olivLaw · US equity research
Krystal Biotech, Inc. KRYS
Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)
Krystal Biotech is a commercial-stage biotechnology company developing and selling gene therapies built on an engineered herpes simplex virus type 1 vector, with VYJUVEK for dystrophic epidermolysis bullosa as its first product. As sales grow and launches extend into Europe and Japan, the company is broadening its pipeline in eye, lung and skin disease.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 02 Nov 2026, Krystal Biotech, Inc. (KRYS) stock was 295.90 USD (−10.95% on the day), with market capitalisation 8.8 bn USD, P/E 40.2 on diluted EPS of 7.37 USD over the last 12 months, beta 0.86, 52-week range 197.85–378.15 USD. Latest reported quarter (Q3 2026): revenue of 127.3 m USD (+30.2% YoY), net income of 63.1 m USD (−20.5% YoY), diluted EPS 2.05 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.8
- weak (30–45)
- Bollinger (20, 2)
- 305.63 – 339.23
- below the lower band · %B -0.29 · band width 10.4%
- SMA 50 / 200
- 336.45 / 308.60
- mixed trend
- MACD (12, 26, 9)
- -5.42 / -4.96
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.2% | −2.3% | −5.8 pp | — |
| 3 months | −5.3% | −0.8% | −4.6 pp | — |
| 6 months | +3.1% | +4.7% | −1.6 pp | — |
| Year to date | +20.0% | +10.2% | +9.9 pp | — |
| 1 year | +49.8% | +10.3% | +39.6 pp | −4.1% |
| 3 years | +142.2% | +73.0% | +69.2 pp | +6.4% |
| 5 years | +460.8% | +61.8% | +399.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 91.1 m | 88.2 m | 96.0 m | 97.8 m | 107.1 m | 116.4 m | 119.2 m | 127.3 m |
| Research & development | 13.5 m | 14.3 m | 14.4 m | 14.6 m | 14.8 m | 15.3 m | 14.5 m | 14.9 m |
| SG&A | 31.3 m | 32.6 m | 35.1 m | 37.6 m | 41.4 m | 41.0 m | 39.9 m | 33.7 m |
| Operating income | 41.4 m | 36.3 m | 39.4 m | 41.4 m | 44.3 m | 53.7 m | 58.4 m | 71.1 m |
| Pre-tax income | 48.6 m | 43.6 m | 46.8 m | 48.0 m | 51.1 m | 61.4 m | 66.1 m | 80.1 m |
| Income tax | 3.1 m | 7.9 m | 8.4 m | -31.4 m | -269.0 k | 5.5 m | 11.3 m | 17.1 m |
| Net income | 45.5 m | 35.7 m | 38.3 m | 79.4 m | 51.4 m | 55.9 m | 54.8 m | 63.1 m |
| Diluted EPS | 1.52 ≈ | 1.20 | 1.29 | 2.66 | 1.70 ≈ | 1.83 | 1.79 | 2.05 |
| Operating cash flow | 52.8 m | 31.0 m | 52.7 m ≈ | 39.7 m ≈ | 77.5 m | 80.4 m | 74.8 m ≈ | 91.2 m ≈ |
| Capex | 801.0 k | 6.2 m | 1.9 m ≈ | 1.7 m ≈ | 2.1 m | 7.1 m | 3.6 m ≈ | 996.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 12-quarter history (min 26.5, median 45.9, max 1,524.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | 0 | 0 | 50.7 m | 290.5 m | 389.1 m |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +473.0% | +33.9% |
| Net income | -10.9 m | -19.1 m | -32.2 m | -69.6 m | -140.0 m | 10.9 m | 89.2 m | 204.8 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +715.6% | +129.7% |
| Diluted EPS | unavailable | unavailable | -1.71 | -3.13 | -5.49 | 0.39 | 3.00 | 6.84 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +669.2% | +128.0% |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | 21.6% | 30.7% | 52.6% |
| Free cash flow | -11.7 m | -25.1 m | -40.9 m | -116.3 m | -153.5 m | -100.6 m | 119.2 m | 188.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 496.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.2 bn USD
- Total assets
- 1.3 bn USD
- Debt / equity
- unavailable
- Current ratio
- 9.95x
- ROE
- 18.9%
- ROA
- 17.1%
- FCF margin
- 48.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | 0 | 0 | 50.7 m | 290.5 m | 389.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Research & development | 17.9 m | 27.9 m | 42.5 m | 46.4 m | 53.6 m | 58.0 m | SEC (XBRL)· 17 Feb 2026verified |
