Has The Story Under Krystal Biotech Stock Run Out?

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Krystal Biotech (KRYS) stock returned 72.2% between the October 24, 2025 and October 27, 2026 closes, compared with 15.0% for the S&P 500 over the same period. During that year, sales of VYJUVEK, its genetic medicine for wounds in patients with dystrophic epidermolysis bullosa (DEB), kept rising. Launches in Europe and Japan added to U.S. demand. So could an investor have seen that sales build before October 2025?

Krystal Biotech’s Sales Build Showed Before October 2025

Yes, though the signs were mixed by October 2025. On the November 4, 2024 call, management said more than 460 patients had reimbursement approvals for VYJUVEK and that launches “exceeded all expectations to date.” Revenue for the quarter ended in September 2024 was $83.8 million, up from $70.3 million in the quarter ended in June.

The count kept climbing, with approvals crossing 500 by the February 19, 2025 call. Revenue for the quarter ended in December 2024 was $91.1 million, more than double the total from a year earlier. Krystal then announced on July 25, 2025, that Japan had approved VYJUVEK.

The signs were not all one way. Management said on the May 6, 2025 call that it saw patients pausing after an intensive first phase of treatment. Revenue fell to $88.2 million in the quarter ended in March 2025, below the previous quarter, and growth slowed to 36.6% in the quarter ended in June 2025. An investor in October 2025 could see more patients being approved and a product still growing, but not a business that was speeding up.

What Changed At Krystal Biotech During The Run

By mid-2026, Krystal was keeping more of each sales dollar and selling VYJUVEK well beyond the U.S. Its operating margin was 49.0% in the quarter ended June 2026, compared with 41.0% in the same quarter of 2025. Of the $119.2 million VYJUVEK brought in worldwide that quarter, $91.6 million came from the U.S. The remaining $27.6 million, nearly a quarter of the total, came from outside the U.S., including the launches in Europe and Japan.

At the October 27, 2026 close, Krystal shares traded at 39.2 times earnings over the past twelve months, compared with 22.6 for the S&P 500. The stock’s rise was not shared across its group: two of its peers, Sarepta Therapeutics and Ultragenyx Pharmaceutical, fell over the same twelve months.

Are Krystal Biotech’s Sales Still Building Today?

Krystal’s sales are still growing, though more slowly than in the prior quarter. Revenue rose 24.1% from a year earlier in the quarter ended June 2026, following a 31.9% increase in the quarter ended in March. The company’s count of U.S. reimbursement approvals is still rising. Management reported more than 730 on the August 3, 2026 call, up from the 500 it had crossed in February 2025.

Reported sales outside the U.S. paused in the June 2026 quarter. Management said reported revenue across Europe and Japan was broadly flat that quarter, mainly because of a reserve tied to pricing talks in Germany. Krystal is expected to report again in November 2026, and VYJUVEK revenue growth against a year earlier is the figure to watch.

How To Act On KRYS?

Now you know Krystal Biotech better. Our purpose is to inform you so you can decide for yourself, and acting on one stock, in either direction, carries its own risk.

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