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Dec 31, 2025
Krystal Biotech Q4 2025 Earnings Report
Krystal Biotech reported its financial and operating results for the fourth quarter and full year ended December 31, 2025.
Key Takeaways
Krystal Biotech delivered strong financial results in Q4 2025, with VYJUVEK net product revenue reaching $107.1 million and a high gross margin of 94%. The company also made significant progress in its pipeline, securing RMAT designation for KB707 and Fast Track Designation for KB111, while maintaining a robust cash position.
VYJUVEK net product revenue for Q4 2025 was $107.1 million, contributing to a full-year total of $389.1 million.
The company ended the quarter with a strong balance sheet, holding $955.9 million in cash and investments.
KB707 received Regenerative Medicine Advanced Therapy (RMAT) designation for advanced NSCLC, and KB111 received Fast Track Designation for HHD.
Over 660 reimbursement approvals for VYJUVEK were secured in the United States, with steady uptake in Germany, France, and Japan.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Krystal Biotech provided guidance for FY 2026 Non-GAAP Research and Development and Selling, General and Administrative expenses, projecting a range of $175.0 million to $195.0 million.
Positive Outlook
- Expects to align on CORAL-3 study design with the FDA and start enrollment in 1H 2026 for KB407.
- Anticipates completing enrollment in IOLITE study for KB803 in 1H 2026 and reporting top-line results before year-end.
- Plans to announce data for EMERALD-1 study for KB801 before year-end.
- Aims to complete development and validation of an HHD-specific evaluation scale in 1H 2026 and initiate a registrational study for KB111 in 2H 2026.
- Expects to report interim efficacy data and potential registrational study plans for inhaled KB707 later this year.
Challenges Ahead
- Pricing discussions with German reimbursement authorities are ongoing and expected to continue until at least 2H 2026.
- Pricing discussions with French reimbursement authorities are ongoing and expected to continue until at least 2027.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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