Krystal Biotech Q4 EPS Beats, Revenues Up 17.5% to $107.1M
Krystal Biotech posted Q4 2025 EPS of $1.70, beating estimates by four cents while revenues rose 17.5% year over year to $107.1 million but missed forecasts by $1.9 million. The company secured over 660 US reimbursement approvals for Vyjuvek and recorded early uptake across Germany, France and Japan.
1. Q4 Financial Performance
Krystal Biotech reported Q4 2025 non-GAAP EPS of $1.70, up 11.8% year over year and surpassing estimates by $0.08. Product revenues from Vyjuvek reached $107.1 million, a 17.5% increase, with a 94% gross margin; R&D expenses were $14.8 million, SG&A expenses $41.4 million, and cash, cash equivalents and investments totaled $955.9 million at year-end.
2. Vyjuvek Commercialization
Vyjuvek remains the sole revenue driver, securing over 660 US reimbursement approvals and enabling at-home administration for patients aged six months and older. International launches in Germany, France and Japan have yielded prescriptions for more than 90 patients collectively, indicating growing global market penetration.
3. Pipeline and 2026 Guidance
Krystal expects combined non-GAAP R&D and SG&A expenses of $175 million to $195 million for 2026. Key programs include respiratory candidates KB407 and KB408 advancing in cystic fibrosis and AATD studies, ophthalmology candidates KB801 and KB803 enrolling in Phase III, and oncology candidate KB707 in dose-expansion, with multiple data readouts slated for 2026.