Arcalyst Guidance Raised to $1.05B as Q3 Revenue Beats by $25M; Shares Jump 20%
KNSA has more than doubled off its 52-week low of $35.2.
Summary
Kiniksa beat Q3 expectations and lifted full-year Arcalyst guidance to $1.045B-$1.05B from $985M-$995M, putting the drug on blockbuster footing. Revenue came in at $286M, about 58% higher year over year and $25.4M above consensus, with net income more than doubling to $47.3M and operating margin expanding to roughly 19% from 13%. About 23% of the 14,000 annual multiple-recurrence patients are now on therapy, which is the adoption number that drives the guidance. The stock jumped nearly 20% to a new 52-week high, extending the momentum from Q2, when Arcalyst revenue grew 55% and guidance was first raised to $980M-$995M. Regeneron is the partner on Arcalyst but the commercial and financial impact here lands on Kiniksa.
At the time of this announcement, KNSA was trading at $87.37 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $6.8B. The 52-week trading range was $35.20 to $88.03. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.