Krystal Biotech Announces Fourth Quarter and Full Year 2024 Financial and Operating Results
Krystal Biotech (NASDAQ: KRYS) reported strong financial results for Q4 and full year 2024. Q4 revenues increased 116% to $91.1 million, while full-year revenues grew 473% to $290.5 million compared to 2023. The company ended Q4 with $749.6 million in cash and investments.
VYJUVEK, their treatment for Dystrophic Epidermolysis Bullosa, achieved a 95% gross margin in Q4 and secured over 510 reimbursement approvals in the U.S., with 97% coverage under commercial and Medicaid plans. Patient compliance remained strong at 85%.
The company reported Q4 net income of $45.5 million ($1.58 per share basic) and full-year net income of $89.2 million ($3.12 per share basic). Clinical progress includes positive developments in their CF, AATD, and oncology programs, with KB707 showing a 27% objective response rate in lung cancer patients.
Krystal Biotech (NASDAQ: KRYS) ha riportato risultati finanziari solidi per il Q4 e l'intero anno 2024. I ricavi del Q4 sono aumentati del 116% a 91,1 milioni di dollari, mentre i ricavi annuali sono cresciuti del 473% a 290,5 milioni di dollari rispetto al 2023. L'azienda ha concluso il Q4 con 749,6 milioni di dollari in contante e investimenti.
VYJUVEK, il loro trattamento per l'Epidermolisi Bollosa Distrofica, ha raggiunto un margine lordo del 95% nel Q4 e ha ottenuto oltre 510 approvazioni di rimborso negli Stati Uniti, con il 97% di copertura sotto piani commerciali e Medicaid. La compliance dei pazienti è rimasta forte all'85%.
L'azienda ha riportato un reddito netto nel Q4 di 45,5 milioni di dollari (1,58 dollari per azione base) e un reddito netto annuale di 89,2 milioni di dollari (3,12 dollari per azione base). I progressi clinici includono sviluppi positivi nei loro programmi CF, AATD e oncologici, con KB707 che mostra un tasso di risposta obiettivo del 27% nei pazienti affetti da cancro ai polmoni.
Krystal Biotech (NASDAQ: KRYS) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. Los ingresos del cuarto trimestre aumentaron un 116% a 91,1 millones de dólares, mientras que los ingresos anuales crecieron un 473% a 290,5 millones de dólares en comparación con 2023. La compañía cerró el cuarto trimestre con 749,6 millones de dólares en efectivo e inversiones.
VYJUVEK, su tratamiento para la Epidermólisis Bullosa Distrofica, logró un margen bruto del 95% en el cuarto trimestre y aseguró más de 510 aprobaciones de reembolso en EE. UU., con una cobertura del 97% bajo planes comerciales y Medicaid. La adherencia de los pacientes se mantuvo fuerte en un 85%.
La compañía reportó un ingreso neto en el cuarto trimestre de 45,5 millones de dólares (1,58 dólares por acción básica) y un ingreso neto anual de 89,2 millones de dólares (3,12 dólares por acción básica). El progreso clínico incluye desarrollos positivos en sus programas de CF, AATD y oncología, con KB707 mostrando una tasa de respuesta objetiva del 27% en pacientes con cáncer de pulmón.
Krystal Biotech (NASDAQ: KRYS)는 2024년 4분기 및 연간 강력한 재무 결과를 보고했습니다. 4분기 수익은 116% 증가하여 9110만 달러에 도달했으며, 연간 수익은 473% 증가하여 2억 9050만 달러에 달했습니다. 회사는 4분기를 7억 4960만 달러의 현금 및 투자로 마감했습니다.
그들의 Dystrophic Epidermolysis Bullosa 치료제인 VYJUVEK는 4분기에 95%의 총 마진을 달성했으며, 미국에서 510건 이상의 환급 승인을 확보하고 상업 및 Medicaid 플랜에서 97%의 보장을 받았습니다. 환자 준수율은 85%로 강력하게 유지되었습니다.
