Overview

• Gene therapy developer's Q1 product revenue rose 32% yr/yr on VYJUVEK expansion

• Q1 net income and diluted EPS increased from prior year

• Company ended Q1 with $1.0 bln in cash and investments

Outlook

• Krystal Biotech sees FY 2026 non-GAAP R&D and SG&A expense at $175 mln to $195 mln

• Company expects VYJUVEK launches in Italy and Spain in 2H 2026, pending pricing discussions

• Top-line results from KB803 and KB801 registrational studies expected in 2026

Result Drivers

• U.S. VYJUVEK GROWTH - Company cited more than 60 new prescribers in Q1 and over 695 reimbursement approvals as supporting U.S. sales expansion

• INTERNATIONAL EXPANSION - Company said VYJUVEK has been prescribed to over 140 patients in Germany, France and Japan, with launches and pricing negotiations ongoing in additional European markets

• PATIENT SUPPORT INITIATIVES - Company launched support programs leveraging label update and increased administration flexibility to help integrate VYJUVEK into standard care

Company press release: ID:nGNX16zpRs

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Product Revenue		$116.36 mln
Q1 EPS		$1.83
Q1 Net Income		$55.93 mln
Q1 Operating Expenses		$62.67 mln
Q1 Operating Income		$53.69 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for Krystal Biotech Inc is $316.50, about 19% above its May 1 closing price of $266.04

• The stock recently traded at 31 times the next 12-month earnings vs. a P/E of 34 three months ago

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