| SG&A | — | — | 77.7 m | 98.3 m | 113.6 m | 146.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Operating income | -33.0 m | -68.3 m | -145.2 m | -109.6 m | 65.7 m | 161.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 1.9 m | 2.8 m | 4.1 m | — | — | — | SEC (XBRL)· 27 Feb 2023verified |
| EBITDA | -31.1 m ≈ | -65.5 m ≈ | -141.1 m ≈ | — | — | — | SEC (XBRL)· 27 Feb 2023derived |
| Interest expense | 0 | 1.5 m | 0 | 0 | — | — | SEC (XBRL)· 26 Feb 2024verified |
| Pre-tax income | — | -69.6 m | -140.0 m | 12.9 m | 95.4 m | 189.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 0 | 0 | 0 | 2.0 m | 6.2 m | -15.4 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | -32.2 m | -69.6 m | -140.0 m | 10.9 m | 89.2 m | 204.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | -1.71 | -3.13 | -5.49 | 0.39 | 3.00 | 6.84 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 18.8 m | 22.2 m | 25.5 m | 27.8 m | 29.7 m | 30.0 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 268.3 m | 341.2 m | 161.9 m | 358.3 m | 344.9 m | 496.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Receivables | — | — | 0 | 42.0 m | 104.7 m | 127.4 m | SEC (XBRL)· 17 Feb 2026verified |
| Inventories | — | — | 0 | 7.0 m | 26.5 m | 40.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | 275.1 m | 442.3 m | 383.8 m | 587.9 m | 742.0 m | 1.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | 30.9 m | 112.4 m | 161.7 m | 161.2 m | 155.2 m | 150.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 310.8 m | 626.3 m | 558.5 m | 818.4 m | 1.1 bn | 1.3 bn | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | 2.1 m | 8.4 m | 4.0 m | 4.1 m | 5.0 m | 3.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 15.5 m | 25.7 m | 28.8 m | 33.1 m | 102.0 m | 102.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Total liabilities | 18.8 m | 32.7 m | 36.2 m | 39.7 m | 109.5 m | 114.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 292.1 m † | 593.6 m † | 522.2 m † | 778.6 m † | 946.4 m † | 1.2 bn † | SEC (XBRL)· 17 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -26.1 m | -47.9 m | -100.6 m | -88.8 m | 123.4 m | 200.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 14.8 m | 68.3 m | 53.0 m | 11.8 m | 4.2 m | 12.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | -40.9 m ≈ | -116.3 m ≈ | -153.5 m ≈ | -100.6 m ≈ | 119.2 m ≈ | 188.9 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | -11.2 m | -226.8 m | -114.1 m | 82.6 m | -163.4 m | -58.4 m | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | 118.0 m | 347.7 m | 35.3 m | 202.8 m | 27.0 m | 8.7 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 8.8 bn USD
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 156.66 – 185.92 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E156.66 – 185.92 (Mid 158.89)3 companies used · median multiple 21.6x · quartiles 21.3x – 25.2xAMGN, EXEL, NBIX
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 47.9% | 97 (vs peers) | 18% |
| FCF conversion · Quality | 137.7% | 100 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 7.9x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 40.2x | 43 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.5% | 44 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality98/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation43/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Krystal Biotech, Inc. (KRYS). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 389.1 m USD in 2025; YoY growth 33.9%; net margin 47.9%; ROE 17.5%.
