Kiniksa Pharmaceuticals, Ltd. (KNSA) | Investment Case

1. Company Snapshot

1.a. 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.Its product candidates include ARCALYST, an interleukin-1alpha and interleukin-1beta, for the treatment of recurrent pericarditis, which is an inflammatory cardiovascular disease; Mavrilimumab, a monoclonal antibody inhibitor that completed Phase II clinical trials for the treatment of giant cell arteritis; Vixarelimab, a monoclonal antibody, which is in Phase 2a clinical trial for the treatment of prurigo nodularis, a chronic inflammatory skin condition; and KPL-404, a monoclonal antibody inhibitor of the CD40- CD154 interaction, a T-cell co-stimulatory signal critical for B-cell maturation, immunoglobulin class switching, and type 1 immune response.Kiniksa Pharmaceuticals, Ltd.

was incorporated in 2015 and is based in Hamilton, Bermuda.

Show Full description

1.b. Last Insights on KNSA

Kiniksa Pharmaceuticals' recent performance was driven by a consensus recommendation of "Moderate Buy" from eight research firms, with six analysts assigning a buy rating. The company's Arcalyst is expected to drive revenue growth, with 2026 guidance of $900-$920 million, approaching blockbuster status and supporting self-funding operations. Additionally, the company's pipeline evolution with KPL-387 aims to improve adherence, capture full economics, and expand the addressable market, with Phase 2 data in H2 2026 as a key catalyst.

1.c. Company Highlights

Last Price	46.5
Change Percentage	1.57%
Open	45.75
Previous Close	45.78
Market Cap ( Millions)	3451
Volume	755225
Year High	49.12
Year Low	18.25
M A 50	43.8
M A 200	37.26

FCF Yield	3.95%
Dividend Yield	0.00%
ROE	11.48%
Debt / Equity	1.67%
Net Debt / EBIDTA	-182.76%
Price To Book	6.08
Price Earnings Ratio	58.48
Price To FCF	25.29
Price To sales	5.09
EV / EBITDA	38.57

2. Kiniksa's Kinney Announces Strong Q4 2025 Results

Publication Date: Mar -09

                                    📋 Highlights
                                    ARCALYST Revenue Growth::
                                                65% YoY increase to $202.1M in Q4 2025, $677.6M for full year 2025 (62% growth).
Net Income Turnaround::
                                                $14.2M net income in Q4 2025 vs $8.9M net loss in Q4 2024.
Balance Sheet Strength::
                                                $414.1M cash reserves at year-end 2025, $170.4M net cash generated in 2025.
KPL-387 Clinical Timeline::
                                                Phase II data expected H2 2026, Phase III initiation and 2028–2029 launch target.
Market Potential for KPL-387::
                                                75% patient and 90% HCP preference for its target product profile.

                                

Financial Highlights

ARCALYST Commercial Execution

Pipeline Progress

Valuation Metrics

Regulatory Framework

Market Opportunity

3. NewsRoom

Kiniksa Pharmaceuticals International, plc (NASDAQ:KNSA) Receives Consensus Rating of “Moderate Buy” from Analysts

Mar -09

Source: defenseworld.net

Kiniksa Pharmaceuticals International Q4 Earnings Call Highlights

Feb -26

Source: defenseworld.net

Kiniksa Pharmaceuticals to Present at TD Cowen 46th Annual Health Care Conference

Feb -25

Source: globenewswire.com

Kiniksa Pharmaceuticals International, plc (KNSA) Q4 2025 Earnings Call Transcript

Feb -24

Source: seekingalpha.com

Kiniksa Pharmaceuticals International, plc (KNSA) Misses Q4 Earnings Estimates

Feb -24

Source: zacks.com

Kiniksa Pharmaceuticals Reports Fourth Quarter and Full Year 2025 Financial Results and Recent Portfolio Execution

Feb -24

Source: globenewswire.com

Kiniksa Pharmaceuticals to Report Fourth Quarter and Full Year 2025 Financial Results on February 24, 2026

Feb -19

Source: globenewswire.com

Kiniksa Pharmaceuticals International, plc (KNSA) Earnings Expected to Grow: Should You Buy?

