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Krystal Biotech (KRYS) FY2025 results: revenue $389 million, up 33.9% on the year

Krystal Biotech, Inc. (KRYS) reported revenue of $389 million for fiscal 2025, the year ended 31 December 2025, up 33.9% on the year before. Net income was $205 million, up 129.7%, and diluted earnings per share $6.84. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.

Revenue
$389 million
+33.9% on the year
FY2021FY2025
Operating margin
41.5%
22.6% a year earlier
FY2021FY2025
Net income
$205 million
+129.7% on the year
FY2021FY2025
Diluted EPS
$6.84
+128.0% on the year
FY2021FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 2 kept.

  • Net income rose on higher revenue: Fourth quarter net income was $51.4 million, or $1.70 per diluted share, versus $45.5 million, or $1.52 per diluted share, a year earlier. Full-year net income was $204.8 million, or $6.84 per diluted share, versus $89.2 million, or $3.00.
  • European and Japan launches underway: VYJUVEK is approved in the United States, Europe and Japan. Management said high patient demand is driving steady uptake since launch in Germany, France and Japan, with over 90 patients prescribed across those markets.
  • KB407 cystic fibrosis update and CORAL-3: Highest-dose CORAL-1 cohort showed lung delivery and CFTR expression, with transduction at 29.4% to 42.1% of conducting airway cells, and the drug was well tolerated. The company is in FDA discussions on CORAL-3 repeat dosing, with enrollment planned for 1H 2026.
  • KB801 and KB803 studies updated for home dosing: Both ophthalmology studies moved to home dosing options. IOLITE (KB803) enrollment is expected to complete in 1H 2026 with top-line results before year end; EMERALD-1 (KB801) is expected to report data before year end.
  • KB707 lung cancer RMAT and readout: FDA granted RMAT designation to inhaled KB707 for advanced or metastatic NSCLC in February 2026. Interim efficacy data and potential registrational plans are expected later in 2026.
Read the Q4 FY2025 earnings call summary

From this 10-K

Krystal Biotech is a commercial-stage biotechnology company that discovers, develops, makes and sells gene therapies. Its platform uses an engineered herpes simplex virus-1 (HSV-1) to carry therapeutic genes into cells, and its products are given topically, by injection or by inhalation, in a doctor's office or at the patient's home. It began operations in April 2016, became a Delaware corporation in March 2017, and its principal offices are in Pittsburgh, Pennsylvania.

Krystal Biotech, Inc., the 10-K for 2025

Krystal Biotech is a commercial-stage biotechnology company that discovers, develops, makes and sells gene therapies. Its platform uses an engineered herpes simplex virus-1 (HSV-1) to carry therapeutic genes into cells, and its products are given topically, by injection or by inhalation, in a doctor's office or at the patient's home. It began operations in April 2016, became a Delaware corporation in March 2017, and its principal offices are in Pittsburgh, Pennsylvania.

VYJUVEK

Its first product, VYJUVEK, is approved in the United States, the European Union and Japan for dystrophic epidermolysis bullosa (DEB), a rare genetic skin disease caused by mutations in the COL7A1 gene, in which the skin blisters and tears from minor friction. VYJUVEK is applied directly onto open wounds and delivers two copies of the COL7A1 gene so that skin cells can make the missing collagen protein. It launched in the United States in 2023. In August 2025 it launched in Germany, its first launch outside the United States, and in October 2025 in France under an early access program. The company estimates that there are over 3,000 patients with DEB in the United States. It sells VYJUVEK itself in the United States, major European markets and Japan, and holds exclusive worldwide rights to it.

Pipeline

Its product candidates in clinical development include KB407 for cystic fibrosis, KB408 for alpha-1 antitrypsin deficiency lung disease, KB803 for eye complications of DEB, KB801 for neurotrophic keratitis, KB111 for Hailey-Hailey disease, and KB707, which delivers the genes for interleukin-2 and interleukin-12 to solid tumors as an injection or an inhaled formulation. In October 2025 the FDA granted platform technology designation to the HSV-1 vector used in KB801. It is also testing KB301 and KB304 for aesthetic skin conditions, and evaluates aesthetic uses of its platform through its subsidiary Jeune Aesthetics, incorporated in April 2019.

Manufacturing

It makes its products in two of its own commercial-scale manufacturing facilities in Pennsylvania. The first, ANCORIS, produces VYJUVEK for commercial sale and has been inspected by the FDA, the EMA and Japanese regulators; the second, ASTRA, was completed and qualified in 2023.

People

It had 295 full-time employees as of February 11, 2026.

From Krystal Biotech's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue38929150.7+33.9%
Research and development58.053.646.4+8.3%
Selling, general and administrative14711498.4+29.1%
Operating income16165.7-110+145.5%
Operating margin41.5%22.6%-216.4%
Interest expensen/an/a0.0
Pre-tax income18995.412.9+98.7%
Income tax-15.46.22.0
Effective tax rate-8.1%6.5%15.2%
Net income20589.210.9+129.7%
Net margin52.6%30.7%21.6%
Diluted EPS$6.84$3.00$0.39+128.0%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow201123-88.8+62.7%
Capital expenditure12.04.211.8+182.0%
Free cash flow189119-101+58.5%
Free cash flow margin48.5%41.0%-198.4%
Cash from investing-58.4-16382.6
Cash from financing8.727.0203-67.8%
Share-based compensation54.549.139.9+11.0%
Diluted shares, weighted30m30m28m+0.7%
Shares outstanding at period end29m29m28m+1.4%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,220946779+28.9%
Debt0.00.00.0
Operating lease liabilities7.66.06.6+25.2%
Other liabilities10710333.1+3.1%
Total liabilities and equity1,3341,056818+26.3%
Fixed assets151155161-2.8%
Investments460405236+13.5%
Cash and equivalents496345358+43.9%
Receivables12710542.0+21.7%
Inventory40.526.57.0+52.7%
Other assets59.319.814.0+199.5%
Total assets1,3341,056818+26.3%

10-K for the year ended 31 December 2025, filed 17 February 2026: the filing.