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Krystal Biotech
(NASDAQ:KRYS)
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Rating:76Outperform
Price Target:
$353.00
▲(5.31% Upside)
Action:Reiterated
Date:08/04/26
Overall score is driven primarily by very strong financial performance (profitability, high cash generation, and minimal leverage) and a positive earnings call backdrop (continued revenue growth, high gross margin, large cash balance, and near-term pipeline readouts). These strengths are tempered by weak near-term technicals (price below key short-term moving averages with negative MACD) and a premium valuation (P/E ~44) that heightens sensitivity to execution and reimbursement/timing risks.
Positive Factors
Strong liquidity and cash generation
A >$1.1B cash balance combined with TTM free cash flow of ~$258M provides durable funding for commercialization, trials and regulatory activities without near-term financing. This materially lowers execution and refinancing risk and supports multi-year R&D and launch investments.
Negative Factors
International pricing and reimbursement uncertainty
Pending pricing negotiations (notably Germany) and country-specific access rules create structural timing and cash-flow variability outside the U.S. Delays or unfavorable decisions in major EU markets could materially slow international revenue buildup and strain cross-border commercialization plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity and cash generation
A >$1.1B cash balance combined with TTM free cash flow of ~$258M provides durable funding for commercialization, trials and regulatory activities without near-term financing. This materially lowers execution and refinancing risk and supports multi-year R&D and launch investments.
Read all positive factors
Krystal Biotech (KRYS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.06B
Dividend YieldN/A
Average Volume (3M)527.57K
Price to Earnings (P/E)44.0
Beta (1Y)0.76
Revenue Growth25.15%
EPS Growth79.56%
CountryUS
Employees295
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)8.27
Shares Outstanding29,479,755
10 Day Avg. Volume847,932
30 Day Avg. Volume527,571
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$386.00Price Target Upside15.16% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)7.38
Revenue Forecast (FY)$507.78M
Krystal Biotech Business Overview & Revenue Model
Company Description
Krystal Biotech, Inc. is a clinical-stage biotechnology company focused on developing redosable gene therapies to address severe orphan diseases across the United States. Its most advanced therapeutic candidate, beremagene geperpavec (B-VEC), is c...
How the Company Makes Money
Krystal Biotech primarily makes money from product revenue generated by sales of VYJUVEK. Revenue is driven by (1) dispensing VYJUVEK for eligible patients, and (2) reimbursement/coverage from payers and patient access programs that support treatm...
Krystal Biotech Earnings Call Summary
Earnings Call Date:Aug 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The call presented multiple strong commercial and financial highlights — double‑digit revenue growth (+24% YoY), improved gross margin (95%), expanded U.S. reimbursement (>730 approvals), robust cash (> $1.1B), and advancing clinical programs with several near‑term readouts and encouraging oncology signals. Lowlights were primarily operational and timing risks tied to international pricing/reimbursement (notably a German accrual that depressed reported EMEA revenue), country‑specific access constraints, modest increases in G&A, and the small size/early stage of several repeat‑dose studies. Overall, the positives around revenue, profitability, cash position, and pipeline momentum outweigh the near‑term access and timing headwinds, supporting a constructive outlook.Positive Updates
Revenue Growth and U.S. Commercial Performance
Global net revenue for VYJUVEK was $119.2M in 2Q26, a 24% increase versus $96.0M in 2Q25. U.S. net revenue was $91.6M for the quarter. Company reported surpassing initial U.S. penetration target with more than 730 U.S. reimbursement approvals and >60% penetration of the diagnosed DEB patient pool.
Negative Updates
Europe & Japan Reported Revenue Impacted by German Pricing Accrual
Reported revenue in Europe and Japan was broadly flat for the quarter due primarily to a reserve/accrual related to ongoing pricing negotiations in Germany (a full quarter of accrued pricing was recorded), which reduced quarter-over-quarter net European revenue despite growth in vial sales.
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Q2-2026 Updates
Positive
Negative
Revenue Growth and U.S. Commercial Performance
Global net revenue for VYJUVEK was $119.2M in 2Q26, a 24% increase versus $96.0M in 2Q25. U.S. net revenue was $91.6M for the quarter. Company reported surpassing initial U.S. penetration target with more than 730 U.S. reimbursement approvals and >60% penetration of the diagnosed DEB patient pool.