Feb -17

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

Therapeutic Medicines

Expected Growth: 9.27%

Kiniksa Pharmaceuticals' Therapeutic Medicines segment growth of 9.27% is driven by increasing adoption of orphan disease treatments, strong pipeline of novel therapies, and strategic partnerships. Growing demand for rare disease treatments, expanding indications for existing products, and favorable regulatory environments also contribute to the segment's growth.

7. Detailed Products

ARO-C3

ARO-C3 is a novel, oral, small molecule inhibitor of phosphodiesterase-3 (PDE3) for the treatment of cardiovascular disease.

Mavrilimumab

Mavrilimumab is a human monoclonal antibody that targets granulocyte-macrophage colony-stimulating factor (GM-CSF), a key cytokine involved in the inflammation and immune response.

Vixarelimab

Vixarelimab is a human monoclonal antibody that targets the OX40 receptor, a key regulator of immune responses.

8. Kiniksa Pharmaceuticals, Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Kiniksa Pharmaceuticals, Ltd. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the ongoing research and development in the pharmaceutical industry.

Bargaining Power Of Customers

Kiniksa Pharmaceuticals, Ltd. has a diverse customer base, and no single customer has significant bargaining power, reducing the threat of customer bargaining power.

Bargaining Power Of Suppliers

Kiniksa Pharmaceuticals, Ltd. relies on a few key suppliers for raw materials and services, giving them some bargaining power, but the company's size and diversification mitigate this threat.

Threat Of New Entrants

The pharmaceutical industry is highly competitive, and new entrants can easily disrupt the market, posing a significant threat to Kiniksa Pharmaceuticals, Ltd.'s market share.

Intensity Of Rivalry

The pharmaceutical industry is highly competitive, with many established players and new entrants vying for market share, leading to a high intensity of rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	2.72%
Debt Cost	3.95%
Equity Weight	97.28%
Equity Cost	5.54%
WACC	5.49%
Leverage	2.79%

11. Quality Control: Kiniksa Pharmaceuticals, Ltd. passed 6 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Kiniksa Pharmaceuticals

A-Score: 5.2/10

Value: 0.9

Growth: 8.0

Quality: 7.2

Yield: 0.0

Momentum: 10.0

Volatility: 5.0

1-Year Total Return ->

Theravance Biopharma

A-Score: 5.2/10

Value: 3.2

Growth: 6.4

Quality: 7.0

Yield: 0.0

Momentum: 10.0

Volatility: 4.3

1-Year Total Return ->

Protagonist Therapeutics

A-Score: 4.9/10

Value: 0.2

Growth: 9.4

Quality: 7.9

Yield: 0.0

Momentum: 9.5

Volatility: 2.3

1-Year Total Return ->

Praxis Precision Medicines

A-Score: 4.7/10

Value: 6.0

Growth: 7.9

Quality: 4.7

Yield: 0.0

Momentum: 9.5

Volatility: 0.0

1-Year Total Return ->

Immunome

A-Score: 4.3/10

Value: 6.2

Growth: 5.2

Quality: 4.7

Yield: 0.0

Momentum: 8.5

Volatility: 1.3

1-Year Total Return ->

G1 Therapeutics

A-Score: 3.9/10

Value: 6.4

Growth: 6.6

Quality: 3.9

Yield: 0.0

Momentum: 6.0

Volatility: 0.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

6.18%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.49%

Kiniksa Pharmaceuticals, Ltd. - BMG5269C1010

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on KNSA

1.c. Company Highlights

Expensive

Strong Momentum

Average Growth

Earnings Miss

Revenues Beats

Earnings Beats

Medium Volatility

Revenues Miss

Fairly Valued

Stable Momentum

Higher Growth

2. Kiniksa's Kinney Announces Strong Q4 2025 Results

Financial Highlights

ARCALYST Commercial Execution

Pipeline Progress

Valuation Metrics

Regulatory Framework

Market Opportunity

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

Therapeutic Medicines

Expected Growth: 9.27%

7. Detailed Products

ARO-C3

Mavrilimumab

Vixarelimab

8. Kiniksa Pharmaceuticals, Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Kiniksa Pharmaceuticals, Ltd. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

46.5$

Current Price

46.5$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA