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1. Company Snapshot

1.a. Company Description

Krystal Biotech, Inc., a clinical stage biotechnology company, engages in the field of redosable gene therapy to treat serious rare diseases in the United States.Its lead product candidate is beremagene geperpavec (B-VEC), which is in Phase III clinical study to treat dystrophic epidermolysis bullosa.The company is also involved in developing KB105 that is in Phase I/II clinical study for treating patients with deficient autosomal recessive congenital ichthyosis; KB301, which is in Phase I/II clinical stage for treating wrinkles and other presentations of aged or damaged skin; KB407 that is in preclinical stage for cystic fibrosis; and KB104, which is in preclinical stage for netherton syndrome.


Its discovery stage product candidates include KB5xx for treating chronic skin diseases, KB3xx to treat aesthetic skin conditions, and KB3xx product.Krystal Biotech, Inc.was founded in 2015 and is headquartered in Pittsburgh, Pennsylvania.

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1.b. Last Insights on KRYS

Krystal Biotech's recent performance has been driven by several positive factors. The company's Q3 2025 earnings call revealed strong results, with Vyjuvek delivering $97.8M in revenue and a 96% gross margin. The FDA's Platform Technology Designation for Krystal's HSV-1 vector accelerates development and enhances competitive positioning in gene therapy markets. Additionally, institutional investors have shown confidence in the company, with Aviva PLC increasing its stake by 9.8% and Campbell & CO Investment Adviser LLC investing $274,000. A label update for Vyjuvek was also approved, expanding the eligible patient population to include DEB patients from birth.

1.c. Company Highlights

2. Krystal Biotech's Q3 2025 Earnings: Strong Growth and Progress

Krystal Biotech reported a robust third quarter with VYJUVEK, its gene therapy for DEB, generating $97.8 million in net revenue. The total revenue since launch now stands at over $623 million. The company achieved a gross margin of 96%, driven by optimizations in the US product manufacturing process. Krystal's EPS came in at $2.66, significantly beating estimates of $1.12. The company's financial guidance for non-GAAP R&D and SG&A has been revised to $145 million to $155 million. Krystal ended the quarter with over $864 million in combined cash and investments.

Publication Date: Nov -16

📋 Highlights
  • VYJUVEK Revenue Growth: $97.8M in Q3 2025, with total sales exceeding $623M since launch.
  • Gross Margin Optimization: 96% gross margin achieved via U.S. manufacturing process upgrades to larger bioreactors.
  • Expanded Global Launch: VYJUVEK now available in Germany, France, Japan, with 10+ prescribing centers in Germany.
  • Pipeline Progress: KB407 cystic fibrosis interim data by year-end; KB801/NK and KB803 data expected by mid-2026.
  • Financial Position: $864M in cash and investments, with revised 2025 non-GAAP R&D/SG&A guidance of $145–155M.

Commercial Progress and Pipeline Updates

The company has made significant strides in its commercial efforts, having launched VYJUVEK in Germany, France, and Japan. The updated US label for VYJUVEK expands the eligible patient population, and the company has added over 40 new reimbursement approvals in the US, bringing the total to over 615. Krystal's pipeline is accelerating, with multiple readouts expected in the coming quarters, including interim data from its KB407 program for cystic fibrosis by year-end and data from its KB801 and KB803 programs by mid-2026.

Valuation and Growth Prospects

With a P/E Ratio of 30.01 and an ROE of 19.36%, Krystal Biotech's valuation metrics suggest that the market is pricing in significant growth prospects. Analysts estimate next year's revenue growth at 41.8%. The company's strong cash position and robust pipeline support its ability to drive future growth. Krystal's EV/EBITDA ratio of 32.72 indicates that the company's enterprise value is substantial relative to its EBITDA, reflecting the market's expectations for its future performance.

Operational Highlights and Future Plans

The ex-U.S. launch of VYJUVEK is progressing well, with over 10 centers prescribing in Germany. The company is focused on accelerating patient access and plans to expand into the community. Krystal is also working on optimizing its manufacturing process, having moved to a larger bioreactor in the US, with plans to submit an application in Europe next year. The company is making progress in its NK program, with patient enrollment underway, and expects to announce interim data by mid-2026.

