Krystal Biotech, Inc. Q3 2026 Earnings Recap

Shares fell 11.0% after earnings, with the clearest concern being delayed timing for some clinical readouts: management said results are now expected in the upcoming months, later than hoped. That pipeline uncertainty weighed against continued commercial growth and profitability.

Key Takeaways

• VYJUVEK revenue was $127.3 million, up 30% year over year; international revenue was $32 million and U.S. net revenue was $95.3 million.
• The company reported diluted EPS of $2.05 and ended September with $1.2 billion in cash and investments.
• Management updated timing for some clinical readouts, saying results are expected in the upcoming months; it did not provide specific dates on this call.
• International access progressed: pricing negotiations concluded in Italy, with launch expected in early 2027; Spain pricing discussions are ongoing, with a decision expected before year-end.
• The board authorized a share repurchase program of up to $400 million, expected to be deployed over the next two years.