Download PDF

1. Company Snapshot

1.a. Company Description

Krystal Biotech, Inc., a clinical stage biotechnology company, engages in the field of redosable gene therapy to treat serious rare diseases in the United States.Its lead product candidate is beremagene geperpavec (B-VEC), which is in Phase III clinical study to treat dystrophic epidermolysis bullosa.The company is also involved in developing KB105 that is in Phase I/II clinical study for treating patients with deficient autosomal recessive congenital ichthyosis; KB301, which is in Phase I/II clinical stage for treating wrinkles and other presentations of aged or damaged skin; KB407 that is in preclinical stage for cystic fibrosis; and KB104, which is in preclinical stage for netherton syndrome.


Its discovery stage product candidates include KB5xx for treating chronic skin diseases, KB3xx to treat aesthetic skin conditions, and KB3xx product.Krystal Biotech, Inc.was founded in 2015 and is headquartered in Pittsburgh, Pennsylvania.

Show Full description

1.b. Last Insights on KRYS

Krystal Biotech's recent performance was driven by strong Q4 2025 earnings, with $107.1 million in VYJUVEK revenue and $730.3 million since its U.S. launch. The company received FDA grants, including RMAT for KB707 and Fast Track Designation for KB111. With a strong balance sheet, ending the quarter with $955.9 million in cash and investments, Krystal Biotech continues to build its global infrastructure. Analysts rate the stock as "Buy" with 9 buy ratings and 1 strong buy rating. Institutional investors, such as Principal Financial Group Inc., have increased their stake in the company.

1.c. Company Highlights

2. Krystal's Q4 2025 Earnings: Strong Revenue Growth and Pipeline Advancements

The company's financial performance in Q4 2025 was impressive, with net revenue from global sales of VYJEVEC reaching $107.1 million, representing a 10% increase from the prior quarter and an 18% increase from the prior year's fourth quarter. The gross margin for the quarter was 94%, slightly down from 96% in the third quarter and 95% in 2024 due to increased costs for products sold outside the US. Earnings per share (EPS) came in at $1.72, beating analyst estimates of $1.62. The company's net income for the quarter was $51.4 million, representing $1.77 per basic and $1.70 per diluted share.

Publication Date: Feb -18

📋 Highlights
  • Q4 Revenue Growth:: Net Vysovec revenue reached $107.1 million in Q4 2025, with total sales since launch exceeding $730 million.
  • Global Expansion:: Distributor agreements now cover over 20 countries, aiming to expand to 40 by 2026, with strong momentum in Europe, Japan, and Germany.
  • Operating Profitability:: Net income for Q4 was $51.4 million ($1.70 diluted EPS), driven by 94% gross margin and a one-time tax benefit from U.S. legislation.
  • Pipeline Progress:: Breakthrough data on KB407 for CFTR protein delivery reported, with registrational trial design discussions underway with FDA and CFFTDN.
  • Cost Management:: Operating expenses rose to $13.8 million (Q4) due to global launches, but 2026 non-GAAP R&D/SG&A guidance remains capped at $175–195 million.

Revenue Growth Drivers

Krish S. Krishnan, chairman and CEO, highlighted that geographic expansion is a major driver of revenue growth, with accelerating demand in the US, Europe, and Japan. The company has seen reimbursement approval acceleration for three consecutive quarters, with over 660 prescribers since launch, and added over 50 new prescribers in Q4. The global Vizurevac launch continues to progress well, with over 90 TED patients prescribed in Germany, France, and Japan combined.

Pipeline Advancements

The company is making rapid progress on its rare disease pipeline, generating breakthrough clinical data, and moving quickly towards multiple registrational data readouts later this year. Suma M. Krishnan mentioned the successful delivery and expression of full-length wild-type CFTR protein following KB407 administration to the lung of patients with CF. The company is confident in its enrollment projections for the ocular and NK programs and expects to complete enrollment by the end of the year.

Valuation Metrics

With a P/E Ratio of 41.9 and an EV/EBITDA of 45.87, the market is pricing in significant growth expectations. The company's ROE is 18.15%, indicating a strong return on equity. Analysts estimate next year's revenue growth at 34.0%, which is in line with the company's historical growth trajectory. The stock's current valuation multiples suggest that the market is optimistic about the company's future prospects, and the recent earnings beat is likely to further boost investor confidence.

Future Outlook

Krish S. Krishnan discussed the company's plans for 2026, with a focus on geographic expansion and pipeline advancements. The company expects to reach a pricing agreement with Germany in the second half of 2026 and with France in the first half of 2027. The company is not intending to use its cash to in-license or buy third-party technology or companies at the moment but may explore stock buyback options in the future.

