[2Q26 EPS Preview] KNSA Arcalyst Growth Continues as Focus Shifts to Monthly

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[2Q26 EPS Preview] KNSA Arcalyst Growth Continues as Focus Shifts to Monthly

USA | Biotechnology

Kiniksa EquityJulyResearch10, 2026

TARGET | ESTIMATE CHANGE[2Q26 EPS Preview] KNSA Arcalyst Growth

RATING BUYContinues as Focus Shifts to Monthly

PRICE $65.38^

Arcalyst's growth trajectory remains strong, driven by expanding physician

adoption, repeat users, and on-label uptake in first-recurrence RP. We see PRICE TARGET | % TO PT $78.00 ($71.00) | +19%

potential for Co's newly launched DTC campaign (April) to accelerate future 52W HIGH-LOW $67.53 - $26.27

pt demand, but may be too early to impact Q2 earnings. Looking ahead, the FLOAT (%) | ADV MM (USD) 56.6% | 58.47

2H26 KPL-387 Ph2 readout remains a key catalyst that could de-risk Ph3 MARKET CAP $5.0B

development and establish KNSA's next growth franchise. TICKER KNSA ^Prior trading day's closing price unless otherwise

noted.

Bottom line. KNSA continues to execute on its durable commercial franchise with an increasingly

compelling pipeline narrative. Following a stellar Q1 performance where Arcalyst revenue rose 56%

FY (Dec) CHANGE TO JEFe JEF vs CONS

YoY to $214.3M, mgmt raised FY26 sales guidance to $930-945M. Heading into Q2, we will be

2026 2027 2026 2027

focused on continued RP penetration and any early signs of increased pt engagement from Co's

new "Heart's Home" DTC campaign. Pipeline-wise, Co has a key upcoming Ph2 readout 2H26 for REV NM NA NA NA

KPL-387, which has the potential to validate a differentiated once-monthly IL-1 franchise and de-risk EPS -12% -12% NA NA

Ph3 initiation by YE26. We update model with slightly higher peak sales to reflect strong commercial

momentum + monthly high potential, and raise PT to $78 from $71. 2026 ($) Q1A Q2 Q3 Q4 FY

EPS 0.30 0.29 0.33 0.37 1.29

Commercial trajectory.