Krystal Biotech (KRYS) Q4 2025 earnings summary

Executive summary

• Achieved strong commercial progress for VYJUVEK with launches in the U.S., Germany, France, Japan, and plans for Italy in 2H 2026, expanding access to over 20 countries and targeting 40+ by 2026.

• Delivered robust top-line and bottom-line growth, with net income and revenue increasing year-over-year and over $730 million in net VYJUVEK revenue since launch.

• Advanced multiple clinical programs across respiratory, ophthalmology, dermatology, oncology, and aesthetics, with two registrational trials ongoing and two more planned for 2026.

• Disciplined capital allocation and focus on measurable execution milestones underpin business strategy.

Financial highlights

• Q4 2025 net VYJUVEK revenue reached $107.1 million, up from $91.1 million in Q4 2024; full-year net revenue was $389.1 million, a 34% increase over 2024.

• Gross margin was 94% for both Q4 and the full year.

• Net income for Q4 was $51.4 million ($1.77 basic, $1.70 diluted EPS); full-year net income was $204.8 million ($7.08 basic, $6.84 diluted EPS), more than doubling from $89.2 million in 2024.

• Ended 2025 with $955.9 million in cash and investments.

Outlook and guidance

• Gross margins expected to remain in the 90%-95% range.

• 2026 non-GAAP R&D and SG&A expenses projected at $175-$195 million, up from $150.3 million in 2025, driven by global launches and pipeline development.

• Plans to expand VYJUVEK distribution to over 40 countries by end of 2026, with ongoing pricing negotiations in Europe and a potential Italy launch in 2H 2026.

• Multiple clinical data readouts and registrational study starts expected across the pipeline in 2026.