Revenue reached $127.3M in 2026Q3 with operating margin expanding from 12.2% in 2024Q2 to 55.9%, though year-over-year growth has slowed from 94.9% to 30.2%, warranting close monitoring.
Krystal Biotech, Inc. (KRYS) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 470.02M | 389.13M | 290.51M | 50.7M | 0 | 0 | 0 | 0 | 1.03M | 0 | 0 |
| Revenue Growth % | 25.96% | 33.94% | 473.02% | - | - | - | - | -100% | - | - | - |
| Cost of Goods Sold | 31.23M | 28.77M | 20.06M | 3.09M | 0 | 0 | 1.85M | 974K | 141K | 23K | 2K |
| COGS % of Revenue | - | 7.39% | 6.91% | 6.1% | - | - | - | - | 13.73% | - | - |
| Gross Profit | 438.79M | 360.36M | 270.45M | 47.6M | 0 | 0 | -1.85M | -974K | 886K | -23K | -2K |
| Gross Margin % | 93.36% | 92.61% | 93.09% | 93.9% | - | - | - | - | 86.27% | - | - |
| Gross Profit Growth % | - | 33.24% | 468.12% | - | - | 100% | -90.04% | -209.93% | 3952.17% | -1050% | - |
| Operating Expenses | 211.1M | 199.06M | 204.76M | 157.33M | 145.2M | 68.28M | 31.15M | 22.08M | 11.92M | 4.77M | 1.14M |
| OpEx % of Revenue | - | 51.16% | 70.48% | 310.33% | - | - | - | - | 1160.27% | - | - |
| Selling, General & Admin | 155.89M | 146.74M | 113.69M | 98.4M | 77.73M | 40.39M | 13.21M | 6.46M | 4.16M | 1.56M | 402K |
| SG&A % of Revenue | - | 37.71% | 39.13% | 194.09% | - | - | - | - | 404.58% | - | - |
| Research & Development | 60.94M | 58.05M | 53.57M | 46.43M | 42.46M | 27.88M | 17.94M | 15.62M | 7.76M | 3.21M | 741K |
| R&D % of Revenue | - | 14.92% | 18.44% | 91.58% | - | - | - | - | 755.7% | - | - |
| Other Operating Expenses | -1000K | -5.72M | 37.5M | 12.5M | 25M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 227.69M | 161.29M | 65.69M | -109.73M | -145.2M | -68.28M | -33M | -22.08M | -11.92M | -4.77M | -1.14M |
| Operating Margin % | 48.44% | 41.45% | 22.61% | -216.43% | - | - | - | - | -1160.27% | - | - |
| Operating Income Growth % | - | 145.52% | 159.87% | 24.43% | -112.66% | -106.9% | -49.45% | -85.31% | -149.71% | -317.5% | - |
| EBITDA | 234.43M | 167.85M | 72.41M | -104.72M | -141.14M | -65.51M | -31.15M | -21.11M | -11.78M | -4.75M | -1.14M |
| EBITDA Margin % | 49.88% | 43.13% | 24.92% | -206.55% | - | - | - | - | -1146.54% | - | - |
| EBITDA Growth % | 42.44% | 131.8% | 169.15% | 25.8% | -115.46% | -110.31% | -47.57% | -79.25% | -147.95% | -316.21% | - |
| D&A (Non-Cash Add-back) | 6.74M | 6.55M | 6.71M | 5.01M | 4.05M | 2.77M | 1.85M | 974K | 141K | 23K | 2K |
| EBIT | 245.51M | 189.47M | 103.19M | -97.23M | -120.2M | -68.08M | -32.17M | -19.09M | -10.89M | -4.66M | -1.14M |
| Net Interest Income | 1.35M | 28.18M | 29.66M | 22.62M | 5.22M | -1.29M | 832K | 2.99M | 0 | 0 | 0 |
| Interest Income | 1.35M | 28.18M | 29.66M | 22.62M | 5.22M | 197K | 832K | 2.99M | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 1.49M | 0 | 0 | 1.03M | 3.15M | 7K |
| Other Income/Expense | 31.11M | 28.18M | 29.66M | 122.62M | 5.22M | -1.29M | 832K | 2.99M | 1.03M | -3.15M | -7K |
| Pretax Income | 258.8M | 189.47M | 95.36M | 12.9M | -139.97M | -69.57M | -32.17M | -19.09M | -10.89M | -7.92M | -1.15M |
| Pretax Margin % | 55.06% | 48.69% | 32.82% | 25.44% | - | - | - | - | -1060.27% | - | - |
| Income Tax | 33.63M | -15.36M | 6.2M | 1.97M | 0 | 0 | 0 | 0 | -20.14K | 0 | 0 |
| Effective Tax Rate % | 12.99% | -8.11% | 6.5% | 15.24% | 0% | 0% | 0% | 0% | 0.18% | 0% | 0% |
| Net Income | 225.17M | 204.83M | 89.16M | 10.93M | -139.97M | -69.57M | -32.17M | -19.09M | -10.89M | -7.92M | -1.15M |
| Net Margin % | 47.91% | 52.64% | 30.69% | 21.56% | - | - | - | - | -1060.27% | - | - |
| Net Income Growth % | 13.2% | 129.74% | 715.58% | 107.81% | -101.2% | -116.28% | -68.52% | -75.3% | -37.49% | -588.7% | - |
| Net Income (Continuing) | 225.17M | 204.83M | 89.16M | 10.93M | -139.97M | -69.57M | -32.17M | -19.09M | -10.89M | -7.92M | -1.15M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.30 | 6.84 | 3.00 | 0.39 | -5.49 | -3.13 | -1.71 | -1.20 | -0.97 | -1.48 | -0.27 |
| EPS Growth % | 10.49% | 128% | 669.23% | 107.1% | -75.4% | -83.04% | -42.5% | -23.71% | 34.46% | -448.15% | - |
| EPS (Basic) | - | 7.08 | 3.12 | 0.40 | -5.49 | -3.13 | -1.71 | -1.20 | -0.97 | -1.48 | -0.27 |
| Diluted Shares Outstanding | 30.84M | 29.95M | 29.74M | 27.75M | 25.49M | 22.2M | 18.79M | 15.9M | 11.2M | 5.36M | 4.28M |
| Basic Shares Outstanding | 29.61M | 28.94M | 28.59M | 27.15M | 25.49M | 22.2M | 18.79M | 15.9M | 11.2M | 5.36M | 4.28M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying KRYS stock.
