Krystal Biotech (KRYS) Q3 2026 earnings summary

Executive summary

• Q3 VYJUVEK revenue rose 30% YoY to $127.3M; diluted EPS was $2.05 and operating income increased 72% to $71.1M.

• Cumulative VYJUVEK net revenue since launch reached $1,093.3M; cash, cash equivalents and investments totaled $1,194.2M at September 30, 2026.

• Pipeline advanced across dermatology, ophthalmology, respiratory disease and oncology; a $400M share repurchase program was authorized.

Financial highlights

• Q3 net product revenue was $127.3M vs. $97.8M; 9M revenue was $362.9M vs. $282.0M, up 29%.

• Q3 operating income was $71.1M vs. $41.4M; net income was $63.1M vs. $79.4M. 9M net income was $173.8M vs. $153.4M.

• Q3 R&D expense was $14.9M vs. $14.6M; SG&A was $33.7M vs. $37.6M, including $3.0M of litigation-cost insurance proceeds.

• 9M operating cash flow was $246.4M vs. $123.4M; cash and cash equivalents were $462.8M at quarter-end.

• FY 2026 non-GAAP combined R&D and SG&A guidance was reduced to $155M-$165M, excluding stock-based compensation.

Outlook and guidance

• Italy launch is expected in early 2027; a Spain pricing decision is expected before year-end 2026, while France negotiations may continue into 2027.

• KB803 IOLITE last-patient visit is expected in February 2027, with top-line results shortly afterward; KB801 EMERALD-1 enrollment completion and results are expected in 2027.

• KB407 repeat-dose interim results are expected in H1 2027, with a registrational study targeted for 2027; KB408 interim results are expected in 2027.

• KB111 HALITE-1 interim results are expected before year-end 2026; an FDA meeting is expected in Q1 2027, with a registrational study targeted later in 2027.

• KYANITE-1 aims to enroll 70 patients at the selected KB707-plus-chemotherapy regimen by mid-2027.