0001711279-26-000016
SEC filingKrystal Biotech, Inc. reported strong financial results for fiscal year 2025, driven by robust product revenue growth. The company generated $389.1 million in net product revenue, resulting in a net income of $204.8 million and comprehensive income of $206.2 million. Operating performance was solid with income from operations of $161.3 million, supported by effective cost management as total operating expenses were $227.8 million. The company maintained a strong balance sheet with total assets of $1.33 billion, including $496.3 million in cash and cash equivalents and $331.5 million in short-term investments. Cash flow from operations was $200.9 million, demonstrating the company's ability to convert profits into cash. The company's profitability metrics were healthy with basic and diluted earnings per share of $7.00. These results position the company well for continued growth and investment in its pipeline.
Krystal Biotech, Inc. delivered strong financial performance for fiscal year 2025, ending December 31, 2025. The company reported net product revenue of $389.1 million, which drove substantial profitability throughout the income statement. Income from operations was $161.3 million, while net income reached $204.8 million after accounting for $28.2 million in interest and other income and a $15.4 million income tax expense. Comprehensive income was slightly higher at $206.2 million, including unrealized gains on securities and foreign currency translation adjustments. The company's earnings per share were $7.00 on both a basic and diluted basis, with weighted-average shares outstanding of 28.9 million basic and 30.0 million diluted. These results demonstrate the company's ability to generate significant profits from its commercial operations.
The company's revenue stream consists entirely of product revenue, which totaled $389.1 million net for fiscal year 2025. No segment breakdown or geographic revenue mix was provided in the available data. The revenue figure represents the net amount after any adjustments or allowances, though specific details about product mix or customer concentration were not disclosed. The absence of segment data suggests the company operates as a single reporting segment focused on its gene therapy products. The revenue performance indicates strong commercial execution and market acceptance of the company's products.
Krystal Biotech achieved strong profitability margins in fiscal year 2025. Gross profit was $366.1 million (revenue of $389.1 million minus cost of goods sold of $23.0 million), resulting in a gross margin of 94.1%. The company's operating margin was 41.4%, calculated from operating income of $161.3 million divided by revenue of $389.1 million. Operating expenses totaled $227.8 million, consisting of research and development ($58.0 million), selling, general and administrative ($146.7 million), and cost of goods sold ($23.0 million). The company maintained zero litigation settlement expenses for the period. The margin profile reflects efficient operations and favorable product economics.
The company generated $200.9 million in cash from operating activities, primarily driven by net income of $204.8 million adjusted for non-cash items including $54.5 million in stock-based compensation and $22.8 million in deferred tax assets. Free cash flow, calculated as operating cash flow ($200.9 million) minus capital expenditures ($12.0 million), was $142.5 million. Investing activities used $58.4 million net, mainly for purchases of investments ($422.5 million) partially offset by maturities ($375.6 million). The balance sheet shows total assets of $1.33 billion, including current assets of $1.02 billion with substantial liquidity in cash ($496.3 million) and short-term investments ($331.5 million). Total liabilities were modest at $114.2 million, resulting in strong stockholders' equity of $1.22 billion.
The filing does not contain specific forward-looking guidance, management projections, or explicit strategic priorities for future periods. No quantitative or qualitative outlook statements were provided in the available data. The company's strong financial position with substantial cash reserves ($496.3 million) and minimal debt suggests capacity for continued investment in research and development ($58.0 million in FY2025) and potential business development activities. The absence of disclosed risk factors or specific strategic initiatives in the provided data limits analysis of the company's forward trajectory beyond the demonstrated financial strength from current operations.