3. NewsRoom

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Krystal Biotech to Present at 8th Annual Evercore Healthcare Conference

Nov -26

Source: globenewswire.com

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Commonwealth of Pennsylvania Public School Empls Retrmt SYS Purchases 472 Shares of Krystal Biotech, Inc. $KRYS

Nov -24

Source: defenseworld.net

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Campbell & CO Investment Adviser LLC Invests $274,000 in Krystal Biotech, Inc. $KRYS

Nov -18

Source: defenseworld.net

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Krystal Biotech: Vyjuvek Gene Therapy Well Positioned For Growth

Nov -16

Source: seekingalpha.com

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Aviva PLC Increases Stock Position in Krystal Biotech, Inc. $KRYS

Nov -14

Source: defenseworld.net

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AlphaQuest LLC Trims Stock Holdings in Krystal Biotech, Inc. $KRYS

Nov -06

Source: defenseworld.net

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Krystal's Q3: Platform Designation Adds Pipeline Leverage As Vyjuvek Scales (Rating Upgrade)

Nov -03

Source: seekingalpha.com

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Krystal Biotech, Inc. (KRYS) Q3 2025 Earnings Call Transcript

Nov -03

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (25.40%)

6. Segments

Pharmaceuticals

Expected Growth: 25.4%

Krystal Biotech's gene editing platform and pipeline of rare disease treatments drive growth, with increasing adoption of gene therapies and a growing demand for orphan drugs.

7. Detailed Products

BEREGOVIRAGENE BEROVEC

A gene therapy candidate for the treatment of dystrophic epidermolysis bullosa (DEB), a rare and debilitating genetic disorder that causes skin blisters and wounds.

KB103

A topical gene therapy candidate for the treatment of dystrophic epidermolysis bullosa (DEB), designed to provide a convenient and pain-free treatment option.

KB105

A gene therapy candidate for the treatment of TGM1-deficient autosomal recessive congenital ichthyosis (ARCI), a rare genetic disorder that causes dry, scaly skin.

KB407

A gene therapy candidate for the treatment of cystic fibrosis, a genetic disorder that affects the respiratory, digestive, and reproductive systems.

8. Krystal Biotech, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Krystal Biotech's gene therapy products are highly specialized and have limited substitutes, reducing the threat of substitutes.

Bargaining Power Of Customers

Krystal Biotech's customers are primarily hospitals and healthcare providers, who have limited bargaining power due to the company's unique products and limited competition.

Bargaining Power Of Suppliers

Krystal Biotech relies on a few key suppliers for raw materials and equipment, giving them some bargaining power, but the company's strong relationships and contracts mitigate this risk.

Threat Of New Entrants

The gene therapy industry has high barriers to entry, including significant R&D investments and regulatory hurdles, making it difficult for new entrants to compete with Krystal Biotech.

Intensity Of Rivalry

The gene therapy industry is highly competitive, with several established players and new entrants vying for market share, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.03%
Debt Cost 4.24%
Equity Weight 98.97%
Equity Cost 8.18%
WACC 8.14%
Leverage 1.04%

11. Quality Control: Krystal Biotech, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
BridgeBio Pharma

A-Score: 5.3/10

Value: 8.0

Growth: 5.1

Quality: 5.9

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Blueprint Medicines

A-Score: 5.2/10

Value: 6.0

Growth: 7.1

Quality: 5.2

Yield: 0.0

Momentum: 9.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Krystal Biotech

A-Score: 4.8/10

Value: 1.2

Growth: 9.7

Quality: 9.1

Yield: 0.0

Momentum: 5.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Alnylam Pharmaceuticals

A-Score: 4.6/10

Value: 0.0

Growth: 7.8

Quality: 5.2

Yield: 0.0

Momentum: 9.5

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Sarepta Therapeutics

A-Score: 3.2/10

Value: 6.4

Growth: 7.9

Quality: 4.2

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Avidity Biosciences

A-Score: 3.2/10

Value: 6.2

Growth: 2.7

Quality: 5.1

Yield: 0.0

Momentum: 4.0

Volatility: 1.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

234.13$

Current Price

234.13$

Potential

-0.00%

Expected Cash-Flows