Krystal Biotech, Inc. (KRYS) FY2025 10-K Annual Report
Krystal Biotech, Inc. (KRYS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Krystal Biotech, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: commercializing gene therapies targeting rare monogenic diseases, led by approved topical VYJUVEK for dystrophic epidermolysis bullosa (DEB)
- • New emphasis on diverse clinical pipeline including KB407 (cystic fibrosis), KB408 (AAT deficiency), ophthalmic KB803 & KB801, dermatology KB111, oncology KB707, and aesthetics via Jeune Aesthetics
- • Strategic broadened focus from dermatology to respiratory, ophthalmology, oncology, and aesthetic segments, with ongoing regulatory and reimbursement expansions in Europe and Japan
- • VYJUVEK net product revenue $389.1M in 2025, gross margin 94%; quarterly launches in Germany, France, Japan plus pipeline clinical progress in Phase 1-3 for multiple candidates
- • Noteworthy: FDA granted platform technology designation to HSV-1 vector for KB801 in October 2025, underscoring innovation in ocular gene therapy delivery
Management Discussion & Analysis
- • No revenue or profitability data disclosed in the provided MD&A excerpt
- • No segment performance or cash flow details included
- • No capital allocation details such as buybacks, dividends, or capex provided
- • No management outlook, guidance, or emerging risks described in text provided
Risk Factors
- • Regulatory risk from Biologics Price Competition and Innovation Act (BPCIA) allowing biosimilar competition after 12 years exclusivity on VYJUVEK
- • Geopolitical risk from uncertain regulatory approval of VYJUVEK outside U.S., EU, Japan limiting international revenue
- • Operational risk in scaling manufacturing process for VYJUVEK, subject to risks and uncertainties with demand fluctuations
- • Competitive risk from companies developing advanced gene therapies or biosimilars, potentially rendering VYJUVEK obsolete
- • Financial risk of IRA drug pricing reforms including Medicare price negotiations, inflation rebates, and new $2,000 out-of-pocket cap effective 2025
Krystal Biotech, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$389M
▲ +33.9% YoY
Net Income
$205M
▲ +129.7% YoY
Operating Margin
41.5%
▲ +1884bp YoY
Net Margin
52.6%
▲ +2195bp YoY
ROE
16.8%
▲ +737bp YoY
Total Assets
$1.3B
▲ +26.3% YoY
EPS (Diluted)
$6.84
▲ +128.0% YoY
Operating Cash Flow
$201M
▲ +62.7% YoY
Source: XBRL data from Krystal Biotech, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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