On Monday, Goldman Sachs reiterated its Buy rating on Kiniksa Pharmaceuticals (NASDAQ:KNSA) shares with a steady price target of $32.00. The firm's analyst highlighted Kiniksa's preliminary financial results for the fiscal year 2024, which showed Arcalyst revenue surpassing expectations.
Kiniksa reported a preliminary revenue of $416.4 million for FY24, which is a 79% increase compared to FY23 and slightly higher than the Goldman Sachs and Visible Alpha consensus estimates of $406.8 million and $411.2 million, respectively.
In addition, Kiniksa provided guidance for Arcalyst revenue in FY25, projecting between $560 million and $580 million. This forecast is notably higher than Goldman Sachs's prediction of $529 million but only modestly exceeds the consensus estimate, with a 2.5% increase at the midpoint. The analyst commended Kiniksa for its commercial execution with Arcalyst, considering it one of the more successful recent launches.
Despite the positive performance and guidance, the analyst noted that consensus estimates appear to have already adjusted to Kiniksa's strong commercial results, as seen in the slight guidance beat. The focus for stock movement is expected to shift towards updates on the abiprubart program for Sjögren's disease, a condition currently without an approved FDA therapy.
The report concluded by maintaining a Buy rating and a 12-month price target of $32, reflecting confidence in Kiniksa's commercial strategy and potential future developments within its product pipeline.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.