회사는 4분기에 4550만 달러(주당 1.58달러)의 순이익을 보고했으며, 연간 순이익은 8920만 달러(주당 3.12달러)로 보고했습니다. 임상 진행 상황에는 CF, AATD 및 종양학 프로그램의 긍정적인 발전이 포함되어 있으며, KB707은 폐암 환자에서 27%의 객관적인 반응률을 보였습니다.
Krystal Biotech (NASDAQ: KRYS) a rapporté de solides résultats financiers pour le 4ème trimestre et l'année complète 2024. Les revenus du 4ème trimestre ont augmenté de 116 % pour atteindre 91,1 millions de dollars, tandis que les revenus annuels ont crû de 473 % pour atteindre 290,5 millions de dollars par rapport à 2023. L'entreprise a terminé le 4ème trimestre avec 749,6 millions de dollars en liquidités et investissements.
VYJUVEK, leur traitement pour l'Epidermolyse Bulleuse Dystrophique, a atteint une marge brute de 95 % au 4ème trimestre et a obtenu plus de 510 approbations de remboursement aux États-Unis, avec 97 % de couverture sous les plans commerciaux et Medicaid. La compliance des patients est restée forte à 85 %.
L'entreprise a déclaré un revenu net de 45,5 millions de dollars au 4ème trimestre (1,58 dollar par action de base) et un revenu net annuel de 89,2 millions de dollars (3,12 dollars par action de base). Les progrès cliniques incluent des développements positifs dans leurs programmes de CF, AATD et oncologie, avec KB707 montrant un taux de réponse objectif de 27 % chez les patients atteints de cancer du poumon.
Krystal Biotech (NASDAQ: KRYS) hat starke finanzielle Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 gemeldet. Die Einnahmen im 4. Quartal stiegen um 116% auf 91,1 Millionen Dollar, während die Gesamteinnahmen im Jahr um 473% auf 290,5 Millionen Dollar im Vergleich zu 2023 wuchsen. Das Unternehmen beendete das 4. Quartal mit 749,6 Millionen Dollar in bar und Investitionen.
VYJUVEK, ihre Behandlung für dystrophische Epidermolysis bullosa, erzielte im 4. Quartal eine Bruttomarge von 95% und sicherte sich über 510 Erstattungszulassungen in den USA, mit 97% Abdeckung unter kommerziellen und Medicaid-Plänen. Die Patientenadhärenz blieb stark bei 85%.
Das Unternehmen meldete im 4. Quartal einen Nettogewinn von 45,5 Millionen Dollar (1,58 Dollar pro Aktie) und einen Nettogewinn für das gesamte Jahr von 89,2 Millionen Dollar (3,12 Dollar pro Aktie). Zu den klinischen Fortschritten gehören positive Entwicklungen in ihren CF-, AATD- und Onkologie-Programmen, wobei KB707 eine objektive Ansprechrate von 27% bei Lungenkrebspatienten zeigt.
- Revenue growth of 473% year-over-year to $290.5 million
- Strong Q4 gross margin of 95% for VYJUVEK
- Secured 510+ reimbursement approvals with 97% coverage under commercial and Medicaid plans
- Robust cash position of $749.6 million
- Net income increased to $89.2 million in 2024 from $10.9 million in 2023
- 27% objective response rate for KB707 in lung cancer trials
- Increased operating expenses with R&D costs rising to $53.6 million from $46.4 million
- Higher SG&A expenses of $113.7 million compared to $98.4 million in 2023
- Delayed KB105 Phase 2 trial initiation to 2026
Insights
The Q4 and FY2024 results demonstrate Krystal Biotech's exceptional execution in commercializing VYJUVEK. The 116% YoY revenue growth to
The robust cash position of
The financial metrics reveal strong operational leverage, with net income reaching
Looking ahead, the 2025 non-GAAP R&D and SG&A guidance of
Fourth quarter revenues increased
Full year revenues increased
CFF TDN granted full sanctioning of KB407 Phase 1 protocol
Strong balance sheet, ending the quarter with
PITTSBURGH, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Krystal Biotech, Inc. (the “Company”) (NASDAQ: KRYS), a commercial-stage biotechnology company, today reported financial results for the fourth quarter and full year ending December 31, 2024 and provided a business update.
"Last year, our commercial and financial strength allowed us to deliver significant earnings growth, continue to build out a global footprint, and advance multiple clinical stage programs from our industry-leading HSV-1 based gene delivery platform,” said Krish S. Krishnan, Chairman and CEO of Krystal Biotech. “Building on this foundation, our focus in 2025 will be on executing the global launch of VYJUVEK and progressing our rare disease and oncology programs through key milestones to bring our redosable genetic medicines closer to patients.”
VYJUVEK® (beremagene geperpavec-svdt, or B-VEC)
for the Treatment of Dystrophic Epidermolysis Bullosa (DEB)
- The Company recorded
$91.1 million and$290.5 million in VYJUVEK net product revenue for the fourth quarter and full year of 2024. Gross margin for the fourth quarter was95% . - As of February 2025, the Company has secured over 510 reimbursement approvals for VYJUVEK in the U.S. and continues to maintain strong access nationwide including positive access determinations for
97% of lives covered under commercial and Medicaid plans. - High patient compliance with weekly treatment while on drug continued at
85% as of the end of 2024. - The Company expects a Committee for Medicinal Products for Human Use opinion on its European Marketing Authorization Application in 1Q 2025.
- The Pharmaceuticals and Medical Devices Agency’s review of the Company’s Japan New Drug Application is ongoing and on track for a decision in 2H 2025.
Ophthalmology
KB803 for ocular complications of DEB
- The Company has enrolled approximately 50 DEB patients in an ongoing natural history study to prospectively collect data on the frequency of corneal abrasions in patients with DEB and serve as a run-in period for patients who may be eligible to participate in the Company’s registrational Phase 3 study evaluating KB803 effect on corneal abrasions of DEB. The registrational Phase 3 study, IOLITE, is a single arm, open-label study that is expected to commence in 1H 2025.
Pipeline expansion
- The Company is actively evaluating multiple, internal preclinical-stage genetic medicine candidates for the treatment of diseases of the front and back of the eye.
Respiratory
KB407 for the treatment of cystic fibrosis (CF)
- In January 2025, the Cystic Fibrosis Foundation (CFF) Therapeutic Development Network (TDN) Clinical Research Executive Committee granted full sanctioning of the Company’s KB407 Phase 1 CORAL-1 study protocol.
- In December 2024, the Company announced that single and repeat dosing of KB407 was safe and well-tolerated by patients in both Cohort 1 and Cohort 2 of the ongoing KB407 Phase 1 CORAL-1 study. The Company expects to report interim molecular data for Cohort 3 patients in mid-2025. CORAL-1 is a multi-center, dose escalation study evaluating KB407 in patients with CF, regardless of their underlying genotype. Details of the study can be found at www.clinicaltrials.gov under NCT identifier NCT05504837.
KB408 for the treatment of alpha-1 antitrypsin deficiency (AATD) lung disease
- In December 2024, the Company announced successful SERPINA1 gene delivery and functional alpha-1 antitrypsin expression reaching therapeutic levels as part of an interim clinical update for Cohorts 1 and 2 of its ongoing KB408 Phase 1 SERPENTINE-1 study. Inhaled KB408 was safe and well-tolerated at both tested dose levels. Based on this promising initial data, the Company has simultaneously expanded Cohort 2 and opened Cohort 3 of SERPENTINE-1 for more comprehensive molecular assessments at both dose levels and expects to report results from both cohorts in 2H 2025. SERPENTINE-1 is an open label, single dose escalation study in adult patients with AATD with a Pi*ZZ or a Pi*ZNull genotype. Details about the study can be found at www.clinicaltrials.gov under NCT identifier: NCT06049082.
