Krystal Biotech Inc (KRYS)
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Current price 341.10 $ — 85% of the range above the low.
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Calculated from the price history · as of 08/03/2026
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AI Rating
Uses AIKrystal Biotech verkauft keine KI — das Kerngeschäft ist die zugelassene Gentherapie VYJUVEK gegen die Hautkrankheit Epidermolysis bullosa. Der Geschäftsbericht (10-K 2025) belegt jedoch operativen KI-Einsatz: Das Unternehmen hat nach eigener Angabe „in begrenzten Fällen" KI-Plattformen für konkrete geschäftliche Zwecke eingeführt und will KI nutzen, um die Entdeckung und Entwicklung neuer Produktkandidaten zu beschleunigen und die Fertigung zu optimieren. Damit ist KI ein internes Effizienz-Werkzeug (Kategorie „nutzt"), keine eigenständige Umsatzquelle (das schließt „verkauft" aus) und kein konkret gegen das eigene Geschäftsmodell gerichtetes Existenzrisiko (die AI-Risk-Factor-Passage bleibt allgemeine Boilerplate, das schließt „bedroht" aus).
View the full file — quotes, sources, reviewed filings
„As with many technological innovations, AI presents opportunities, risks and challenges that could impact our business... we have adopted and integrated in limited situations artificial intelligence platforms for limited specific business uses and may adopt and integrate additional AI platforms and/or tools into our business."
Wie bei vielen technologischen Innovationen bietet KI Chancen, Risiken und Herausforderungen, die unser Geschäft beeinflussen könnten... wir haben in begrenzten Fällen Plattformen der Künstlichen Intelligenz für begrenzte, konkrete geschäftliche Zwecke eingeführt und integriert und könnten weitere KI-Plattformen und/oder -Werkzeuge in unser Geschäft integrieren.
„Harnessing AI's potential may enable us to speed up the discovery and development of new product candidates, optimize our manufacturing processes, and drive efficiencies."
Das Potenzial der KI zu nutzen, könnte es uns ermöglichen, die Entdeckung und Entwicklung neuer Produktkandidaten zu beschleunigen, unsere Fertigungsprozesse zu optimieren und Effizienzen zu heben.
Rated on July 10, 2026 · How the Rating Is Built
What the Earnings Calls Reveal
Red flags Deadlines repeatedly missedWe read nine earnings call transcripts of Krystal Biotech (KRYS) from fiscal 2023-Q4 through fiscal 2026-Q1. Operationally the company delivers: revenue from the gene therapy VYJUVEK grew from 42.1 million USD (2023-Q4) to 116.4 million USD (2026-Q1), gross margin stayed between 92 and 96 percent throughout, the cost range was cut twice and met, and in 2026-Q1 Krystal reported its eleventh consecutive profitable quarter. The weak spot is timeline communication: the target of 720 reimbursement approvals, the time to first treatment as well as the KB803 eye drops and the cystic fibrosis program KB407 all missed dated commitments by two to four quarters. The European approval decision, by contrast, slipped by only about two months and was explained on request by negotiations over a broader label. The delays were mostly conceded only when analysts asked; the one that vanished entirely without comment was the KB803 readout promised for end-2025. At the same time several metrics that had deteriorated gradually disappeared from the calls.
9 calls reviewed, 2023-Q4 through 2026-Q1 · As of August 2, 2026
720 reimbursed patients: target missed by about three quarters
In the 2024-Q3 call the US commercial lead confirmed the launch target of reaching 60 percent of the identified patient pool within two years, i.e. roughly 720 reimbursement approvals, and explicitly called it 'on track'. Counting from the August 2023 launch the deadline fell in autumn 2025; in 2025-Q2 CEO Krish Krishnan himself named 'September, October of this year' as the original date. The running count went: over 460 (2024-Q3), over 510 (2024-Q4), over 540 (2025-Q1), over 575 (2025-Q2), over 615 (2025-Q3), over 660 (2025-Q4), over 695 in 2026-Q1. The language moved from 'on track' (2024-Q3, 2024-Q4) via 'a few extra months' (2025-Q1) and 'a quarter or two behind' (2025-Q2, 2025-Q3) to hoping to reach the mark 'by next quarter' (2026-Q1). The target management itself had set as the yardstick for launch success is therefore about three quarters behind its own deadline. In 2025-Q2 Krishnan, when asked, framed the 720 as an academic benchmark against the best drug launches and stressed that the full pool of 1,200 patients remains the goal.
