Krystal Biotech: 2Q26 Earnings Preview: ex-US Vyjuvek momentum and 2H26 data timing in focus

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Krystal Biotech: 2Q26 Earnings Preview: ex-US Vyjuvek momentum and 2H26 data timing in focus

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Krystal Biotech

2Q26 Earnings Preview: ex-US Vyjuvek

momentum and 2H26 data timing in focus

Reiterate Rating: BUY | PO: 396.00 USD | Price: 358.82 USD

Comfort in Vyjuvek launch durability increasing 13 July 2026

KRYS’s print should center on whether Vyjuvek can keep compounding from a strong 1Q Equity

base, with focus on total revenue, US prescriber breadth, reimbursement approvals,

gross margin, and ex-US patient adds. 1Q global Vyjuvek revenue was $116.4M,

Key Changesincluding $87M US and $29M ex-US, and the key debate now is whether US growth can

remain durable while Germany, France, Japan and upcoming Italy or Spain access add the (US$) Previous Current

next leg. We do not expect formal revenue guidance, but we will watch whether Price Obj. 364.00 396.00

management reiterates 2026 non-GAAP combined operating expense guidance of 2026E Rev (m) 546.3 529.1

$175M to $195M and maintains confidence in a larger ex-US step-up in 2H26. We 2027E Rev (m) 641.2 658.0

continue to view the base commercial story as solid, with ex-US and pipeline 2028E Rev (m) 1,477.0 1,493.7

increasingly important for upside from here (see our 1Q26 takeaways). 2026E EPS 8.77 8.32

2027E EPS 10.19 10.62

Exhibit 1: BofA estimates vs cons for Krystal Biotech 2028E EPS 29.63 30.04

We highlight where our estimates land vs. consensus for key revenue drivers

2Q26e 2026e Alec W. Stranahan

Company BofA Consensus Guidance BofA Consensus Guidance Research Analyst BofAS

KRYS $125M total $124.8M total n/a $529M total $526M total n/a +1 646 743 2109

Vyjuvek Vyjuvek Vyjuvek Vyjuvek alec.stranahan@bofa.com

Source: BofA Global Research

BofA GLOBAL RESEARCH