Read all positive updates
Company Guidance
The company reiterated its full-year 2026 non-GAAP R&D and SG&A guidance of $175 million to $195 million and said cash and investments now exceed $1.1 billion; Q2 reported metrics included global VYJUVEK net revenue of $119.2 million (up 24% from $96.0 million a year ago), U.S. net revenue of $91.6 million, cost of goods sold of $6.4 million, gross margin of 95% (vs. 93% prior year), R&D expense of $14.5 million, G&A of $39.9 million, noncash stock‑based comp of $14.2 million, and net income of $54.8 million ($1.85 basic / $1.79 diluted); commercial rollout metrics highlighted >730 U.S. reimbursement approvals, penetration past the initial 60% target, and >180 patients treated in Western Europe and Japan, while clinical and pipeline timing guidance included two registrational readouts expected this year (KB803 and the ocular DEB study), EMERALD‑1 enrollment to complete by year‑end with readout soon after, and plans to start at least two additional registrational trials in 2027 (including an anticipated registrational NSCLC study for inhaled KB707 in 2027).Krystal Biotech Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 440.48M | 389.13M | 290.51M | 50.70M | 0.00 | 0.00 |
| Gross Profit | 411.14M | 360.36M | 270.45M | 47.60M | 0.00 | 0.00 |
| EBITDA | 218.43M | 196.02M | 109.91M | -91.32M | -116.81M | -66.23M |
| Net Income | 241.47M | 204.83M | 89.16M | 10.93M | -139.97M | -69.57M |
Balance Sheet | ||||||
| Total Assets | 1.50B | 1.33B | 1.06B | 818.36M | 558.45M | 626.29M |
| Cash, Cash Equivalents and Short-Term Investments | 845.63M | 827.79M | 597.52M | 532.18M | 379.17M | 438.10M |
| Total Debt | 1.81M | 9.34M | 7.26M | 8.09M | 8.93M | 8.02M |
| Total Liabilities | 141.52M | 114.23M | 109.46M | 39.71M | 36.22M | 32.72M |
| Stockholders Equity | 1.36B | 1.22B | 946.38M | 778.64M | 522.23M | 593.58M |
Cash Flow | ||||||
| Free Cash Flow | 257.78M | 188.91M | 119.18M | -100.60M | -153.55M | -116.27M |
| Operating Cash Flow | 272.34M | 200.87M | 123.42M | -88.80M | -100.57M | -47.94M |
| Investing Cash Flow | -218.29M | -58.42M | -163.44M | 82.64M | -114.08M | -226.77M |
| Financing Cash Flow | 23.97M | 8.71M | 27.01M | 202.75M | 35.35M | 347.69M |
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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $10.06B | 44.02 | 19.25% | ― | 25.15% | 79.56% | |
56 Neutral | $8.22B | 121.56 | 3.72% | ― | 10.79% | -81.14% | |
54 Neutral | $1.55B | -4.75 | -85.61% | ― | ― | -68.11% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $5.68B | -137.67 | 21.72% | ― | -42.84% | -106.21% | |
46 Neutral | $4.63B | -7.72 | -30.88% | ― | -89.11% | -37.55% |
* Healthcare Sector Average
KRYS
Krystal Biotech
324.77
187.42
136.45%
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53.07
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MLTX
MoonLake Immunotherapeutics
17.93
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-66.43%
Krystal Biotech Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Krystal Biotech Updates KB801 Patent Office Filing
Neutral
Jul 21, 2026
On July 21, 2026, Krystal Biotech filed a response with the U.S. Patent and Trademark Office regarding a patent application for KB801, its investigational gene therapy for neurotrophic keratitis. The filing cited data from a discontinued clinical ...
Executive/Board ChangesShareholder Meetings
Krystal Biotech Shareholders Approve Directors and Compensation
Positive
May 20, 2026
At its May 15, 2026 annual meeting of stockholders, Krystal Biotech shareholders re-elected Krish S. Krishnan and Christopher Mason as Class III directors to new three-year terms, reinforcing continuity on the company’s board. Investors also...
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.