Time to first treatment: target missed, metric dropped
In 2023-Q4 Krishnan put the time from start form to first application at 'about 30 days' and set a goal of two to three weeks for the second half of 2024. As early as 2024-Q1 the company said the shortening was happening 'at a slower pace than we previously expected', and the goal was quietly softened to 'under a month later this year'. No call ever reported the two to three weeks as achieved. In 2024-Q4 Krishnan cited 45 to 60 days and framed it as a 'lesson' from the launch - though that figure explicitly covers patients in the community setting and is measured from initial patient interest, so it is not directly comparable to the 30 days of 2023-Q4. After that the metric drops out: it is not mentioned once in the calls from 2025-Q1 through 2026-Q1. The slowdown cited in 2025-Q1 to justify a larger sales force was a different measure, namely the longer time needed to obtain a patient start form.
KB803 eye drops and KB407 in CF: data readouts drift by about a year
For the B-VEC eye drops the head of research announced in 2023-Q4 that the registrational study would start in the second half of 2024; the first patient was dosed in May 2025. In 2024-Q4 and 2025-Q1 a topline readout 'before year-end' 2025 was explicitly promised; in 2025-Q3 that was gone, replaced by the statement that enrollment should finish by year-end, and in the closing remarks of that same call Krishnan moved the readout to mid-2026. Per 2026-Q1 it is now due in the fourth quarter of 2026, with 16 patients enrolled. The picture is similar for the cystic fibrosis program KB407: molecular data were announced for end-2024 (2023-Q4), then the first half of 2025 (2024-Q3), then mid-2025 (2024-Q4), then summer 2025 (2025-Q1) and finally year-end 2025; they were published in January 2026. Management explained the KB407 slippage concretely in 2025-Q2 when asked, citing contract and budget procedures at trial sites. For KB803 the calls do give reasons for the longer path as well: first a natural history study run ahead of the trial that was also meant to feed enrollment (2024-Q3, 2024-Q4), then in 2025-Q4 a protocol switch from a single-arm open-label design to a randomized, placebo-controlled crossover study with self-administration, and in 2026-Q1 a primary endpoint at 24 weeks that mathematically puts the readout in the fourth quarter of 2026. What no call ever states is that this drops the readout promised for end-2025.
Metrics gradually disappear from the calls
Treatment compliance was reported quarter after quarter as long as it was high: 96 percent (2023-Q4), 91 percent (2024-Q1), 87 percent (2024-Q3), 85 percent (2024-Q4), 83 percent (2025-Q1), 82 percent (2025-Q2), 'low 80s' (2025-Q3). In 2025-Q4 and 2026-Q1 management gives no US figure at all. Asked for a quarterly number rather than a since-launch average, Krishnan deflected in 2025-Q1, saying he did not want to publish a figure without enough history; in 2025-Q2 he called the calculation 'not that material to the overall situation'. The same pattern appeared earlier: patient start forms, celebrated at launch (35 percent of 1,200 in 2023-Q4), were replaced by reimbursement approvals from 2024-Q1 on the grounds that these were the better revenue indicator. The disease subtype split disappeared after 2025-Q2 with the note that it was stable. What remains in 2026-Q1 is essentially revenue, reimbursement approvals and prescriber count. For context: the decline in compliance had been flagged in advance. In 2024-Q4 management pointed back to the rates guided at launch, in 2025-Q1 Krishnan named 50 percent as the long-term expectation, and the label change approved in autumn 2025 explicitly allows flexible dosing, which erodes the value of weekly-treatment compliance as a yardstick.
