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    KNSA
    Earnings call· Jun 2026(Q2 FY26)

    Kiniksa Pharmaceuticals International Q2 FY26 earnings call KNSA

    Jul 28, 2026 Source

    Executive summary

    Kiniksa Pharmaceuticals Q2 FY26 — Strong ARCALYST Growth and KPL-387 Phase III Initiation

    Kiniksa Pharmaceuticals delivered a strong second quarter, driven by robust commercial execution for ARCALYST, which saw significant revenue growth and increased patient enrollment. The company also advanced its pipeline with the initiation of the KPL-387 Phase III trial for recurrent pericarditis, following positive Phase II data. With a solid financial position and continued pipeline progress, Kiniksa is well-positioned for future value creation.

    Highlights

    5

    • ARCALYST net revenue grew 55% year-over-year to $243.6 million in Q2 FY26.

    • Full-year 2026 revenue guidance was raised from $930M-$945M to $980M-$995M.

    • KPL-387 Phase II data affirmed a 300mg monthly dose, leading to the initiation of the pivotal Phase III PASTORALE trial.

    • The company ended Q2 FY26 with a robust cash balance of $525.9 million, reflecting $58 million of net cash generation.

    • ARCALYST penetration into the multiple recurrence population increased to 21% from 18% at the end of 2025.

    Guidance & targets

    2
    CategoryTargetConfidence
    Full-year 2026 ARCALYST Revenue
    $980 million to $995 million
    high materiality
    High
    KPL-387 Commercial Launch
    2028 and 2029 time frame
    high materiality
    Medium

    Segment performance

    1
    SegmentRevenueYoYQoQMargin
    ARCALYST
    Strong commercial execution drove significant revenue growth and increased market penetration. The company is leveraging AI, DTC campaigns, and ACC guidance dissemination to expand adoption.
    Penetration into multiple recurrence population: 21% (vs 18% end of 2025)New patient enrollment: significantly higher than any quarter since launchNew prescribers: ~450 additional HCPs in Q2 FY26Total prescriber base: >5,000 launch to dateHCPs with multiple prescriptions: ~150 additional in Q2 FY26HCPs with multiple prescriptions (% of base): ~29%New prescriptions for 2+ recurrence: 80%New prescriptions for first recurrence: 20%
    		$243.6 million55%more than $29 million—

    Operational metrics

    11
    ARCALYST collaboration profit
    $176.1 millionup 68% YoY
    Q2 FY26

    Grew faster than sales on a year-over-year basis, reflecting disciplined commercial investment.

    Operating income
    $27.2 millionYoY increase
    Q2 FY26

    Increased year-over-year due to ARCALYST revenue growth and managed expenses.

    Net income
    $25.4 millionYoY increase
    Q2 FY26

    Increased year-over-year, reflecting strong financial performance.

    Cash balance
    $525.9 millionnet cash generation of $58 million for the period
    Q2 FY26

    Strong cash position at the end of the quarter.

    Gross-to-net
    7.2%down from 8.6% in Q1 FY26
    YTD FY26

    Sequentially lower in Q2, with annual impact expected to be favorable.

    Total addressable market (recurrent pericarditis)
    40,000
    annual

    Estimated number of patients in any given year that fit within the recurrent pericarditis label.

    Recurrent pericarditis patient population (2+ recurrences)
    14,000
    annual

    Estimated patient population for those with two or more recurrences.

    Recurrent pericarditis patient population (first recurrence)
    26,000
    annual

    Estimated patient population for those with a first recurrence.

    Total HCPs managing recurrent pericarditis
    25,000
    N/A

    Number of healthcare professionals across the country who manage recurrent pericarditis patients.

    KPL-387 patient preference (monthly regimen)
    75%
    N/A

    Percentage of patients who would prefer the KPL-387 target product profile over current commercial or investigational therapies, based on market research.

    KPL-387 HCP likelihood to prescribe (monthly regimen)
    92%
    N/A

    Percentage of healthcare professionals who indicated a high likelihood to prescribe KPL-387 for new patients, based on market research.

