Krystal Biotech (KRYS)
NASDAQ:KRYS
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Krystal Biotech
(NASDAQ:KRYS)
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Rating:81Outperform
Price Target:
$283.00
▲(4.81% Upside)
Action:ReiteratedDate:02/18/26
Score is driven primarily by strong financial performance (profitability and cash flow improvement with minimal leverage) and a constructive earnings outlook (high-margin guidance, strong cash runway, and positive pipeline/regulatory progress). Offsetting factors are premium valuation (P/E ~41.5) and some near-term execution/visibility risks (higher planned spend and European pricing/revenue timing), while technicals remain positive but not strongly overextended.
Positive Factors
Conservative balance sheet
Extremely low leverage and materially higher equity provide durable financial flexibility to fund global launches and multiple pipeline programs without near-term reliance on external financing, lowering execution risk and preserving strategic optionality over the next 2–6 months.
Negative Factors
Rising operating expense guidance
Management's planned increase in operating spend is structural while scaling international commercialization and advancing multiple trials; unless revenue growth or margins accelerate, higher recurring costs could compress free cash flow growth and extend payback periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Extremely low leverage and materially higher equity provide durable financial flexibility to fund global launches and multiple pipeline programs without near-term reliance on external financing, lowering execution risk and preserving strategic optionality over the next 2–6 months.
Read all positive factors
Krystal Biotech (KRYS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.82B
Dividend YieldN/A
Average Volume (3M)265.17K
Price to Earnings (P/E)34.7
Beta (1Y)0.74
Revenue Growth54.51%
EPS Growth275.94%
CountryUS
Employees275
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)1.70
Shares Outstanding29,232,190
10 Day Avg. Volume244,501
30 Day Avg. Volume265,170
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/Revenue19.03
Enterprise Value/Gross Profit20.55
Enterprise Value/Ebitda44.12
Forecast
1Y Price Target
$328.33Price Target Upside21.60% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)7.64
Revenue Forecast (FY)$524.35M
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:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 11, 2026
Earnings Call Sentiment Positive
The call conveyed solid commercial momentum and strong financial results (notably $107.1M Q4 revenue, 34% Y/Y full-year growth, 94% gross margin, and ~$956M cash) together with important pipeline breakthroughs (KB407 CF transduction data) and regulatory designations (RMAT, Fast Track). Key risks include rising operating expenses, higher COGS for non-U.S. sales, ongoing pricing negotiations in Europe that create near-term revenue visibility risk, and operational/compliance frictions in early international launches. On balance, the positive commercial traction, strong margins and cash position, and multiple promising clinical developments outweigh the operational and timing headwinds described.Positive Updates
Strong Q4 and Full-Year Revenue
Q4 net revenue from VYJEVEC was $107.1M; year-to-date net revenue was $389.1M, representing ~34% growth versus full year 2024. Q4 revenue rose nearly 10% versus the prior quarter and ~18% versus prior-year Q4. Total net VYJEVEC revenue since launch exceeds $730M.
Negative Updates
Compression in Gross Margin and Higher COGS Outside U.S.
Quarter gross margin dipped to 94% from 96% in Q3 and 95% in prior-year Q4. Cost of goods sold rose to $6.6M (Q3: $4.3M; prior-year Q4: $4.9M) driven by increased volume sold outside the U.S. and higher per-unit costs ahead of manufacturing process optimizations.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Q4 and Full-Year Revenue
Q4 net revenue from VYJEVEC was $107.1M; year-to-date net revenue was $389.1M, representing ~34% growth versus full year 2024. Q4 revenue rose nearly 10% versus the prior quarter and ~18% versus prior-year Q4. Total net VYJEVEC revenue since launch exceeds $730M.
