Kiniksa Pharmaceuticals International, PLC has reported its financial results for the third quarter of 2024, showcasing significant growth and positive developments in its portfolio. Let's dive into the numbers.
Arcalyst, the company's key product, achieved a notable 73% year-over-year growth in net product revenue for Q3 2024, reaching $112.2 million. Since its launch in April 2021, over 2,550 prescribers have written Arcalyst prescriptions for recurrent pericarditis. Additionally, the average total duration of Arcalyst therapy in recurrent pericarditis increased to approximately 27 months by the end of Q3 2024.
In terms of financial performance, Kiniksa's total revenue for Q3 2024 amounted to $112.2 million, marking a substantial increase from $67.0 million in Q3 2023. Operating expenses for the same period totaled $121.9 million, compared to $78.0 million in Q3 2023. The net loss for Q3 2024 was $12.7 million, a slight improvement from the net loss of $13.9 million in Q3 2023.
Looking ahead, Kiniksa has revised its 2024 financial guidance, now expecting Arcalyst net product revenue to range between $410 million and $420 million, up from the previous guidance of $405 million to $415 million. Moreover, the company anticipates remaining cash flow positive on an annual basis, indicating a strong financial outlook.
Notably, Kiniksa has also launched a disease awareness campaign called Life Disrpted, aimed at promoting early diagnosis and treatment of recurrent pericarditis. This initiative has garnered support from notable figures such as NHL Hall-of-Famer Henrik Lundqvist and Grammy award-winning singer-songwriter Carly Pearce.
The market has reacted to these announcements by moving the company's shares -13.8% to a price of $23.79. For the full picture, make sure to review Kiniksa Pharmaceuticals International's 8-K report.
