Krystal Biotech Stock Earnings Reports

Krystal reported continued commercial and pipeline momentum in Q3 2025. Net VYJUVEK revenue was $97.8M in the quarter and total post-launch VYJUVEK revenue now exceeds $623M; gross margin improved to 96% driven by U.S. manufacturing process optimizations. The company has >615 U.S. reimbursement approvals and >450 U.S. prescribers, an expanded sales force (fully hired; full impact expected in early 2026), and early European traction following launches in Germany and France (including ASMR III in France) and a completed pricing negotiation and launch in Japan. Krystal is building a global distributor network for rest-of-world markets. Pipeline progress includes FDA platform therapy designation for the HSV-1 gene delivery platform (applied to KB801), multiple near-term readouts (KB407 cystic fibrosis: interim molecular data before year-end; KB801 for neurotrophic keratitis and KB803 for ocular DEB lesions expected mid-2026), ongoing KB408 repeat-dosing AATD work, oncology program KB707 advancing toward an end-of-Phase II FDA meeting and possible Phase III pathway, and a newly cleared IND for KB111 (Hailey-Hailey disease) with a Phase 1 intra-patient randomized study planned for H1 2026. Financially, non-GAAP R&D and SG&A full-year guidance was narrowed to $145M–$155M; the company released a majority of a valuation allowance (one-time tax benefit) and benefited from a one-time reversal of an R&D capitalization rule. Q3 net income included nonrecurring items; cash and investments were ~$864M at quarter-end, positioning the company to fund global launches and multiple clinical programs. Management will not provide 2026 revenue guidance at this time and expects some quarter-to-quarter revenue variability as global launches scale.