Revenue surged 55.4% year-over-year to $243.6M in 2026Q2, with gross margin at 54.2% and operating margin expanding to 11.2%.
Kiniksa Pharmaceuticals International, plc (KNSA) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 840.85M | 677.56M | 423.24M | 270.26M | 220.18M | 38.54M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 58.85% | 60.09% | 56.61% | 22.74% | 471.24% | - | - | - | - | - | - |
| Cost of Goods Sold | 382.7M | 307.41M | 60.91M | 56.52M | 22.89M | 9.1M | 3.81M | 3.28M | 286K | 28K | 22K |
| COGS % of Revenue | - | 45.37% | 14.39% | 20.91% | 10.4% | 23.61% | - | - | - | - | - |
| Gross Profit | 458.15M | 370.15M | 362.33M | 213.74M | 197.28M | 29.44M | -3.81M | -3.28M | -286K | -28K | -22K |
| Gross Margin % | 54.49% | 54.63% | 85.61% | 79.09% | 89.6% | 76.39% | - | - | - | - | - |
| Gross Profit Growth % | - | 2.16% | 69.52% | 8.34% | 570.03% | 873.82% | -16.04% | -1046.5% | -921.43% | -27.27% | - |
| Operating Expenses | 357.9M | 292.93M | 407.94M | 238.93M | 187.51M | 186.08M | 153.56M | 166.68M | 108.16M | 65.4M | 24M |
| OpEx % of Revenue | - | 43.23% | 96.39% | 88.41% | 85.16% | 482.77% | - | - | - | - | - |
| Selling, General & Admin | 230.9M | 196.27M | 168.01M | 129.43M | 97.95M | 85.95M | 43.92M | 33.75M | 21.56M | 9.04M | 6.56M |
| SG&A % of Revenue | - | 28.97% | 39.7% | 47.89% | 44.49% | 222.99% | - | - | - | - | - |
| Research & Development | 127.15M | 96.85M | 111.62M | 76.1M | 65.49M | 99.3M | 109.64M | 132.93M | 86.6M | 56.36M | 17.44M |
| R&D % of Revenue | - | 14.29% | 26.37% | 28.16% | 29.74% | 257.62% | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 128.31M | 33.41M | 24.07M | 835K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 100.25M | 77.22M | -45.62M | -25.2M | 9.77M | -156.64M | -157.36M | -169.96M | -108.16M | -65.4M | -24M |
| Operating Margin % | 11.92% | 11.4% | -10.78% | -9.32% | 4.44% | -406.38% | - | - | - | - | - |
| Operating Income Growth % | - | 269.28% | -81.04% | -357.81% | 106.24% | 0.46% | 7.41% | -57.14% | -65.38% | -172.48% | - |
| EBITDA | 102.04M | 78.78M | -43.92M | -22.86M | 12.18M | -154.28M | -153.56M | -166.68M | -107.87M | -65.37M | -23.98M |
| EBITDA Margin % | 12.14% | 11.63% | -10.38% | -8.46% | 5.53% | -400.27% | - | - | - | - | - |
| EBITDA Growth % | 1607.23% | 279.36% | -92.17% | -287.72% | 107.89% | -0.47% | 7.87% | -54.52% | -65.02% | -172.61% | - |
| D&A (Non-Cash Add-back) | 1.79M | 1.55M | 1.7M | 2.34M | 2.4M | 2.35M | 3.81M | 3.28M | 286K | 28K | 22K |
| EBIT | 110.3M | 88.87M | -36.15M | -16.65M | 11.03M | -156.54M | -156.23M | -163.91M | -108.16M | -65.4M | -24M |
| Net Interest Income | 13.22M | 11.65M | 9.46M | 8.54M | 1.25M | 97K | 1.13M | 6.05M | 0 | 0 | 0 |
| Interest Income | 13.22M | 11.65M | 9.46M | 8.54M | 1.25M | 97K | 1.13M | 6.05M | 4.72M | 529K | 65K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 14M | 11.65M | 9.46M | 8.54M | 1.25M | 97K | 1.13M | 6.05M | 4.72M | 529K | 65K |
| Pretax Income | 114.25M | 88.87M | -36.15M | -16.65M | 11.03M | -156.54M | -156.23M | -163.91M | -103.44M | -64.87M | -23.94M |
| Pretax Margin % | 13.59% | 13.12% | -8.54% | -6.16% | 5.01% | -406.13% | - | - | - | - | - |
| Income Tax | 33.59M | 29.86M | 7.04M | -30.74M | -172.34M | 1.39M | 5.15M | -2.05M | -214K | 2K | 36K |
| Effective Tax Rate % | 29.4% | 33.6% | -19.48% | 184.58% | -1563.01% | -0.88% | -3.3% | 1.25% | 0.21% | -0% | -0.15% |
| Net Income | 80.66M | 59.01M | -43.19M | 14.08M | 183.36M | -157.92M | -161.38M | -161.87M | -103.23M | -64.87M | -23.97M |
| Net Margin % | 9.59% | 8.71% | -10.21% | 5.21% | 83.28% | -409.72% | - | - | - | - | - |
| Net Income Growth % | 1583.88% | 236.61% | -406.68% | -92.32% | 216.11% | 2.14% | 0.3% | -56.81% | -59.12% | -170.61% | - |
| Net Income (Continuing) | 80.66M | 59.01M | -43.19M | 14.08M | 183.36M | -157.92M | -161.38M | -161.87M | -103.23M | -64.87M | -23.97M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.97 | 0.75 | -0.60 | 0.20 | 2.60 | -2.30 | -2.61 | -2.99 | -3.49 | -2.00 | -0.74 |
| EPS Growth % | 2350% | 225% | -400% | -92.31% | 213.04% | 11.88% | 12.71% | 14.33% | -74.5% | -170.27% | - |
| EPS (Basic) | - | 0.80 | -0.60 | 0.20 | 2.64 | -2.30 | -2.61 | -2.99 | -3.49 | -2.00 | -0.74 |
| Diluted Shares Outstanding | 83.4M | 78.98M | 71.42M | 71.92M | 70.42M | 68.58M | 61.84M | 54.05M | 29.55M | 32.47M | 32.47M |
| Basic Shares Outstanding | 77.58M | 74.2M | 71.42M | 70.06M | 69.38M | 68.58M | 61.84M | 54.05M | 29.55M | 32.47M | 32.47M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying KNSA stock.