No revenue guidance, regional split came late
There is no revenue guidance in any of the nine calls. In 2023-Q4 Krishnan answered a question on the revenue trajectory with 'nice try'. In 2024-Q3 he told two separate analysts he would 'hopefully' have more clarity by the next quarterly report on whether there would be guidance for 2025; in the 2024-Q4 call the topic came up neither from the company nor from analysts, and no guidance was issued. Only in 2025-Q3 did he state plainly, when asked, that there would be no guidance for 2026 either. The split of revenue into US and international was refused in 2025-Q3 with a reference to accounting and auditor requirements and the still small overseas contribution and deferred to 'some point in 2026' - though Krishnan did say there that US revenue had come in below the prior quarter - then promised for the Q1 report in 2025-Q4 and delivered in 2026-Q1. Analysts asked about a share buyback in 2024-Q4, 2025-Q4 and 2026-Q1; the substance of the answer stayed the same and never carried a date, but it grew more concrete: no cash for acquisitions or in-licensing, and a buyback to be considered once the large pipeline programs and the next launch come into view. No dated commitment was ever made on this.
Counterweight: financial targets and overseas launch delivered
For all the timeline slippage the financial side holds up. The 150 to 175 million USD of operating costs guided for 2024 in 2023-Q4 were cut to 115 to 125 million USD in 2024-Q3 and met; the 150 to 175 million USD range guided for 2025 was reduced to 145 to 155 million USD in 2025-Q3 and hit at 150.3 million USD. The market launches in Europe and Japan promised 'in 2025' back in 2023-Q4 did happen, albeit only in August (Germany) and October 2025 (Japan). The interim data for the alpha-1 program KB408 announced for end-2024 also arrived on time in December 2024. Worth noting: US revenue in 2026-Q1 came in at 87.5 million USD, slightly below the 2025-Q1 figure of 88.2 million USD (then essentially all US business), even though reimbursement approvals rose from over 540 to over 695 in the same period. Growth in 2026-Q1 came from Europe (20.7 million USD) and Japan (8.1 million USD).
Management promises
-
2023-Q4 broken
Time from start form to first treatment to fall to two or three weeks in the second half of 2024; starting point then about 30 days.
Softened to 'under a month' in 2024-Q1 and never reported as achieved in any call. The 45 to 60 days cited in 2024-Q4 refer to community-setting patients measured from initial interest, so they are not a like-for-like comparison. From 2025-Q1 onward the metric does not appear in any call.
-
2023-Q4 broken
Decision by the European authorities on approval in the second half of 2024.
Still promised for end-2024 in 2024-Q3, the CHMP opinion only came in February 2025, about two months late. Asked in 2024-Q4, the head of research attributed the delay to negotiations over a broader label including home administration - the date was missed, but the slippage is small and the reason plausible.
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2023-Q4 open
Once 1,500 patients are reached, the number of identified DEB patients in the US will be updated.
In 2024-Q3 the company said it had already found roughly 10 percent more patients than the original 1,200 and would report again at a 'significant milestone'. In 2025-Q1, 2025-Q2 and 2026-Q1 management still works with the figure of 1,200. The self-imposed threshold of 1,500 identified patients has not been reached, so the commitment is not yet due - this is an open announcement, not a broken one.
-
2023-Q4 kept
Market launch of VYJUVEK in Europe and Japan in 2025.
Germany launched in late August 2025, France in October 2025 under the early access scheme, Japan in October 2025 after completed price negotiations. The German launch, originally announced for the first half of 2025, did slip by a quarter.
-
2024-Q1 kept
Interim results for the alpha-1 study KB408 before the end of 2024.
The data were released in December 2024 and presented in detail in 2024-Q4, including transduction rates of 35 to 39 percent and biomarkers.
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2024-Q3 broken
60 percent market penetration, roughly 720 reimbursement approvals, within two years of launch - i.e. by autumn 2025.
In 2026-Q1 the count stood at over 695, with the mark now expected in the second quarter of 2026. Delay about three quarters. Management admitted the slippage openly from 2025-Q1 onward.
-
2024-Q3 broken
Molecular data from the cystic fibrosis study KB407 in the first half of 2025.
The date drifted via mid-2025 (2024-Q4), summer 2025 (2025-Q1) and year-end 2025 (2025-Q2, 2025-Q3) to publication in January 2026. The delay was explained plausibly in 2025-Q2 when asked, citing contracting processes at trial sites.
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2024-Q4 broken
Topline data from the IOLITE registrational study of the B-VEC eye drops KB803 before the end of 2025.