For fiscal year 2025, Krystal Biotech, Inc. (KRYS) reported total revenue of $389.1M.
Krystal Biotech, Inc. (KRYS) is profitable, generating $204.8M in net income for the fiscal year ending 2025 with a net profit margin of 52.6%.
Krystal Biotech, Inc. (KRYS) reported an operating income of $161.3M, resulting in an operating profit margin of 41.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Krystal Biotech, Inc. (KRYS) generated $360.4M in gross profit for the year, representing a gross profit margin of 92.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue concentration in single product
Metrics are mathematically derived from official filings.
Revenue Growth Decelerating From Peak Rates
Based on reported figures, KRYS quarterly revenue rose from $70.3M in 2024Q2 to $127.3M in 2026Q3, though year-over-year growth has moderated from its 94.9% peak in 2025Q1 to 30.2% in the latest quarter, a notable deceleration that warrants monitoring.
The sharp early-period expansion appears consistent with backlog clearance typical of a newly launched rare disease therapy, which would be expected to taper as the prevalent patient pool is addressed. The latest 30.2% growth rate suggests a transition toward a slower, maintenance-driven revenue base. Investors should monitor whether sequential growth stabilizes once backlog effects fully unwind.
Gross Margins Sustained Near Ninety Percent
As reported in financial statements, KRYS maintained gross margins between 89.8% and 94.6% across the ten-quarter window, with the latest quarter at 94.1%, a level that compares favorably against Sarepta's 59.9% and above most peer medians in the supplied set.
Such elevated and stable gross margins suggest a low marginal cost of production relative to the price realized for VYJUVEK, consistent with the in-house viral vector manufacturing model. The durability of this margin depends on whether manufacturing yields hold as volume scales. Gross-to-net pressure from payor rebates could erode realized pricing, which the reported figures do not fully reveal.
Operating Leverage Visible in Recent Quarters
Based on KRYS's reported figures, operating margin expanded from 12.2% in 2024Q2 to 55.9% in 2026Q3 while R&D and SG&A expenses remained relatively flat in absolute terms, indicating strong operating leverage on incremental revenue.
Operating income grew far faster than gross profit in several quarters, implying that the fixed cost base is being absorbed by a rising revenue line. This pattern suggests the company has reached a scale where incremental sales carry high contribution margins. Whether this leverage persists depends on whether revenue growth continues to outpace planned expansion of commercial and R&D spending.
Net Income Volatility Obscures Core Earnings
Per reported figures, KRYS net income swung from $27.2M in 2024Q3 to $79.4M in 2025Q3 and back to $63.1M in 2026Q3, with net margin reaching 81.2% in one quarter, a level that appears driven by non-operating items rather than operations alone.
The gap between operating income and net income in certain quarters, particularly 2025Q3 where net income exceeded operating income, suggests material non-operating gains or tax effects. Such items may not recur and could inflate the apparent earnings trajectory. Investors should separate operating earnings from one-time items before extrapolating profitability.
Single-Product Dependence Tests Durability Thesis
Based on reported figures, KRYS's revenue base rests on VYJUVEK alone, and the 30.2% latest-quarter growth rate, down from 94.9% a year earlier, may indicate the initial patient backlog is narrowing faster than pipeline revenue can replace it.
The bear case centers on whether quarterly revenue of $127.3M reflects durable maintenance demand or a temporary catch-up effect that fades as the prevalent DEB population is treated. Reported net income in 2025Q3 exceeded operating income, which warrants scrutiny because non-recurring gains could be flattering the earnings trend. Investors should monitor whether sequential revenue growth holds in coming quarters and whether payor reauthorization and gross-to-net pressure begin to erode the 94% gross margin.