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Krystal Biotech, Inc., a commercial-stage biotechnology company, discovers, develops, manufactures, and commercializes genetic medicines to treat diseases with high unmet medical needs in the United States. The company commercializes VYJUVEK (beremagene geperpavec-svdt, or B-VEC) for the treatment of dystrophic epidermolysis bullosa (DEB). It also develops KB803 for ocular complications of dystrophic epidermolysis bullosa; KB801 for neurotrophic keratitis; KB407, which is in Phase 1 clinical trials for treating cystic fibrosis; KB111 for Hailey-Hailey disease; KB707 for solid tumors; KB304 for dynamic wrinkles; KB707 that is in Phase 1/2 clinical trials for the treatment of anti-PD-1 relapsed/refractory; KB408, which is in Phase 1 clinical trials for treating Alpha-1 antitrypsin deficiency; and KB301 that is in Phase 2 clinical trials for treating aesthetic skin conditions, as well as in open label study with ophthalmic B-VEC for treating for ocular complications of deb. Krystal Biotech, Inc. was founded in 2016 and is headquartered in Pittsburgh, Pennsylvania.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $389M | $168M | $205M | $189M | 16.8% | 33.9% | 129.7% |
| 2024 | $291M | $110M | $89M | $119M | 9.4% | 473.0% | 715.6% |
| 2023 | $51M | $-91M | $11M | $-101M | 1.4% | - | -107.8% |
| 2022 | $0M | $-117M | $-140M | $-154M | -26.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 0 | 50.70 | 290.52 | 389.13 |
| Operating Revenue | - | 0 | 50.70 | 290.52 | 389.13 |
| Cost Of Revenue | - | 0 | 3.09 | 20.06 | 23.05 |
| Gross Profit | - | 0 | 47.60 | 270.45 | 366.08 |
| Operating Expense | - | 120.20 | 144.72 | 167.21 | 204.79 |
| Research And Development | - | 42.46 | 46.43 | 53.58 | 58.04 |
| Selling General And Administration | - | 77.74 | 98.29 | 113.63 | 146.74 |
| Total Expenses | - | 120.20 | 147.82 | 187.27 | 227.84 |
| Operating Income | - | -120.20 | -97.12 | 103.25 | 161.29 |
| Total Operating Income As Reported | - | -145.20 | -109.62 | 65.75 | 161.29 |
| EBITDA | - | -116.81 | -91.21 | 109.96 | 167.85 |
| Normalized EBITDA | - | -91.81 | -178.71 | 147.46 | 167.85 |
| EBIT | - | -120.20 | -97.12 | 103.25 | 161.29 |
| Interest Income | - | 5.22 | 22.51 | 29.61 | 28.18 |
| Interest Expense | 1.49 | 0 | 0 | - | - |
| Net Interest Income | - | 5.22 | 22.51 | 29.61 | 28.18 |
| Other Income Expense | - | -25 | 87.50 | -37.50 | - |
| Interest Income Non Operating | - | 5.22 | 22.51 | 29.61 | 28.18 |
| Interest Expense Non Operating | 1.49 | 0 | 0 | - | - |
| Net Non Operating Interest Income Expense | - | 5.22 | 22.51 | 29.61 | 28.18 |
| Pretax Income | - | -139.98 | 12.90 | 95.36 | 189.47 |
| Tax Provision | - | 0 | 1.96 | 6.20 | -15.36 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 13.33 | -2.44 | 0 |
| Net Income Continuous Operations | - | -139.98 | 10.93 | 89.16 | 204.83 |
| Net Income From Continuing And Discontinued Operation | - | -139.98 | 10.93 | 89.16 | 204.83 |
| Net Income From Continuing Operation Net Minority Interest | - | -139.98 | 10.93 | 89.16 | 204.83 |
| Net Income | - | -139.98 | 10.93 | 89.16 | 204.83 |
| Net Income Common Stockholders | - | -139.98 | 10.93 | 89.16 | 204.83 |
| Net Income Including Noncontrolling Interests | - | -139.98 | 10.93 | 89.16 | 204.83 |
| Normalized Income | - | -114.98 | -63.24 | 124.22 | 204.83 |
| Diluted NI Availto Com Stockholders | - | -139.98 | 10.93 | 89.16 | 204.83 |
| Basic Average Shares | - | 25.49 | 27.15 | 28.59 | 28.94 |
| Diluted Average Shares | - | 25.49 | 27.75 | 29.74 | 29.95 |
| Reconciled Depreciation | - | 3.38 | 5.91 | 6.71 | 6.55 |
| Reconciled Cost Of Revenue | - | 0 | 3.09 | 20.06 | 23.05 |
| Total Unusual Items | - | -25 | 87.50 | -37.50 | 0 |
| Total Unusual Items Excluding Goodwill | - | -25 | 87.50 | -37.50 | 0 |
| Special Income Charges | - | -25 | 87.50 | -37.50 | 0 |
| Other Special Charges | - | 25 | -87.50 | 37.50 | - |
| General And Administrative Expense | 40.39 | 77.74 | - | - | - |
| Other Gand A | 40.39 | 77.74 | - | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Krystal Biotech, Inc.this co. | KRYS | $9.1B | 44.30↑ premium | 7.44 | 16.8% | 51.16 |
| Molina Healthcare, Inc. | MOH | $10.0B | 21.28 | 2.47 | 11.6% | - |
| Baxter International Inc. | BAX | $10.0B | -10.44 | 1.63 | -15.6% | 23.25 |
| Charles River Laboratories International, Inc. | CRL | $8.9B | - | 2.83 | -4.6% | 27.52 |
| Henry Schein, Inc. | HSIC |
| - |
| - |
| - |
| - |
| - |
| $8.7B |
| 21.84 |
| 2.68 |
| 12.3% |
| 12.42 |
| Bio-Techne Corporation | TECH | $8.3B | 113.50 | 4.34 | 3.8% | 39.69 |
| Corcept Therapeutics Incorporated | CORT | $8.0B | 80.68 | 12.41 | 15.4% | 66.11 |
| Alkermes plc | ALKS | $7.2B | 29.92 | 3.97 | 13.3% | 20.89 |
| Glaukos Corporation | GKOS | $7.1B | -38.08 | 10.89 | -28.6% | -49.02 |
| Peer Median | - | 21.84 | 3.40 | 7.7% | 23.25 | |