Kiniksa Pharmaceuticals Ltd. Class A (KNSA)
NASDAQ:KNSA
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Kiniksa Pharmaceuticals
(NASDAQ:KNSA)
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Rating:71Outperform
Price Target:
$53.00
▲(18.04% Upside)
Action:Reiterated
Date:06/01/26
The score is driven by strong financial performance (profitability, cash flow, and a low-leverage balance sheet) and a supportive earnings call with raised 2026 revenue guidance and strong ARCALYST momentum. These positives are tempered by weak technicals (price below key moving averages with oversold indicators) and a high P/E that leaves less room for execution missteps.
Positive Factors
Strong cash generation
Sustained operating and free cash flow near reported earnings provides durable financial flexibility to fund commercialization, R&D and potential M&A without heavy reliance on external capital. This reduces dilution risk and supports multi-quarter execution on product uptake and pipeline programs.
Negative Factors
Low patient awareness
A large awareness gap means the company must sustain high marketing and patient-identification spend to convert the addressable population. This increases customer-acquisition cost and compresses incremental gross margins, requiring several quarters of consistent investment to materially lift penetration.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained operating and free cash flow near reported earnings provides durable financial flexibility to fund commercialization, R&D and potential M&A without heavy reliance on external capital. This reduces dilution risk and supports multi-quarter execution on product uptake and pipeline programs.
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
$3.61B
Dividend YieldN/A
Average Volume (3M)757.40K
Price to Earnings (P/E)50.1
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. Volume574,612
30 Day Avg. Volume757,404
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 Cap0.96
Enterprise Value/Revenue4.58
Enterprise Value/Gross Profit8.39
Enterprise Value/Ebitda34.04
Forecast
1Y Price Target
$64.00Price Target Upside42.54% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)1.37
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 Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The call conveyed predominantly positive momentum: strong Q1 commercial performance with 56% YoY ARCALYST revenue growth, raised full-year guidance, expanding collaboration profit, improved net income, and healthy cash generation. Commercial execution (new prescribers and patient enrollments) and a targeted DTC initiative underpin future growth. The pipeline also showed clear near-term milestones (KPL-387 dose data in H2 2026, Phase III start by year-end, and KPL-1161 Phase I planned). Offsetting items include gross-to-net/ co-pay variability, higher operating expenses tied to growth investments, remaining low patient awareness (requiring continued marketing investment), and the need to confirm Phase II dose selection for KPL-387. Overall, the positives significantly outweigh the challenges.Positive Updates
Strong ARCALYST Revenue Growth
Q1 2026 ARCALYST net revenue of $214.3 million, up 56% year-over-year (≈+$76 million vs Q1 2025) and approximately $12 million higher than Q4 2025.
Negative Updates
Quarterly Gross-to-Net Variability
Gross-to-net changed quarter-to-quarter: it increased versus Q4 2025 (as expected seasonally) but was lower than Q1 2025. Management attributed variability to co-pay support program adjustments that reduced average co-pay payout per patient; gross-to-net patterns remain subject to seasonal and reserve dynamics.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong ARCALYST Revenue Growth
Q1 2026 ARCALYST net revenue of $214.3 million, up 56% year-over-year (≈+$76 million vs Q1 2025) and approximately $12 million higher than Q4 2025.
Read all positive updates
Company Guidance
Kiniksa raised full‑year 2026 revenue guidance to $930–$945M (from $900–$920M) after a strong Q1: ARCALYST net revenue was $214.3M (up 56% YoY, ~+$76M vs Q1 2025, ~+$12M vs Q4), ARCALYST collaboration profit grew 73% to $151.2M, net income was $22.6M (vs $8.5M a year ago), and cash ended Q1 at $468.1M with $54M net cash generation; commercial metrics included ~400 new prescribers in Q1 bringing total prescribers to >4,550 (≈1,320 repeat prescribers), ~18% penetration of the ~14,000 2+‑recurrence patient pool (with ~40,000 annual flares and >25,000 HCPs who see patients), only ~14% unaided patient awareness and ~80% prescription conversion when patients inquire. Clinical guidance: KPL‑387 Phase II dose‑focusing data expected H2 2026 (four dose levels, up to ~20 patients/arm), Phase III portion to initiate by year‑end 2026, a 16‑week transition study with up to 2‑year extensions is ongoing, and KPL‑1161 Phase I is planned by year‑end 2026; gross‑to‑net and co‑pay program changes drove Q1 mix effects but management expects to remain cash‑flow positive on an annual basis.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
50.26
Negative
47.28
Positive
43.01
Positive
Market Momentum
-0.86
Positive
36.97
Neutral
16.18
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 54.05, below the 50-day MA of 50.26, and above the 200-day MA of 43.01, indicating a neutral trend. The MACD of -0.86 indicates Positive momentum. The RSI at 36.97 is Neutral, neither overbought nor oversold. The STOCH value of 16.18 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 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $1.79B | 12.75 | 17.19% | ― | 20.71% | -5.53% | |
71 Outperform | $3.61B | 50.12 | 13.26% | ― | 56.71% | ― | |
62 Neutral | $2.98B | -46.92 | -5.89% | ― | 157.97% | 86.11% | |
58 Neutral | $6.17B | -24.41 | -60.37% | ― | -100.00% | 1.57% | |
58 Neutral | $4.90B | -24.63 | -23.33% | ― | 666.01% | -69.02% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $2.60B | -11.21 | -36.95% | ― | ― | -68.57% |
* Healthcare Sector Average
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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.