Krystal Biotech (KRYS) Goldman Sachs 45th Annual Global Healthcare Conference summary

Key surprises and commercial progress

• Compliance rates have exceeded expectations, with over 90% adherence reported in the first 15–18 months post-launch.

• Access to both commercial and government channels has been easier than anticipated, with nearly universal coverage achieved.

• Many patients lacked up-to-date genetic sequencing, impacting onboarding timelines.

• Patient experience has been positive, with efficacy seen across all wound types and sizes.

• Home dosing has contributed to high compliance, especially for severe cases.

Market penetration and growth outlook

• Tracking toward 60% market penetration within two years of launch, in line with industry benchmarks.

• Initial target population modeled slightly above 1,200 patients, with ongoing efforts to identify more.

• Family-based outreach and data analytics are being used to find additional patients, with a more significant push expected in 2025.

• Physician receptivity is high, with most prescribing quickly; less than 10% are more cautious.

• Long-term extension data expected in the second half of the year will reinforce safety and efficacy.

Access, reimbursement, and operational updates

• Permanent J-code implementation resolved prior reimbursement delays, now considered a tailwind.

• Time from script to treatment is under two months, with a goal to reduce to under one month by late 2023.

• Price cap for commercial patients is managed quarterly, with minimal expected impact for long-term holders.

• Coverage now extends to 98–99% of lives, with no significant access issues.