Krystal Biotech (KRYS)
NASDAQ:KRYS
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Krystal Biotech
(NASDAQ:KRYS)
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Rating:84Outperform
Price Target:
$336.00
▲(22.53% Upside)
Action:ReiteratedDate:05/05/26
Score is driven by strong financial performance (high margins, robust free cash flow, very low leverage) and a largely positive earnings call featuring solid commercial growth and a catalyst-rich pipeline. Technicals are supportive with an uptrend and positive momentum indicators. Valuation is the key restraint given the elevated P/E and lack of dividend yield.
Positive Factors
High profitability and margins
Sustained very high gross and operating margins indicate durable unit economics for VYJUVEK, enabling strong cash conversion and reinvestment capacity. High margins provide strategic optionality to fund launches, defend pricing, and support R&D without immediate reliance on external capital.
Negative Factors
European pricing and reimbursement uncertainty
Unresolved pricing negotiations in major European markets pose a structural ceiling on international revenue scaling. Delayed or unfavorable reimbursement outcomes could materially limit patient access, margins and long-term localized commercial returns despite product demand and launch activity.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and margins
Sustained very high gross and operating margins indicate durable unit economics for VYJUVEK, enabling strong cash conversion and reinvestment capacity. High margins provide strategic optionality to fund launches, defend pricing, and support R&D without immediate reliance on external capital.
Read all positive factors
Krystal Biotech (KRYS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.45B
Dividend YieldN/A
Average Volume (3M)269.54K
Price to Earnings (P/E)33.8
Beta (1Y)0.72
Revenue Growth25.15%
EPS Growth79.56%
CountryUS
Employees275
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)7.75
Shares Outstanding29,435,745
10 Day Avg. Volume260,085
30 Day Avg. Volume269,539
Financial Highlights & Ratios
PEG Ratio0.27
Price to Book (P/B)5.85
Price to Sales (P/S)18.34
P/FCF Ratio37.77
Enterprise Value/Market Cap0.95
Enterprise Value/Revenue19.22
Enterprise Value/Gross Profit20.71
Enterprise Value/Ebitda43.25
Forecast
1Y Price Target
$323.11Price Target Upside17.83% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)7.54
Revenue Forecast (FY)$520.17M
Krystal Biotech Business Overview & Revenue Model
Company Description
Krystal Biotech, Inc., a clinical stage biotechnology company, engages in the field of redosable gene therapy to treat serious rare diseases in the United States. Its lead product candidate is beremagene geperpavec (B-VEC), which is in Phase III c...
How the Company Makes Money
Krystal Biotech primarily makes money from net product revenue generated by sales of VYJUVEK for the treatment of dystrophic epidermolysis bullosa. Revenue is driven by commercialization activities such as pricing/reimbursement, distribution to tr...
Krystal Biotech Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call emphasized strong commercial momentum, robust profitability, a growing international launch and a busy clinical pipeline with multiple near-term readouts and regulatory designations — balanced by operational challenges including insurance switchovers, start-stop treatment dynamics, rising G&A, certain program-specific regulatory/timing requirements, and ongoing European pricing negotiations. Overall the positives (revenue growth, high gross margin, strong cash position, multiple upcoming data readouts and regulatory designations) materially outweigh the operational and timing headwinds described.Positive Updates
Strong Quarter Revenue and Growth
Global net revenue for VYJUVEK was $116.4 million in Q1 2026, representing 9% sequential growth versus Q4 2025 and a 32% increase versus Q1 2025; cumulative net VYJUVEK revenue since launch exceeded $846 million.
Negative Updates
Insurance Switchovers and Start‑Stop Treatment Cadence
Q1 revenue was impacted by a higher-than-usual level of insurance changes and start-stop treatment cadence as patients transition to maintenance regimens, creating quarter-to-quarter revenue unpredictability and access frictions.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Quarter Revenue and Growth
Global net revenue for VYJUVEK was $116.4 million in Q1 2026, representing 9% sequential growth versus Q4 2025 and a 32% increase versus Q1 2025; cumulative net VYJUVEK revenue since launch exceeded $846 million.
