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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.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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