Shares of Krystal Biotech saw a sharp increase when the company reported an unexpected profit in the fourth quarter. The stock surged by 13% to reach $126, following a 10% decline year-to-date prior to the latest market close.
Impressive Financial Performance
Krystal Biotech, a commercial-stage biotechnology company, announced a profit of $8.7 million or 30 cents per share in the fourth quarter. This stands in stark contrast to the $32 million loss, equivalent to $1.25 per share, reported during the same period the previous year. Analysts had anticipated a loss of 31 cents per share, making this profit even more impressive.
Exceeding Expectations
Not only did Krystal Biotech surprise with a profitable quarter, but their revenue also exceeded analyst projections. The company reported revenue of $42.1 million, surpassing FactSet’s projection of $28.6 million.
Promising Future with Vyjuvek
CEO Krish Krishnan highlighted 2023 as a turning point for the company with the launch of Vyjuvek, the first approved therapy for dystrophic epidermolysis bullosa. He expressed confidence in the U.S. commercial launch, which has seen $50.7 million in net product revenue within just six months of approval. This strong performance is attributed to high demand from both patients and physicians, broad access, and strong compliance.
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