Krystal Biotech said first-quarter 2026 product revenue rose to $116.4 million, up 32% from $88.2 million a year earlier, as Vyjuvek continued to expand across the U.S. and overseas.
Net income climbed to $55.9 million, or $1.91 per share, from $35.7 million, or $1.24 per share, in the first quarter of 2025.
Cost of goods sold increased to $6.3 million from $5.0 million. Research and development spending rose to $15.3 million from $14.3 million, while selling, general and administrative expense increased to $41.0 million from $32.6 million.
Gross margin on Vyjuvek was 95% in the quarter.
The company ended March with $1.0 billion in cash and investments.
On the commercial side, Krystal said it has secured more than 695 reimbursement approvals for Vyjuvek in the U.S., added more than 60 new prescribers in the quarter, and now has more than 570 unique prescribers since launch. It estimated that more than 140 patients in Germany, France and Japan have been prescribed the drug.
Internationally, the company said pricing talks are continuing in Germany and France, with negotiations expected to run at least through the second half of 2026 in Germany and into 2027 in France. It also said it is advancing pricing discussions in Italy for a possible launch in the second half of 2026 and has now begun pricing talks in Spain, where it expects a second-half 2026 launch.
In the pipeline, Krystal said enrollment is complete in its KB803 registrational study for corneal abrasions in dystrophic epidermolysis bullosa, with 16 patients enrolled and top-line data expected in the fourth quarter of 2026.
For KB801 in neurotrophic keratitis, the company said it is still enrolling and expects to complete the 60-patient study and report data before year-end.
For KB407 in cystic fibrosis, the FDA granted platform technology designation in April. Krystal said it is starting a five-patient repeat-dose study this month, expects enrollment to finish in the second quarter of 2026, and plans to report results before year-end. It is also working on a registrational study design for 2027.
For KB408 in alpha-1 antitrypsin deficiency lung disease, the company is continuing enrollment in cohort 2b and expects interim data in 2026.
For KB111 in Hailey-Hailey disease, the FDA also granted platform technology designation in April. Krystal said it expects to start a 12-week repeat-dose study later this month in about seven patients, with results due in the second half of 2026.
Looking ahead, Krystal guided to 2026 non-GAAP combined R&D and SG&A expense of $175 million to $195 million. The market has reacted to these announcements by moving the company's shares 1.67% to a price of $272.52. For the full picture, make sure to review Krystal Biotech's 8-K report.