The estimated value range is 156.66–185.92 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 158.89 USD, the price of 295.90 USD leaves a potential of -46.3% (value / price − 1) and a margin of safety of -86.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 47.9%
- FCF conversion: 137.7%
- Current ratio: 7.9x
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMGNAmgen Inc. | 251.6 bn | 28.9 | 91.5% | 23.0% | +10.0% | +35% / +73% |
| GILDGilead Sciences, Inc. | 211.3 bn | — | -22.3% | -12.5% | +2.4% | +35% / +122% |
| MRNAModerna, Inc. | 88.2 bn | — | -39.0% | -141.4% | −39.9% | +750% / +184% |
| ARGXArgenx Se | 54.1 bn | 44.7 | 20.2% | — | +254.4% | −4% / +94% |
| RVMDRevolution Medicines, Inc. | 40.3 bn | — | -79.1% | — | unavailable | +142% / +707% |
| BIIBBiogen Inc. | 36.8 bn | 106.4 | 1.9% | 3.4% | +2.2% | +37% / +6% |
| MESOMesoblast Limited | 18.9 bn | — | -19.0% | -593.9% | +191.4% | −16% / +435% |
| EXELExelixis, Inc. | 17.1 bn | 21.0 | 44.3% | 35.5% | +7.0% | +59% / +222% |
| NBIXNeurocrine Biosciences, Inc. | 14.7 bn | 21.6 | 20.4% | 19.0% | +21.4% | −4% / +25% |
| KRYSKrystal Biotech, Inc. | 8.8 bn | 40.2 | 17.5% | 47.9% | +33.9% | +50% / +142% |
| CGONCG Oncology, Inc. | 5.5 bn | — | -26.4% | -3,602.7% | +254.7% | +38% / unavailable |
| CRSPCrispr Therapeutics AG | 4.8 bn | — | -25.6% | -1,812.1% | −90.6% | −7% / −25% |
| RLAYRelay Therapeutics, Inc. | 3.8 bn | — | -36.8% | -2,763.6% | +53.4% | +118% / +118% |
| IOVAIovance Biotherapeutics, Inc. | 3.6 bn | — | -40.4% | -89.1% | +60.6% | +225% / +32% |
| VCELVericel Corporation | 2.1 bn | 95.9 | 7.2% | 7.9% | +16.5% | +1% / +14% |
| MAZEMaze Therapeutics, Inc. | 1.7 bn | — | -37.3% | -5,343.6% | unavailable | −20% / unavailable |
| NVAXNovavax Inc | 1.6 bn | — | — | -59.9% | +64.7% | +35% / +73% |
| FDMT4D Molecular Therapeutics, Inc. | 566.0 m | — | -43.3% | -194.7% | +230,194.6% | −2% / −11% |
| AUTLAutolus Therapeutics plc | 378.0 m | — | -133.0% | -238.7% | +644.9% | +1% / −67% |
| FENCFennec Pharmaceuticals Inc. | 369.6 m | — | -18.6% | -5.5% | −6.1% | +29% / +23% |
| XFORX4 Pharmaceuticals, Inc | 332.1 m | — | -113.1% | -1,040.1% | +150.0% | −8% / −86% |
| IPSCCentury Therapeutics, Inc. | 268.0 m | — | -49.7% | -100.6% | +1,556.8% | +172% / +8% |
| LCTXLineage Cell Therapeutics, Inc. | 255.4 m | — | -59.0% | -246.6% | +53.2% | −43% / +3% |
| LXEOLexeo Therapeutics, Inc. | 251.1 m | — | -46.8% | — | unavailable | −69% / −76% |
| OCGNOcugen, Inc. | 245.8 m | — | — | -1,786.3% | +8.8% | −42% / +87% |
1- and 3-year price returns: for KRYS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 199.47 Total return -33% · Per year -33% | 351.04 Total return 19% · Per year 19% | 526.56 Total return 78% · Per year 78% |
| 3 years | 236.60 Total return -20% · Per year -7% | 464.25 Total return 57% · Per year 16% | 758.25 Total return 156% · Per year 37% |
| 5 years | 280.65 Total return -5% · Per year -1% | 613.97 Total return 107% · Per year 16% | 1,091.87 Total return 269% · Per year 30% |
- Exit P/E± 116.06
- Net margin± 81.24
- Annual revenue growth± 60.59
- Annual dilution± 6.83
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
In brief
Krystal Biotech is a commercial-stage biotechnology company developing and selling gene therapies built on an engineered herpes simplex virus type 1 vector, with VYJUVEK for dystrophic epidermolysis bullosa as its first product. As sales grow and launches extend into Europe and Japan, the company is broadening its pipeline in eye, lung and skin disease 23.
