Start here if you're new
what it is
Krystal sells a gene therapy skin medicine and is trying to turn that delivery platform into more drugs.
how it gets paid
Last year Krystal Biotech made $389M in revenue. VYJUVEK commercial revenue was the main engine at $350M, or 90% of sales.
why it's growing
Revenue grew 33.9% last year. The number that mattered was $282 million in quarterly revenue.
what just happened
Krystal's latest quarter put up $282M in revenue, up 188% vs. prior year, with EPS at $5.14.
At a glance
B+ balance sheet — decent shape, but not bulletproof
15/100 earnings predictability — expect surprises
41.4x trailing p/e — you're paying up for this one
9.4% return on capital — nothing to write home about
$3.00 fy2024 eps est
xvary composite: 69/100 — average
What they do
Krystal sells a gene therapy skin medicine and is trying to turn that delivery platform into more drugs.
VYJUVEK was the first FDA-approved treatment for dystrophic epidermolysis bullosa in May 2023. In rare disease, first approved often means your doctor learns your product first, your insurer builds around it first, and your patient stays put. You can see that in the numbers: annual revenue reached $389 million and operating margin hit 37.8%, which is rare for a biotech this early.
How they make money
$389M
annual revenue · their business grew +33.9% last year
VYJUVEK commercial revenue
$350M
+33.9%
Early access and other product revenue
$19M
+33.9%
Collaboration and licensing
$12M
flat
Research and other
$8M
flat
The products that matter
approved gene therapy
VYJUVEK
$107.1M last quarter
It generated $107.1M last quarter and $730.3M since its U.S. launch. That is not a side business. That is the business.
commercial engine
pre-revenue drug development
clinical pipeline
$955.9M cash backing it
The pipeline does not carry revenue on this page, but $955.9M in cash and investments gives management room to fund the next shot without leaning on debt.
optionality
balance-sheet support
cash runway
$8M long-term debt
A commercial biotech with just $8M of long-term debt has time. That matters because pipeline timelines rarely care about your preferred valuation multiple.
stability
Key numbers
37.8%
operating margin
Operating margin → profit after running the business → so what: Krystal is already converting more than a third of sales into operating profit, which is rare in biotech.
$8M
long-term debt
Long-term debt → money owed over years → so what: $8 million is tiny against a roughly $7 billion market cap, so leverage is not the thing that can break this story.
41.4x
trailing p/e
P/E → price compared with past 12-month earnings → so what: you are paying up for future growth, not buying a cheap biotech cleanup story.
9.4%
return on capital
Return on capital → profit generated from the money invested in the business → so what: the platform is profitable, but this number says it still has to prove it can scale efficiently.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 1 — safer than 95% of stocks
- price stability 10 / 100
- long-term debt $8M (0% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for KRYS right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Krystal's latest quarter put up $282M in revenue, up 188% vs. prior year, with EPS at $5.14.
The quarter showed what happens when a rare-disease launch starts to bite. Annual revenue reached $389 million, up 33.9%, while quarterly EPS jumped 93% vs. prior year.
$282M
revenue
$5.14
eps
94%
gross margin
the number that mattered
The number that mattered was $282 million in quarterly revenue, because it means one approved drug is already producing large-cap style sales for a company with a roughly $7 billion market cap.
source: company earnings report, 2026
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What could go wrong
Krystal's risk stack is unusually simple: one drug, one rollout, one premium multiple.
med
VYJUVEK concentration
This page shows VYJUVEK generating 100% of the $389M product-revenue figure. If adoption slows, reimbursement tightens, or safety issues appear, there is no second commercial asset absorbing the hit.
impact: 100% of the current commercial revenue line is exposed to one franchise
med
premium pricing meets premium expectations
A 94% gross margin is beautiful. It also tells you the market expects this therapy to keep commanding excellent realized pricing and clean reimbursement. Any pressure there hits both margins and the story investors are paying for.
impact: the 94% gross-margin profile is part of what supports the premium valuation
med
multiple compression without operational failure
KRYS trades at 41.4x trailing earnings. That means the stock can fall even if the business stays good. It just takes growth cooling faster than investors hoped while the company is still effectively a one-product biotech.
impact: valuation can re-rate lower before the balance sheet ever looks stressed
A company can have $955.9M of cash and almost no debt and still be risky. Here, the risk is concentration plus expectations, not solvency.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
quarterly VYJUVEK revenue
Start with the last reported $107.1M quarter. If that keeps climbing, the launch story still has momentum. If it stalls, the stock will notice before the headline writers do.
trend
whether concentration actually falls
The real upgrade would be VYJUVEK becoming less than the whole story. Right now, 100% of the product-revenue line shown here still comes from one asset.
risk
gross margin durability
94% gross margin is the luxury part of this model. If that slips, the premium orphan-drug narrative gets less comfortable fast.
calendar
next earnings update
You want two answers next quarter: what happened to VYJUVEK revenue, and did cash stay near the current $955.9M cushion.
Analyst rankings
short-term outlook
mixed
target data is thin here. in human-speak: analysts do not have a neat consensus because this stock still trades on company-specific milestones.
risk profile
volatile
A 10 / 100 price-stability score is your translation. This name moves more like a biotech catalyst trade than a defensive healthcare holding.
chart momentum
stock-specific
The 52-week range of $123–$298 tells you the chart follows product milestones and sentiment shifts more than smooth trend lines.
earnings predictability
15/100
Predictability this low means the market is still figuring out the shape of the earnings stream. That is normal for a young commercial biotech. It is not comfortable.
source: institutional data
Institutional activity
institutional ownership data for KRYS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$276
current price
n/a
target midpoint · n/a from current
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