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KRYS beat Q1 estimates with EPS of $1.83 and revenues of $116.4M, up 32% year over year.
Vyjuvek drove all revenues, with strong uptake and 695 U.S. reimbursement approvals boosting access.
Shares gained ~8% post-earnings. Pipeline progress and multiple 2026 data readouts add momentum.
Krystal Biotech (KRYS - Free Report) reported first-quarter 2026 earnings per share (EPS) of $1.83, which surpassed the Zacks Consensus Estimate of $1.45. The reported EPS was up from $1.20 in the year-ago quarter.
Revenues of $116.4 million rose 32% year over year in the reported quarter, beating the Zacks Consensus Estimate of $112 million. Revenues came in solely from Vyjuvek sales.
The FDA approved Krystal’s lead drug, Vyjuvek, the first-ever revocable gene therapy, in 2023 for the treatment of patients aged six months or older with dystrophic epidermolysis bullosa (DEB), a rare and severe monogenic disease that affects the skin and mucosal tissues. The drug has also been approved by the FDA for the treatment of DEB patients from birth, with authorization for at-home administration by patients or their caregivers.
The company secured more than 695 reimbursement approvals for Vyjuvek in the United States, supporting nationwide access. Internationally, robust patient demand continues to drive steady uptake following the launches in Germany, France and Japan, with more than 140 patients being prescribed the therapy across these markets.
Shares of KRYS rose nearly 8% on Monday, likely driven by the better-than-expected earnings results.
Year to date, shares of KRYS have risen 16.4% against the industry’s 3.2% decline.
Image Source: Zacks Investment Research
KRYS’ Q1 Earnings in Detail
The top line comprises product revenues from Krystal’s only marketed drug, Vyjuvek.
Krystalgenerated $116.4 million in product revenues from Vyjuvek, up from $88.2 million in the year-ago quarter, driven by strong patient uptake.
The gross margin in the reported quarter was 95%.
Research and development (R&D) expenses were approximately $15.3 million, including stock-based compensation, up 7.5% year over year. Selling, general and administrative (SG&A) expenses totaled approximately $41 million, including stock-based compensation, up 25.6% from the year-ago level. This increase was primarily due to increased headcount, legal and consulting services, and marketing costs to support the global launches of Vyjuvek.
As of March 31, 2026, cash, cash equivalents and investments totaled approximately $1 billion compared with $955.9 million as of Dec. 31, 2025.
2026 Guidance
Krystal Biotech reiterated its non-GAAP combined R&D and SG&A expense guidance of $175 million to $195 million for full-year 2026.
KRYS' Recent Pipeline Updates
For Vyjuvek, pricing negotiations with reimbursement authorities remain ongoing in Germany and France and are expected to continue through at least the second half of 2026 and 2027, respectively. The company expects to launch the drug in Spain in the second half of 2026.
Krystal is also advancing a robust clinical pipeline of investigational genetic medicines in the fields of respiratory, oncology, dermatology, ophthalmology and aesthetics.
On the respiratory front, the company has two candidates in its pipeline — KB407 and KB408.
The company is evaluating KB407 for the treatment of cystic fibrosis (CF). Based on discussions with the FDA, Krystal is initiating an open-label study to test repeat-dose KB407 in CF patients who cannot use or benefit from existing therapies. Patient enrollment is expected to be completed in the second quarter of 2026 and results are anticipated by the end of the year.
Concurrently, Krystal is collaborating with the FDA and the Cystic Fibrosis Foundation on an innovative registrational study design that may use real-world patient data to support evaluation of KB407’s treatment effect. It plans to finalize and share the study design following FDA alignment in the second half of 2026, with the registrational study expected to begin in 2027.
KB408 is being evaluated for the treatment of alpha-1 antitrypsin deficiency (AATD) lung disease. Enrollment is ongoing in repeat-dose Cohort 2B of the SERPENTINE-1 study, with interim results expected in 2026.