Still confirmed in 2025-Q1, then silently replaced in 2025-Q3 by the goal of completing enrollment by year-end. As of 2026-Q1: readout in the fourth quarter of 2026, about a year later. No call ever named the dropped date as a delay, but the calls do give substantive reasons - the protocol switch to a randomized crossover study (2025-Q4) and the primary endpoint at 24 weeks (2026-Q1).
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2025-Q4 kept
From the first quarter 2026 report onward, revenue will be broken out into US and international.
In 2026-Q1 the company reported 87.5 million USD for the US and 28.9 million USD for Europe and Japan, split into 20.7 million USD Europe and 8.1 million USD Japan.
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2025-Q4 open
Data update on repeat dosing of KB408 in alpha-1 deficiency before the end of 2026.
In 2025-Q3 the company still spoke of the first half of 2026; in 2025-Q4 that became year-end without comment. In 2026-Q1 the wording is still 'later this year' - the date is still pending.
Based on public earnings call transcripts. Reviewed: 9 transcripts 2023-Q4 through 2026-Q1.
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 12.7% above the current price.
- Consensus
- Strong Sell
- Analyst Ratings
- 11
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 8.21 | 6.21 – 14.52 | 512 | 20.0% | 9 |
| 12/31/2027 | 9.87 | 6.66 – 12.53 | 670 | 20.3% | 9 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 1.70 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.52 | 404.60 | 91 | 116.30 | 49.90 | 53 | 52 |
| 2025: Q1 | 1.20 | 3,659.60 | 88 | 94.90 | 40.50 | 31 | 25 |
| 2025: Q2 | 1.29 | 145.30 | 96 | 36.60 | 39.90 | 53 | 51 |
| 2025: Q3 | 2.66 | 192.70 | 98 | 16.60 | 81.20 | 40 | 38 |
| 2025: Q4 | 1.72 | 12.80 | 107 | 17.50 | 48.00 | 78 | 75 |
| 2026: Q1 | 1.83 | 53.30 | 116 | 31.90 | 48.10 | 80 | 73 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 0 | -1 | -1 | -0.27 | -1 | 0 | 2 |
| 2017 | 0 | -5 | -8 | -1.48 | -4 | 49 | 50 |
| 2018 | 1 | -12 | -11 | -0.97 | -9 | 113 | 116 |
| 2019 | 0 | -22 | -19 | -1.20 | -19 | 203 | 209 |
| 2020 | 0 | -33 | -32 | -1.71 | -26 | 292 | 311 |
| 2021 | 0 | -68 | -70 | -3.13 | -48 | 594 | 626 |
| 2022 | 0 | -145 | -140 | -5.49 | -101 | 522 | 558 |
| 2023 | 51 | -110 | 11 | 0.39 | -89 | 779 | 818 |
| 2024 | 291 | 66 | 89 | 3.00 | 123 | 946 | 1,056 |
| 2025 | 389 | 161 | 205 | 6.84 | 201 | 1,220 | 1,334 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
About the Company
Krystal Biotech, Inc. ist ein Biotechnologieunternehmen in der kommerziellen Phase, das genetische Medikamente zur Behandlung von Erkrankungen mit hohem ungedecktem medizinischem Bedarf in den USA entdeckt, entwickelt, fertigt und kommerzialisiert.
| Employees | 295 |
|---|---|
| Headquarters | Pittsburgh, PA |
| Address | 2100 Wharton Street, 15203 Pittsburgh, United States |
| Phone | 412 586 5830 |
| Website | krystalbio.com |
| IPO Date | 20. Sep 2017 |
| ISIN | US5011471027 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Krish S. Krishnan M.B.A., M.S. | Founder, Chairman, President & CEO | 1965 |
| Suma M. Krishnan | Founder, President of R&D and Director | 1965 |
| Kathryn A. Romano CPA | Executive VP & Chief Accounting Officer | 1982 |
| John C. Thomas | EVP, General Counsel & Corporate Secretary | 1974 |
| John Karakkal | Vice President of North American Sales & Marketing | – |
| Stephane Paquette Ph.D. | Senior Vice President of Corporate Development | – |
| Josh Suskin | Senior Director & Head of US Human Resources | – |
| Laurent Goux | Executive VP & Head of International | 1975 |
| David Chien M.D. | Senior Vice President of Clinical Development | – |
| Christine Wilson | Senior VP & Head of US Commercial | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.