Oncology
Inhaled KB707 for the treatment of solid tumors of the lung
- In December 2024, the Company announced an initial clinical update for the monotherapy dose escalation and expansion cohorts of KYANITE-1, an ongoing, Phase 1/2 open label, multi-center, dose escalation and expansion study evaluating inhaled KB707, as monotherapy or in combination, in patients with locally advanced or metastatic solid tumors of the lung. Early clinical evidence of monotherapy activity was observed in heavily pre-treated patients with advanced non-small cell lung cancer treated with inhaled KB707, achieving an objective response rate of
27% and disease control rate of73% as of data cut-off. Inhaled KB707 was also reported to be safe and generally well tolerated and amenable to administration in an outpatient setting, with no Grade 4 or 5 adverse events observed. Enrollment in KYANITE-1 is ongoing. Details of the study can be found at www.clinicaltrials.gov under NCT identifier NCT06228326.
Intratumoral KB707 for the treatment of injectable solid tumors
- The Company continues to enroll in OPAL-1, a Phase 1/2 open label, multi-center, dose escalation and expansion study evaluating intratumoral KB707, either as monotherapy or in combination, in patients with locally advanced or metastatic solid tumor malignancies. Details of the study can be found at www.clinicaltrials.gov under NCT identifier NCT05970497.
Aesthetics
KB301 for the treatment of dynamic wrinkles of the décolleté
- Building on the previously reported positive interim safety and efficacy results for KB301 in the treatment of dynamic wrinkles of the décolleté, Jeune Aesthetics, Inc. (“Jeune Aesthetics”), a wholly-owned subsidiary of the Company, has initiated development of a décolleté-specific evaluation scale necessary for advanced clinical development. Jeune Aesthetics expects to complete scale development and dose the first subject in a randomized, placebo-controlled Phase 2 study evaluating KB301 for the treatment of dynamic wrinkles of the décolleté in 2H 2025.
KB304 for the treatment of aesthetic indications
- In November 2024, Jeune Aesthetics dosed the first subject in an ongoing, randomized and placebo-controlled Phase 1 study PEARL-2 evaluating its second clinical-stage investigational aesthetic product KB304 for the treatment of wrinkles. KB304 was developed using the Company’s novel replication-defective, non-integrating HSV-1-based vector and is designed to deliver COL3A1 and ELN transgenes following intradermal injection to increase both type III collagen and elastin levels in aging skin. Jeune Aesthetics expects to report top-line results from the study in 2H 2025. Details of the study can be found at www.clinicaltrials.gov under NCT identifier NCT06724900.
Dermatology
The Company is now planning on initiating the Phase 2 portion of its KB105 Phase 1/2 JADE-1 trial evaluating KB105 for the treatment of TGM1-deficient lamellar ichthyosis in pediatric patients in 2026.
Financial Results for the Quarter Ended December 31, 2024:
- Cash, cash equivalents, and investments totaled
$749.6 million as of December 31, 2024. - Product revenue, net totaled
$91.1 million and$42.1 million for the quarters ended December 31, 2024 and December 31, 2023, respectively. - Cost of goods sold totaled
$4.9 million and$2.9 million for the quarters ended December 31, 2024 and December 31, 2023, respectively. - Research and development expenses for the quarter ended December 31, 2024 were
$13.5 million , inclusive of$2.3 million of stock-based compensation, compared to$11.4 million , inclusive of stock-based compensation of$2.4 million for the quarter ended December 31, 2023. - Selling, general, and administrative expenses for the quarter ended December 31, 2024 were
$31.3 million , inclusive of stock-based compensation of$11.0 million , compared to$24.8 million , inclusive of stock-based compensation of$7.5 million , for the quarter ended December 31, 2023. - Net income for the quarter ended December 31, 2024 was
$45.5 million , or$1.58 per common share (basic) and$1.52 per common share (diluted). Net income for the quarter ended December 31, 2023 was$8.7 million , or$0.31 per common share (basic) and$0.30 per common share (diluted).
