Loading…
Gene therapy biotech whose lead product Vyjuvek is a topical redosable gene therapy for a rare, blistering skin disease.
Gene therapy biotech whose lead product Vyjuvek is a topical redosable gene therapy for a rare, blistering skin disease.
Almost all revenue comes from one product, Vyjuvek, a gel applied at home that insurers pay for as a high-priced rare-disease medicine, with patients served through a central support and distribution process. US approval came in 2023, and approvals outside the US followed in 2025. Other gene therapies, including for lung disease, are still in development.
Moat: narrow (IP / patents, regulatory licence). The first and only approved redosable topical gene therapy, on a patent-protected HSV-1 delivery vector platform.
Headquarters: Pittsburgh, Pennsylvania, US · Founded: 2016 · Employees: 295
Size Krystal Biotech (KRYS) is a United States Health Care company (Biotechnology) with a market value of $8.92B, the 833rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $300.88 on 6 Nov 2026.
Performance Over six months the shares fell 1.6%, against +14.8% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 26.0% over the last twelve months (peer median +25.2%); the operating margin is 48.4% (peer median 9.4%).
Valuation It trades at 34.7× forward earnings against a peer median of 36.6× (5th cheapest of 11).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 26.1 points above its cost of capital (7.7% WACC).
Short interest Short interest is 9.9% of the free float (15 Oct 2026).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $470M | $389M | $291M | $50.7M | $0 |
| Revenue growth | — | +34% | +473% | — | — |
| Gross profit | $437M | $360M | $264M | $42.6M | -$4.05M |
| EBITDA | $234M | $168M | $110M | -$92.2M | -$116M |
| Net income | $225M | $205M | $89.2M | $10.9M | -$140M |
| Free cash flow | $310M | $189M | $119M | -$101M | -$154M |
| Capital expenditure | $13.8M | $12.0M | $4.24M | $11.8M | $53.0M |
| Total debt | $8.59M | $9.34M | $7.26M | $8.09M | $8.93M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Krystal Biotech KRYS | $8.92B | -2% | +26% | 48% | 34.7× | 11.9% |
| Abeona Therapeutics ABEO | n/a | -29% | n/a | n/a | n/a | n/a |
| Ionis Pharmaceuticals IONS | $6.55B | -48% | -7% | -68% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KRYS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.1% | -3.0% | 8th lowest of 21 |
| 6-month return | -1.6% | +14.8% | 6th lowest of 21 |
| Distance from 52-week high | -21.4% | -26.8% | 9th highest of 21 |
| Revenue growth (TTM) | +26.0% | +25.2% | 8th highest of 16 |
| Operating margin | 48.4% | 9.4% | 3rd highest of 16 |
| Forward P/E | 34.7× | 36.6× | 5th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | 11.9% | 24.2% | 5th least demanding of 11 |
| Growth delivered (Del g) | +26.0% | +14.3% | 4th highest of 11 |
| Hurdle (Req g minus delivered) | -14.0 pp | -0.3 pp | 3rd least demanding of 11 |
| ROIC minus cost of capital | +26.1 pp | -3.2 pp | 3rd highest of 15 |
| EV / EBITDA | 34.2× | 15.8× | 3rd most expensive of 8 |
| Net debt / EBITDA | -3.9× | 0.1× | least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Krystal Biotech KRYS | United States | $8.92B | -2% | +26% | 48% | 34.7× | 11.9% | +26.0% |
| Genscript Biotech 1548.HK | Hong Kong | $8.81B | +96% | +53% | 12% | 297.9× | 36.5% | +19.8% |
| Arrowhead Pharmaceuticals ARWR | United States | $8.22B | -20% | +17% | -34% | n/a | n/a | n/a |
| Twist Bioscience TWST | United States | $7.95B | +112% | +19% | -32% | n/a | n/a | n/a |
| Vaxcyte PCVX | United States | $10.1B | +21% | n/a | n/a | n/a | n/a | n/a |
| ALTEOGEN 196170.KS | South Korea | $10.3B | -46% | +61% | 53% | 47.0× | 29.8% | +38.5% |
| 10x Genomics TXG | United States | $7.72B | +174% | -4% | -14% | n/a | 41.8% | +16.6% |
| Sichuan Kelun Pharmaceutical 002422.SZ | China | $10.8B | +30% | 0% | 9% | 37.3× | 7.2% | +2.3% |
| BioMarin Pharmaceutical BMRN | United States | $10.9B | +4% | +20% | 19% | 10.3× | 6.5% | +12.0% |
| Caris Life Sciences CAI | United States | $7.13B | +56% | +85% | 15% | 86.1× | 18.7% | +85.4% |
| Kymera Therapeutics KYMR | United States | $11.2B | +53% | +134% | -396% | n/a | n/a | n/a |
| Axsome Therapeutics AXSM | United States | $6.96B | -39% | +54% | -19% | 75.5× | n/a | n/a |
| Bio-Techne TECH | United States | $11.4B | +51% | 0% | 22% | 35.9× | 31.3% | +5.5% |
| Halozyme Therapeutics HALO | United States | $11.8B | +62% | +41% | 57% | 10.7× | 2.5% | +39.2% |
| CG Oncology CGON | United States | $6.74B | +9% | +1,030% | -4,056% | n/a | n/a | n/a |
| Cspc Pharma 1093.HK | Hong Kong | $12.4B | +5% | +25% | 28% | 9.3× | -10.3% | +0.1% |
| Immunovant IMVT | United States | $6.31B | +5% | n/a | n/a | n/a | n/a | n/a |
| Kodiak Sciences KOD | United States | $6.24B | +142% | n/a | n/a | n/a | n/a | n/a |
| Elanco Animal Health ELAN | United States | $12.9B | +9% | +12% | 7% | 21.8× | 34.8% | +7.6% |
| Summit Therapeutics SMMT | United States | $13.1B | -10% | n/a | n/a | n/a | n/a | n/a |
| Scholar Rock SRRK | United States | $5.72B | -3% | n/a | n/a | n/a | n/a | n/a |