Krystal Biotech, Inc.
- Open
- 370.57
- Day high
- 377.31
- Day low
- 363.27
- Prev close
- 371.67
- Volume
- 94K
- Mkt cap
- $11.0B
- P/E (TTM)
- 48.2
- EPS (TTM)
- $7.75
- P/B
- 8.6
- P/S
- 26.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$15.9M over the last 3 months (0 open-market buys, 24 sales)
- 🏛Institutions accumulating (13F)
Krystal Biotech, Inc. (KRYS) is a Healthcare company listed on NASDAQ. The stock is up 168% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 24 sales (SEC Form 4).
Krystal Biotech, Inc. (KRYS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
KRYS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 4, 2026 | $1.45 | $1.83 | +26.2% | $116M | +3.8% |
| Feb 17, 2026 | $1.62 | $1.70 | +4.9% | $107M | -5.7% |
| Feb 19, 2025 | $1.29 | $1.52 | +17.8% | $91M | -0.2% |
| Feb 27, 2023 | $-1.39 | $-1.25 | +10.1% | — | — |
| Feb 28, 2022 | $-0.76 | $-0.94 | -23.7% | — | — |
| Mar 1, 2021 | $-0.55 | $-0.53 | +3.6% | — | — |
| May 4, 2020 | $-0.42 | $-0.31 | +26.2% | — | — |
| Mar 10, 2020 | $-0.33 | $-0.31 | +6.1% | — | — |
| May 7, 2019 | $-0.35 | $-0.29 | +17.1% | $583000 | -12.1% |
| Mar 12, 2019 | $-0.24 | $-0.28 | -16.7% | $1M | +135.9% |
| Nov 5, 2018 | $-0.25 | $-0.26 | -4.0% | $217000 | +0.5% |
| Aug 6, 2018 | $-0.26 | $-0.22 | +15.4% | $173000 | -35.3% |
KRYS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 26, 2026 | Thomas John Charlesofficer: EVP, General Counsel | Sell | 1,000 | $347.27 |
| Jun 26, 2026 | Thomas John Charlesofficer: EVP, General Counsel | Option | 1,000 | $179.25 |
| Jun 5, 2026 | Krishnan Krish Sdirector, 10 percent owner, officer: President and CEO | Sell | 2,652 | $310.43 |
| Jun 5, 2026 | Krishnan Krish Sdirector, 10 percent owner, officer: President and CEO | Sell | 589 | $306.33 |
| Jun 5, 2026 | Krishnan Sumadirector, 10 percent owner, officer: President, R&D | Sell | 2,039 | $310.94 |
| Jun 5, 2026 | Krishnan Sumadirector, 10 percent owner, officer: President, R&D | Sell | 12,729 | $307.81 |
| Jun 5, 2026 | Krishnan Sumadirector, 10 percent owner, officer: President, R&D | Sell | 1,348 | $307.09 |
| Jun 5, 2026 | Krishnan Krish Sdirector, 10 percent owner, officer: President and CEO | Sell | 2,784 | $309.49 |
| Jun 5, 2026 | Krishnan Sumadirector, 10 percent owner, officer: President, R&D | Sell | 400 | $304.89 |
| Jun 5, 2026 | Krishnan Krish Sdirector, 10 percent owner, officer: President and CEO | Sell | 4,830 | $308.47 |
| Jun 5, 2026 | Krishnan Krish Sdirector, 10 percent owner, officer: President and CEO | Sell | 640 | $302.24 |
| Jun 5, 2026 | Krishnan Krish Sdirector, 10 percent owner, officer: President and CEO | Sell | 320 | $300.75 |
| Jun 5, 2026 | Krishnan Sumadirector, 10 percent owner, officer: President, R&D | Sell | 3,803 | $308.89 |
| Jun 5, 2026 | Krishnan Sumadirector, 10 percent owner, officer: President, R&D | Sell | 593 | $302.25 |
| Jun 5, 2026 | Krishnan Sumadirector, 10 percent owner, officer: President, R&D | Sell | 247 | $303.17 |
Source: KRYS SEC Form 4 filings, latest Jun 26, 2026. For informational purposes only — not investment advice.