SWOT
Strengths
- The HSV-1 platform offers large payload capacity, repeat administration and stability, supported by two in-house manufacturing facilities 1.
- A high gross margin and a strong balance sheet with over one billion dollars in cash and investments provide flexibility to fund development 23.
- The commercial product holds approvals in several jurisdictions and is gaining recognition for long-term use 23.
Weaknesses
- The company depends heavily on the commercial success of a single product, VYJUVEK, which concentrates risk on that one product 1.
- Revenue is sensitive to quarterly timing and to pricing negotiation schedules that vary across European countries 12.
- Most pipeline candidates are still in clinical studies and have not yet shown efficacy in pivotal trials 3.
Opportunities
- Planned launches in Spain, Italy, the UK and other European markets could significantly expand the treated patient base 23.
- Readouts expected for KB803, KB801 and KB407 in 2026 and 2027 could open new product lines if they are favorable 3.
- The FDA-recognized platform could support faster development of several biologic products 1.
Threats
- European pricing and reimbursement talks may be prolonged or may lead to less favorable terms 12.
- Competition from biosimilars or more effective therapies could limit demand and pricing for the company's products 1.
- Public perception of gene therapy and any adverse events in trials could slow adoption 1.
Risks
- Dependence on a single producthigh
If VYJUVEK does not reach its commercial potential, the company's prospects could be seriously affected 1.
- Exposure to biosimilar competitionmedium
Biosimilars approved through the abbreviated pathway could enter the market before or shortly after exclusivity expires 1.
- Product liabilitymedium
Product liability claims could generate substantial costs and damage the company's reputation 1.
- Public reaction to gene therapymedium
Adverse events in other gene therapy studies could lead to stricter regulation and lower demand 1.
- Clinical failure risklow
Most clinical candidates could fail pivotal studies, delaying or ending their development 13.
Investment thesis
What would need to be true (bull case)
- If VYJUVEK sales keep growing and European launches succeed, the company could become a multi-product genetic medicine business with several commercial lines 23.
- A high gross margin and cash above one billion dollars could allow several pivotal studies to be funded at the same time 23.
- The FDA-recognized platform and early oncology results could open further opportunities if they hold up in larger studies 13.
What would break the thesis
- If European pricing talks run long or yield less favorable terms, international revenue growth could be slower than expected 12.
- Dependence on a single product could mean any commercial or regulatory setback has a large effect on results 1.
- Many candidates are at early stages, and a failure in one of them could weaken confidence in the pipeline's diversification 13.
What to watch
- IOLITE top-line results for KB8034Q 2026
- VYJUVEK launches in Spain and Italy and progress of pricing talks in Germany and France2H 2026
- Updated KYANITE-1 interim results and registrational plans for inhaled KB7071H 2027
- FDA alignment on the CORAL-3 registrational design for KB4074Q 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
The business
Krystal Biotech is a fully integrated biotechnology company focused on discovering, developing, manufacturing and commercializing genetic medicines for diseases with high unmet medical needs 1. Its patented platform uses an engineered HSV-1 vector that delivers therapeutic transgenes to target cells and can be administered non-invasively or minimally invasively, in a clinic or at home 1. Two in-house commercial-scale CGMP facilities support the platform 1.
