Krystal Biotech, Inc. Q4 FY2025 earnings call

• Krish S. Krishnan recognized Suma for being named to the innovator list. - Commercial progress across geographies: US added sales capacity and reaccelerated demand, Europe launched home - applicable genetic medicine, Japan established strong value proposition for patients. - Signed distributor agreements covering over 20 countries with goal to expand to over 40 in 2026. - Pipeline: in middle of two registrational trials in NK and eye lesions in deaf patients, potential to initiate two additional registrational programs in CF and Haley Haley, oncology and one trials progressing well. - Suma M. Krishnan shared pipeline updates: KB407 program for CF showed successful protein expression, updated protocols for KB801 and KB803 for NK and other indications to enhance flexibility, progress in other pipeline programs including KB111, KB408, KB707, and received Fast Track and RMAT designations. - Kathryn A. Romano provided financial highlights: Q4 net revenue $107,100,000, year - to - date net revenue $389,100,000, gross margin 94%, R&D and SG&A expenses increased, net income for quarter $51,400,000, net income for year $204,800,000, ended year with $955,900,000 in cash and investments.

In Q4, net Vysovic revenue was $107,100,000. Total net Vysoebec revenue since launch is over $730,000,000. Gross margin was 94% for the quarter and full year, expected to remain in 90% to 95% range. US commercial saw reimbursement approval acceleration, added over 50 new prescribers in Q4, reached over 500 unique prescribers since launch. Overseas, global Vidirect launch progressing well, over 90 TED patients prescribed in Germany, France, and Japan combined, launch in France under AP2 early access program, Japan launch with unique distribution model, and plan to launch in Italy in 2026.

• Predominant revenue growth driver in 2026 expected to be overseas expansion, with plan to add third European market Italy in second half of 2026. - In US, demand is accelerating but patients are settling into start - stop regime. - Anticipate approximately $175,000,000 to $195,000,000 in non - GAAP R&D and SG&A expenses in 2026. - Remain on track to move KB407 into repeat dosing in months ahead, updated protocols for KB801 and KB803 position programs to deliver real - world benefit, and advance programs like KB111, KB707, and KB408.

• Revenue may not track linearly with patient counts in 2026 due to accruals, timing effects, and ongoing pricing negotiations. - Compliance in Europe and Japan could be affected by factors like prescription renewal burdens in Japan. - Uncertainties in pricing negotiations in Germany, France, etc. that could impact revenue and accruals. - Risks associated with clinical trial execution and potential delays or issues in pipeline programs.

Q: On VEGIVAC, visibility into 1Q and breakdown of US vs ex US revenue contribution in 2026.

A: Demand in US is accelerating but patients settling into start - stop regime, ex US launch is accelerating growth driver, and expect to break out US vs ex US in 1Q reporting.

Q: On pipeline dosing regimen adjustments for ocular and NK, data support and plan for less frequent dosing.

A: Dosing regimen adjustments deliberate for home administration and convenience, data from blinded studies give confidence, and no plan mentioned for testing less frequent dosing later.

Q: Compliance rate in EU and Japan, and thoughts on stock buyback vs pipeline investment/M&A.

A: In Europe and Japan, compliance in early days with some potential dropouts expected to recover, and on stock buyback, difficult to be definitive on timeline as pipeline has multiple programs and not intending to use cash for in - licensing at present.

Q: Pricing negotiations in Germany, France, Japan and reimbursement in Italy.

A: Expect pricing agreement in Germany in second half of 2026, no pricing agreement in France this year likely shifting to first half of next year, Japan already has a price, and no accrual situation in Italy until pricing is finalized.

Q: Details on 90 prescribed patients in Europe and Japan, and reimbursement in Italy.

A: Number of 90 patients is approximation, difficult to split further, and in Italy, launch when pricing is finalized with no accrual situation.

Q: Patient compliance for at - home self - dosing of 803 and ocular DEB, and Italian launch delay.

A: Major factor for at - home self - dosing was patient convenience, and Italian launch delay not framed as such, timeline remains as previously stated.

Q: On ocular modified dosing regimens, data from prior regimens and dose changes.

A: Data from prior regimens all pulled into primary analysis, and dose PFU and volume did not change, just frequency, and protocol and statistical analysis plan adjusted with agency concurrence.