Shares of Kiniksa Pharmaceuticals International climbed after the company reported higher-than-expected profit and revenue in the latest quarter, driven by improving sales of its treatment for a rare heart condition.
The stock rose 16%, to $84.30, in premarket trading Tuesday. Through Monday's close, shares are up nearly 77% year to date.
The biopharmaceutical company before the bell reported a third-quarter profit of $47.3 million, up from $18.4 million a year earlier. Quarterly earnings of 56 cents a share came in ahead of the 37 cents a share that analysts polled by FactSet expected.
Total revenue jumped 58% to $286 million, topping Wall Street models for $260.7 million.
Kiniksa has benefited from the commercialization of Arcalyst, its treatment for recurrent pericarditis. Pericarditis is inflammation of the pericardium--a thin, two-layer sac that helps hold the heart in place and protects it.
Chief Executive Sanj Patel said strong commercial execution led to gains in patient and physician adoption, positioning Arcalyst to achieve blockbuster status this year. At the same time, the company continues to make progress bringing other in-development treatments to market.
For the year, Kiniksa now expects net sales of Arcalyst to come in between $1.045 billion and $1.05 billion, up from a previous forecast of $980 million to $995 million.
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