Krystal Biotech, Inc. (KRYS) Stock

Krystal Biotech, Inc. (KRYS) is a Healthcare stock trading at $336.91 (as of 2026-08-20), with a market capitalization of $9.97B and a trailing P/E of 40.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Krystal Biotech, Inc. is a clinical-stage biotechnology company focused on reusable gene therapy approaches to treat serious rare diseases in the United States. It is developing beremagene geperpavec (B-VEC) for dystrophic epidermolysis bullosa and multiple additional gene therapy candidates across Phase I/II, Phase III, and preclinical stages.

Understand Krystal Biotech, Inc.: how it makes money

Krystal Biotech develops gene therapies for serious rare diseases, with its lead candidate beremagene geperpavec (B-VEC) in Phase III, and it generates revenue from net product sales of its gene-therapy products, including VYJUVEK and VizuVac.

Net product revenue depends on patient access, which is shaped by reimbursement approvals and how the therapy is delivered in practice (for example, at-home administration share is 97%).

Business quality (Strong): The company has commercial product revenue tracking, but the core business is still driven by clinical-stage development across multiple programs, so near-term results can be sensitive to reimbursement, adoption, and trial progress.

Valuation: At 47× earnings, KRYS trades 177% above the Pharmaceutical Products average (17×). Note: one-time items can distort reported P/E.

Bull case

At-home delivery is high: The At-Home Administration Share is 97%, which suggests patients can receive the therapy outside the clinic once eligible.
Reimbursement progress is measurable: There are specific Reimbursement Approvals (VYJUVEK, United States) of 615 and Reimbursement Approvals (United States) of 695, indicating ongoing coverage traction.
A commercial track record exists: Cumulative Net Product Revenue Since Launch (VizuVac) is 0.85 (USD_B), showing product revenue accumulation since launch.

Bear case

Clinical-stage execution risk remains central: The lead candidate B-VEC is in Phase III, while KB105 and KB301 are in Phase I/II, and KB407 is described only as partially in the clinical-stage pipeline.
Revenue base is small in scale data provided: The latest quarter shows revenue of about 0.1B, which can make results more sensitive to product adoption, reimbursement changes, and timing.
Reimbursement and patient adoption can be volatile: Operating momentum appears linked to reimbursement approvals and patient access, and any slowdown in approvals or uptake could affect Net Product Revenue.

Valuation — source: SEC EDGAR (first-party)
Price	$336.91
Market Cap	$9.97B
P/E Ratio	40.5
EV / EBITDA	44.8
Price / Book	7.34
Price / Sales	22.17
FCF Yield	4.1%
DCF Value (model)	$285.97
DCF Upside vs Price	-15.1%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$389.13M
Net Margin	52.6%
Revenue Growth (YoY)	33.9%
EPS Growth (YoY)	126.9%
FCF Growth (YoY)	58.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	53.27 (safe)

Valuation vs Sector & Industry
Stock P/E	40.5
Sector P/E (Healthcare)	21.6
Industry P/E (Pharmaceutical Products)	17.2
vs Sector	87.7%
vs Industry	136.0%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	FMR LLC ($1.13B)
Institutional Holders Tracked	10
Congressional Trades (recent)	1

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Krish S. Krishnan
Employees	275
Country	US
IPO Date	2017-09-20

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.