In the ophthalmology space, another candidate, KB803, is being evaluated in IOLITE, a phase III randomized, placebo-controlled crossover study for the treatment and prevention of corneal abrasions in DEB patients. Patient enrollment has been completed, with top-line data anticipated in the fourth quarter of 2026.
Krystal is also evaluating KB801 for the treatment of patients with neurotrophic keratitis (NK). A registrational, randomized, double-masked, placebo-controlled study, EMERALD-1, is evaluating the safety and tolerability of topical ocular administration of KB801 in patients with NK. Patient enrollment is currently ongoing and top-line data from the study is expected in 2026.
On the oncology front, Krystal has a promising candidate, KB707, which is being developed for the treatment of solid lung tumors.
Krystal is currently enrolling patients in the dose-expansion cohort of its phase I/II KYANITE-1 study, which is evaluating inhaled KB707 as monotherapy and in combination with chemotherapy in patients with advanced lung tumors.
In the aesthetics space, the company’s wholly owned subsidiary, Jeune Aesthetics, is currently developing KB304 for the treatment of wrinkles of the décolleté. The company expects to initiate a mid-stage study in 2027.
Krystal Biotech, Inc. Price, Consensus and EPS Surprise
Over the past 60 days, estimates for Castle Biosciences’ 2026 loss per share have narrowed from $1.42 to $1.40. Over the same period, loss per share estimates for 2027 have also narrowed from 79 cents to 78 cents. CSTL shares have lost 34.4% year to date.
Castle Biosciences’ earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 34.69%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have increased from $3.03 to $3.26. Over the same period, EPS estimates for 2027 have risen from $3.40 to $3.57. INDV shares have risen 8.6% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 65.44%.
Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 earnings per share have declined from $2.82 to $2.79. Over the same period, EPS estimates for 2027 have surged from $3.20 to $3.28. CPRX shares have gained 24% year to date.
Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.
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Krystal Biotech Q1 Earnings & Sales Beat Estimates, Pipeline in Focus
Key Takeaways
Krystal Biotech (KRYS - Free Report) reported first-quarter 2026 earnings per share (EPS) of $1.83, which surpassed the Zacks Consensus Estimate of $1.45. The reported EPS was up from $1.20 in the year-ago quarter.
Revenues of $116.4 million rose 32% year over year in the reported quarter, beating the Zacks Consensus Estimate of $112 million. Revenues came in solely from Vyjuvek sales.
The FDA approved Krystal’s lead drug, Vyjuvek, the first-ever revocable gene therapy, in 2023 for the treatment of patients aged six months or older with dystrophic epidermolysis bullosa (DEB), a rare and severe monogenic disease that affects the skin and mucosal tissues. The drug has also been approved by the FDA for the treatment of DEB patients from birth, with authorization for at-home administration by patients or their caregivers.
The company secured more than 695 reimbursement approvals for Vyjuvek in the United States, supporting nationwide access. Internationally, robust patient demand continues to drive steady uptake following the launches in Germany, France and Japan, with more than 140 patients being prescribed the therapy across these markets.
Shares of KRYS rose nearly 8% on Monday, likely driven by the better-than-expected earnings results.
Year to date, shares of KRYS have risen 16.4% against the industry’s 3.2% decline.
Image Source: Zacks Investment Research
KRYS’ Q1 Earnings in Detail
The top line comprises product revenues from Krystal’s only marketed drug, Vyjuvek.
Krystalgenerated $116.4 million in product revenues from Vyjuvek, up from $88.2 million in the year-ago quarter, driven by strong patient uptake.
The gross margin in the reported quarter was 95%.
Research and development (R&D) expenses were approximately $15.3 million, including stock-based compensation, up 7.5% year over year. Selling, general and administrative (SG&A) expenses totaled approximately $41 million, including stock-based compensation, up 25.6% from the year-ago level. This increase was primarily due to increased headcount, legal and consulting services, and marketing costs to support the global launches of Vyjuvek.
