
Very Positive
Cash Flow
84
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
62.84
Price Trends
60.60
Positive
55.25
Positive
48.72
Positive
Market Momentum
4.70
Negative
64.24
Neutral
70.55
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 62.84 is below the 20-day moving average (MA) of 68.40, above the 50-day MA of 60.60, and above the 200-day MA of 48.72, indicating a bullish trend. The MACD of 4.70 indicates Negative momentum. The RSI at 64.24 is Neutral, neither overbought nor oversold. The STOCH value of 70.55 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $5.80B | 69.48 | 13.65% | ― | 58.85% | 1646.61% | |
79 Outperform | $12.38B | 220.17 | 8.37% | ― | 16.02% | -59.24% | |
69 Neutral | $7.48B | 351.78 | 46.82% | ― | 1936.66% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $14.98M | -1.04 | -476.72% | ― | 13.70% | 33.33% | |
48 Neutral | $48.06M | -1.35 | -57.16% | ― | 673.54% | 23.14% |
* Healthcare Sector Average
KNSA
Kiniksa Pharmaceuticals
76.51
44.36
137.98%
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107.95
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49.31%
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BFRI
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NSRX
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3.39
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-57.89%
Kiniksa Pharmaceuticals Corporate Events
Executive/Board ChangesShareholder Meetings
Kiniksa Shareholders Reelect Directors and Approve Auditor Mandates
Positive
May 29, 2026
On May 29, 2026, Kiniksa Pharmaceuticals held its Annual Meeting of Shareholders, where investors holding Class A and higher-voting Class B shares as of April 6, 2026, exercised their voting rights under the company’s dual-class structure. S...
Business Operations and Strategy
Kiniksa Pharmaceuticals Caps Major Shareholder Voting Control Rights
Neutral
May 26, 2026
On May 21, 2026, Kiniksa Pharmaceuticals International, plc entered into a deed of waiver with major shareholder Baker Bros. Advisors LP, acting for affiliated investment funds, under which these shareholders agreed not to exercise their rights to...
Business Operations and StrategyExecutive/Board Changes
Kiniksa Pharmaceuticals CSO Resigns and Shifts to Advisor
Neutral
May 1, 2026
On April 30, 2026, Kiniksa Pharmaceuticals announced that Chief Strategy Officer Eben Tessari had decided to resign effective May 15, 2026, to pursue another executive role in the life sciences industry, with the company stating his departure was ...
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.