What were the key takeaways from Krystal Biotech’s earnings call?

Did Krystal Biotech beat or miss consensus estimates last quarter?

What is Krystal Biotech's gross profit margin?

What guidance did Krystal Biotech's management provide for the next earnings period?

What factors drove the changes in Krystal Biotech's revenue and profit?

What is the market's earnings forecast for Krystal Biotech next quarter?

What were the key takeaways from Krystal Biotech's earnings call?

What is Krystal Biotech's latest dividend and current dividend yield?

- **Revenue Growth**: Q3 Vyjuvek revenue $97.8M, up 15% QoQ, with 615 U.S. reimbursement approvals and 450+ prescribers.
- **Gross Margin Boost**: 96% gross margin (vs 93% Q2) from U.S. manufacturing efficiencies; ex-U.S. margins to normalize as process awaits EU approval.
- **Pipeline Momentum**: 4 CF null patient molecular data readout by year-end; NK trial enrollment underway; new HHD program IND cleared.
- **Global Expansion**: Launched in Germany, France, Japan; distributor network expanding to CEE, ME.

**【CEO Summary Section】**
- Vyjuvek net revenue reached $97.8 million in Q3, driven by U.S. growth and early European launches (Germany, France) and Japan. 
- U.S. reimbursement approvals expanded to 615, up 40 from Q2, with 450+ prescribers and 80%+ patient compliance.
- Global expansion via regional distributors in CEE, Turkey, and ME; Japan launch with favorable pricing.
- New clinical programs: KB111 for Hailey-Hailey disease (IND cleared), CF interim data expected by year-end, and NK trial enrollment underway.

**【CFO Financial Commentary】**
- Q3 gross margin 96% (vs 93% Q2) due to U.S. manufacturing process optimizations; ex-U.S. margins to normalize as optimized process awaits EU approval.
- R&D expenses $14.6M, G&A $37.6M; revised full-year non-GAAP guidance narrowed to $145-155M.
- Strong cash position ($864M) supports global launches and pipeline.

**【R&D Pipeline Update】**
- KB407 (CF): 3 null patient molecular data readout expected by year-end; repeat dosing study planned for 2026 FEV1 data.
- KB408 (AATD): Repeat dosing study ongoing; interim data in H1 2026.
- KB801 (NK): Global sites opening; interim data mid-2026.
- KB111 (HHD): IND cleared; Phase 1/2 study to start H1 2026.

**【Q&A Highlights】**
- Ex-U.S. sales: Germany launched in August with ~20 patients; France ASMR 3 rating signals potential EU pricing upside.
- NK trial: Enrollment underway globally; targeting mid-2026 interim data.
- CF: 3 null patients biopsied for full-length CFTR expression; success defined as ≥5% CFTR expression.
- Pricing: Japan negotiations favorable; U.S. MFN policy applies to ex-U.S. markets.
- 2026 guidance: No Vyjuvek revenue guidance due to global launch variability.

Krystal Biotech, Inc. (KRYS) Q3 2025 Earnings Call Transcript

Product

KRYS

KRYS fundamentals

You can ask Aime