Key Highlights

  • Net Revenue reached $127.3 million for the third quarter, a 30% increase over $97.8 million in the matching 2025 span.
  • Profit came in at $63.1 million ($2.05 per diluted share), down from $79.4 million ($2.66) a year before.
  • Operating income increased to $71.1 million, up from $41.4 million the prior year.
  • In October 2026, directors approved Buybacks worth as much as $400 million.
  • Cash and investments topped $1.2 billion as September 2026 ended.

Vyjuvek Sales Expand to $127.3 Million With $32 Million From Outside the U.S.

Krystal Biotech (NASDAQ:KRYS) disclosed quarterly figures on Nov 2, 2026, covering the span through Sep 30, 2026. Every dollar of net revenue came from Vyjuvek, a gene therapy, and the total reached $127.3 million versus $97.8 million in the matching 2025 quarter. Nine-month revenue rose to $362.9 million from $282.0 million.

Commercially active, Krystal builds gene therapies, and Vyjuvek is aimed at dystrophic epidermolysis bullosa, an uncommon inherited skin disorder. Domestic revenue reached $95.3 million on the back of more than 760 reimbursement approvals, plus over 80 new prescribers that joined during the period. Around 80% of American patients now give the therapy to themselves.

Outside the U.S., revenue was close to $32 million, aided by introductions across Europe and in Japan. Pricing discussions in Germany and Italy have wrapped up; the Italian debut is anticipated early in 2027, while Spain's pricing outcome is due by year-end 2026.

Tax Comparisons Explain Why Operating Gains Outpace Net Income

Operating profit reached $71.1 million, up 72% (calculated) from $41.4 million a year earlier. Net income, by contrast, was $63.1 million, or $2.05 for each diluted share, relative to $79.4 million ($2.66) twelve months back.

Last year's comparable period booked a $31.4 million tax benefit, while this quarter carried $17.1 million in tax expense. A large part of the prior-year tax result came from unwinding the Valuation Reserve set against deferred tax assets, along with reversing a research expense Capitalization rule; management called both one-off items.

Gross Margin slipped to 94% from 96%, since sales in Europe and Japan are not yet gaining from the Manufacturing refinements cleared in the United States. Cost of Goods Sold rose to $7.6 million from $4.3 million. R&D cost $14.9 million against $14.6 million previously, and SG&A, which stood at $37.6 million a year ago, came down to $33.7 million, partly thanks to insurance covering some legal bills.

Up to $400 Million in Share Repurchases Backed by a $1.2 Billion Cash Position

The board's October 2026 approval allows repurchases as large as $400 million, which Leadership expects to spread across roughly two years. Krystal's capital position includes cash and investments above $1.2 billion as of Sep 30, 2026. Nine-month operating cash generation reached $246.4 million, up from $123.4 million.

Full-year non-GAAP spending guidance for R&D and SG&A combined now sits between $155 million and $165 million, down from a previous band of $175 million and $195 million.

KB113 Results in Gorlin Syndrome and Slower-Than-Planned Readout Timing

A pilot involving three adults with Gorlin syndrome treated with KB113 showed more than 80% regression in assessed lesions, including lesions that had not been injected, and Krystal is in talks with the FDA about next steps. Leadership admitted some readouts will require more time than initially planned. Hailey-Hailey results are slated before the year closes, interim cystic fibrosis findings should arrive sometime in the January-to-June 2027 window, and the registrational eye trial in dystrophic epidermolysis bullosa should produce headline figures soon after the last patient visit, which takes place in February 2027.