Q3 2024 Kiniksa Pharmaceuticals Ltd Earnings Call

In This Article:

Participants

Jonathan Kirschenbaum; Investor Relations; Kiniksa Pharmaceuticals Ltd

Sanj K. Patel; CEO & Chairman of the Board; Kiniksa Pharmaceuticals Ltd

Ross Moat; Chief Commercial Officer; Kiniksa Pharmaceuticals Ltd

Mark Ragosa; Chief Financial Officer; Kiniksa Pharmaceuticals Ltd

John Paolini; Chief Medical Officer; Kiniksa Pharmaceuticals Ltd

Roger Song; Analyst; Jefferies

Liisa Bayko; Analyst; Evercore ISI

Paul Choi; Analyst; Goldman Sachs

Eva Forteo Verdejo; Analyst; Wells Fargo

David Nierengarten; Analyst; Wedbush Securities

Anupam Rama; Analyst; JP Morgan

Presentation

Operator

Good day. And thank you for standing by. Welcome to the Kiniksa Pharmaceuticals third quarter, 2024 earnings conference call. At this time all participants are in a listen-only mode. Please be advised that today's conference is being recorded after the speaker's presentation. There will be a question and answer session to ask a question. Please press star 11 on your telephone and wait for your name to be announced. To withdraw your question. Please press star 11 again. I would now like to hand the conference over to your speaker today, Jonathan Kirschenbaum Investor Relations.

Jonathan Kirschenbaum

Thank you operator. Good morning, everyone and thank you for joining Kiniksa call to discuss our third quarter, 2024 financial results and recent portfolio execution. A press release highlighting these results can be found on our website under the investors section.
As for the agenda, our Chief Executive Officer Sanj K Patel will start with an introduction, Ross Moat, our Chief Commercial Officer will provide an update on our commercial execution. Then Mark Ragosa, our Chief Financial Officer will review our third quarter 2024 financial results. And finally Sanj will return for closing remarks and to kick off the Q&A session for which John Paolini, our Chief Medical Officer and Eben Tessari, our Chief Operating Officer will also be on the line. Before getting started, please note that we will be making forward-looking statements today that are subject to risks and uncertainties that may cause actual results to differ materially from these statements. Our review of such statements and risk factors can be found on this slide as well as under the caption. Risk factors contained in our SEC filings. These statements speak only as of the date of this presentation and we undertake no obligation to update such statements except as required by law. With that, I'll turn it over to Sanjh.

Sanj K. Patel

Thanks Jonathan and good morning everyone.
Kiniksa is a well capitalized growth orientated company that's well positioned for near and long term success. In the third quarter we continued to drive strong commercial performance with Arcalyst including increased prescriber adoption and repeat prescriber growth.
Patients and physicians continue to report high levels of satisfaction with Arcalyst and our market building activities are positioning us to provide that positive experience to more patients in need.
Importantly, as we head into the end of the year, we are increasing our full year Arcalyst net sales guidance to between $410million to $420 million. From the previous guidance range of $405million to $415 million. In our pipeline we continue to enroll and dose patients in the Abiprubat phase two B study in Sjogren's disease.
Clinical development of a group art is fully funded in our current operating plan.
Importantly, our robust financial position and expectation of positive annual cash flow support growth investments across our business including commercial initiatives, portfolio enhancement and value adding business development, which remains a key part of our strategy.
Commercially, the third quarter saw a continuation of our sequential growth.
We saw a 73% year over year growth with Arcalyst. Ultimately delivering $112.2million of net product revenue for the quarter.
The continued growth over the past 3.5 years is a testament to our team and our commercial organization.
We are well positioned to maximize the potential of Arcalyst, the only FDA approved therapy for recurrent pericarditis.
The collaboration has been profitable since the fourth quarter of 2021 enabling further investments in commercial growth oriented initiatives across multiple channels including our salesforce, patient and physician disease education and brand awareness.
In the third quarter, the impact of these investments contributed to increases in key commercial drivers. These are total prescribers since launch increased from approximately 2,300 in Q2 to approximately 2,550 in Q3.
Importantly, we also saw an increase in the repeat prescriber rate with approximately 25% of prescribers. Since launch writing multiple prescriptions.
Additionally, prescribers appear to appreciate that recurrent pericarditis is a debilitating chronic disease that should be treated to the duration of the underlying autoinflammation.
This is reflected by the increase in the total average duration of therapy to 27 months as of the end of Q3. Continued strength across our underlying fundamentals also supported the Q3 commercial performance.
We continue to observe high patient and physician satisfaction with patient compliance remaining above 85% and greater than 90% payer approval of completed cases.
With that, I'll turn it over to Ross to provide an overview of how we plan to provide additional growth with Arcalyst. Ross.

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