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Krystal Biotech

Krystal Biotech (KRYS) Q2 2025 Earnings

Reported Aug 4, 2025 at 7:09 AM ET · SEC Source

Q2 25 EPS

$1.29

MISS 10.15%

Est. $1.44

Q2 25 Revenue

$96.0M

BEAT +4.44%

Est. $92.0M

vs S&P Since Q2 25

+160.9%

BEATING MARKET

KRYS +180.0% vs S&P +19.1%

Market Reaction

Did KRYS Beat Earnings? Q2 2025 Results

Krystal Biotech delivered a mixed second quarter for 2025, beating on revenue while falling short on the bottom line, as accelerating commercial momentum for VYJUVEK ran ahead of Wall Street's sales expectations even as earnings disappointed. The gen… Read more Krystal Biotech delivered a mixed second quarter for 2025, beating on revenue while falling short on the bottom line, as accelerating commercial momentum for VYJUVEK ran ahead of Wall Street's sales expectations even as earnings disappointed. The gene therapy for dystrophic epidermolysis bullosa generated $96.04 million in revenue, clearing the $91.96 million consensus by 4.44% and marking a 36.6% increase from the year-ago period, yet diluted EPS of $1.29 missed the $1.44 estimate by 10.15%, weighed against elevated operating costs. Gross margin held firm at 93%, and operating income surged to $39.31 million from just $8.57 million a year ago, underscoring strong revenue leverage as cumulative VYJUVEK sales crossed $525.40 million since launch. Looking ahead, the company is targeting European market entries in Germany in Q3 2025 and France in Q4 2025, alongside a Japan launch before year-end, though at least one analyst has already trimmed near-term revenue forecasts citing patient pausing trends that could pressure Q3 results.

Key Takeaways

  • • Strong VYJUVEK revenue growth driven by over 575 U.S. reimbursement approvals and 82% patient compliance
  • • 93% gross margin on VYJUVEK product revenue
  • • Absence of litigation settlement charges in Q2 2025 vs. $12.5 million in Q2 2024
  • • Cumulative VYJUVEK revenue of $525.4 million since Q3 2023 launch
24/7 Wall St

KRYS YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

KRYS Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“With the approval of VYJUVEK in Europe and Japan, we are on the cusp of a global expansion that will build on our U.S. sales momentum and dramatically expand VYJUVEK access to DEB patients around the world.”

— Krish S. Krishnan, Q2 2025 Earnings Press Release

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