Read all positive updates
Company Guidance
Management guided gross margins to remain in the 90%–95% range and gave 2026 non‑GAAP R&D+SG&A guidance of $175–195M (up from YTD 2025 non‑GAAP spend of $150.3M); they reported Q4 net product revenue of $107.1M (≈10% growth vs prior quarter, ≈18% vs Q4 2024), YTD revenue of $389.1M (≈34% vs 2024) and cumulative revenue since launch of >$730M, with Q4 COGS $6.6M, Q4 R&D $14.8M, Q4 SG&A $41.4M, stock‑based comp $13.8M, Q4 net income $51.4M ($1.77 basic / $1.70 diluted), FY net income $204.8M ($7.08 / $6.84) and $955.9M in cash & investments; commercial expansion targets include distributor agreements in >20 countries with a goal of >40 in 2026, >90 patients prescribed across Germany/France/Japan and an Italy launch in 2H‑2026 (pricing negotiations expected in Germany through 2026 and France into 2027, which may cause non‑linear revenue recognition), and clinical guidance includes KB407 repeat‑dosing beginning H1 (observed transduction 29%–42% and durability ≥96 hours), an upsized KB801 registrational study (~60 patients, ~30 sites with >50% activated) and KB803 (3×/week dosing) both targeting data readouts before year‑end, plus KB408 updates and regulatory designations (KB707 RMAT; KB111 Fast Track).Krystal Biotech Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
88
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 389.13M | 290.51M | 50.70M | 0.00 | 0.00 |
| Gross Profit | 360.36M | 270.45M | 47.60M | 0.00 | 0.00 |
| EBITDA | 167.85M | 109.91M | -91.32M | -116.81M | -66.23M |
| Net Income | 204.83M | 89.16M | 10.93M | -139.97M | -69.57M |
Balance Sheet | |||||
| Total Assets | 1.33B | 1.06B | 818.36M | 558.45M | 626.29M |
| Cash, Cash Equivalents and Short-Term Investments | 827.79M | 597.52M | 532.18M | 379.17M | 438.10M |
| Total Debt | 9.34M | 7.26M | 8.09M | 8.93M | 8.02M |
| Total Liabilities | 114.23M | 109.46M | 39.71M | 36.22M | 32.72M |
| Stockholders Equity | 1.22B | 946.38M | 778.64M | 522.23M | 593.58M |
Cash Flow | |||||
| Free Cash Flow | 188.91M | 119.18M | -100.60M | -153.55M | -116.27M |
| Operating Cash Flow | 200.87M | 123.42M | -88.80M | -100.57M | -47.94M |
| Investing Cash Flow | -58.42M | -163.44M | 82.64M | -114.08M | -226.77M |
| Financing Cash Flow | 8.71M | 27.01M | 202.75M | 35.35M | 347.69M |
Krystal Biotech Technical Analysis
Positive
270.00
Price Trends
263.13
Positive
255.39
Positive
209.61
Positive
Market Momentum
1.48
Negative
59.44
Neutral
72.09
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 270 is above the 20-day moving average (MA) of 256.78, above the 50-day MA of 263.13, and above the 200-day MA of 209.61, indicating a bullish trend. The MACD of 1.48 indicates Negative momentum. The RSI at 59.44 is Neutral, neither overbought nor oversold. The STOCH value of 72.09 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $7.82B | 34.71 | 18.69% | ― | 54.51% | 275.94% | |
67 Neutral | $5.83B | 8.85 | -362.44% | ― | 97.54% | ― | |
66 Neutral | $5.61B | 19.07 | 14.45% | ― | 1.08% | 3.40% | |
64 Neutral | $6.72B | -16.04 | -55.42% | ― | -76.96% | -425.41% | |
54 Neutral | $1.32B | -3.74 | -67.12% | ― | ― | -157.74% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $5.26B | -8.11 | -31.53% | ― | -81.10% | -99.21% |
* Healthcare Sector Average
KRYS
Krystal Biotech
270.00
100.87
59.64%
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Krystal Biotech Corporate Events
Business Operations and StrategyFinancial Disclosures
Krystal Biotech outlines rare disease growth strategy update
Positive
Jan 12, 2026
On January 11, 2026, Krystal Biotech reported selected preliminary, unaudited 2025 results and a strategic business update ahead of its presentation at the 44th Annual J.P. Morgan Healthcare Conference, highlighting that VYJUVEK generated an estim...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Krystal Biotech advances KB407 with positive CF trial data
Positive
Jan 8, 2026
On January 8, 2026, Krystal Biotech reported positive interim results from the highest-dose cohort of its Phase 1 CORAL-1 study of KB407 in cystic fibrosis patients, confirming successful delivery and expression of wild-type CFTR protein in conduc...
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.