    Industry KPIs

    5
    MetricValueDetails
    Pipeline read out calendarKPL-387 Phase II data readout; KPL-387 Phase III (PASTORALE) initiation; KPL-1161 Phase I initiationN/A
    Product franchise net sales$243.6 millionUSD
    Peak long term sales guidance2028-2029N/A
    Prescription volume new startsSignificantly higherN/A
    Clinical trial efficacy safety dataMedian time to treatment response: 4 days; Median time to pain response: 4 days; Median time to CRP normalization: 8 daysdays

    What to watch in Q3 FY26

    4

    ARCALYST Sales Growth

    Next quarter
    Current$243.6 million (up 55% YoY)
    TargetContinued strong growth

    Why it matters

    To assess the sustainability of the strong commercial momentum and impact of new strategies.

    So just wanted to drive into what drove this growth specifically in Q2? And could this level of growth continue throughout the rest of the year and into next year?

    Q&A highlights

    6

    What drove the strong ARCALYST growth in Q2, and can this level of growth continue?

    Management attributed growth to continued execution across the commercial strategy, including increased new and repeat prescribers, leveraging AI/machine learning for sales, the 'Heart's Home' DTC campaign, and dissemination of ACC clinical guidance. They believe significant opportunity remains for continued growth.

    “Ultimately, we've seen a substantial uplift in the number of both new prescribers and new repeat prescribers, as Sanj said, we have more than 450 new prescribers come into the total prescriber base more than 150 new repeat prescribers, meaning they've prescribed for 2 or more patients in the quarter.”

    asked by Nicholas Lorusso · answered by Ross Moat

    2 min read5 chapters

    Detailed Narrative

    01

    ARCALYST Commercial Momentum

    ARCALYST achieved $243.6 million in net revenue for Q2 FY26, marking a 55% year-over-year growth and the largest quarterly net revenue increase since its launch. This growth was driven by a substantial uplift in new and repeat prescribers, with approximately 450 additional healthcare professionals writing their first ARCALYST prescription and 150 more writing multiple prescriptions. The company leveraged AI and machine learning for sales team insights, launched a targeted DTC campaign ('Heart's Home'), and disseminated the 2025 ACC concise clinical guidance, encouraging earlier ARCALYST use.

    02

    KPL-387 Phase II Data and Phase III Initiation

    Kiniksa announced positive data from the dose-focusing portion of the KPL-387 Phase II/III study in recurrent pericarditis. The 300mg monthly dose demonstrated rapid and sustained onset of action, with a median time to treatment response of 4 days, pain response of 4 days, and CRP normalization of 8 days. Based on these results, the pivotal Phase III PASTORALE study has been initiated and is actively enrolling and dosing patients, targeting a 2028-2029 commercial launch timeframe.

    03

    Pipeline Advancement with KPL-1161

    The company's Fc modified IL-1 alpha and beta inhibitor, KPL-1161, is progressing well. This program, designed for quarterly dosing, remains on track to initiate a Phase I study by the end of 2026. This early-stage asset represents another potential value-creating driver within Kiniksa's development portfolio.

    04

    Robust Financial Position

    Kiniksa maintains a strong financial position, ending Q2 FY26 with a cash balance of $525.9 million. This reflects $58 million of net cash generation for the period. Operating income and net income also saw year-over-year increases, driven by ARCALYST revenue growth, disciplined commercial investment, and increased R&D for pipeline advancement.

    05

    Market Penetration and Opportunity

    ARCALYST's penetration into the multiple recurrence patient population reached approximately 21% by the end of Q2 FY26, up from 18% at the end of 2025. With over 25,000 healthcare professionals managing recurrent pericarditis patients and a broad label, significant opportunity for continued growth remains. Approximately 80% of new ARCALYST prescriptions are for patients with two or more recurrences, while 20% are for first recurrence patients, a segment that is growing over time⏳.

    AI-generated summary of the company’s earnings call. Not investment advice.