KRYS · Krystal Biotech, Inc.

Krystal Biotech reported strong first quarter 2026 results, driven by VYJUVEK net product revenue of $116.4 million, a 32% increase year-over-year, with a gross margin of 95%. The company continues to expand VYJUVEK's commercial footprint, with over 695 reimbursement approvals in the U.S. and over 570 unique prescribers since launch. Internationally, over 140 patients in Germany, France, and Japan have been prescribed VYJUVEK, though pricing negotiations in Germany and France are ongoing. Net income for the quarter was $55.9 million ($1.91 basic EPS), up from $35.7 million ($1.24 basic EPS) in the prior year. The company ended the quarter with $1.0 billion in cash and investments. On the pipeline front, two registrational readouts are anticipated in 2026: KB803 for corneal abrasions in DEB patients (fully enrolled, top-line data expected in Q4 2026) and KB801 for neurotrophic keratitis (enrollment ongoing, data expected before year-end). The FDA granted platform technology designation for KB407 (cystic fibrosis) and KB111 (Hailey-Hailey disease), which could accelerate development. The company provided FY 2026 non-GAAP R&D and SG&A expense guidance of $175-$195 million, excluding stock-based compensation. Overall, the quarter reflects strong commercial execution and a robust pipeline with multiple catalysts ahead.