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Krystal Biotech

Krystal Biotech (KRYS) Q1 2025 Earnings

Reported May 6, 2025 at 8:09 AM ET · SEC Source

Q1 25 EPS

$1.20

MISS 21.05%

Est. $1.52

Q1 25 Revenue

$88.2M

MISS 8.34%

Est. $96.2M

vs S&P Since Q1 25

+127.1%

BEATING MARKET

KRYS +161.1% vs S&P +34.0%

Market Reaction

Did KRYS Beat Earnings? Q1 2025 Results

Krystal Biotech delivered a disappointing first quarter, with shares tumbling more than 10% as both earnings and revenue fell short of Wall Street's expectations. The gene therapy company posted diluted EPS of $1.20, missing the $1.52 consensus by 21… Read more Krystal Biotech delivered a disappointing first quarter, with shares tumbling more than 10% as both earnings and revenue fell short of Wall Street's expectations. The gene therapy company posted diluted EPS of $1.20, missing the $1.52 consensus by 21.05%, while revenue of $88.18 million trailed the $96.21 million estimate by 8.34%, despite nearly doubling year-over-year from $45.25 million in Q1 2024, a gain of 94.9%. The primary culprit behind the bottom-line miss was a $7.86 million income tax expense recorded for the first time, reflecting Krystal's transition to sustained profitability as VYJUVEK's commercial momentum matures. The gene therapy's 94% gross margin highlighted the efficiency of its manufacturing, and cumulative revenue since launch has now reached $429.40 million. Looking ahead, the company expects its first European VYJUVEK launch in Germany by mid-2025 and a Japanese regulatory decision in the second half of the year, while maintaining full-year non-GAAP combined R&D and SG&A guidance of $150 million to $175 million.

Key Takeaways

  • • Continued U.S. commercial ramp of VYJUVEK with 94% gross margin
  • • Over 540 reimbursement approvals in the U.S. with 97% positive access determinations for commercial and Medicaid lives
  • • Strong patient compliance at 83% with weekly treatment
  • • Cumulative VYJUVEK revenue of $429.4 million since Q3 2023 launch
24/7 Wall St

KRYS YoY Financials

Q1 2025 vs Q1 2024, source: SEC Filings

24/7 Wall St

KRYS Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“We were thrilled to receive VYJUVEK approval in Europe, and with the potential expansion to Japan later in the year, we continue to make tremendous progress on our goal of delivering profound long-term benefit to DEB patients around the world. With today's announcement of our second clinical-stage ophthalmology program, the near-term initiation of our registrational study in DEB patients with eye lesions, and upcoming molecular readouts for our rare respiratory disease product candidates, KB407 and KB408, we are pushing forward a broad and expanded pipeline which we expect will ultimately demonstrate the power of HSV-1 based gene delivery in the lung, eye, and skin, and - most importantly - deliver meaningful benefit to patients.”

— Krish S. Krishnan, Q1 2025 Earnings Press Release

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