Krystal Biotech Q4 Earnings Call Highlights

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MarketBeat

Tue, February 17, 2026 astatine 9:42 AM CST 8 min read

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VYJUVEK nett gross was $107.1M successful Q4 and $389.1M for 2025 (≈34% YoY), beingness VYJUVEK income transcend $730M, gross margins were ~94% and the institution finished 2025 with $955.9M successful currency and investments.
U.S. commercialized momentum continues with >660 reimbursement approvals and >500 unsocial prescribers aft expanding the income force, though immoderate longer‑tenured patients are shifting to intermittent "start‑stop" use; absorption expects ex‑U.S. markets to beryllium the superior gross operator successful 2026.
Pipeline advancement includes KB407 showing full‑length CFTR look successful lung biopsies with repeat‑dosing planned successful H1, protocol changes to alteration at‑home dosing for KB801 and KB803 with registrational readouts expected earlier year‑end, and FDA Fast Track and RMAT designations for KB111 and KB707, respectively.
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Krystal Biotech (NASDAQ:KRYS) reported fourth-quarter 2025 nett gross from VYJUVEK of $107.1 million, extending what absorption described arsenic continued motorboat momentum successful the U.S. and aboriginal traction successful Europe and Japan. Total nett VYJUVEK gross since motorboat has present surpassed $730 million, the institution said connected its Q4 2025 net call.

Chief Executive Officer Krish Krishnan said the quarter’s nett gross included contributions from Europe and Japan arsenic the institution “build[s] momentum” successful its archetypal overseas markets. Chief Accounting Officer Kate Romano said Q4 gross roseate by astir 10% sequentially and astir 18% twelvemonth implicit year, portion full-year 2025 nett VYJUVEK gross totaled $389.1 million, up astir 34% from 2024.

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Krystal Clear: Krystal Biotech Clears Resistance successful Good Volume

Gross borderline was 94% for the 4th and 94% for the afloat year, with absorption reiterating expectations for margins successful the 90% to 95% scope “for the foreseeable future.” Romano attributed the flimsy diminution from the anterior 4th to a higher premix of merchandise sold extracurricular the U.S., wherever the institution is presently seeing higher outgo per portion up of planned manufacturing process optimizations for those markets.

On expenses, Romano reported R&D of $14.8 cardinal versus $13.5 cardinal a twelvemonth earlier, and SG&A of $41.4 cardinal versus $31.3 million, driven chiefly by accrued headcount and higher legal, consulting, and selling costs tied to planetary launches. For 2026, Krystal guided to non-GAAP R&D and SG&A expenses of astir $175 cardinal to $195 million, up from 2025 existent non-GAAP operating expenses of $150.3 million.

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