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Joyce Chang

Research Analyst at JPMorgan Chase & Co.

Joyce Chang is the Chair of Global Research at J.P. Morgan’s Commercial and Investment Bank, specializing in macro, fixed income, cross-asset, emerging markets, and geopolitical research across equities, fixed income, currency, commodities, derivatives, and structured finance. She earned 25 #1 rankings in Institutional Investor surveys for Emerging Markets research from 1997 through 2012 and was inducted into the Fixed Income Analyst Society Hall of Fame in 2014, with J.P. Morgan's Global Research team consistently ranked top by Institutional Investor including #1 in 2022 for global, equity, and fixed income research. Chang began her career as an Emerging Markets Strategist, served as a Managing Director at Merrill Lynch and Salomon Brothers before joining J.P. Morgan Chase in 1999, advanced to Global Head of Fixed Income Research, then Global Head of Research from 2014 to 2019, and now holds her current role with over 35 years of experience. She holds an M.P.A. from Princeton University and a B.A. from Columbia University, where she received the John Jay Award for professional achievement.

Joyce Chang's questions to Kiniksa Pharmaceuticals International (KNSA) leadership

Question · Q4 2025

Joyce Chang, on behalf of Anupam Rama, followed up on KPL-387, asking about the anticipated enrollment curve for the Phase III portion after completing Phase II, and if there are differences in patient types being enrolled compared to the RHAPSODY study now that ARCALYST is on the market.

Answer

Chief Medical Officer John Paolini explained that KPL-387 is a global study enrolling diverse recurrent pericarditis patients, noting ARCALYST is currently only available in the U.S. He reiterated guidance for Phase II data in the second half of 2026 and potential drug availability in 2028-2029, but did not provide specific guidance on Phase III initiation or enrollment curves at this time.

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