3. NewsRoom

Card image cap

Biotech Investor Adds $3 Million to Krystal Biotech as Revenue Hits $389 Million in 2025

Feb -22

Source: fool.com

Card image cap

Krystal Biotech Q4 Earnings Beat Estimates, Revenues Miss Mark

Feb -18

Source: zacks.com

Card image cap

Krystal Biotech (NASDAQ:KRYS) Shares Gap Up Following Better-Than-Expected Earnings

Feb -18

Source: defenseworld.net

Card image cap

Krystal Biotech, Inc. (KRYS) Q4 2025 Earnings Call Transcript

Feb -17

Source: seekingalpha.com

Card image cap

Krystal: Profitable Growth And The Expanding Reach Of HSV-1 Technology

Feb -17

Source: seekingalpha.com

Card image cap

Krystal Biotech Announces Fourth Quarter and Full Year 2025 Financial and Operating Results

Feb -17

Source: globenewswire.com

Card image cap

Got $300? 2 Biotech Stocks to Buy and Hold Forever

Feb -16

Source: fool.com

Card image cap

Cookson Peirce & Co. Inc. Takes Position in Krystal Biotech, Inc. $KRYS

Feb -14

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (25.40%)

6. Segments

Pharmaceuticals

Expected Growth: 25.4%

Krystal Biotech's gene editing platform and pipeline of rare disease treatments drive growth, with increasing adoption of gene therapies and a growing demand for orphan drugs.

7. Detailed Products

BEREGOVIRAGENE BEROVEC

A gene therapy candidate for the treatment of dystrophic epidermolysis bullosa (DEB), a rare and debilitating genetic disorder that causes skin blisters and wounds.

KB103

A topical gene therapy candidate for the treatment of dystrophic epidermolysis bullosa (DEB), designed to provide a convenient and pain-free treatment option.

KB105

A gene therapy candidate for the treatment of TGM1-deficient autosomal recessive congenital ichthyosis (ARCI), a rare genetic disorder that causes dry, scaly skin.

KB407

A gene therapy candidate for the treatment of cystic fibrosis, a genetic disorder that affects the respiratory, digestive, and reproductive systems.

8. Krystal Biotech, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Krystal Biotech's gene therapy products are highly specialized and have limited substitutes, reducing the threat of substitutes.

Bargaining Power Of Customers

Krystal Biotech's customers are primarily hospitals and healthcare providers, who have limited bargaining power due to the company's unique products and limited competition.

Bargaining Power Of Suppliers

Krystal Biotech relies on a few key suppliers for raw materials and equipment, giving them some bargaining power, but the company's strong relationships and contracts mitigate this risk.

Threat Of New Entrants

The gene therapy industry has high barriers to entry, including significant R&D investments and regulatory hurdles, making it difficult for new entrants to compete with Krystal Biotech.

Intensity Of Rivalry

The gene therapy industry is highly competitive, with several established players and new entrants vying for market share, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.03%
Debt Cost 4.24%
Equity Weight 98.97%
Equity Cost 8.18%
WACC 8.14%
Leverage 1.04%

11. Quality Control: Krystal Biotech, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Blueprint Medicines

A-Score: 5.6/10

Value: 6.0

Growth: 7.1

Quality: 5.2

Yield: 0.0

Momentum: 9.0

Volatility: 6.3

1-Year Total Return ->

View Full Report
Stock-Card
BridgeBio Pharma

A-Score: 5.3/10

Value: 8.0

Growth: 5.1

Quality: 5.9

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
Krystal Biotech

A-Score: 5.1/10

Value: 0.8

Growth: 9.8

Quality: 8.9

Yield: 0.0

Momentum: 7.0

Volatility: 4.3

1-Year Total Return ->

View Full Report
Stock-Card
Alnylam Pharmaceuticals

A-Score: 4.5/10

Value: 0.0

Growth: 7.8

Quality: 4.7

Yield: 0.0

Momentum: 10.0

Volatility: 4.7

1-Year Total Return ->

View Full Report
Stock-Card
Avidity Biosciences

A-Score: 4.2/10

Value: 6.2

Growth: 2.7

Quality: 5.1

Yield: 0.0

Momentum: 10.0

Volatility: 1.3

1-Year Total Return ->

View Full Report
Stock-Card
Sarepta Therapeutics

A-Score: 3.8/10

Value: 8.7

Growth: 7.9

Quality: 5.1

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

263.8$

Current Price

263.8$

Potential

-0.00%

Expected Cash-Flows