Kiniksa Pharmaceuticals International Plc Q3 FY2024 earnings call

• Kiniksa is a well-capitalized, growth-oriented company well-positioned for near and long-term success.
• Continued strong commercial performance with ARCALYST, including increased prescriber adoption and repeat prescriber growth.
• Increased full-year ARCALYST net sales guidance to $410 million to $420 million from the previous range of $405 million to $415 million.
• Enrollment and dosing of patients in the abiprubart Phase 2b study in Sjogren's disease, with clinical development fully funded in the current operating plan.
• Robust financial position supports growth investments in commercial initiatives, portfolio enhancements, and business development.
• ARCALYST collaboration has been profitable since the fourth quarter of 2021, enabling investments in commercial growth initiatives.
• In the third quarter, ARCALYST net product revenue was $112.2 million, a 73% year-over-year growth.
• Total prescribers since launch increased from approximately 2,300 in Q2 to approximately 2,550 in Q3; repeat prescriber rate increased to ~25%; average duration of therapy up to 27 months.
• High patient and physician satisfaction, with patient compliance above 85% and payer approval of completed cases greater than 90%.

The only product segment is ARCALYST. In the third quarter of 2024, ARCALYST net product revenue was $112.2 million, representing a 73% year-over-year growth. This revenue makes up 100% of the total revenue for the quarter.

• Increased full-year 2024 ARCALYST net sales guidance to $410 million to $420 million from $405 million to $415 million.
• Clinical development of abiprubart in Sjogren's disease is fully funded in the current operating plan.
• Expect to remain cash flow positive on an annual basis.

• Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from these statements.
• Risk factors can be found in the company's SEC filings.

Q: Regarding the penetration or market share in the first recurring patient.

A: Ross Moat mentioned the primary focus is the 14,000-patient population with two or more recurrences, but was pleased with 15% of prescriptions for first recurrence and ongoing efforts to drive penetration.

Q: How should we think about the growth rate from here in terms of the fourth quarter and next year?

A: Sanj Patel stated there's continued growth intent, with Q3 at $112.2 million and increased guidance.

Q: Can you remind us what gross to net were for the quarter and about patient flow?

A: Mark Ragosa noted year-to-date gross to net through the third quarter was 9.8%, and Ross Moat discussed patient duration and restart rates.

Q: Comment on guideline awareness of ARCALYST as a first treatment option for first recurrence and abiprubart timeline.

A: Ross Moat talked about the abiprubart study enrollment starting and guideline awareness in first recurrence treatment.

Q: About patient adds and duration by recurrence.

A: Ross Moat and John Paolini discussed patient adds from new and repeat prescribers, and duration differences by recurrence.

Q: About first recurrence prescribing trends.

A: Ross Moat discussed scattered prescribing trends and initiatives to improve earlier diagnosis.

Q: Regarding the plan for forward guidance conference.

A: Sanj Patel mentioned not finalizing plans but noting past practice of attending small healthcare conferences.