Financial Results for the Twelve Months Ended December 31, 2024:
- Product revenue, net totaled
$290.5 million and$50.7 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively. - Cost of goods sold totaled
$20.1 million and$3.1 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively. - Research and development expenses for the twelve months ended December 31, 2024 were
$53.6 million , inclusive of$9.2 million of stock-based compensation, compared to$46.4 million , inclusive of stock-based compensation of$10.1 million for the twelve months ended December 31, 2023. - Selling, general, and administrative expenses for the twelve months ended December 31, 2024 were
$113.7 million , inclusive of stock-based compensation of$39.9 million , compared to$98.4 million , inclusive of stock-based compensation of$29.9 million , for the twelve months December 31, 2023. - Net income for the twelve months ended December 31, 2024 was
$89.2 million , or$3.12 per common share (basic) and$3.00 per common share (diluted). Net income for the twelve months ended December 31, 2023 was$10.9 million , or$0.40 per common share (basic) and$0.39 per common share (diluted). - For additional information on the Company’s financial results for the twelve months ended December 31, 2024, please refer to the Form 10-K filed with the SEC.
Financial Guidance
| ($ in millions) | FY 2025 Guidance | |
| Non-GAAP Research and Development (“R&D”) and Selling, General and Administrative (“SG&A”) expense(1) |
(1) Refer to Non-GAAP Financial Measures section below for additional information. Non-GAAP combined R&D and SG&A expense guidance does not include stock-based compensation as we are currently unable to confidently estimate Full Year 2025 stock-based compensation expense. As such, we have not provided a reconciliation from forecasted non-GAAP to forecasted GAAP combined R&D and SG&A Expense in the above. This could materially affect the calculation of forward-looking GAAP combined R&D and SG&A Expense as it is inherently uncertain.
Conference Call
The Company will host an investor webcast on February 19, 2025, at 8:30 am ET.
Investors and the general public can access the live webcast at:
https://www.webcaster4.com/Webcast/Page/3018/51976
For those unable to listen to the live conference call, a replay will be available for 30 days on the Investors section of the Company’s website at www.krystalbio.com.
About VYJUVEK
VYJUVEK is a non-invasive, topical, redosable gene therapy designed to deliver two copies of the COL7A1 gene when applied directly to DEB wounds. VYJUVEK was designed to treat DEB at the molecular level by providing the patient’s skin cells the template to make normal COL7 protein, thereby addressing the fundamental disease-causing mechanism.
Indication
VYJUVEK is a herpes-simplex virus type 1 (HSV-1) vector-based gene therapy indicated for the treatment of wounds in patients six months of age and older with dystrophic epidermolysis bullosa with mutation(s) in the collagen type VII alpha 1 chain (COL7A1) gene.
IMPORTANT SAFETY INFORMATION
Adverse Reactions
The most common adverse drug reactions (incidence >
To report SUSPECTED ADVERSE REACTIONS, contact Krystal Biotech, Inc. at 1-844-557-9782 or FDA at 1-800-FDA-1088 or http://www.fda.gov/medwatch.
Contraindications
None.
Warnings and Precautions
VYJUVEK gel must be applied by a healthcare provider.
After treatment, patients and caregivers should be careful not to touch treated wounds and dressings for 24 hours.
Wash hands and wear protective gloves when changing wound dressings. Disinfect bandages from the first dressing change with a virucidal agent, and dispose of the disinfected bandages in a separate sealed plastic bag in household waste. Dispose of the subsequent used dressings in a sealed plastic bag in household waste.
Patients should avoid touching or scratching wound sites or wound dressings.
In the event of an accidental exposure flush with clean water for at least 15 minutes.
For more information, see full U.S. Prescribing Information.
About Krystal Biotech, Inc.
