Krystal Biotech Q1 2025 Results Summary

Krystal Biotech reported strong financial and operational results for the first quarter of 2025, driven by continued momentum in VYJUVEK sales, pipeline advancements, and international expansion. The company posted significant year-over-year revenue and earnings growth while maintaining a strong cash position.

Financial Highlights (Q1 2025 vs. Q1 2024)
• Product revenue: $88.2 million (up from $45.3 million)
• Gross margin: 94%
• Net income: $35.7 million (up from $0.9 million)
• Diluted EPS: $1.20 (up from $0.03)
• Cash, cash equivalents, and investments: $765.3 million
• Total assets: $1.07 billion
• Operating income: $36.2 million (vs. $6.7 million operating loss)
• R&D expenses: $14.3 million (up from $11.0 million)
• SG&A expenses: $32.7 million (up from $26.1 million)

Key Operational Updates
• VYJUVEK approved in Europe; first launch in Germany expected mid-2025. $429.4 million in cumulative revenue since launch in Q3 2023. High U.S. patient access and adherence.
• Japan regulatory decision expected in 2H 2025.
• Respiratory Programs:
o KB407 (cystic fibrosis): Interim data from Cohort 3 expected mid-2025.
o KB408 (AATD): Additional molecular data expected later in 2025.
• Ophthalmology:
o KB803 (ocular DEB): Phase 3 trial to begin soon.
o KB801 (neurotrophic keratitis): Phase 1/2 trial to begin in May.
• Oncology:
o KB707 inhaled (lung tumors): Early monotherapy results showed 27% response rate. ASCO update expected.
o KB707 intratumoral: Enrollment continues in OPAL-1.
• Aesthetics:
o KB301 (décolleté wrinkles): Phase 2 to start Q4 2025.
o KB304 (wrinkles): Phase 1 top-line data expected 2H 2025.
• Dermatology: KB105 (lamellar ichthyosis): Phase 2 start planned in 2026.

2025 Guidance
• Non-GAAP R&D and SG&A expenses expected between $150 million and $175 million (excluding stock-based compensation).