As of March 31, 2026, cash, cash equivalents and investments totaled approximately $1 billion compared with $955.9 million as of Dec. 31, 2025.
2026 Guidance
Krystal Biotech reiterated its non-GAAP combined R&D and SG&A expense guidance of $175 million to $195 million for full-year 2026.
KRYS' Recent Pipeline Updates
For Vyjuvek, pricing negotiations with reimbursement authorities remain ongoing in Germany and France and are expected to continue through at least the second half of 2026 and 2027, respectively. The company expects to launch the drug in Spain in the second half of 2026.
Krystal is also advancing a robust clinical pipeline of investigational genetic medicines in the fields of respiratory, oncology, dermatology, ophthalmology and aesthetics.
On the respiratory front, the company has two candidates in its pipeline — KB407 and KB408.
The company is evaluating KB407 for the treatment of cystic fibrosis (CF). Based on discussions with the FDA, Krystal is initiating an open-label study to test repeat-dose KB407 in CF patients who cannot use or benefit from existing therapies. Patient enrollment is expected to be completed in the second quarter of 2026 and results are anticipated by the end of the year.
Concurrently, Krystal is collaborating with the FDA and the Cystic Fibrosis Foundation on an innovative registrational study design that may use real-world patient data to support evaluation of KB407’s treatment effect. It plans to finalize and share the study design following FDA alignment in the second half of 2026, with the registrational study expected to begin in 2027.
KB408 is being evaluated for the treatment of alpha-1 antitrypsin deficiency (AATD) lung disease. Enrollment is ongoing in repeat-dose Cohort 2B of the SERPENTINE-1 study, with interim results expected in 2026.
In the ophthalmology space, another candidate, KB803, is being evaluated in IOLITE, a phase III randomized, placebo-controlled crossover study for the treatment and prevention of corneal abrasions in DEB patients. Patient enrollment has been completed, with top-line data anticipated in the fourth quarter of 2026.
Krystal is also evaluating KB801 for the treatment of patients with neurotrophic keratitis (NK). A registrational, randomized, double-masked, placebo-controlled study, EMERALD-1, is evaluating the safety and tolerability of topical ocular administration of KB801 in patients with NK. Patient enrollment is currently ongoing and top-line data from the study is expected in 2026.
On the oncology front, Krystal has a promising candidate, KB707, which is being developed for the treatment of solid lung tumors.
Krystal is currently enrolling patients in the dose-expansion cohort of its phase I/II KYANITE-1 study, which is evaluating inhaled KB707 as monotherapy and in combination with chemotherapy in patients with advanced lung tumors.
In the aesthetics space, the company’s wholly owned subsidiary, Jeune Aesthetics, is currently developing KB304 for the treatment of wrinkles of the décolleté. The company expects to initiate a mid-stage study in 2027.
Krystal Biotech, Inc. Price, Consensus and EPS Surprise
Krystal Biotech, Inc. price-consensus-eps-surprise-chart | Krystal Biotech, Inc. Quote
KRYS’ Zacks Rank & Stocks to Consider
Krystal Biotech currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the biotech sector are Castle Biosciences (CSTL - Free Report) and Indivior Pharmaceuticals (INDV - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy) and Catalyst Pharmaceuticals (CPRX - Free Report) , which carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Castle Biosciences’ 2026 loss per share have narrowed from $1.42 to $1.40. Over the same period, loss per share estimates for 2027 have also narrowed from 79 cents to 78 cents. CSTL shares have lost 34.4% year to date.
Castle Biosciences’ earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 34.69%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have increased from $3.03 to $3.26. Over the same period, EPS estimates for 2027 have risen from $3.40 to $3.57. INDV shares have risen 8.6% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 65.44%.
Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 earnings per share have declined from $2.82 to $2.79. Over the same period, EPS estimates for 2027 have surged from $3.20 to $3.28. CPRX shares have gained 24% year to date.
Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.