Its commercial product VYJUVEK is approved in the United States, the European Union and Japan for DEB, and received UK approval in May 2026 12. Cumulative net product revenue since the 2023 launch reached $965.9 million through June 30, 2026 2. The company holds exclusive worldwide rights to develop and commercialize VYJUVEK and its pipeline candidates 1.
The development pipeline includes candidates in ophthalmology (KB803, KB801), pulmonary disease (KB407, KB408), dermatology (KB111), oncology (KB707) and aesthetics through subsidiary Jeune Aesthetics 13. Most programs are in Phase 1, 2 or 3 clinical studies, with several important readouts expected in the second half of 2026 3.
Segments
VYJUVEK (DEB)
The core segment is VYJUVEK, which generated net product revenue of $389.1 million in fiscal 2025 and $119.2 million in the second quarter of 2026, with a gross margin of 95% 12. Sales come from the United States, Germany, France and Japan, with launches in Spain and Italy expected before year end 3.
Clinical pipeline
The pipeline includes KB803 and KB801 in ophthalmology, KB407 and KB408 for rare lung diseases, KB111 for Hailey-Hailey disease and KB707 in oncology, alongside KB304 in aesthetics 3. KB803 top-line results are expected in the fourth quarter of 2026, and KB707 is being studied in combination with chemotherapy in non-small cell lung cancer 3.
Market context
The target market is rare and severe diseases with unmet needs, particularly DEB, where the company estimates over 3,000 patients in the United States and over 9,000 worldwide 1. Until now the standard of care was limited to palliative measures, so a corrective treatment could see adoption if reimbursement access keeps expanding 12.
The European market is opening gradually through pricing and reimbursement negotiations in Germany, France, Italy, Spain and the UK, and launch timing depends on those outcomes 23. If these negotiations succeed, international revenue could grow meaningfully in the coming years 3.
Trends
- Expanded VYJUVEK labeltailwind
The label updated in September 2025 allows treatment from birth and administration by the patient or caregiver, which could make the therapy easier to fold into everyday wound care 12.
- European pricing negotiationsheadwind
Pricing talks with German and French authorities continue into 2026 and 2027, which could delay growth in European revenue 12.
- FDA platform recognitiontailwind
The platform technology designation granted by the FDA in October 2025 for the vector used in KB801 could reduce development effort for future products built on the same platform 1.
- Biosimilar competitionheadwind
The abbreviated US approval pathway for biosimilars could bring competition for biologics once exclusivity periods end 1.
Competitive position
The company notes that several firms and institutions are developing alternative gene therapies or palliative approaches for the same indications, some with substantially greater financial, technical and research resources 1. Industry consolidation could concentrate those resources among fewer competitors 1.
Competition may also come from autologous therapies, which are more costly and invasive, and from lower-cost biosimilars if they are approved 1. The company points to non-invasive home administration and the absence of a genetic testing requirement in Japan as its advantages 12.
- Autologous DEB therapies
Corrective approaches using a patient's own cells, which the company describes as more costly, invasive and dependent on hospital stays and complex medical teams 1.
- Palliative DEB treatments
Treatments that relieve symptoms without addressing the genetic cause, which formed the standard of care before VYJUVEK approval 1.
- Gene therapy developers
Companies working on alternatives for the same indications, some with far greater resources, according to the filing 1.
- Biosimilar manufacturers
Firms that could obtain approval for similar products after exclusivity ends, potentially at lower prices 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report02 Nov 2026
- Current report15 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report21 Jul 2026Other events · Financial statements and exhibits
- Current report20 May 2026Shareholder vote
- Current report04 May 2026Financial statements and exhibits
- Quarterly report04 May 2026
- Proxy statement03 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Krystal Biotech, Inc. · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Krystal Biotech, Inc. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Krystal Biotech, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.