Krystal Biotech (KRYS) Q4 2025 Earnings
Reported Feb 17, 2026 at 7:06 AM ET · SEC Source
Q4 25 EPS
$1.70
BEAT +5.81%
Est. $1.61
Q4 25 Revenue
$107.1M
BEAT +1.88%
Est. $105.1M
vs S&P Since Q4 25
+13.1%
BEATING MARKET
KRYS +23.1% vs S&P +10.0%
Full Year 2025 Results
FY 25 EPS
$6.84
MISS 4.04%
Est. $7.13
FY 25 Revenue
$389.1M
BEAT +0.39%
Est. $387.6M
Market Reaction
Did KRYS Beat Earnings? Q4 2025 Results
Krystal Biotech closed out fiscal 2025 on a strong note, delivering a fourth-quarter earnings beat on both the top and bottom lines as VYJUVEK's commercial momentum continued to build. The gene therapy specialist posted diluted EPS of $1.70, clearing… Read more Krystal Biotech closed out fiscal 2025 on a strong note, delivering a fourth-quarter earnings beat on both the top and bottom lines as VYJUVEK's commercial momentum continued to build. The gene therapy specialist posted diluted EPS of $1.70, clearing the $1.58 consensus estimate by 7.59%, while net product revenue of $107.11 million edged past the $105.58 million analyst forecast and grew 17.5% from the year-ago quarter. The outperformance was anchored by robust VYJUVEK demand, with over 660 domestic reimbursement approvals secured and international prescriptions spreading across Germany, France, and Japan, helping push full-year VYJUVEK revenue to $389.13 million. Gross margins held at an impressive 94% for both the quarter and the full year, and the company ended the period with $955.90 million in cash and investments. Guggenheim responded by lifting its price target to $284 from $224, reiterating a Buy rating. Looking ahead, Krystal guided FY 2026 non-GAAP combined R&D and SG&A expenses of $175.00 million to $195.00 million, with an Italy launch targeted for 2H 2026 and pipeline catalysts including CORAL-3 enrollment expected to begin in 1H 2026.
Key Takeaways
- • Strong VYJUVEK demand in the U.S. with over 660 reimbursement approvals secured
- • International VYJUVEK uptake in Germany, France, and Japan with over 90 patients prescribed
- • 94% gross margin on VYJUVEK for Q4 and full year 2025
- • Cumulative U.S. VYJUVEK revenue since launch of $730.3 million
KRYS Forward Guidance & Outlook
For FY 2026, Krystal Biotech guided non-GAAP combined R&D and SG&A expenses (excluding stock-based compensation) of $175.0 million to $195.0 million. The company expects to continue global VYJUVEK commercial expansion with pricing negotiations in Germany continuing until at least 2H 2026 and France until at least 2027, with a potential Italy launch in 2H 2026 and specialty distributor network coverage of over 40 countries by end of 2026. Multiple registrational study readouts are expected across the pipeline, including CORAL-3 enrollment start for cystic fibrosis in 1H 2026, IOLITE top-line results for KB803 before year end, EMERALD-1 data for KB801 before year end, and interim efficacy data for KB707 in NSCLC later in 2025. A Phase 2 study of KB304 for aesthetics is expected to initiate in 2027.
KRYS YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
KRYS Revenue by Segment
With YoY comparisons, source: SEC Filings
“In 2025, Krystal made meaningful progress on our mission to serve patients with dystrophic epidermolysis bullosa around the world, while continuing to build the global infrastructure required to scale our impact.”
— Krish S. Krishnan, Q4 2025 Earnings Press Release
KRYS Earnings Trends
KRYS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
KRYS EPS Trend
Earnings per share: estimate vs actual
KRYS Revenue Trend
Quarterly revenue: estimate vs actual
KRYS Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $1.61 | $1.70 | +5.81% | $107.1M | +1.88% |
| FY Full Year | $7.13 | $6.84 | -4.04% | $389.1M | +0.39% |
| Q3 25 BEAT | $1.12 | $2.66 | +137.03% | $97.8M | +4.69% |
| Q2 25 MISS | $1.44 | $1.29 | -10.15% | $96.0M | +4.44% |
| Q1 25 MISS | $1.52 | $1.20 | -21.05% | $88.2M | -8.34% |