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Krystal Biotech (KRYS) investor relations material

Krystal Biotech Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary3 Nov, 2025

Executive summary

  • Achieved $97.8 million in Vyjuvek net product revenue for Q3 2025, with launches expanding in Germany, France, and Japan, and strong U.S. performance supported by an updated label and growing reimbursement approvals.

  • Net income for Q3 2025 was $79.4 million, up significantly year-over-year, driven by higher sales, improved gross margin, and a one-time non-cash tax benefit.

  • The company is advancing a broad clinical pipeline, including programs in cystic fibrosis, alpha-1 antitrypsin deficiency, ophthalmology, oncology, dermatology, and aesthetics, with near-term readouts expected.

  • FDA granted platform technology designation for the HSV-1 gene delivery platform, currently for KB801, and approved an updated Vyjuvek label expanding eligible patient population and dosing flexibility.

  • Maintains a strong cash position with $864.2 million in cash and investments at quarter end.

Financial highlights

  • Q3 2025 product revenue was $97.8 million, up from $83.8 million in Q3 2024; nine-month revenue reached $282.0 million, up from $199.4 million year-over-year.

  • Gross margin for Q3 2025 was 96%, up from 92% in Q3 2024, due to U.S. manufacturing process optimizations.

  • Net income for Q3 2025 was $79.4 million (EPS basic $2.74, diluted $2.66), up from $27.2 million in Q3 2024; nine months net income was $153.4 million (EPS basic $5.31, diluted $5.14).

  • R&D expenses for Q3 2025 were $14.6 million; SG&A expenses were $37.6 million; non-cash stock-based compensation was $13.2 million.

  • Cash and investments totaled $864.2 million as of September 30, 2025.

Outlook and guidance

  • Expect continued steady growth in Vyjuvek patient inclusion in Europe and modest contribution from Japan in 2025, with greater impact in 2026.

  • Full-year non-GAAP R&D and SG&A guidance revised to $145–$155 million, excluding stock-based compensation.

  • No revenue guidance for 2026 due to multiple ongoing launches and distribution complexity.

  • Interim results for cystic fibrosis program (KB407) expected in Q4 2025, with additional pipeline updates in 2026.

  • Cash position sufficient to fund operations for at least 12 months from the filing date.

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Frequently asked questions

Krystal Biotech Inc., known as Krystal Biotech, is a biotechnology firm engaged in the development and commercialization of genetic medicines targeting rare and serious diseases. The company focuses on creating treatments using gene therapy approaches, with a significant emphasis on dermatological conditions. Its product pipeline includes innovative therapies such as bercolagene telserpavec (B-VEC) for dystrophic epidermolysis bullosa, a severe skin disorder, and other treatments targeting conditions like autosomal recessive congenital ichthyosis and aesthetic skin conditions. Utilizing its proprietary skin TARgeted Delivery (STAR-D) platform, Krystal Biotech aims to advance treatments for various skin diseases, leveraging gene therapy's potential to offer long-term solutions. The company is headquartered in Pittsburgh, Pennsylvania, and its shares are listed on the NASDAQ under the ticker symbol KRYS.

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