Krystal Biotech, Inc. (NASDAQ: KRYS) is a commercial-stage biotechnology company focused on the discovery, development and commercialization of genetic medicines to treat diseases with high unmet medical needs. VYJUVEK® is the Company’s first commercial product, the first-ever redosable gene therapy, and the first medicine approved by the FDA for the treatment of dystrophic epidermolysis bullosa. The Company is rapidly advancing a robust preclinical and clinical pipeline of investigational genetic medicines in respiratory, oncology, dermatology, ophthalmology, and aesthetics. Krystal Biotech is headquartered in Pittsburgh, Pennsylvania. For more information, please visit http://www.krystalbio.com, and follow @KrystalBiotech on LinkedIn and X (formerly Twitter).
About Jeune Aesthetics, Inc.
Jeune Aesthetics, Inc., a wholly-owned subsidiary of Krystal Biotech, Inc., is a biotechnology company leveraging a clinically validated gene delivery platform to develop products to fundamentally address – and reverse – the biology of aging and/or damaged skin. For more information, please visit http://www.jeuneinc.com.
Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for Krystal Biotech, Inc. or Jeune Aesthetics, Inc., including statements about the commercial launch of VYJUVEK in the United States; potential marketing authorizations for B-VEC in Europe and Japan, including timing of regulatory approvals; the Company’s expectations regarding reporting interim molecular data from Cohort 3 of the Company’s KB407 clinical trial; the Company’s expectations regarding reporting results from Cohort 2 and Cohort 3 of the Company’s KB408 clinical trial; the timing of scale development and dosing the first subject in a randomized, placebo-controlled Phase 2 study evaluating KB301; the expected timing of reporting top-line results from Jeune Aesthetics’ KB304 study; the expected timing of initiation of the Phase 2 portion of the KB105 Phase 1/2 study; and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “likely,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: uncertainties associated with regulatory review of clinical trials and applications for marketing approvals; the availability or commercial potential of VYJUVEK or product candidates; and such other important factors as are set forth under the caption “Risk Factors” in the Company’s annual and quarterly reports on file with the U.S. Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.
Non-GAAP Financial Measures
This press release includes forward-looking combined R&D and SG&A expense guidance that is not required by, or presented in accordance with, U.S. GAAP and should not be considered as an alternative to R&D and SG&A expense or any other performance measure derived in accordance with GAAP. The Company defines non-GAAP combined R&D and SG&A expense as GAAP combined R&D and SG&A expense excluding stock-based compensation. The Company cautions investors that amounts presented in accordance with its definition of non-GAAP combined R&D and SG&A expense may not be comparable to similar measures disclosed by competitors because not all companies calculate this non-GAAP financial measure in the same manner. The Company presents this non-GAAP financial measure because it considers this measure to be an important supplemental measure and believes it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in the Company’s industry. Management believes that investors’ understanding of the Company’s performance is enhanced by including this forward-looking non-GAAP financial measure as a reasonable basis for comparing the Company’s ongoing results of operations. Management uses this non-GAAP financial measure for planning purposes, including the preparation of the Company’s internal annual operating budget and financial projections; to evaluate the performance and effectiveness of the Company’s operational strategies; and to evaluate the Company’s capacity to expand its business. This non-GAAP financial measure has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or a substitute for R&D and SG&A expense or other financial statement data presented in accordance with GAAP in the Company’s consolidated financial statements. The Company has not provided a quantitative reconciliation of forecasted non-GAAP combined R&D and SG&A expense to forecasted GAAP combined R&D and SG&A expense because the Company is unable, without making unreasonable efforts, to calculate the reconciling item, stock-based compensation expenses, with confidence. This item, which could materially affect the computation of forward-looking GAAP combined R&D and SG&A expense, is inherently uncertain and depends on various factors, some of which are outside of the Company’s control.
