Business
Krystal Biotech Announces Fourth Quarter and Full Year 2024 Financial and Operating Results
Fourth quarter revenues increased 116% to $91.1 million versus fourth quarter of 2023 Full year revenues increased 473% to $290.5 million versus 2023 CFF TDN
About this update from Krystal Biotech, Inc.
[{"type":"text","content":"Fourth quarter revenues increased 116% to $91.1 million versus fourth quarter of 2023 Full year revenues increased 473% to $290.5 million versus 2023 CFF TDN granted full sanctioning of KB407 Phase 1 protocol Strong balance sheet, ending the quarter with $749.6 million in cash and investments PITTSBURGH, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Krystal Biotech, Inc. (the “Company”) (NASDAQ: KRYS), a commercial-stage biotechnology company, today reported financial results for the fourth quarter and full year ending December 31, 2024 and provided a business update. \"Last year, our commercial and financial strength allowed us to deliver significant earnings growth, continue to build out a global footprint, and advance multiple clinical stage programs from our industry-leading HSV-1 based gene delivery platform,” said Krish S. Krishnan, Chairman and CEO of Krystal Biotech. “Building on this foundation, our focus in 2025 will be on executing the global launch of VYJUVEK and progressing our rare disease and oncology programs through key milestones to bring our redosable genetic medicines closer to patients.” VYJUVEK® (beremagene geperpavec-svdt, or B-VEC)for the Treatment of Dystrophic Epidermolysis Bullosa (DEB) The Company recorded $91.1 million and $290.5 million in VYJUVEK net product revenue for the fourth quarter and full year of 2024. Gross margin for the fourth quarter was 95%.As of February 2025, the Company has secured over 510 reimbursement approvals for VYJUVEK in the U.S. and continues to maintain strong access nationwide including positive access determinations for 97% of lives covered under commercial and Medicaid plans.High patient compliance with weekly treatment while on drug continued at 85% as of the end of 2024.The Company expects a Committee for Medicinal Products for Human Use opinion on its European Marketing Authorization Application in 1Q 2025.The Pharmaceuticals and Medical Devices Agency’s review of the Company’s Japan New Drug Application is ongoing and on track for a decision in 2H 2025. Ophthalmology KB803 for ocular complications of DEB The Company has enrolled approximately 50 DEB patients in an ongoing natural history study to prospectively collect data on the frequency of corneal abrasions in patients with DEB and serve as a run-in period for patients who may be eligible to participate in the Company’s reg...