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Jun 30, 2025
Krystal Biotech Q2 2025 Earnings Report
Krystal Biotech reported strong second quarter 2025 financial and operating results, driven by significant VYJUVEK revenue and strategic global expansion.
Key Takeaways
Krystal Biotech delivered a robust second quarter in 2025, with net product revenue reaching $96.0 million, primarily from VYJUVEK. The company achieved a net income of $38.3 million and an EPS of $1.29 (diluted). Key highlights include the approval of VYJUVEK in Japan and Europe, alongside advancements in its diverse pipeline across respiratory, ophthalmology, oncology, and aesthetics.
VYJUVEK net product revenue for Q2 2025 was $96.0 million, demonstrating strong commercial performance.
The company reported a net income of $38.3 million and diluted EPS of $1.29 for the quarter.
VYJUVEK received approval in Japan and is on track for launches in Germany and France, signaling significant global expansion.
Krystal Biotech maintains a strong financial position with $820.8 million in cash and investments at quarter-end.
Revenue by Segment
Forward Guidance
Krystal Biotech anticipates continued global expansion for VYJUVEK and significant progress in its pipeline, with key readouts expected in lung and eye programs. The company projects non-GAAP R&D and SG&A expenses for FY 2025 to be between $150.0 million and $175.0 million.
Positive Outlook
- On track for VYJUVEK launch in Japan before the end of 2025.
- Expects first European VYJUVEK launch in Germany in Q3 2025 and France in Q4 2025.
- Anticipates interim molecular data readout for KB407 (cystic fibrosis) Cohort 3 patients before year-end.
- Plans to submit décolleté-specific photonumeric scale to FDA and align on Phase 2 study protocol for KB304 in 2H 2025, with potential Phase 2 start in 1H 2026.
- Expects to initiate Phase 2 portion of KB105 (lamellar ichthyosis) trial in pediatric patients in 2026.
Challenges Ahead
- Non-GAAP combined R&D and SG&A expense guidance does not include stock-based compensation, which could materially affect GAAP figures.
- The company is unable to confidently estimate Full Year 2025 stock-based compensation expense.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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