10-Q · August 3, 2026
Krystal delivered Q2 product revenue of $119.222 million, up 24% year over year and 2.5% sequentially, with operating margin expanding to 49.0% from 41.0% a year earlier. Net income rose 43% to $54.768 million and…
Earnings analysis · 10-Q
KRYS earnings analysis
Filed November 2, 2026 · Our reading of the company's report
The latest report
The supplied 10-Q excerpt does not include the statements of operations, balance sheets, cash flows, or segment disclosures needed to quantify third-quarter revenue, margins, EPS, free cash flow, or period-over-period…
Read full summary
The supplied 10-Q excerpt does not include the statements of operations, balance sheets, cash flows, or segment disclosures needed to quantify third-quarter revenue, margins, EPS, free cash flow, or period-over-period changes. Liquidity was strong at $911.9 million as of September 30, 2026, and management characterized interest-rate exposure as limited for a 100-basis-point move. The principal new risk-factor update is the $400 million stock-repurchase authorization, which could compete with clinical and commercial uses of cash; no numeric financial guidance was provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Strong liquidity position
Cash, cash equivalents, and short-term investments totaled $911.9 million as of September 30, 2026, providing substantial liquidity for commercialization and clinical development.
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Limited interest-rate exposure
Management states that a hypothetical 100-basis-point change in market interest rates would not have a material effect on the fair value of investments, reflecting a conservative investment portfolio.
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Effective disclosure controls
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, and reported no changes in internal control that materially affected or were reasonably likely to materially affect reporting.
What to watch
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Large buyback may reduce flexibility
In October 2026, the board authorized up to $400 million of common-stock repurchases. The program could reduce cash available for clinical programs, VYJUVEK commercialization, and business development, and may not enhance long-term stockholder value.
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Foreign-exchange exposure
The company has operations in Europe and Japan and exposure to Swiss francs, euros, and Japanese yen; significant foreign-exchange fluctuations could materially affect results and financial position.
Management's outlook
No quantitative revenue, EPS, or expense guidance is included in the supplied 10-Q text; outlook appears deferred to the earnings release or call.
Earlier filings 4
10-Q · May 4, 2026
Krystal Biotech's Q1 2026 results show a robust increase in product revenue to $116.4 million, up 32% year-over-year, driven by strong VYJUVEK sales in the US, Europe, and Japan. Net income also rose significantly by…
10-K · February 17, 2026
Krystal Biotech reports continued commercial traction for VYJUVEK with Q4 revenue of $107,105,000 and diluted EPS of $1.70, supported by strong margins (gross 93.9%, operating 41.3%) and $75M free cash flow in the…
10-K · February 19, 2025
Krystal Biotech is a commercial-stage gene therapy company whose FDA‑approved product VYJUVEK (B‑VEC) launched in August 2023 and has driven rapid commercial scale‑up. The 10‑K highlights $341.2 million in net product…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.