Krystal Biotech disclosed preliminary unaudited results for the fourth quarter and full year of 2025, showing a sharp uptick in commercial performance for its flagship gene therapy VYJUVEK.
The company’s net product revenue for Q4 2025 rose to $106‑$107 million, up 16% from $91.1 million in Q4 2024, while full‑year 2025 revenue reached $388‑$389 million, a 34% increase over the $290.5 million reported in 2024. The growth is driven by expanded sales in Europe and Japan, where VYJUVEK has recently launched, and by sustained demand in the United States.
Cash, cash equivalents, and investments stood at $955 million as of December 31 2025, up 27% from $749.6 million at the end of 2024. The liquidity cushion supports ongoing pipeline development and commercial expansion without immediate financing needs.
Gross margins for VYJUVEK remained high, with a 95‑96% margin reported in the latest quarter, reflecting strong pricing power and efficient manufacturing. The margin stability offsets the modest increase in operating expenses associated with scaling distribution and regulatory compliance in new markets.
Management highlighted a 2026 non‑GAAP R&D and SG&A guidance of $175‑$195 million, indicating continued investment in pipeline candidates and commercial infrastructure. No full‑year revenue guidance was provided, but the guidance range signals confidence in sustaining growth momentum.
CEO Krish S. Krishnan emphasized that the 2025 results “set the foundation for our broader ambitions to build a true global leader in rare disease.” He noted that the company is accelerating launches in Europe and Japan and is advancing multiple pipeline candidates, positioning Krystal for multiple marketed medicines by 2030.
Investor sentiment ahead of the release was positive, with market participants anticipating the preliminary results and building on the strong Q3 2025 earnings. The anticipation was driven by the company’s expanding commercial footprint and the robust pipeline, which have been highlighted in recent earnings calls.
The combination of accelerated revenue growth, a solid cash position, and a clear investment strategy for the pipeline suggests that Krystal Biotech is well positioned to capitalize on its rare‑disease platform while maintaining financial flexibility for future growth.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.