Krystal Biotech (KRYS) Q2 2026 earnings summary

Executive summary

• Achieved $119.2 million in global product revenue for VYJUVEK in Q2 2026, up 24% year-over-year, with strong demand and launches in the U.S., Europe, and Japan.

• Net income for Q2 2026 was $54.8 million, or $1.85 per basic share and $1.79 diluted EPS, up from $38.3 million in Q2 2025.

• Cash and investments totaled $1.1 billion at quarter-end, supporting ongoing pipeline and commercial investments.

• Advanced clinical pipeline with multiple registrational and early-stage programs in ophthalmology, respiratory, dermatology, oncology, and aesthetics.

• Expanded global footprint with launches, regulatory progress, and pricing negotiations in key international markets.

Financial highlights

• Q2 2026 product revenue was $119.2 million, up from $96.0 million in Q2 2025; gross margin improved to 95% from 93% year-over-year.

• Net income for Q2 2026 was $54.8 million, with diluted EPS of $1.79 (Q2 2025: $1.29); net income margin reached 46%.

• U.S. net revenue was $91.6 million for the quarter; Europe and Japan net revenue was $27.6 million.

• R&D expenses were $14.5 million and SG&A expenses were $39.9 million for Q2 2026.

• Cash and investments at June 30, 2026, totaled $1.1 billion.

Outlook and guidance

• FY 2026 non-GAAP R&D and SG&A expense guidance: $175–$195 million (excluding stock-based compensation); guidance unchanged.

• Anticipates continued global expansion, with launches and pricing outcomes in Germany, Italy, Spain by end of 2026, and France in 2027.

• Multiple registrational study readouts and starts expected in 2026–2027, including ophthalmology and rare disease programs.