CONTACT
Investors and Media:
Stéphane Paquette, PhD
Krystal Biotech
spaquette@krystalbio.com
Condensed Consolidated Balance Sheet Data:
| December 31, 2024 | December 31, 2023 | ||||||
| (in thousands) | (unaudited) | ||||||
| Balance sheet data: | |||||||
| Cash and cash equivalents | $ | 344,865 | $ | 358,328 | |||
| Short-term investments | 252,652 | 173,850 | |||||
| Long-term investments | 152,114 | 61,954 | |||||
| Total assets | 1,055,838 | 818,355 | |||||
| Total liabilities | 109,458 | 39,714 | |||||
| Total stockholders’ equity | $ | 946,380 | $ | 778,641 | |||
Condensed Consolidated Statements of Operations:
| Three Months Ended December 31, | |||||||||||
| 2024 | 2023 | Change | |||||||||
| (in thousands, except per share data) | (unaudited) | ||||||||||
| Revenue | |||||||||||
| Product revenue, net | $ | 91,139 | $ | 42,143 | $ | 48,996 | |||||
| Expenses | |||||||||||
| Cost of goods sold | 4,949 | 2,871 | 2,078 | ||||||||
| Research and development | 13,523 | 11,370 | 2,153 | ||||||||
| Selling, general, and administrative | 31,288 | 24,764 | 6,524 | ||||||||
| Total operating expenses | 49,760 | 39,005 | 10,755 | ||||||||
| Income (loss) from operations | 41,379 | 3,138 | 38,241 | ||||||||
| Other income | |||||||||||
| Interest and other income, net | 7,231 | 7,519 | (288 | ) | |||||||
| Income before income taxes | 48,610 | 10,657 | 37,953 | ||||||||
| Income tax expense | (3,131 | ) | (1,965 | ) | (1,166 | ) | |||||
| Net income | $ | 45,479 | $ | 8,692 | $ | 36,787 | |||||
| Net income per common share: | |||||||||||
| Basic | $ | 1.58 | $ | 0.31 | |||||||
| Diluted | $ | 1.52 | $ | 0.30 | |||||||
| Weighted-average common shares outstanding: | |||||||||||
| Basic | 28,755 | 28,169 | |||||||||
| Diluted | 29,883 | 28,818 | |||||||||
| Twelve Months Ended December 31, | |||||||||||
| 2024 | 2023 | Change | |||||||||
| (in thousands, except per share data) | (unaudited) | ||||||||||
| Revenue | |||||||||||
| Product revenue, net | $ | 290,515 | $ | 50,699 | $ | 239,816 | |||||
| Expenses | |||||||||||
| Cost of goods sold | 20,061 | 3,094 | 16,967 | ||||||||
| Research and development | 53,573 | 46,431 | 7,142 | ||||||||
| Selling, general, and administrative | 113,686 | 98,401 | 15,285 | ||||||||
| Litigation settlement | 37,500 | 12,500 | 25,000 | ||||||||
| Total operating expenses | 224,820 | 160,426 | 64,394 | ||||||||
| Income (loss) from operations | 65,695 | (109,727 | ) | 175,422 | |||||||
| Other income | |||||||||||
| Gain from Sale of Priority Review Voucher | — | 100,000 | (100,000 | ) | |||||||
| Interest and other income, net | 29,661 | 22,624 | 7,037 | ||||||||
| Income before income taxes | 95,356 | 12,897 | 82,459 | ||||||||
| Income tax expense | (6,197 | ) | (1,965 | ) | (4,232 | ) | |||||
| Net income | $ | 89,159 | $ | 10,932 | $ | 78,227 | |||||
| Net income per common share: | |||||||||||
| Basic | $ | 3.12 | $ | 0.40 | |||||||
| Diluted | $ | 3.00 | $ | 0.39 | |||||||
| Weighted-average common shares outstanding: | |||||||||||
| Basic | 28,592 | 27,154 | |||||||||
| Diluted | 29,740 | 27,752 | |||||||||
FAQ
What was Krystal Biotech's (KRYS) revenue growth in Q4 2024?
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What was KRYS's net income per share for full year 2024?
What is the reimbursement coverage for VYJUVEK in the US?
What was the response rate for KB707 in lung cancer trials?