See the full KRYS insider & 13F page →Krystal Biotech, Inc. company profile
Overview
Krystal Biotech, Inc. (NASDAQ:KRYS) is a biotechnology company founded in 2015 and headquartered in Pittsburgh, Pennsylvania. The company specializes in developing redosable gene therapies for rare diseases, with a particular focus on dermatological conditions. Krystal achieved a significant milestone in 2023 when it became the first company to receive FDA approval for a redosable gene therapy with its lead product VYJUVEK (beremagene geperpavec or B-VEC) for treating dystrophic epidermolysis bullosa. The company has successfully transitioned from a clinical-stage biotechnology firm to a profitable commercial enterprise, generating nearly $291 million in revenue in 2024 from VYJUVEK sales alone.
Business
Krystal Biotech operates in the gene therapy sector of biotechnology, developing treatments that deliver functional genes to patients with genetic disorders. The company's core technology platform focuses on redosable gene therapy, which allows patients to receive repeated treatments as needed, unlike traditional gene therapies that are typically administered only once. The company's flagship product is VYJUVEK (beremagene geperpavec), a topical gene therapy approved for treating dystrophic epidermolysis bullosa (DEB). DEB is a rare genetic skin disorder where patients lack functional collagen VII protein, causing their skin to be extremely fragile and prone to blistering and tearing from minimal trauma. VYJUVEK works by delivering a functional copy of the COL7A1 gene directly to the skin through a topical gel application, enabling patients' cells to produce the missing collagen VII protein and heal wounds. Beyond VYJUVEK, Krystal has developed a robust pipeline targeting various therapeutic areas: 1. Dermatology programs (estimated 70% of pipeline focus): Including KB105 for autosomal recessive congenital ichthyosis, KB301 for aesthetic skin conditions like wrinkles, and KB104 for Netherton syndrome. 2. Pulmonary programs (estimated 20% of pipeline focus): KB407 for cystic fibrosis and KB408 for alpha-1 antitrypsin deficiency, both delivered through inhalation. 3. Ophthalmology programs (estimated 5% of pipeline focus): KB803 (eye drop formulation of B-VEC) for ocular lesions in DEB patients and KB801 for neurotrophic keratitis. 4. Oncology programs (estimated 5% of pipeline focus): KB707 for various cancer applications delivered through intratumoral injection or inhalation. The company's technology platform uses herpes simplex virus type 1 (HSV-1) as a delivery vector, which has been engineered to be replication-defective and safe for repeated administration.
Revenue model
Krystal Biotech generates revenue primarily through product sales of VYJUVEK, which is priced at approximately $22,000 per vial in the United States. The company sells directly to specialty pharmacies and distributors who then dispense the medication to patients. Revenue recognition occurs when the product is shipped to these intermediaries. The primary paying customers are insurance companies (both commercial payers and government programs like Medicaid), who reimburse patients for VYJUVEK treatments. The company has achieved nationwide coverage with over 540 patients having received reimbursement approvals as of Q1 2025. Patients typically require weekly treatments, creating a recurring revenue model with high gross margins of approximately 94-95%. Several factors influence the company's margins and revenue potential: Margin-enhancing factors include the high-value, specialized nature of the treatment which supports premium pricing, the recurring weekly treatment regimen that creates predictable revenue streams, and the company's direct manufacturing capabilities that eliminate third-party costs. The home-based administration model (97% of treatments occur at home) also reduces healthcare system costs and supports reimbursement approval. Margin-pressuring factors include the small patient population which limits volume economies, potential pricing pressure from payers as the market matures, competition from alternative treatments, and the significant sales and marketing expenses required to educate physicians and support patients through the complex reimbursement process. International expansion will also face pricing pressures, with European pricing expected to be 50-75% of U.S. levels. The company's business model benefits from high patient compliance rates (85-87%) and the chronic nature of DEB, which requires ongoing treatment. However, some patients may experience wound healing that allows for treatment pauses, creating variability in quarterly revenue patterns.