Read all positive updates
Company Guidance
Krystal reiterated guidance for 2026 non‑GAAP R&D and SG&A of approximately $175 million to $195 million and highlighted a busy clinical and commercial year: Q1 net revenue was $116.4 million (U.S. $87.5M; Europe + Japan $28.9M), up 9% sequentially vs. 4Q25 and 32% year‑over‑year vs. Q1 2025, bringing cumulative VYJUVEK revenue to >$846M; gross margin was 95% (COGS $6.3M), R&D expense $15.3M, G&A $41.0M, noncash stock‑comp $13.6M, net income $55.9M (EPS $1.91 basic / $1.83 diluted), and cash & investments exceed $1 billion. Management expects two registrational readouts this year (and two more in 2027), up to six potential data readouts before year‑end (including KB803 with enrollment complete at 16 patients and a Q4 readout; KB801 ~60‑patient readout later this year; KB807/KB111 repeat‑dose readouts later this year; KB407 5‑patient 24‑week repeat‑dose dosing starting this month with data by year‑end), regulatory milestones (Germany decision H2 2026; France in 2027; potential Italy/Spain launches in H2 2026 pending negotiations), and commercial traction (U.S. 695 reimbursement approvals, >60 new prescribers in Q1 and 570 unique prescribers since launch; >140 DDEB patients prescribed in Germany/Japan/France), with management noting roughly 60% market share among ~1,200 identified patients.Krystal Biotech Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
90
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 417.30M | 389.13M | 290.51M | 50.70M | 0.00 | 0.00 |
| Gross Profit | 387.24M | 360.36M | 270.45M | 47.60M | 0.00 | 0.00 |
| EBITDA | 185.45M | 167.85M | 109.91M | -91.32M | -116.81M | -66.23M |
| Net Income | 225.03M | 204.83M | 89.16M | 10.93M | -139.97M | -69.57M |
Balance Sheet | ||||||
| Total Assets | 1.40B | 1.33B | 1.06B | 818.36M | 558.45M | 626.29M |
| Cash, Cash Equivalents and Short-Term Investments | 823.40M | 827.79M | 597.52M | 532.18M | 379.17M | 438.10M |
| Total Debt | 1.80M | 9.34M | 7.26M | 8.09M | 8.93M | 8.02M |
| Total Liabilities | 120.24M | 114.23M | 109.46M | 39.71M | 36.22M | 32.72M |
| Stockholders Equity | 1.28B | 1.22B | 946.38M | 778.64M | 522.23M | 593.58M |
Cash Flow | ||||||
| Free Cash Flow | 237.38M | 188.91M | 119.18M | -100.60M | -153.55M | -116.27M |
| Operating Cash Flow | 250.28M | 200.87M | 123.42M | -88.80M | -100.57M | -47.94M |
| Investing Cash Flow | -67.23M | -58.42M | -163.44M | 82.64M | -114.08M | -226.77M |
| Financing Cash Flow | 10.71M | 8.71M | 27.01M | 202.75M | 35.35M | 347.69M |
Krystal Biotech Technical Analysis
Positive
274.21
Price Trends
262.64
Positive
257.33
Positive
211.57
Positive
Market Momentum
2.72
Negative
60.88
Neutral
70.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KRYS, the sentiment is Positive. The current price of 274.21 is above the 20-day moving average (MA) of 258.86, above the 50-day MA of 262.64, and above the 200-day MA of 211.57, indicating a bullish trend. The MACD of 2.72 indicates Negative momentum. The RSI at 60.88 is Neutral, neither overbought nor oversold. The STOCH value of 70.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for KRYS.
Krystal Biotech Risk Analysis
Krystal Biotech disclosed 74 risk factors in its most recent earnings report. Krystal Biotech reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Krystal Biotech Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $8.45B | 33.82 | 19.25% | ― | 25.15% | 79.56% | |
72 Outperform | $5.68B | 23.35 | 8.82% | ― | -5.25% | -34.36% | |
62 Neutral | $5.43B | -11.35 | -362.44% | ― | 114.51% | ― | |
54 Neutral | $1.28B | -3.40 | -67.12% | ― | ― | -86.55% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $5.17B | -9.29 | -30.88% | ― | -89.11% | -37.55% |
* Healthcare Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.