The slight revenue miss vs. consensus ($119.2M vs. $121.0M) may cause some near-term pressure, but the EPS beat and strong operational metrics (24% revenue growth, 95% gross margin, $1.1B cash) support the bull case. The key catalysts are the KB803 top-line readout in 4Q 2026 and the KB407 CF registrational study design alignment with FDA, also expected in 4Q 2026. Traders should monitor for any analyst revisions following the revenue miss and watch for the upcoming data readouts as the primary drivers.
Price Chart
Executive Summary
Krystal Biotech reported Q2 2026 VYJUVEK revenue of $119.2M (+24% YoY), slightly below the $121.0M consensus, with GAAP diluted EPS of $1.79 vs. the Street consensus of $1.70, representing a beat. The company maintained its FY 2026 non-GAAP R&D and SG&A expense guidance of $175-195M. The quarter showed strong commercial execution with 730+ reimbursement approvals and 640+ prescribers, while the pipeline advanced with multiple registrational readouts expected in 2H 2026, including top-line data for KB803 in 4Q 2026. The slight revenue miss relative to consensus tempers the otherwise positive operational update, resulting in a neutral-to-modestly-bullish read.
Key Financial Metrics
Key Facts
- Q2 2026 VYJUVEK global revenue of $119.2M, up 24% YoY from $96.0M
- GAAP diluted EPS of $1.79, beating the $1.70 Street consensus
- Revenue of $119.2M slightly below the $121.0M consensus estimate
- Cash and investments of $1.1B, up from $955.9M at year-end 2025
- Over 730 reimbursement approvals and 640+ unique prescribers for VYJUVEK
- FY 2026 non-GAAP R&D and SG&A expense guidance maintained at $175-195M
- KB803 IOLITE study fully enrolled, top-line data expected in 4Q 2026
- KB801 EMERALD-1 enrollment on track for completion before year-end
- KB407 CF study interim results expected before year-end
- VYJUVEK approved in the UK; launches in Spain and Italy expected before year-end
Financial Impact
Q2 2026 product revenue of $119.2M (+24% YoY); GAAP net income of $54.8M ($1.79 diluted EPS) vs. $38.3M ($1.29) in Q2 2025
Risk Factors
- Revenue slightly missed consensus estimates, which could lead to near-term analyst downgrades
- European pricing negotiations in Germany and France remain ongoing with uncertain timelines
- Pipeline readouts (KB803, KB801, KB407) are binary events with potential for negative data
- Dependence on VYJUVEK as the sole commercial product; pipeline candidates are still in development
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001711279-26-000058 |
| Document: krys-20260803.htm | 0001711279-26-000058 |
| Document: 0001711279-26-000058-index-headers.html | 0001711279-26-000058 |
| Document: 0001711279-26-000058-index.html | 0001711279-26-000058 |
| Document: 0001711279-26-000058.txt | 0001711279-26-000058 |
| 8-K Data (Synthetic) | 0001711279-26-000058 |
Track record builds as more directional reports settle.
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| Type | Now | ||||
|---|---|---|---|---|---|
Sep 4, 2026 27d ago | Insider Cluster | $351.26 $336.68 | ▲ +4.15% | ▲ +3.03% | $322.28 (+8.25%) |
Aug 14, 2026 7w ago | 144 | $335.73 $341.72 | ▲ +1.78% | ▲ +2.97% | $322.28 (−4.01%) |
Aug 3, 2026 8w ago | 8-K | $312.57 $331.59 | ▲ +6.08% | ▲ +4.06% | $322.28 (+3.11%) |
Jul 23, 2026 10w ago | Press Release | $335.19 $366.85 | ▲ +9.45% | ▲ +9.07% | $322.28 (−3.85%) |
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May 4, 2026 21w ago | Press Release | $286.95 $312.88 | ▲ +9.04% | ▲ +6.10% | $322.28 (+12.31%) |
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Feb 27, 2026 31w ago | Insider Cluster | $275.64 $253.69 | ▼ −7.96% | ▼ −5.98% | $322.28 (+16.92%) |
Feb 27, 2026 31w ago | Insider Cluster | $275.64 $253.69 | ▼ −7.96% | ▼ −5.98% | $322.28 (+16.92%) |
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