For fiscal year 2025, Kiniksa Pharmaceuticals International, plc (KNSA) reported total revenue of $677.6M.
Kiniksa Pharmaceuticals International, plc (KNSA) is profitable, generating $59.0M in net income for the fiscal year ending 2025 with a net profit margin of 8.7%.
Kiniksa Pharmaceuticals International, plc (KNSA) reported an operating income of $77.2M, resulting in an operating profit margin of 11.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Kiniksa Pharmaceuticals International, plc (KNSA) generated $370.1M in gross profit for the year, representing a gross profit margin of 54.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
KPL-404 clinical execution risk
Metrics are mathematically derived from official filings.
ARCALYST Momentum Accelerates Sharply
Revenue surged 55.4% year-over-year to $243.6M in 2026Q2, per the latest quarterly report, marking the fourth consecutive quarter of accelerating growth and suggesting sustained demand for ARCALYST in recurrent pericarditis.
The sequential acceleration from 44.3% growth in 2025Q2 to 55.4% in 2026Q2 indicates that the commercial expansion is not merely a base effect but reflects deeper market penetration. The raised 2026 guidance to $980–$995 million implies management's confidence in continued momentum, though investors should monitor whether this pace is sustainable as the addressable patient pool matures.
Gross Margin Ceiling Reflects Profit Share
Gross margin held at 54.2% in 2026Q2, as reported in financial statements, well below the 80-90% typical for orphan drugs, likely due to the Regeneron profit-sharing arrangement that caps upside.
The stability of gross margin around 54-55% over the past year suggests that the profit share with Regeneron is a structural constraint rather than a temporary drag. While operating leverage has improved, the gross margin ceiling means that bottom-line expansion will depend on controlling SG&A and R&D rather than improving product economics.
Operating Leverage Emerging as Revenue Scales
Operating margin expanded to 11.2% in 2026Q2 from 9.8% in 2025Q4, based on reported figures, as SG&A grew only 36% against 55% revenue growth, indicating improving overhead efficiency.
The company has demonstrated that its commercial infrastructure can support higher revenue without proportional cost increases, a sign of operating leverage. However, the sequential dip from 13.7% in 2026Q1 to 11.2% in 2026Q2 suggests that R&D investment (up 49% quarter-over-quarter) may temper margin expansion in the near term.
Earnings Quality Supported by Operational Gains
Net income of $25.4M in 2026Q2, per the income statement, includes $11.6M in stock-based compensation, implying that cash earnings are stronger than GAAP suggests, but the tax rate and non-operating items warrant scrutiny.
The gap between operating income of $27.2M and net income of $25.4M is modest, indicating minimal non-operating drag. However, the SBC expense, which has averaged around $10M per quarter, represents a real dilution cost that investors should factor into valuation. The effective tax rate appears low, which may not be sustainable if the company becomes more profitable.
R&D Volatility Masks Underlying Discipline
R&D spending swung from $27.5M in 2026Q1 to $40.9M in 2026Q2, as disclosed in the latest filing, reflecting the lumpy nature of clinical trial costs, while SG&A has grown steadily with revenue.
The 49% quarter-over-quarter increase in R&D is likely tied to late-stage development of KPL-404, which is a critical pipeline asset. While this investment is necessary, it introduces near-term earnings volatility. SG&A, however, has grown at a slower pace than revenue, suggesting that the commercial organization is becoming more efficient.
2024Q4 Marked the Turn to Profitability
The transition from a $19.3M operating loss in 2024Q4 to a $27.2M operating profit in 2026Q2, based on reported figures, highlights the company's successful scaling of ARCALYST and the end of heavy launch-phase investment.
The inflection was driven by a combination of rapid revenue growth (from $122.5M to $243.6M) and a stabilization of operating expenses as a percentage of revenue. This shift has allowed the company to self-fund its pipeline, reducing reliance on external capital. The durability of this profitability will depend on maintaining revenue growth while managing R&D costs.
Sustainability of Growth and Margin Ceiling
Despite 55% revenue growth, gross margin remains capped near 54% due to the Regeneron profit share, and the reliance on a single product for nearly all revenue exposes the company to competitive and regulatory risks.
Short-sellers might argue that the market is extrapolating current growth rates without accounting for the eventual plateau in the recurrent pericarditis market or the potential entry of competitors. Additionally, the low gross margin relative to peers suggests that the company's profitability is structurally limited unless it can commercialize wholly-owned assets like KPL-404. The recent guidance raise could set a high bar that, if missed, would trigger a sharp correction.