Krystal Biotech Expands Profit as VYJUVEK Sales Climb
VYJUVEK generated $119.2 million in second-quarter net product revenue, up 24% from a year earlier.
Krystal Biotech (KRYS), the gene-therapy developer, increased second-quarter operating income 48% as VYJUVEK sales growth widened margins.
The quarter extended the treatment’s growth trajectory, with revenue rising from $96.0 million in the year-earlier period to $97.8 million in the third quarter and $107.1 million in the fourth quarter. Sequential growth moderated to about 2.5% from the first quarter, when VYJUVEK generated approximately $116.4 million.
Net product revenue rose 24% from a year earlier, while net income climbed 43% to $54.8 million. Diluted earnings increased to $1.79 a share from $1.29.
Gross margin expanded to 95% from 93% a year earlier as cost of goods sold fell 10% to $6.4 million despite the increase in product revenue. Operating margin rose to about 49% from about 41%, with operating income reaching $58.4 million.
VYJUVEK’s commercial reach also broadened. U.S. reimbursement approvals exceeded 730, up from more than 660 at year-end, and there were more than 640 unique prescribers globally. The international rollout expanded from Germany alone in the third quarter of 2025 to Germany, France and Japan, with launches in Italy and Spain expected before the end of 2026.
Krystal introduced full-year non-GAAP guidance for combined research-and-development and selling, general and administrative expenses of $175 million to $195 million. In the second quarter, R&D expense was essentially flat at $14.5 million, while SG&A expense increased 14% to $39.9 million.
The company ended June with about $1.1 billion in cash and investments, up from $955.9 million at year-end. Its IOLITE study of KB803 was fully enrolled, with top-line data scheduled for the fourth quarter, while the proposed registrational study for KB407 is expected to begin in 2027 after anticipated FDA alignment later this year.