Kiniksa Pharmaceuticals International (KNSA) TD Cowen 46th Annual Health Care Conference summary

Key growth drivers and commercial performance

• Achieved $677.6 million in cumulative net revenue for 2025, representing 62% year-over-year growth.

• Growth driven by increased patient adds, more prescribers, higher repeat prescribing, and longer therapy duration.

• Average treatment duration is approaching three years, reflecting a shift to chronic disease management.

• Guidance for 2026 is $920 million in cumulative net revenue, with continued focus on expanding prescriber base and patient penetration.

• Only 18% penetration in the multiple recurrence target market, with significant opportunity remaining.

Market penetration and physician engagement

• Over 4,150 unique prescribers reached, but 20,000–30,000 prescribers treat recurrent pericarditis annually.

• Dual strategy to increase both breadth (new prescribers) and depth (repeat prescribing) through sales, education, and digital initiatives.

• AI, machine learning, and digital marketing are being leveraged to expand reach and adoption.

• Recent clinical guidance and publications reinforce ARCALYST’s position after NSAIDs and colchicine, prior to corticosteroids.

• 20% of new enrollments are now for patients with their first recurrence, indicating earlier adoption.

Industry trends, headwinds, and payer dynamics

• Q1 typically faces headwinds from payer plan changes and co-pay resets, impacting gross-to-net.

• 2023 saw a unique Q1 due to Medicare Part D IRA changes, resulting in a one-time patient bolus.

• High payer approval rates and compliance support commercial fundamentals.