Competitive moat
Krystal Biotech possesses a moderate to strong competitive moat built on several key advantages. The company's primary moat stems from being the first and currently only FDA-approved redosable gene therapy, providing significant first-mover advantage in this novel therapeutic category. This regulatory approval represents a substantial barrier to entry, as competitors would need to conduct extensive clinical trials and navigate complex regulatory pathways to achieve similar approvals. The company's technological moat is anchored in its proprietary HSV-1 delivery platform, which enables repeated dosing - a critical advantage over traditional gene therapies that can only be administered once due to immune responses. This redosable capability is particularly valuable for chronic conditions like DEB where ongoing treatment is necessary. The platform's versatility across multiple therapeutic areas (dermatology, pulmonary, ophthalmology, oncology) also provides diversification opportunities that competitors focused on single indications lack. Market position strengths include strong relationships with the specialized DEB physician community, established reimbursement pathways with payers, and comprehensive patient support infrastructure through Krystal Connect. The company has achieved 97% home-based administration, creating convenience advantages that would be difficult for competitors to replicate quickly. However, the moat faces several potential vulnerabilities. The small patient population (approximately 3,000 DEB patients globally) limits the market size and could attract well-funded competitors seeking to capture meaningful market share. Alternative therapeutic approaches, including other gene therapy platforms, protein replacement therapies, or novel small molecules, could potentially offer competitive advantages. The company's reliance on a single approved product also creates concentration risk, though the expanding pipeline helps mitigate this concern. The durability of Krystal's moat will largely depend on successful pipeline execution and maintaining technological leadership in redosable gene therapy as the field evolves.
Risks & safety
Krystal Biotech demonstrates a strong margin of safety with robust financial metrics and minimal solvency risk. • Liquidity position: $309 million in cash and short-term investments as of Q1 2025, providing substantial runway for operations and pipeline development • Debt levels: Minimal debt with debt-to-equity ratio of only 0.98%, indicating very low financial leverage and solvency risk • Profitability: Achieved profitability with positive net income of $89 million in 2024 and $36 million in Q1 2025, demonstrating sustainable business model • Cash generation: Strong free cash flow of $119 million in 2024 and $25 million in Q1 2025, indicating the business generates cash rather than consuming it • Valuation metrics: Trading at 36x P/E ratio and 32x EV/EBITDA, which appears reasonable for a profitable biotech with significant growth runway • Current ratio: Excellent liquidity with current ratio of 9.6x, indicating strong ability to meet short-term obligations • Other considerations: Strong gross margins of 94-95% provide cushion against cost pressures; single-product revenue concentration creates some risk but is mitigated by expanding pipeline and international expansion opportunities
Recent development
Over the past few years, Krystal Biotech has executed a remarkable transformation from clinical-stage company to profitable commercial enterprise. The most significant milestone was the FDA approval and commercial launch of VYJUVEK in August 2023, making it the first redosable gene therapy approved anywhere in the world. The company achieved rapid commercial success, generating over $341 million in net revenue within 18 months of launch. The company has pursued aggressive global expansion strategies, preparing for launches in Europe and Japan throughout 2025. European regulatory approval is expected imminently, with planned launches in Germany (mid-2025) and France (access program), followed by broader European rollout. Japan represents another significant opportunity with approximately 500 total patients identified and attractive pricing potential. Pipeline diversification has been a key strategic focus, with the company advancing multiple programs beyond dermatology. The pulmonary programs (KB407 for cystic fibrosis and KB408 for alpha-1 antitrypsin deficiency) represent significant market expansion opportunities, leveraging the same HSV-1 platform for inhaled delivery. The company has demonstrated the ability to safely deliver genes to the lung across multiple programs with early signs of efficacy. The ophthalmology expansion within DEB treatment shows strategic depth, with KB803 (B-VEC eye drops) preparing for clinical trials to treat ocular lesions in DEB patients. This represents a natural extension of the core DEB franchise to address additional complications of the disease. Manufacturing and operational scaling has been successfully executed, with the company scaling up to higher-level bioreactors and achieving FDA approval for enhanced manufacturing processes. The company has maintained high gross margins while scaling production to meet growing demand. Recent developments also include exploration of oncology applications with KB707, which received Rare Pediatric Disease Designation, and expansion into aesthetic applications with KB301 showing positive data for treating wrinkles and aged skin conditions.
KRYS company profile · for informational purposes only — not investment advice.
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